REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30 SEPTEMBER 2024 |
FOR |
LIFESCIENCE PRODUCTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30 SEPTEMBER 2024 |
FOR |
LIFESCIENCE PRODUCTS LIMITED |
LIFESCIENCE PRODUCTS LIMITED (REGISTERED NUMBER: 02829557) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LIFESCIENCE PRODUCTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Hillside |
Albion Street |
Chipping Norton |
Oxfordshire |
OX7 5BH |
LIFESCIENCE PRODUCTS LIMITED (REGISTERED NUMBER: 02829557) |
BALANCE SHEET |
30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
LIFESCIENCE PRODUCTS LIMITED (REGISTERED NUMBER: 02829557) |
BALANCE SHEET - continued |
30 SEPTEMBER 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
LIFESCIENCE PRODUCTS LIMITED (REGISTERED NUMBER: 02829557) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Lifescience Products Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is the amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
LIFESCIENCE PRODUCTS LIMITED (REGISTERED NUMBER: 02829557) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest charges to the profit and loss account on a straight line basis. |
Where the company enters into a lease which entails taking substantially all risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset recorded in the balance sheet as a tangible asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element which is charges to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments. |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Consolidation |
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts. |
Trademarks |
Intangible trademark assets are reviewed every year for impairment by the directors and writedowns applied as appropriate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Trademarks |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
AMORTISATION |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
LIFESCIENCE PRODUCTS LIMITED (REGISTERED NUMBER: 02829557) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 October 2023 |
and 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Motor |
vehicles | Equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2023 |
and 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
LIFESCIENCE PRODUCTS LIMITED (REGISTERED NUMBER: 02829557) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
6. | INVESTMENTS |
30.9.24 | 30.9.23 |
£ | £ |
Shares in group undertakings |
Loans to group undertakings |
Other investments not loans |
Additional information is as follows: |
Shares in |
subsidiary | Other |
company | investments | Totals |
£ | £ | £ |
COST |
At 1 October 2023 |
and 30 September 2024 | 30,792 |
NET BOOK VALUE |
At 30 September 2024 | 30,792 |
At 30 September 2023 | 30,792 |
Subsidiary |
company |
£ |
At 1 October 2023 |
and 30 September 2024 |
The company owns 100% of the share capital in Aqua-Rex LLC, which is registered in USA whose principal activity is the distribution of water conditioning equipment in the USA. Based on published accounts for the year ended 31 December 2023 the entity made a profit of $47,909, loss in (2022 - $60,573) and its share capital and reserves were (-$23,318) (2022 - (-$71,727)). |
The company owns 40% of the share capital in Flowban Limited, which is registered in England and Wales whose principal activity is the marketing of a flood prevention device in North America. Based on published accounts for the year ended 31 December 2023 the entity made a profit of £1,023 (2022- £14,446) and its share capital and reserves were £43,260 (2022: £42,237). |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Trade debtors |
Prepayments |
LIFESCIENCE PRODUCTS LIMITED (REGISTERED NUMBER: 02829557) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 4,609 | 8,079 |
Other creditors |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Hire purchase contracts |
10. | PROVISIONS FOR LIABILITIES |
30.9.24 | 30.9.23 |
£ | £ |
Deferred tax | - | 138 |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Provided during year | ( |
) |
Balance at 30 September 2024 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
value: | £ | £ |
Ordinary A | £1 | 37,929 | 37,929 |
Ordinary B | £1 | 37,928 | 37,928 |
75,857 | 75,857 |
LIFESCIENCE PRODUCTS LIMITED (REGISTERED NUMBER: 02829557) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
12. | RELATED PARTY DISCLOSURES |
The company was under the control of Mr Seccombe throughout the current and previous year. Mr Seccombe is the managing director and with his wife owns 100% of the shares. |
The company owns 100% of the shares in Aqua-Rex Limited and 40% of the shares in Flowban Ltd. |
During the year and in the normal course of trading the company made sales totalling £129,752 (2023 £138,274) for goods and services to Aqua-Rex LLC and Flowban Limited. |
At the year end the company was owed £118,627 (2023 : £138,274 by Aqua-Rex LLC, and owed £Nil |
to Flowban Ltd (2023 : £Nil). |
Mr Seccombe owns 10% of the issued share capital in Lifeline Ltd. |
At the year end £Nil (2023 : £Nil) was owed to Lifeline Ltd. |