Company Registration No. 09667722 (England and Wales)
Leaman Life Sciences Limited
Unaudited accounts
for the year ended 31 December 2023
Leaman Life Sciences Limited
Unaudited accounts
Contents
Leaman Life Sciences Limited
Company Information
for the year ended 31 December 2023
Directors
Oliver Garbacz
Laura Hutchings
Company Number
09667722 (England and Wales)
Registered Office
Suite 1, First Floor
1 Duchess Street
London
W1W 6AN
England
Leaman Life Sciences Limited
Statement of financial position
as at 31 December 2023
Tangible assets
14,000
24,850
Cash at bank and in hand
239,357
653,324
Creditors: amounts falling due within one year
(137,980)
(300,975)
Net current assets
286,691
761,111
Net assets
300,691
785,961
Called up share capital
114
111
Share premium
12,747
10,120
Profit and loss account
287,830
775,730
Shareholders' funds
300,691
785,961
For the year ending 31 December 2023 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2024 and were signed on its behalf by
Oliver Garbacz
Director
Company Registration No. 09667722
Leaman Life Sciences Limited
Notes to the Accounts
for the year ended 31 December 2023
Leaman Life Sciences Limited is a private company, limited by shares, registered in England and Wales, registration number 09667722. The registered office is Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN, England.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
over four years
Computer equipment
over four years
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is recognised based on the type of placement as follows:
1. Permanent Placements
Turnover from permanent placements is recognised when the candidate successfully completes the agreed probationary period or after a specified number of months of employment, as outlined in the contractual terms. Invoices for these placements are typically issued upon confirmation of the candidate's continued employment after this period.
2. Temporary Placements
Turnover from temporary placements is recognised at the end of each agreed period, corresponding to the completion of the placement's service. Invoices are generated periodically based on the hours or days worked as reported and agreed by the client.
Revenue is only recognised when it is probable that payment will be received, and the amount can be measured reliably.
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Leaman Life Sciences Limited
Notes to the Accounts
for the year ended 31 December 2023
The directors have assessed the company's ability to continue as a going concern in light of significant challenges and strategic decisions made during 2023 and 2024.
During the COVID-19 pandemic, the company experienced substantial growth and profitability due to increased demand for medical recruitment services. To meet this demand, the company expanded its operations, including the hiring of additional staff. However, post-pandemic market conditions have shifted significantly, resulting in a marked decline in the demand for recruitment services in the life sciences sector.
In 2023 and 2024, the company incurred substantial losses as revenues decreased, and operational costs, scaled up during the pandemic, remained high. Additionally, three of the five directors resigned in 2024, reflecting the ongoing challenges in sustaining the business.
For the 2023 financial year, the directors have concluded that the going concern basis remains appropriate, as the decision to wind up the company was made after the reporting period. However, the directors acknowledge material uncertainties exist regarding the company’s ability to continue as a going concern beyond the reporting period due to the decision to close the business in 2024.
The 2024 financial statements will reflect the impact of the decision to wind up operations, including the revaluation of assets to their recoverable amounts and provisions for all known liabilities.
The directors are committed to ensuring an orderly wind-up process in 2024 and fulfilling all obligations to stakeholders, including employees, clients, and creditors.
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Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2023
18,416
22,305
40,721
Disposals
(13,021)
-
(13,021)
At 31 December 2023
5,395
31,657
37,052
At 1 January 2023
2,042
13,829
15,871
Charge for the year
564
6,828
7,392
At 31 December 2023
2,395
20,657
23,052
At 31 December 2023
3,000
11,000
14,000
At 31 December 2022
16,374
8,476
24,850
Amounts falling due within one year
Trade debtors
117,593
296,090
Accrued income and prepayments
24,560
88,741
Leaman Life Sciences Limited
Notes to the Accounts
for the year ended 31 December 2023
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
47,706
61,326
Taxes and social security
27,085
112,439
Other creditors
2,806
86,012
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Post balance sheet events
Subsequent to the balance sheet date, significant events have occurred that impact the company’s operations and future outlook:
Decision to Wind Up the Company
In early 2024, the remaining director made the decision to wind up the company due to ongoing financial challenges and a continued decline in demand for recruitment services within the life sciences sector. The decision followed substantial losses incurred in 2023 and the resignation of three of the five directors during that year. Plans are being implemented to close the company in an orderly manner, ensuring all obligations to stakeholders are fulfilled.
Impact on Financial Reporting
While the 2023 financial statements have been prepared on a going concern basis, the financial statements for 2024 will reflect the decision to wind up the company. This will include the revaluation of assets to their recoverable amounts and provisions for liabilities arising as part of the wind-up process.
The directors have assessed these events and concluded that, while they do not impact the financial position reported as of 31 December 2023, they are material to the company’s future and have been disclosed as post balance sheet events.
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Average number of employees
During the year the average number of employees was 18 (2022: 19).