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REGISTERED NUMBER: SC047277 (Scotland)















Unaudited Financial Statements for the Year Ended 31 October 2024

for

LABORATORY SPECIALIST SERVICES (UK)
LIMITED

LABORATORY SPECIALIST SERVICES (UK)
LIMITED (REGISTERED NUMBER: SC047277)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 13

LABORATORY SPECIALIST SERVICES (UK)
LIMITED

Company Information
for the Year Ended 31 October 2024







DIRECTORS: Mr W G C McQuilkin
Mrs L R McQuilkin
Mr W S K McQuilkin
Mr S McKay
Mr I McKay





SECRETARY: Mrs L R McQuilkin





REGISTERED OFFICE: 6/8 Rennie Place
College Milton North
East Kilbride
Glasgow
G74 5HD





REGISTERED NUMBER: SC047277 (Scotland)





ACCOUNTANTS: McAllisters
Paxton House
11 Woodside Crescent
Charing Cross
Glasgow
G3 7UL

LABORATORY SPECIALIST SERVICES (UK)
LIMITED (REGISTERED NUMBER: SC047277)

Balance Sheet
31 October 2024

31.10.24 31.10.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 42,949 52,818
Tangible assets 5 376,314 288,898
419,263 341,716

CURRENT ASSETS
Stocks 6 177,636 112,965
Debtors 7 1,719,565 1,047,330
Cash at bank 1,157,601 818,346
3,054,802 1,978,641
CREDITORS
Amounts falling due within one year 8 863,175 477,474
NET CURRENT ASSETS 2,191,627 1,501,167
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,610,890

1,842,883

CREDITORS
Amounts falling due after more than one
year

9

(67,500

)

-

PROVISIONS FOR LIABILITIES 12 (70,593 ) (70,780 )
NET ASSETS 2,472,797 1,772,103

CAPITAL AND RESERVES
Called up share capital 13 13,316 13,316
Share based payment reserve 14 - 2,233
Retained earnings 14 2,459,481 1,756,554
SHAREHOLDERS' FUNDS 2,472,797 1,772,103

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

LABORATORY SPECIALIST SERVICES (UK)
LIMITED (REGISTERED NUMBER: SC047277)

Balance Sheet - continued
31 October 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





Mr W S K McQuilkin - Director


LABORATORY SPECIALIST SERVICES (UK)
LIMITED (REGISTERED NUMBER: SC047277)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Laboratory Specialist Services (UK) Limited is a private company, limited by shares , registered in Scotland. 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.

Significant judgements and estimates
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the preparation of these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discount and value added taxes. Turnover includes revenue earned from the sale of laboratory furniture goods.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

LABORATORY SPECIALIST SERVICES (UK)
LIMITED (REGISTERED NUMBER: SC047277)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any 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 to profit or loss over the estimated useful economic lives, as follows:

Plant & Machinery - 25% reducing balance
Motor Vehicles - 25% reducing balance
Computer Equipment - 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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use.
Any impairment loss is recognised immediately as an expense within profit or loss.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.

Financial instruments
Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.


LABORATORY SPECIALIST SERVICES (UK)
LIMITED (REGISTERED NUMBER: SC047277)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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.

Long term contracts
The amount recoverable on each long term contract is based on stage of completion, by calculating costs incurred to date as a percentage of total costs, less any provision for known or anticipated losses and progress payments received and receivable.

Where the outcome of incomplete contracts can be assessed with reasonable certainty, the attributable profit is recognised in the profit and loss account as an appropriate proportion of the estimated profit for that contract. The amount by which turnover is in excess of progress payments received and receivable is classified as amounts recoverable on contracts and separately disclosed in debtors. In assessing amounts recoverable, the directors provide for the cost of potential claims based on experience.

Provisions
A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

LABORATORY SPECIALIST SERVICES (UK)
LIMITED (REGISTERED NUMBER: SC047277)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Share-based payments
The company provides share-based payment arrangements to certain employees in the form of share option agreements.

All of the company's share option agreements are equity-settled arrangements. In accordance with FRS 102 these share option agreements are accounted for in the financial statements. The share options are required to be valued at fair value (excluding the effect of non-market based vesting conditions) at the date they are granted. The fair value is then expensed in each years financial statements on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted each year to reflect the actual number of shares or options that will vest as circumstances change or share options lapse.

There is no observable market value available for the fair value of the share options. Fair value at the grant date has therefore been established by an independent valuation and this has received the relevant tax clearance. The value agreed was £10 per share.

Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for share-based payment.

Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement.

The company has no cash-settled arrangements.

The company granted the option to purchase 2,010 shares to certain key employees in 2018 with the first tranche of these options being granted in April 2019. The fair value per share at that date was £10 per share.

These share options vested over a four year period and were fully exercised by 31 March 2022. There are presently no share options remaining to be exercised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2023 - 48 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 November 2023
and 31 October 2024 86,795 11,900 98,695
AMORTISATION
At 1 November 2023 43,398 2,479 45,877
Charge for year 8,679 1,190 9,869
At 31 October 2024 52,077 3,669 55,746
NET BOOK VALUE
At 31 October 2024 34,718 8,231 42,949
At 31 October 2023 43,397 9,421 52,818

LABORATORY SPECIALIST SERVICES (UK)
LIMITED (REGISTERED NUMBER: SC047277)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2023 555,757 59,782 58,460 673,999
Additions 164,442 - 10,375 174,817
At 31 October 2024 720,199 59,782 68,835 848,816
DEPRECIATION
At 1 November 2023 285,714 53,613 45,774 385,101
Charge for year 80,378 1,542 5,481 87,401
At 31 October 2024 366,092 55,155 51,255 472,502
NET BOOK VALUE
At 31 October 2024 354,107 4,627 17,580 376,314
At 31 October 2023 270,043 6,169 12,686 288,898

6. STOCKS
31.10.24 31.10.23
£    £   
Stocks 129,051 101,646
Work-in-progress 48,585 11,319
177,636 112,965

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 801,659 660,085
Amounts recoverable on contract 917,906 378,134
Other debtors - 9,111
1,719,565 1,047,330

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Hire purchase contracts (see note 10) 22,500 -
Trade creditors 383,412 270,476
Tax 261,787 55,802
Social security and other taxes 31,429 31,340
CIS payable 3,887 1,724
VAT 85,534 26,946
McQuilkin & Co Ltd 14,408 14,408
Directors' current accounts 3,318 5,118
Accrued expenses 56,900 71,660
863,175 477,474

LABORATORY SPECIALIST SERVICES (UK)
LIMITED (REGISTERED NUMBER: SC047277)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.24 31.10.23
£    £   
Hire purchase contracts (see note 10) 67,500 -

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.10.24 31.10.23
£    £   
Gross obligations repayable:
Within one year 26,457 -
Between one and five years 79,371 -
105,828 -

Finance charges repayable:
Within one year 3,957 -
Between one and five years 11,871 -
15,828 -

Net obligations repayable:
Within one year 22,500 -
Between one and five years 67,500 -
90,000 -

Non-cancellable operating leases
31.10.24 31.10.23
£    £   
Within one year 114,070 23,490
Between one and five years 149,498 377,640
263,568 401,130

11. SECURED DEBTS

The following secured debts are included within creditors:

31.10.24 31.10.23
£    £   
Hire purchase contracts 90,000 -

The HP creditor is secured over the asset to which it relates.

LABORATORY SPECIALIST SERVICES (UK)
LIMITED (REGISTERED NUMBER: SC047277)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

12. PROVISIONS FOR LIABILITIES
31.10.24 31.10.23
£    £   
Deferred tax 70,593 70,780

Deferred
tax
£   
Balance at 1 November 2023 70,780
Provided during year (187 )
Balance at 31 October 2024 70,593

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.24 31.10.23
value: £    £   
1,198 A Ordinary £1 1,198 1,198
10,108 B Ordinary £1 10,108 10,108
2,010 C Ordinary £1 2,010 2,010
13,316 13,316

14. RESERVES
Share
based
Retained payment
earnings reserve Totals
£    £    £   

At 1 November 2023 1,756,554 2,233 1,758,787
Profit for the year 864,437 864,437
Dividends (163,743 ) (163,743 )
Exercised share option 2,233 (2,233 ) -
At 31 October 2024 2,459,481 - 2,459,481

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2024 and 31 October 2023:

31.10.24 31.10.23
£    £   
Mr W S K McQuilkin
Balance outstanding at start of year - (4,452 )
Amounts advanced 30,000 50,729
Amounts repaid (30,000 ) (46,277 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

LABORATORY SPECIALIST SERVICES (UK)
LIMITED (REGISTERED NUMBER: SC047277)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr S McKay
Balance outstanding at start of year (1,800 ) (8 )
Amounts advanced 43,936 83,215
Amounts repaid (42,136 ) (85,007 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (1,800 )

Mr W G C McQuilkin
Balance outstanding at start of year (1,658 ) (1,658 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,658 ) (1,658 )

Mrs L R McQuilkin
Balance outstanding at start of year (1,658 ) (1,658 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,658 ) (1,658 )

Mr I McKay
Balance outstanding at start of year - -
Amounts advanced - 23,304
Amounts repaid - (23,304 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

16. RELATED PARTY DISCLOSURES

During the year, directors remuneration paid including national insurance and pensions amounted to £22,872 (2023; £100,350).

Directors dividends totalled £163,748 (2023; £214,588).

LABORATORY SPECIALIST SERVICES (UK)
LIMITED (REGISTERED NUMBER: SC047277)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

17. SHARE-BASED PAYMENT TRANSACTIONS

The company operates a share-based payment scheme for certain employees.

A) Service Agreement Options- EMI
Certain employees participated in a Key-employee share-option scheme with a view to retaining any option holders services as an employee.The options are granted with a fixed exercise price and can only be exercised following vesting date. If the option is not exercised within two calendar months of the vesting date the option shall become void unless otherwise permitted by the Directors. Employees are required to remain in employment within the company until exercise, otherwise the awards lapse. Existing company shares were converted and will be issued as part of the options being exercised.

A reconciliation of share option movements over the year to 31 October 2024 is shown below:

2024
Weighted
average
exercise
price
No.£   
Outstanding at 1st November 0£0.00
Granted 0£0.00
Forfeited0£0.00
Exercised0£0.00
Expired0£0.00
Outstanding at 31st October 0£0.00
Exercisable at 31st October 0£0.00

In accordance with FRS 102 the fair value of the share options at the grant date has been established and this is being expensed on a straight-line basis dependent on the vesting period disclosed within the share option agreement. All the granted share options had been exercised by the previous year end.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Laboratory Specialist Services (UK)
Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Laboratory Specialist Services (UK) Limited for the year ended 31 October 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Laboratory Specialist Services (UK) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Laboratory Specialist Services (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Laboratory Specialist Services (UK) Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Laboratory Specialist Services (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Laboratory Specialist Services (UK) Limited. You consider that Laboratory Specialist Services (UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Laboratory Specialist Services (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






McAllisters
Paxton House
11 Woodside Crescent
Charing Cross
Glasgow
G3 7UL


28 January 2025