2023-04-012024-03-312024-03-31falseNI037892Clonallon Laboratories 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Clonallon Laboratories Ltd

Registered Number
NI037892
(Northern Ireland)

Unaudited Financial Statements for the Year ended
31 March 2024

Clonallon Laboratories Ltd
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Dermot Dempster
Aiveen Mackle
Michael Joseph Sands

Company Secretary

Dermot Dempster

Registered Address

5 Milltown Industrial Estate, Greenan Road
Warrenpoint
Newry
BT34 3FN

Registered Number

NI037892 (Northern Ireland)
Clonallon Laboratories Ltd
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets357,86361,293
Tangible assets480,59178,902
Investments5101101
138,555140,296
Current assets
Stocks6686,980352,132
Debtors7303,617435,652
Current asset investments526,327-
Cash at bank and on hand321,339906,624
1,838,2631,694,408
Creditors amounts falling due within one year8(604,448)(736,830)
Net current assets (liabilities)1,233,815957,578
Total assets less current liabilities1,372,3701,097,874
Net assets1,372,3701,097,874
Capital and reserves
Called up share capital30,00030,000
Profit and loss account1,342,3701,067,874
Shareholders' funds1,372,3701,097,874
The financial statements were approved and authorised for issue by the Board of Directors on 30 October 2024, and are signed on its behalf by:
Dermot Dempster
Director
Registered Company No. NI037892
Clonallon Laboratories Ltd
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20242023
Average number of employees during the year2318
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 April 2382,48682,486
Additions3,0003,000
At 31 March 2485,48685,486
Amortisation and impairment
At 01 April 2321,19321,193
Charge for year6,4306,430
At 31 March 2427,62327,623
Net book value
At 31 March 2457,86357,863
At 31 March 2361,29361,293
4.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 April 23226,77412,495239,269
Additions28,550-28,550
At 31 March 24255,32412,495267,819
Depreciation and impairment
At 01 April 23155,8404,527160,367
Charge for year24,8701,99126,861
At 31 March 24180,7106,518187,228
Net book value
At 31 March 2474,6145,97780,591
At 31 March 2370,9347,96878,902
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 April 23101101
At 31 March 24101101
Net book value
At 31 March 24101101
At 31 March 23101101

Notes

1Investments in group undertakings and participating interests
6.Stocks

2024

2023

££
Work in progress686,980352,132
Total686,980352,132
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables251,510382,676
Other debtors17,37523,494
Prepayments and accrued income34,73229,482
Total303,617435,652
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables194,352248,874
Bank borrowings and overdrafts1,762715
Taxation and social security251,330127,240
Other creditors143,963345,796
Accrued liabilities and deferred income13,04114,205
Total604,448736,830