Silverfin false false 31/03/2024 01/04/2023 31/03/2024 M J Hood 24/01/2025 M E Hunter 24/01/2025 06/04/2020 P D Rostas 24/01/2025 06/04/2020 U And I Director 1 Limited 24/01/2025 U And I Director 2 Limited 24/01/2025 24 March 2025 The principal activity of the company is to create work spaces that unlock potential, driving business growth and innovation, community collaboration and positive social impact. 09608957 2024-03-31 09608957 bus:Director1 2024-03-31 09608957 bus:Director2 2024-03-31 09608957 bus:Director3 2024-03-31 09608957 bus:Director4 2024-03-31 09608957 bus:Director5 2024-03-31 09608957 2023-03-31 09608957 core:CurrentFinancialInstruments 2024-03-31 09608957 core:CurrentFinancialInstruments 2023-03-31 09608957 core:Non-currentFinancialInstruments 2024-03-31 09608957 core:Non-currentFinancialInstruments 2023-03-31 09608957 core:ShareCapital 2024-03-31 09608957 core:ShareCapital 2023-03-31 09608957 core:RetainedEarningsAccumulatedLosses 2024-03-31 09608957 core:RetainedEarningsAccumulatedLosses 2023-03-31 09608957 core:LandBuildings 2023-03-31 09608957 core:FurnitureFittings 2023-03-31 09608957 core:ComputerEquipment 2023-03-31 09608957 core:LandBuildings 2024-03-31 09608957 core:FurnitureFittings 2024-03-31 09608957 core:ComputerEquipment 2024-03-31 09608957 bus:OrdinaryShareClass1 2024-03-31 09608957 2023-04-01 2024-03-31 09608957 bus:FilletedAccounts 2023-04-01 2024-03-31 09608957 bus:SmallEntities 2023-04-01 2024-03-31 09608957 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09608957 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09608957 bus:Director1 2023-04-01 2024-03-31 09608957 bus:Director2 2023-04-01 2024-03-31 09608957 bus:Director3 2023-04-01 2024-03-31 09608957 bus:Director4 2023-04-01 2024-03-31 09608957 bus:Director5 2023-04-01 2024-03-31 09608957 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 09608957 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 09608957 2022-04-01 2023-03-31 09608957 core:LandBuildings 2023-04-01 2024-03-31 09608957 core:FurnitureFittings 2023-04-01 2024-03-31 09608957 core:ComputerEquipment 2023-04-01 2024-03-31 09608957 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 09608957 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09608957 (England and Wales)

CENTRAL RESEARCH LABORATORY (HAYES) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

CENTRAL RESEARCH LABORATORY (HAYES) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

CENTRAL RESEARCH LABORATORY (HAYES) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
CENTRAL RESEARCH LABORATORY (HAYES) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 0 51,493
0 51,493
Current assets
Debtors 4 194,299 401,097
Cash at bank and in hand 65,205 83,535
259,504 484,632
Creditors: amounts falling due within one year 5 ( 122,597) ( 442,729)
Net current assets 136,907 41,903
Total assets less current liabilities 136,907 93,396
Creditors: amounts falling due after more than one year 6 ( 19,060) ( 29,097)
Net assets 117,847 64,299
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 117,846 64,298
Total shareholder's funds 117,847 64,299

For the financial year ending 31 March 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 Central Research Laboratory (Hayes) Limited (registered number: 09608957) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M J Hood
Director

24 March 2025

CENTRAL RESEARCH LABORATORY (HAYES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
CENTRAL RESEARCH LABORATORY (HAYES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Central Research Laboratory (Hayes) 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 100 Victoria Street, London, SW1E 5JL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

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.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Fixtures and fittings 10 years straight line
Computer equipment 3 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.

Borrowing costs

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

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

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 Statement of Financial Position 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. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 9 13

3. Tangible assets

Land and buildings Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 April 2023 124,933 51,243 15,043 191,219
Disposals ( 124,933) ( 51,243) ( 15,043) ( 191,219)
At 31 March 2024 0 0 0 0
Accumulated depreciation
At 01 April 2023 100,398 28,461 10,867 139,726
Charge for the financial year 8,327 3,845 2,385 14,557
Disposals ( 108,725) ( 32,306) ( 13,252) ( 154,283)
At 31 March 2024 0 0 0 0
Net book value
At 31 March 2024 0 0 0 0
At 31 March 2023 24,535 22,782 4,176 51,493

4. Debtors

2024 2023
£ £
Trade debtors 20,290 74,156
Prepayments and accrued income 141,036 301,048
VAT recoverable 7,082 0
Other debtors 25,891 25,893
194,299 401,097

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,035 9,788
Trade creditors 18,530 17,926
Accruals and deferred income 32,115 121,463
Other taxation and social security 3,158 23,472
Other creditors 58,759 270,080
122,597 442,729

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 19,060 29,097

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Related party transactions

Where possible the company has taken advantage of the exemption conferred by section 33.1A of FRS 102 from the requirement to disclose transactions with other wholly owned group undertakings.

9. Loans

Analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year 10,035 9,788
Amounts falling due 1-2 years 10,289 10,032
Amounts falling due 2-5 years 8,771 19,065
29,095 38,885

10. Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024 2023
£ £
Not later than 1 year 0 122,436
Later than 1 year and not later than 5 years 0 0
0 122,436

11. Ultimate controlling party

Parent Company:

Plus X Holdings Ltd
100 Victoria Street, London, England, SW1E 5JL