Registered number: OC399019
IST Scientific LLP
Unaudited
Financial statements
Information for filing with the registrar
For the Period Ended 31 March 2024
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IST Scientific LLP
Registered number: OC399019
Balance Sheet
As at 31 March 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Loans and other debts due to members within one year
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Members' capital classified as a liability
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Loans and other debts due to members
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Page 1
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IST Scientific LLP
Registered number: OC399019
Balance Sheet (continued)
As at 31 March 2024
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
................................................
Mr J Rich
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The notes on pages 3 to 10 form part of these financial statements.
IST Scientific LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
Page 2
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IST Scientific LLP
Notes to the Financial Statements
For the Period Ended 31 March 2024
IST Scientific LLP is a limited liability partnership incorporated in England and Wales within the United Kingdom, registered number OC399019. The address of the registered office is Guildford Road Industrial Estate, Farnham, Surrey, GU9 9PZ.
The accounts are presented in sterling and rounded to the nearest £1.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The members of the partnership have drawn the accounts up on a going concern basis. The members are confident the LLP has sufficient funds to carry on trading and for the foreseeable future. The members are therefore happy the accounts can be prepared on a going concern basis. In the event that this changes, further funding will be provided by the members.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the LLP has transferred the significant risks and rewards of ownership to the buyer;
∙the LLP retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.
Page 3
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IST Scientific LLP
Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as shown below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 4
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IST Scientific LLP
Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The LLP's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Finance and operating leases
Determine whether the terms of leases transfer substantially all the risk and rewards incidental to ownership or not. Leases are reviewed and ownership status agreed.
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The average monthly number of employees, including directors, during the period was 0 (2022 - 1).
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Page 5
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IST Scientific LLP
Notes to the Financial Statements
For the Period Ended 31 March 2024
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Charge for the period on owned assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Finished goods and goods for resale
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Page 6
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IST Scientific LLP
Notes to the Financial Statements
For the Period Ended 31 March 2024
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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The following liabilities were secured:
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Obligations under finance lease and hire purchase contracts
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Details of security provided:
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The monies owed under hire purchase contracts are secured against the underlying assets.
Page 7
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IST Scientific LLP
Notes to the Financial Statements
For the Period Ended 31 March 2024
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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The following liabilities were secured:
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Obligations under finance lease and hire purchase contracts
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Details of security provided:
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The monies owed under hire purchase contracts are secured against the underlying assets.
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Page 8
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IST Scientific LLP
Notes to the Financial Statements
For the Period Ended 31 March 2024
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Loans and other debts due to members
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
The partnership operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the partnership in an independently administered fund. The pension cost charge represents contributions payable by the partnership to the fund and amounted to £45 (2022 - £5,933). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date and are included within creditors.
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Commitments under operating leases
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At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Page 9
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IST Scientific LLP
Notes to the Financial Statements
For the Period Ended 31 March 2024
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Related party transactions
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During the period, the LLP had purchases of £564,359 (2022 - £745,309) to Polarseal Tapes and Conversions Limited, holding a close relationship with the directors. As at the period end, the LLP owed Polarseal Tapes and Conversions Limited a balance of £16,262 (2022 - £44,900) in regard to these charges.
In addition, during the year the LLP paid cross charges of £148,033 (2022 - £272,408) to Polarseal Tapes and Conversions Limited. As at the period end, the LLP owed Polarseal Tapes and Conversions Limited a balance of £8,850 (2022 - £28,342) in regard to these charges.
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In the opinion of the members, the controlling individuals are Mr J Rich and Mr S F Rich jointly.
Page 10
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