Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-312024-08-31true13falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-09-01No description of principal activity12truefalse 07002427 2023-09-01 2024-08-31 07002427 2022-09-01 2023-08-31 07002427 2024-08-31 07002427 2023-08-31 07002427 c:Director2 2023-09-01 2024-08-31 07002427 d:Buildings d:ShortLeaseholdAssets 2023-09-01 2024-08-31 07002427 d:Buildings d:ShortLeaseholdAssets 2024-08-31 07002427 d:Buildings d:ShortLeaseholdAssets 2023-08-31 07002427 d:PlantMachinery 2023-09-01 2024-08-31 07002427 d:PlantMachinery 2024-08-31 07002427 d:PlantMachinery 2023-08-31 07002427 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 07002427 d:OfficeEquipment 2023-09-01 2024-08-31 07002427 d:OfficeEquipment 2024-08-31 07002427 d:OfficeEquipment 2023-08-31 07002427 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 07002427 d:ComputerEquipment 2023-09-01 2024-08-31 07002427 d:OtherPropertyPlantEquipment 2023-09-01 2024-08-31 07002427 d:OtherPropertyPlantEquipment 2024-08-31 07002427 d:OtherPropertyPlantEquipment 2023-08-31 07002427 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 07002427 d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 07002427 d:Goodwill 2023-09-01 2024-08-31 07002427 d:Goodwill 2024-08-31 07002427 d:Goodwill 2023-08-31 07002427 d:CurrentFinancialInstruments 2024-08-31 07002427 d:CurrentFinancialInstruments 2023-08-31 07002427 d:Non-currentFinancialInstruments 2024-08-31 07002427 d:Non-currentFinancialInstruments 2023-08-31 07002427 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 07002427 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 07002427 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 07002427 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 07002427 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-08-31 07002427 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 07002427 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-08-31 07002427 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 07002427 d:ShareCapital 2024-08-31 07002427 d:ShareCapital 2023-08-31 07002427 d:RetainedEarningsAccumulatedLosses 2024-08-31 07002427 d:RetainedEarningsAccumulatedLosses 2023-08-31 07002427 c:OrdinaryShareClass1 2023-09-01 2024-08-31 07002427 c:OrdinaryShareClass1 2024-08-31 07002427 c:OrdinaryShareClass1 2023-08-31 07002427 c:OrdinaryShareClass2 2023-09-01 2024-08-31 07002427 c:OrdinaryShareClass2 2024-08-31 07002427 c:OrdinaryShareClass2 2023-08-31 07002427 c:FRS102 2023-09-01 2024-08-31 07002427 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 07002427 c:FullAccounts 2023-09-01 2024-08-31 07002427 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 07002427 d:HirePurchaseContracts d:WithinOneYear 2024-08-31 07002427 d:HirePurchaseContracts d:WithinOneYear 2023-08-31 07002427 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-08-31 07002427 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-08-31 07002427 2 2023-09-01 2024-08-31 07002427 e:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 07002427










LABFAX LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
LABFAX LIMITED
REGISTERED NUMBER: 07002427

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
1
1

Tangible assets
 5 
154,687
173,650

  
154,688
173,651

Current assets
  

Stocks
  
128,517
246,345

Debtors: amounts falling due within one year
 6 
371,667
434,133

Cash at bank and in hand
 7 
33,473
33,052

  
533,657
713,530

Creditors: amounts falling due within one year
 8 
(563,957)
(735,024)

Net current liabilities
  
 
 
(30,300)
 
 
(21,494)

Total assets less current liabilities
  
124,388
152,157

Creditors: amounts falling due after more than one year
 9 
(7,500)
(26,233)

Provisions for liabilities
  

Deferred tax
  
(38,672)
(43,412)

  
 
 
(38,672)
 
 
(43,412)

Net assets
  
78,216
82,512


Capital and reserves
  

Called up share capital 
 12 
30
30

Profit and loss account
  
78,186
82,482

  
78,216
82,512


Page 1

 
LABFAX LIMITED
REGISTERED NUMBER: 07002427
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 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 profit and loss account 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 by: 




Claire Radnor
Director

Date: 10 February 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Labfax Limited is a private limited company, limited by shares, incorporated in England and Wales with its registered office and principal place of business at Unit 4, Hortonwood 31, Telford, England, TF1 7EU.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

Revenue

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

Sale of goods

Revenue 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 revenue 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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 profit or loss 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.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 5

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life.

Other 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.

 
2.11

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, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the period of the lease
Plant and machinery
-
20% reducing balance
Office equipment
-
20% reducing balance
Computer equipment
-
20% 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 profit or loss.

 
2.12

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 first in, first out 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 profit or loss.

Page 6

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 12).

Page 7

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 September 2023
1



At 31 August 2024

1






Net book value



At 31 August 2024
1



At 31 August 2023
1



Page 8

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Office equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 September 2023
6,971
331,540
104,485
33,258
476,254


Additions
-
18,354
1,826
-
20,180


Disposals
-
(265)
-
-
(265)



At 31 August 2024

6,971
349,629
106,311
33,258
496,169



Depreciation


At 1 September 2023
6,971
184,824
80,283
30,525
302,603


Charge for the year on owned assets
-
32,971
5,206
755
38,932


Disposals
-
(53)
-
-
(53)



At 31 August 2024

6,971
217,742
85,489
31,280
341,482



Net book value



At 31 August 2024
-
131,887
20,822
1,978
154,687



At 31 August 2023
-
146,716
24,202
2,732
173,650


6.


Debtors

2024
2023
£
£


Trade debtors
212,139
265,474

Other debtors
158,662
165,085

Prepayments and accrued income
866
3,574

371,667
434,133


Page 9

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
33,473
33,052

33,473
33,052



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
222,122
319,858

Factoring account
136,881
199,969

Taxation and social security
144,074
150,724

Obligations under finance lease and hire purchase contracts
6,422
39,828

Other creditors
35,850
4,440

Accruals and deferred income
8,608
10,205

563,957
735,024



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
7,500
17,500

Net obligations under finance leases and hire purchase contracts
-
8,733

7,500
26,233


Page 10

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
7,500
10,000


7,500
10,000

Amounts falling due 2-5 years

Bank loans
-
7,500


-
7,500


17,500
27,500



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
6,422
39,828

Between 1-5 years
-
8,733

6,422
48,561

Page 11

 
LABFAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



28 (2023 - 28) Ordinary A shares of £1.00 each
28
28
2 (2023 - 2) Ordinary B shares of £1.00 each
2
2

30

30



13.


Transactions with directors

Included within other debtors is a loan to the directors amounting to £155,106 (2023: £161,268).There were debits to the loan accounts of £187,751 and credits of £198,184. Interest was charged at the official rate, had no fixed repayment date and was unsecured.

 
Page 12