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Registered number: 10066027










CARES LABORATORY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
CARES LABORATORY LIMITED
REGISTERED NUMBER: 10066027

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
7,780
8,338

Tangible assets
 5 
95,912
120,072

  
103,692
128,410

Current assets
  

Stocks
  
488,833
192,302

Debtors: amounts falling due within one year
 6 
404,179
495,552

Cash at bank and in hand
  
513,702
619,276

  
1,406,714
1,307,130

Creditors: amounts falling due within one year
 7 
(488,128)
(606,180)

Net current assets
  
 
 
918,586
 
 
700,950

Total assets less current liabilities
  
1,022,278
829,360

Provisions for liabilities
  

Deferred tax
 8 
(8,353)
(13,976)

Net assets
  
1,013,925
815,384


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,013,825
815,284

  
1,013,925
815,384


Page 1

 
CARES LABORATORY LIMITED
REGISTERED NUMBER: 10066027
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 January 2025.




T J Abbey
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
CARES LABORATORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Cares Laboratory Limited is a private Company limited by shares, incorporated in England and Wales (registered number: 10066027). Its registered office is 2 Great Cliffe Road, Dodsworth Buisness Park, Barnsley, South Yorkshire, England, S75 3SP. The  principal activity of the Company throughout the year continued to be that of manufacturing dyes and pigments.

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

Foreign currency translation

Functional and presentation currency

The Company'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.

 
2.3

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company 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.

Page 3

 
CARES LABORATORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings 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 Company in independently administered funds.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Patents are amortised over the remaining life of the patent.

Page 4

 
CARES LABORATORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

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 follows.

The depreciation rates used are:

Short-term leasehold property
-
25%
straight line
Plant and machinery
-
20%
reducing balance
Fixtures, fittings and office equipment
-
33%
straight line

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 Income and Retained Earnings.

 
2.8

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

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 the Statement of Income and Retained Earnings.

Page 5

 
CARES LABORATORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables and recievables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.10

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
 



3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 9).

Page 6

 
CARES LABORATORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Intangible assets




Patents

£



Cost


At 1 May 2023
11,158



At 30 April 2024

11,158



Amortisation


At 1 May 2023
2,820


Charge for the year on owned assets
558



At 30 April 2024

3,378



Net book value



At 30 April 2024
7,780



At 30 April 2023
8,338



Page 7

 
CARES LABORATORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures, fittings and office equipment
Total

£
£
£
£



Cost


At 1 May 2023
83,167
57,308
18,677
159,152


Additions
-
7,500
5,973
13,473



At 30 April 2024

83,167
64,808
24,650
172,625



Depreciation


At 1 May 2023
19,691
13,888
5,501
39,080


Charge for the year on owned assets
20,792
9,809
7,032
37,633



At 30 April 2024

40,483
23,697
12,533
76,713



Net book value



At 30 April 2024
42,684
41,111
12,117
95,912



At 30 April 2023
63,476
43,420
13,176
120,072




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
42,684
63,476


Page 8

 
CARES LABORATORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Debtors

2024
2023
£
£

Trade debtors
349,938
436,086

Other debtors
54,241
59,466

404,179
495,552



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
302,084
142,987

Corporation tax
15,403
-

Other taxation and social security
136,161
130,506

Other creditors
13,871
291,754

Accruals and deferred income
20,609
40,933

488,128
606,180



8.


Deferred taxation




2024
2023


£

£






At beginning of year
13,976
12,298


Charged to profit or loss
(5,623)
1,678



At end of year
8,353
13,976

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
8,353
13,976

Page 9

 
CARES LABORATORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £16,721 (2023 - £11,196). Contributions totalling £nil (2023 - £nil) were payable to the fund at the Balance Sheet date and are included in creditors.


10.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
10,021
59,835

Later than 1 year and not later than 5 years
-
10,021

10,021
69,856

 
Page 10