Company registration number 09499116 (England and Wales)
NEOGENE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NEOGENE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
NEOGENE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
518,750
933,750
Tangible assets
4
367,295
404,261
Investments
5
187,417
187,417
1,073,462
1,525,428
Current assets
Stocks
521,495
641,217
Debtors
6
1,792,344
2,152,967
Investments
7
344,642
340,000
Cash at bank and in hand
1,212,350
1,029,010
3,870,831
4,163,194
Creditors: amounts falling due within one year
8
(328,486)
(519,010)
Net current assets
3,542,345
3,644,184
Total assets less current liabilities
4,615,807
5,169,612
Creditors: amounts falling due after more than one year
9
(119,575)
(119,575)
Provisions for liabilities
10
(72,526)
(67,307)
Net assets
4,423,706
4,982,730
Capital and reserves
Called up share capital
12
2,325,003
2,325,003
Profit and loss reserves
2,098,703
2,657,727
Total equity
4,423,706
4,982,730
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
NEOGENE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 February 2025 and are signed on its behalf by:
D J Kershaw
Director
Company registration number 09499116 (England and Wales)
NEOGENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Neogene Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 Caxton Way, Watford Business Park, Watford, Hertfordshire, WD18 8UJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration receivable from sale of industrial paints and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
life of lease in equal instalments
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% straight line
Motor vehicles
20% straight line
1.5
Fixed asset investments
Interests in subsidiaries are measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
NEOGENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Work in progress is valued at the lower of cost and net realisable value. In determining the cost of raw materials, consumables and goods purchased for resale, the first in first out basis is used. For work in progress and finished goods manufactured by the company, cost is taken as production cost, which includes a proportion of attributable overheads where appropriate. Provision is made to reduce stocks to estimated net realisable value.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
NEOGENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.12
Preference shares classified as equity
The Redeemable Preference shares which are classified as equity in the balance sheet are in accordance with Section 22 (liabilities and equity) as they are redeemable at the option of the issuer and do not carry a right to a return.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
19
17
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
4,150,000
Amortisation and impairment
At 1 April 2023
3,216,250
Amortisation charged for the year
415,000
At 31 March 2024
3,631,250
Carrying amount
At 31 March 2024
518,750
At 31 March 2023
933,750
NEOGENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
245,668
452,325
19,808
78,366
796,167
Additions
20,302
11,985
2,006
34,293
At 31 March 2024
265,970
464,310
21,814
78,366
830,460
Depreciation and impairment
At 1 April 2023
37,908
315,673
17,814
20,511
391,906
Depreciation charged in the year
16,290
38,129
1,166
15,674
71,259
At 31 March 2024
54,198
353,802
18,980
36,185
463,165
Carrying amount
At 31 March 2024
211,772
110,508
2,834
42,181
367,295
At 31 March 2023
207,760
136,652
1,994
57,855
404,261
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
187,417
187,417
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
547,867
663,803
Amounts owed by group undertakings
1,187,527
1,415,727
Other debtors
56,950
73,437
1,792,344
2,152,967
7
Current asset investments
2024
2023
£
£
Other investments
344,642
340,000
NEOGENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
123,984
171,875
Corporation tax
45,963
74,236
Other taxation and social security
66,316
68,517
Other creditors
92,223
204,382
328,486
519,010
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
119,575
119,575
10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
11
72,526
67,307
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
72,526
67,307
2024
Movements in the year:
£
Liability at 1 April 2023
67,307
Charge to profit or loss
5,219
Liability at 31 March 2024
72,526
NEOGENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
187,417
187,417
187,417
187,417
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable Preference shares of £1 each
2,137,586
2,137,586
2,137,586
2,137,586
Preference shares classified as equity
2,137,586
2,137,586
Total equity share capital
2,325,003
2,325,003
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
1,097,000
1,232,939
14
Related party transactions
During the year rent amounting to £76,200 (2023: £85,950) was paid to the Barnett Waddingham SIPP, a pension scheme set up by the directors D J Kershaw and P W Brown, which owns the main premises.
Included within other debtors is a balance of £21,274 (2023: £31,596) owed by the directors as at the balance sheet date. During the year the company charged interest totalling £1,088 (2023: £400).
Included within other debtors is a credit balance of £7,211 (2023: £nil) owed to the director at the balance sheet date.
15
Parent company
The company's ultimate parent company is Neogene Holdings Limited and its registered office is 14 Caxton Way, Watford Business Park, Watford, Hertfordshire, WD18 8UJ.