Caseware UK (AP4) 2023.0.135 2023.0.135 2023-01-01falseNo description of principal activity01truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC399019 2023-01-01 2024-03-31 OC399019 2022-01-01 2022-12-31 OC399019 2024-03-31 OC399019 2022-12-31 OC399019 c:MotorVehicles 2023-01-01 2024-03-31 OC399019 c:MotorVehicles 2024-03-31 OC399019 c:MotorVehicles 2022-12-31 OC399019 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-01-01 2024-03-31 OC399019 c:CurrentFinancialInstruments 2024-03-31 OC399019 c:CurrentFinancialInstruments 2022-12-31 OC399019 c:Non-currentFinancialInstruments 2024-03-31 OC399019 c:Non-currentFinancialInstruments 2022-12-31 OC399019 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC399019 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 OC399019 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC399019 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 OC399019 d:FRS102 2023-01-01 2024-03-31 OC399019 d:AuditExempt-NoAccountantsReport 2023-01-01 2024-03-31 OC399019 d:FullAccounts 2023-01-01 2024-03-31 OC399019 d:LimitedLiabilityPartnershipLLP 2023-01-01 2024-03-31 OC399019 c:WithinOneYear 2024-03-31 OC399019 c:WithinOneYear 2022-12-31 OC399019 c:BetweenOneFiveYears 2024-03-31 OC399019 c:BetweenOneFiveYears 2022-12-31 OC399019 c:HirePurchaseContracts c:WithinOneYear 2024-03-31 OC399019 c:HirePurchaseContracts c:WithinOneYear 2022-12-31 OC399019 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-03-31 OC399019 c:HirePurchaseContracts c:BetweenOneFiveYears 2022-12-31 OC399019 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2024-03-31 OC399019 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2022-12-31 OC399019 c:LeasedAssetsHeldAsLessee 2024-03-31 OC399019 c:LeasedAssetsHeldAsLessee 2022-12-31 OC399019 d:PartnerLLP1 2023-01-01 2024-03-31 OC399019 e:PoundSterling 2023-01-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC399019










IST Scientific LLP








Unaudited

Financial statements

Information for filing with the registrar

For the Period Ended 31 March 2024

 
IST Scientific LLP
Registered number: OC399019

Balance Sheet
As at 31 March 2024

31 March
31 December
2024
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
314,700
253,262

  
314,700
253,262

Current assets
  

Stocks
 6 
162,640
200,676

Debtors: amounts falling due within one year
 7 
146,484
135,642

Cash at bank and in hand
 8 
114,156
295,164

  
423,280
631,482

Creditors: amounts falling due within one year
 9 
(103,281)
(147,133)

Net current assets
  
 
 
319,999
 
 
484,349

Total assets less current liabilities
  
634,699
737,611

Creditors: amounts falling due after more than one year
 10 
(181,550)
(80,786)

  

Net assets
  
453,149
656,825


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
 12 
453,149
656,825

  

  
453,149
656,825


Total members' interests
  

Loans and other debts due to members
 12 
453,149
656,825

  
453,149
656,825


Page 1

 
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
Designated member
Date: 28 November 2024

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

 
IST Scientific LLP
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

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.

 
2.3

Revenue

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.

 
2.4

Pensions

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

 
IST Scientific LLP
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

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:

Motor vehicles
-
25%
reducing balance

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.

 
2.6

Stocks

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.

 
2.7

Debtors

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.

 
2.8

Cash and cash equivalents

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.

 
2.9

Creditors

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

 
IST Scientific LLP
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)

 
2.10

Foreign currency translation

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'.

 
2.11

Financial instruments

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.

 
2.12

Finance costs

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

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.


4.


Employees

The average monthly number of employees, including directors, during the period was 0 (2022 - 1).

Page 5

 
IST Scientific LLP
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2024

5.


Tangible fixed assets







Motor vehicles

£



Cost or valuation


At 1 January 2023
522,891


Additions
203,746


Disposals
(163,790)



At 31 March 2024

562,847



Depreciation


At 1 January 2023
269,629


Charge for the period on owned assets
86,178


Disposals
(107,660)



At 31 March 2024

248,147



Net book value



At 31 March 2024
314,700



At 31 December 2022
253,262

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


31 March
31 December
2024
2022
£
£



Motor vehicles
255,379
130,679

255,379
130,679


6.


Stocks

31 March
31 December
2024
2022
£
£

Finished goods and goods for resale
162,640
200,676

162,640
200,676


Page 6

 
IST Scientific LLP
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2024

7.


Debtors

31 March
31 December
2024
2022
£
£


Trade debtors
45,474
85,976

Other debtors
12,431
13,252

Prepayments and accrued income
88,579
36,414

146,484
135,642



8.


Cash and cash equivalents

31 March
31 December
2024
2022
£
£

Cash at bank and in hand
114,156
295,164

114,156
295,164



9.


Creditors: Amounts falling due within one year

31 March
31 December
2024
2022
£
£

Trade creditors
28,285
101,735

Obligations under finance lease and hire purchase contracts
59,433
20,621

Accruals and deferred income
15,563
24,777

103,281
147,133


The following liabilities were secured:

31 March
31 December
2024
2022
£
£



Obligations under finance lease and hire purchase contracts
59,433
20,621

59,433
20,621

Details of security provided:

The monies owed under hire purchase contracts are secured against the underlying assets.

Page 7

 
IST Scientific LLP
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2024

10.


Creditors: Amounts falling due after more than one year

31 March
31 December
2024
2022
£
£

Net obligations under finance leases and hire purchase contracts
181,550
80,786

181,550
80,786


The following liabilities were secured:

31 March
31 December
2024
2022
£
£



Obligations under finance lease and hire purchase contracts
181,550
80,786

181,550
80,786

Details of security provided:

The monies owed under hire purchase contracts are secured against the underlying assets.


11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

31 March
31 December
2024
2022
£
£


Within one year
59,433
20,621

Between 1-5 years
181,550
80,786

240,983
101,407

Page 8

 
IST Scientific LLP
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2024

12.


Loans and other debts due to members


31 March
31 December
2024
2022
£
£



Other amounts due to members
453,149
656,825

453,149
656,825

Loans and other debts due to members may be further analysed as follows:

31 March
31 December
2024
2022
£
£



Falling due within one year
453,149
656,825

453,149
656,825

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


13.


Pension commitments

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.


14.


Commitments under operating leases

At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 March
31 December
2024
2022
£
£


Not later than 1 year
67,549
34,932

Later than 1 year and not later than 5 years
67,175
17,803

134,724
52,735

Page 9

 
IST Scientific LLP
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2024

15.


Related party transactions

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.


16.


Controlling party

In the opinion of the members, the controlling individuals are Mr J Rich and Mr S F Rich jointly.


Page 10