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Registration number: 09655087

Science Creates Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Science Creates Services Ltd

Contents

Company Information

1

Directors' Report

2

Profit and Loss Account

3

Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Financial Statements

7 to 14

Accountants' Report

15

 

Science Creates Services Ltd

Company Information

Directors

Dr H S Destecroix

K J MacDonald

Dr A Brewer

C Proctor

J M Williams

Registered office

Science Creates St Philips
Albert Road
St Philips
Bristol
BS2 0XJ

Registered number

09655087

Accountant

Corrigan Accountants Limited 1st Floor
25 King Street
Bristol
BS1 4PB

 

Science Creates Services Ltd

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

T M Smart (ceased 9 July 2024)

Dr H S Destecroix

K J MacDonald

Dr A Brewer

C Proctor

J M Williams (appointed 13 May 2024)

Principal activity

The principal activity of the company is the provision of facilities, business support and expertise for early stage scientific businesses.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
K J MacDonald
Director

 

Science Creates Services Ltd

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
 £

2023
 £

Turnover

 

877,245

635,052

Cost of sales

 

(71,209)

(39,347)

Gross profit

 

806,036

595,705

Employment costs

 

(693,089)

(491,317)

Establishment costs

 

(5,952)

(6,643)

Operating expenses

 

(485,421)

(55,010)

Finance charges

 

(585)

(346)

Depreciation costs

 

(9,289)

(18,382)

Other gains/losses

 

-

19,150

Other operating income

 

384,194

124,111

Operating (loss)/profit

 

(4,106)

167,268

Interest payable and similar charges

 

(14)

-

 

(14)

-

(Loss)/profit before tax

(4,120)

167,268

Taxation

4

422

(34,019)

(Loss)/profit for the financial year

 

(3,698)

133,249

 

Science Creates Services Ltd

(Registration number: 09655087)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

12,507

15,721

Investments

6

17,491

17,470

 

29,998

33,191

Current assets

 

Stocks

1,777

1,822

Debtors

7

200,097

91,565

Cash at bank and in hand

 

298,629

339,041

 

500,503

432,428

Creditors: Amounts falling due within one year

8

(410,023)

(341,021)

Net current assets

 

90,480

91,407

Total assets less current liabilities

 

120,478

124,598

Provisions for liabilities

(2,987)

(3,409)

Net assets

 

117,491

121,189

Capital and reserves

 

Called up share capital

9

33

33

Profit and loss account

117,458

121,156

Total equity

 

117,491

121,189

 

Science Creates Services Ltd

(Registration number: 09655087)
Balance Sheet as at 30 June 2024 (continued)

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised for issue by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................

K J MacDonald
Director

 

Science Creates Services Ltd

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2023

33

121,156

121,189

Loss for the year

-

(3,698)

(3,698)

At 30 June 2024

33

117,458

117,491

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2022

33

(12,093)

(12,060)

Profit for the year

-

133,249

133,249

At 30 June 2023

33

121,156

121,189

 

Science Creates Services Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Science Creates St Philips
Albert Road
St Philips
Bristol
BS2 0XJ

2

Accounting policies

Summary of significant accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

 

Science Creates Services Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

2

Accounting policies (continued)

Government grants

Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

Tangible fixed assets

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

The cost of tangible fixed 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:

Plant and machinery

25% on cost

Computer equipment

33% on cost

Catering equipment

33% on cost

Bicycles

100% on cost

Investments

Investments are measured at cost less impairment.

Research and development costs

Research and development costs are written off to profit or loss in the year incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are recognised at the transaction price.

 

Science Creates Services Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Defined contribution pension obligation

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2023 - 16).

 

Science Creates Services Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
 £

2023
 £

Current taxation

UK corporation tax

-

34,019

Deferred taxation

Arising from origination and reversal of timing differences

(422)

-

Tax (receipt)/expense in the profit and loss account

(422)

34,019

No liability to UK corporation tax arose on ordinary activities for the year ended 30 June 2024 nor for the period ended 30 June 2023.

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

2,987

-

2,987

2023

Asset
£

Liability
£

Accelerated capital allowances

-

10,843

Tax losses carry-forwards

7,434

-

7,434

10,843

 

Science Creates Services Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

5

Tangible fixed assets

Computer equipment
£

Plant and machinery
£

Catering equipment
 £

Bicycles
 £

Total
£

Cost

At 1 July 2023

17,926

101,318

183

-

119,427

Additions

-

3,788

-

2,287

6,075

At 30 June 2024

17,926

105,106

183

2,287

125,502

Depreciation

At 1 July 2023

12,777

90,924

5

-

103,706

Charge for the year

2,917

4,484

61

1,827

9,289

At 30 June 2024

15,694

95,408

66

1,827

112,995

Carrying amount

At 30 June 2024

2,232

9,698

117

460

12,507

At 30 June 2023

5,149

10,394

178

-

15,721

Bicycles relate to staff bicycles under the cycle to work scheme which is offered to the company employees.

6

Investments

2024
£

2023
£

Investments

17,491

17,470

The company owns 100,000 shares in QLM Technology Ltd which represents less than 1% of total share capital and 621 shares in Carbometrics Limited which represents 2.6% of total share capital.

During the year, the company purchased 100 partner points in Science Creates Ventures LLP for £21, representing 1% of the total available partner points.

 

Science Creates Services Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

7

Debtors: amounts falling due within one year

Note

2024
£

2023
£

Trade debtors

 

10,037

21,584

Amounts owed by related parties

11

136,112

65,185

Other debtors

 

78

33

Prepayments

 

53,869

4,763

Corporation tax control

 

1

-

 

200,097

91,565

8

Creditors

2024
£

2023
£

Due within one year

Trade creditors

15,995

14,551

Amounts owed to related parties

64,454

1,058

Corporation tax

-

34,019

Taxation and social security

33,046

28,542

Other creditors

6,048

500

Accruals and deferred income

290,480

227,951

Director's loan account

-

34,400

410,023

341,021

As at June 2024 deferred income of £259,163 (2023: £223,399) was in regards to grant funding from the government department UK Research and Innovation. The company provides 'Accelerator' programmes, run by our expert in-house staff who have provided fundamental training, mentorship and funding for early-stage founders who were looking to translate and accelerate their EngBio technology into living, breathing businesses.

 

Science Creates Services Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £0.03 each

1,000

33

1,000

33

         

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

1,500

The amount of non-cancellable operating lease payments recognised as an expense during the year was £2,000 (2023 - £4,000).

11

Related party transactions

Income and receivables from related parties

2024

Entities with joint control or significant influence
£

Provision of services

758,552

Amounts receivable from related party

136,112

2023

Entities with joint control or significant influence
£

Provision of services

487,431

Amounts receivable from related party

65,185

 

Science Creates Services Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

11

Related party transactions (continued)

Expenditure with related parties

2024

Entities with joint control or significant influence
£

Rendering of services

135,769

Amounts payable to related party

64,454

2023

Entities with joint control or significant influence
£

Rendering of services

10,907

Amounts payable to related party

1,058

 

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Science Creates Services Ltd
for the Year Ended 30 June 2024

As described on the balance sheet you are responsible for the preparation of the financial statements for the year ended 30 June 2024 as set out on pages 3 to 14. You consider that Science Creates Services Ltd is exempt from the statutory audit requirement for the year.

In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the company's accounting records and from information and explanations you have given us.

......................................

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

30 January 2025