M.R.S. SCIENTIFIC LIMITED 03217552 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is Distribution of Scientific and Laboratory Equipment Digita Accounts Production Advanced 6.30.9574.0 true true 03217552 2023-08-01 2024-07-31 03217552 2024-07-31 03217552 bus:OrdinaryShareClass1 2024-07-31 03217552 core:RetainedEarningsAccumulatedLosses 2024-07-31 03217552 core:ShareCapital 2024-07-31 03217552 core:CurrentFinancialInstruments 2024-07-31 03217552 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 03217552 core:FurnitureFittingsToolsEquipment 2024-07-31 03217552 core:LandBuildings 2024-07-31 03217552 bus:SmallEntities 2023-08-01 2024-07-31 03217552 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 03217552 bus:FullAccounts 2023-08-01 2024-07-31 03217552 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 03217552 bus:RegisteredOffice 2023-08-01 2024-07-31 03217552 bus:CompanySecretaryDirector1 2023-08-01 2024-07-31 03217552 bus:Director2 2023-08-01 2024-07-31 03217552 bus:Director3 2023-08-01 2024-07-31 03217552 bus:Director4 2023-08-01 2024-07-31 03217552 bus:Director5 2023-08-01 2024-07-31 03217552 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 03217552 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 03217552 bus:Agent1 2023-08-01 2024-07-31 03217552 core:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 03217552 core:ShareCapital 2023-08-01 2024-07-31 03217552 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 03217552 core:LandBuildings 2023-08-01 2024-07-31 03217552 core:PlantMachinery 2023-08-01 2024-07-31 03217552 countries:England 2023-08-01 2024-07-31 03217552 2023-07-31 03217552 core:RetainedEarningsAccumulatedLosses 2023-07-31 03217552 core:ShareCapital 2023-07-31 03217552 core:FurnitureFittingsToolsEquipment 2023-07-31 03217552 core:LandBuildings 2023-07-31 03217552 2022-08-01 2023-07-31 03217552 2023-07-31 03217552 bus:OrdinaryShareClass1 2023-07-31 03217552 core:CurrentFinancialInstruments 2023-07-31 03217552 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 03217552 core:FurnitureFittingsToolsEquipment 2023-07-31 03217552 core:LandBuildings 2023-07-31 03217552 core:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 03217552 core:ShareCapital 2022-08-01 2023-07-31 03217552 2022-07-31 03217552 core:RetainedEarningsAccumulatedLosses 2022-07-31 03217552 core:ShareCapital 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03217552

M.R.S. SCIENTIFIC LIMITED

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

M.R.S. SCIENTIFIC LIMITED

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 12

 

M.R.S. SCIENTIFIC LIMITED

Company Information

Directors

Luke Andrew Smith

Brett Michael Smith

Anthony Craig Smith

Caroline Margaret Miles

Michael Robert Smith

Company secretary

Luke Andrew Smith

Registered office

1007 London Road
Leigh on Sea
Essex
SS9 3JY

Accountants

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

 

M.R.S. SCIENTIFIC LIMITED

Directors' Report for the Year Ended 31 July 2024

The directors present their report and the financial statements for the year ended 31 July 2024.

Directors of the company

The directors who held office during the year were as follows:

Luke Andrew Smith - Company secretary and director

Brett Michael Smith

Anthony Craig Smith

Caroline Margaret Miles

Michael Robert Smith

Principal activity

The principal activity of the company is Distribution of Scientific and Laboratory Equipment

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 14 November 2024 and signed on its behalf by:
 

.........................................
Michael Robert Smith
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
M.R.S. SCIENTIFIC LIMITED
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of M.R.S. SCIENTIFIC LIMITED for the year ended 31 July 2024 as set out on pages 4 to 12 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 https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of M.R.S. SCIENTIFIC 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 accounts of the Company and state those matters that we have agreed to state to the Board of Directors of the Company, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet
-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that M.R.S. SCIENTIFIC LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of the Company. You consider that M.R.S. SCIENTIFIC 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 accounts of the Company. 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 accounts.

......................................

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

14 November 2024

 

M.R.S. SCIENTIFIC LIMITED

Profit and Loss Account for the Year Ended 31 July 2024

Note

2024
£

2023
£

Turnover

 

4,351,126

4,450,767

Cost of sales

 

(3,537,681)

(3,552,874)

Gross profit

 

813,445

897,893

Administrative expenses

 

(586,869)

(567,835)

Operating profit

 

226,576

330,058

Other interest receivable and similar income

 

12,111

-

Interest payable and similar expenses

 

(18)

(2,924)

   

12,093

(2,924)

Profit before tax

4

238,669

327,134

Tax on profit

 

(60,626)

(69,810)

Profit for the financial year

 

178,043

257,324

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

M.R.S. SCIENTIFIC LIMITED

(Registration number: 03217552)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

150,087

154,345

Investment property

6

244,734

244,734

 

394,821

399,079

Current assets

 

Stocks

7

257,986

343,189

Debtors

8

380,394

500,531

Cash at bank and in hand

 

872,811

1,000,862

 

1,511,191

1,844,582

Creditors: Amounts falling due within one year

9

(691,144)

(1,106,836)

Net current assets

 

820,047

737,746

Net assets

 

1,214,868

1,136,825

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

1,214,768

1,136,725

Shareholders' funds

 

1,214,868

1,136,825

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 14 November 2024 and signed on its behalf by:
 

.........................................
Michael Robert Smith
Director

 

M.R.S. SCIENTIFIC LIMITED

Statement of Changes in Equity for the Year Ended 31 July 2024

Share capital
£

Retained earnings
£

Total
£

At 1 August 2023

100

1,136,725

1,136,825

Profit for the year

-

178,043

178,043

Dividends

-

(100,000)

(100,000)

At 31 July 2024

100

1,214,768

1,214,868

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

100

979,401

979,501

Profit for the year

-

257,324

257,324

Dividends

-

(100,000)

(100,000)

At 31 July 2023

100

1,136,725

1,136,825

 

M.R.S. SCIENTIFIC LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1007 London Road
Leigh on Sea
Essex
SS9 3JY
England

These financial statements were authorised for issue by the Board on 14 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

M.R.S. SCIENTIFIC LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% on cost

Plant and machinery etc

25% on reducing balance

Fixtures and fittings

20% on reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

M.R.S. SCIENTIFIC LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 13).

 

M.R.S. SCIENTIFIC LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

4,258

5,208

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

179,138

86,786

265,924

At 31 July 2024

179,138

86,786

265,924

Depreciation

At 1 August 2023

31,296

80,283

111,579

Charge for the year

2,957

1,301

4,258

At 31 July 2024

34,253

81,584

115,837

Carrying amount

At 31 July 2024

144,885

5,202

150,087

At 31 July 2023

147,842

6,503

154,345

Included within the net book value of land and buildings above is £144,885 (2023 - £147,842) in respect of freehold land and buildings.
 

6

Investment properties

2024
£

At 1 August

244,734

At 31 July

244,734

There has been no valuation of investment property by an independent valuer.

7

Stocks

2024
£

2023
£

Other inventories

257,986

343,189

 

M.R.S. SCIENTIFIC LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Debtors

Current

2024
£

2023
£

Trade debtors

325,623

427,068

Prepayments

-

20,817

Other debtors

54,771

52,646

 

380,394

500,531

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

483,019

283,456

Taxation and social security

97,032

111,946

Accruals and deferred income

5,000

5,500

Other creditors

106,093

705,934

691,144

1,106,836

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

11

Dividends

2024

2023

£

£

Final dividend of £1,000.00 (2023 - £1,000.00) per ordinary share

100,000

100,000

 

 

12

Related party transactions

 

M.R.S. SCIENTIFIC LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

212,439

216,072