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REGISTERED NUMBER: 02829557 (England and Wales)















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: Mr J L Seccombe
Mrs P Seccombe





SECRETARY: Mr J L Seccombe





REGISTERED OFFICE: Unit 19
Enterprise Way
Cheltenham Trade Park
CHELTENHAM
Gloucestershire
GL51 8LZ





REGISTERED NUMBER: 02829557 (England and Wales)





ACCOUNTANTS: Bronsens
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 14,395 14,395
Tangible assets 5 18,417 24,981
Investments 6 75,792 75,792
108,604 115,168

CURRENT ASSETS
Stocks 49,708 53,281
Debtors 7 181,191 193,616
Cash at bank 58,100 75,813
288,999 322,710
CREDITORS
Amounts falling due within one year 8 43,847 57,784
NET CURRENT ASSETS 245,152 264,926
TOTAL ASSETS LESS CURRENT
LIABILITIES

353,756

380,094

CREDITORS
Amounts falling due after more than one
year

9

(4,000

)

(10,000

)

PROVISIONS FOR LIABILITIES 10 - (138 )
NET ASSETS 349,756 369,956

CAPITAL AND RESERVES
Called up share capital 11 75,857 75,857
Retained earnings 273,899 294,099
SHAREHOLDERS' FUNDS 349,756 369,956

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 January 2025 and were signed on its behalf by:





Mr J L Seccombe - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is the amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 10% on cost
Plant and machinery - Straight line over 3 years
Fixtures and fittings - Straight line over 3 years
Motor vehicles - Straight line over 5 years
Equipment - Straight line over 3 years

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 3 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Trademarks
£   
COST
At 1 October 2023
and 30 September 2024 22,811
AMORTISATION
At 1 October 2023
and 30 September 2024 8,416
NET BOOK VALUE
At 30 September 2024 14,395
At 30 September 2023 14,395

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 6,030 14,146 12,473
DEPRECIATION
At 1 October 2023 3,195 14,146 9,475
Charge for year 603 - 872
At 30 September 2024 3,798 14,146 10,347
NET BOOK VALUE
At 30 September 2024 2,232 - 2,126
At 30 September 2023 2,835 - 2,998

Motor
vehicles Equipment Totals
£    £    £   
COST
At 1 October 2023
and 30 September 2024 99,273 10,356 142,278
DEPRECIATION
At 1 October 2023 81,648 8,833 117,297
Charge for year 4,500 589 6,564
At 30 September 2024 86,148 9,422 123,861
NET BOOK VALUE
At 30 September 2024 13,125 934 18,417
At 30 September 2023 17,625 1,523 24,981

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 18,000
DEPRECIATION
At 1 October 2023 4,078
Charge for year 4,500
At 30 September 2024 8,578
NET BOOK VALUE
At 30 September 2024 9,422
At 30 September 2023 13,922

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 667 667
Loans to group undertakings 45,000 45,000
Other investments not loans 30,125 30,125
75,792 75,792

Additional information is as follows:
Shares in
subsidiary Other
company investments Totals
£    £    £   
COST
At 1 October 2023
and 30 September 2024 667 30,125 30,792
NET BOOK VALUE
At 30 September 2024 667 30,125 30,792
At 30 September 2023 667 30,125 30,792
Subsidiary
company
£   
At 1 October 2023
and 30 September 2024 45,000

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 180,941 190,541
Prepayments 250 3,075
181,191 193,616

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 6,000 6,000
Trade creditors 21,015 31,130
Tax 610 3,134
Social security and other taxes 4,395 4,673
VAT 4,609 8,079
Other creditors 5,387 3,027
Accrued expenses 1,831 1,741
43,847 57,784

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Hire purchase contracts 4,000 10,000

10. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax - 138

Deferred
tax
£   
Balance at 1 October 2023 138
Provided during year (138 )
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: £    £   
37,929 Ordinary A £1 37,929 37,929
37,928 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.