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Company No: 00487717 (England and Wales)

ASTELL SCIENTIFIC LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

ASTELL SCIENTIFIC LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

ASTELL SCIENTIFIC LIMITED

BALANCE SHEET

As at 30 June 2024
ASTELL SCIENTIFIC LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 313,593 209,979
Investment property 5 259,101 259,101
572,694 469,080
Current assets
Stocks 6 659,393 733,859
Debtors 7 941,052 882,819
Cash at bank and in hand 1,136,024 1,052,497
2,736,469 2,669,175
Creditors: amounts falling due within one year 8 ( 1,299,688) ( 1,276,546)
Net current assets 1,436,781 1,392,629
Total assets less current liabilities 2,009,475 1,861,709
Provision for liabilities 9 ( 24,303) 29,718
Net assets 1,985,172 1,891,427
Capital and reserves
Called-up share capital 10 629,996 629,996
Profit and loss account 1,355,176 1,261,431
Total shareholder's funds 1,985,172 1,891,427

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Astell Scientific Limited (registered number: 00487717) were approved and authorised for issue by the Board of Directors on 06 February 2025. They were signed on its behalf by:

D R M Pennock
Director
ASTELL SCIENTIFIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
ASTELL SCIENTIFIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Astell Scientific Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is:
19-21 Powerscroft Road
Sidcup
Kent
DA14 5DT
United Kingdom.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' FRS 102 1A, and with the Companies Act 2006.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Foreign currency

Transactions in currencies other than the functional currency of the company are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss. Non-monetary items that are measured at historic cost in foreign currency are not retranslated

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company.

Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Enhanced tax relief claims in relation to research and development are made, time permitting, in the same accounting period for which the eligible expenditure is identified. This means the claims will be matched to the correct accounting period where possible. Otherwise, tax recoverable in relation to retrospective claims are recognised in the accounting period when those claims are submitted to HMRC.

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Assets under construction not depreciated
Plant and machinery 10 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the last-in, first-out (LIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the transaction.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 45 43

4. Tangible assets

Assets under construc-
tion
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 July 2023 22,761 97,570 355,487 93,499 569,317
Additions 0 1,990 172,967 50,112 225,069
Disposals ( 1,106) 0 ( 137,354) ( 4,199) ( 142,659)
Transfers ( 21,655) 0 0 21,655 0
At 30 June 2024 0 99,560 391,100 161,067 651,727
Accumulated depreciation
At 01 July 2023 0 91,301 210,819 57,218 359,338
Charge for the financial year 0 2,119 79,128 17,800 99,047
Disposals 0 0 ( 117,257) ( 2,994) ( 120,251)
At 30 June 2024 0 93,420 172,690 72,024 338,134
Net book value
At 30 June 2024 0 6,140 218,410 89,043 313,593
At 30 June 2023 22,761 6,269 144,668 36,281 209,979

5. Investment property

Investment property
£
Valuation
As at 01 July 2023 259,101
As at 30 June 2024 259,101

6. Stocks

2024 2023
£ £
Raw materials 466,041 509,163
Work in progress 117,163 214,157
Finished goods 76,189 10,539
659,393 733,859

7. Debtors

2024 2023
£ £
Trade debtors 642,864 581,357
Other debtors 298,188 301,462
941,052 882,819

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 613,232 901,628
Corporation tax 115,697 40,841
Other taxation and social security 169,934 71,694
Other creditors 400,825 262,383
1,299,688 1,276,546

9. Deferred tax

2024 2023
£ £
At the beginning of financial year 29,718 16,074
(Charged)/credited to the Profit and Loss Account ( 54,021) 13,644
At the end of financial year ( 24,303) 29,718

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
5,799,996 Ordinary shares shares of £ 0.10 each 580,000 580,000
49,996 Deferred shares ordinary shares of £ 1.00 each 49,996 49,996
629,996 629,996

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 87,686 87,686
between one and five years 153,450 241,136
241,136 328,822

The total amount of financial commitments not included in the balance sheet relates to a commitment the company has entered into in respect of an operating lease for a property which expires 2 years and 9 months from the balance sheet date.

12. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed by directors 119,656 117,501

During the year, advances to directors totalled £339,534 (2023: £117,256) and repayments were made by directors totalling £337,379 (2023: £114,348).

The above loans have been charged to interest, are unsecured and repayable on demand.