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Company registration number: 02925900
Liquids Research Limited
Unaudited filleted financial statements
31 March 2024
Liquids Research Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Liquids Research Limited
Directors and other information
Directors K D O'Grady
V Patel
Secretary V Patel
Company number 02925900
Registered office Unit 3
MENTEC
Deiniol Road
Bangor
Gwynedd
Business address Unit 3
MENTEC
Deiniol Road
Bangor
Gwynedd
Accountants Parker, O'Regan, Tann & Co
Bangor Business Centre
2 Farrar Road
Bangor
Gwynedd
LL57 1LJ
Bankers National Westminster Bank PLC
247 High Street
Bangor
Gwynedd
Liquids Research Limited
Chartered Certified accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Liquids Research Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Liquids Research Limited for the year ended 31 March 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com.
This report is made solely to the board of directors of Liquids Research Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Liquids Research Limited and state those matters that we have agreed to state to the board of directors of Liquids Research Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Liquids Research Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Liquids Research Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Liquids Research Limited. You consider that Liquids Research Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Liquids Research Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Parker, O'Regan, Tann & Co
Chartered Certified Accountants
Bangor Business Centre
2 Farrar Road
Bangor
Gwynedd
LL57 1LJ
30 October 2024
Liquids Research Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 52,417 43,934
_______ _______
52,417 43,934
Current assets
Stocks 46,076 29,522
Debtors 7 32,774 95,426
Cash at bank and in hand 108,075 174,758
_______ _______
186,925 299,706
Creditors: amounts falling due
within one year 8 ( 10,411) ( 13,778)
_______ _______
Net current assets 176,514 285,928
_______ _______
Total assets less current liabilities 228,931 329,862
_______ _______
Net assets 228,931 329,862
_______ _______
Capital and reserves
Called up share capital 35 35
Share premium account ( 169,949) ( 169,949)
Profit and loss account 398,845 499,776
_______ _______
Shareholders funds 228,931 329,862
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
V Patel
Director
Company registration number: 02925900
Liquids Research Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3, MENTEC, Deiniol Road, Bangor, Gwynedd.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the provision of development and manufacture of magnetic liquids for industrial application. Turnover excludes value added tax and is net of trade discounts.Turnover from the sale of goods is recognised when the goods are delivered and legal title has passed.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - over a period of 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - between 12.5% and 33.3% straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 6 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 April 2023 and 31 March 2024 780 780
_______ _______
Amortisation
At 1 April 2023 and 31 March 2024 780 780
_______ _______
Carrying amount
At 31 March 2024 - -
_______ _______
At 31 March 2023 - -
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2023 352,119 352,119
Additions 32,710 32,710
_______ _______
At 31 March 2024 384,829 384,829
_______ _______
Depreciation
At 1 April 2023 308,185 308,185
Charge for the year 24,227 24,227
_______ _______
At 31 March 2024 332,412 332,412
_______ _______
Carrying amount
At 31 March 2024 52,417 52,417
_______ _______
At 31 March 2023 43,934 43,934
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 5,977 65,642
Other debtors 26,797 29,784
_______ _______
32,774 95,426
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 4,653 5,320
Social security and other taxes - 903
Other creditors 5,758 7,555
_______ _______
10,411 13,778
_______ _______