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Registered number: 10250680
Oxford Lab Technologies Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
TaxAssist Accountants
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10250680
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 18,627 -
Tangible Assets 5 41,948 52,452
60,575 52,452
CURRENT ASSETS
Stocks 6 37,589 17,263
Debtors 7 6,760 111,409
Cash at bank and in hand 1,575,678 1,383,596
1,620,027 1,512,268
Creditors: Amounts Falling Due Within One Year 8 (99,859 ) (175,233 )
NET CURRENT ASSETS (LIABILITIES) 1,520,168 1,337,035
TOTAL ASSETS LESS CURRENT LIABILITIES 1,580,743 1,389,487
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,487 ) (13,113 )
NET ASSETS 1,570,256 1,376,374
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 1,570,255 1,376,373
SHAREHOLDERS' FUNDS 1,570,256 1,376,374
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Nikola Mitrovic
Director
27/11/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Oxford Lab Technologies Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10250680 . The registered office is 128 City Road, London, EC1V 2NX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets consist of patents and trademarks. They are amortised to the profit and loss account over their estimated economic lives of 10 years for patents and 5 years for trademarks.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% straight line on cost
Motor Vehicles 25% straight line on cost
Fixtures & Fittings 25% straight line on cost
Computer Equipment 33.3% straight line on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 July 2023 -
Additions 19,177
As at 30 June 2024 19,177
Amortisation
As at 1 July 2023 -
Provided during the period 550
As at 30 June 2024 550
Net Book Value
As at 30 June 2024 18,627
As at 1 July 2023 -
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 243 55,180 1,207 5,939 62,569
Additions - - 422 3,736 4,158
Disposals - - - (3,679 ) (3,679 )
As at 30 June 2024 243 55,180 1,629 5,996 63,048
Depreciation
As at 1 July 2023 243 4,598 988 4,288 10,117
Provided during the period - 13,795 103 764 14,662
Disposals - - - (3,679 ) (3,679 )
As at 30 June 2024 243 18,393 1,091 1,373 21,100
Net Book Value
As at 30 June 2024 - 36,787 538 4,623 41,948
As at 1 July 2023 - 50,582 219 1,651 52,452
6. Stocks
2024 2023
£ £
Finished goods 37,589 17,263
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 110,865
Prepayments and accrued income 3,950 434
Other debtors 2,810 110
6,760 111,409
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 14,998 12,790
Corporation tax 67,520 150,526
VAT - 1,972
Other creditors - 1,966
Accruals and deferred income 2,233 -
Directors' loan accounts 15,108 7,979
99,859 175,233
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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