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REGISTERED NUMBER: 01008590 (England and Wales)















LABFACILITY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2024






LABFACILITY LIMITED (REGISTERED NUMBER: 01008590)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LABFACILITY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: M J Riddett
Mrs E B Riddett
N J Riddett





REGISTERED OFFICE: Suite 134 Tradewinds Business Centre
Heath Place
Ash Grove
Bognor Regis
PO22 9SL





REGISTERED NUMBER: 01008590 (England and Wales)






LABFACILITY LIMITED (REGISTERED NUMBER: 01008590)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 834,213 767,623

CURRENT ASSETS
Stocks 1,435,451 1,518,842
Debtors 5 1,163,844 1,113,751
Cash at bank and in hand 118,320 65,532
2,717,615 2,698,125
CREDITORS
Amounts falling due within one year 6 1,485,666 1,602,430
NET CURRENT ASSETS 1,231,949 1,095,695
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,066,162

1,863,318

CREDITORS
Amounts falling due after more than one year 7 (143,937 ) (76,784 )

PROVISIONS FOR LIABILITIES (73,065 ) (43,030 )
NET ASSETS 1,849,160 1,743,504

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 1,799,160 1,693,504
SHAREHOLDERS' FUNDS 1,849,160 1,743,504

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LABFACILITY LIMITED (REGISTERED NUMBER: 01008590)

BALANCE SHEET - continued
31 JULY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2025 and were signed on its behalf by:





M J Riddett - Director


LABFACILITY LIMITED (REGISTERED NUMBER: 01008590)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Labfacility Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Improvements to property - 15% - 25% on reducing balance
Plant and machinery - Straight line over 2 to 15 years
Fixtures and fittings - Straight line over 3 to 10 years
Computer equipment - Straight line over 2 to 5 years

No depreciation is provided on freehold property as its residual value is greater than the related cost stated in the accounts.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


LABFACILITY LIMITED (REGISTERED NUMBER: 01008590)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2023 - 58 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 August 2023 426,000 275,213 369,590
Additions - 1,628 92,871
At 31 July 2024 426,000 276,841 462,461
DEPRECIATION
At 1 August 2023 - 168,680 284,049
Charge for year - 20,707 36,784
At 31 July 2024 - 189,387 320,833
NET BOOK VALUE
At 31 July 2024 426,000 87,454 141,628
At 31 July 2023 426,000 106,533 85,541

LABFACILITY LIMITED (REGISTERED NUMBER: 01008590)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 August 2023 124,028 - 404,385 1,599,216
Additions - 48,368 50,065 192,932
At 31 July 2024 124,028 48,368 454,450 1,792,148
DEPRECIATION
At 1 August 2023 85,474 - 293,390 831,593
Charge for year 11,543 6,882 50,426 126,342
At 31 July 2024 97,017 6,882 343,816 957,935
NET BOOK VALUE
At 31 July 2024 27,011 41,486 110,634 834,213
At 31 July 2023 38,554 - 110,995 767,623

Cost or valuation at 31 July 2024 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2008 36,941 - -
Valuation in 2013 (110,000 ) - -
Valuation in 2017 30,000 - -
Cost 469,059 276,841 462,461
426,000 276,841 462,461

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2008 - - - 36,941
Valuation in 2013 - - - (110,000 )
Valuation in 2017 - - - 30,000
Cost 124,028 48,368 454,450 1,835,207
124,028 48,368 454,450 1,792,148

LABFACILITY LIMITED (REGISTERED NUMBER: 01008590)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


4. TANGIBLE FIXED ASSETS - continued

If land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 463,059 463,059

Land and buildings were valued on an open market basis on 22 March 2017 by Sanderson Weatherall .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 August 2023 18,365 - 18,365
Additions - 48,368 48,368
At 31 July 2024 18,365 48,368 66,733
DEPRECIATION
At 1 August 2023 918 - 918
Charge for year 3,673 6,882 10,555
At 31 July 2024 4,591 6,882 11,473
NET BOOK VALUE
At 31 July 2024 13,774 41,486 55,260
At 31 July 2023 17,447 - 17,447

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,145,685 1,099,835
Other debtors 18,159 13,916
1,163,844 1,113,751

LABFACILITY LIMITED (REGISTERED NUMBER: 01008590)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 16,703 128,783
Hire purchase contracts 15,590 3,498
Trade creditors 692,661 613,887
Taxation and social security 207,541 263,844
Other creditors 553,171 592,418
1,485,666 1,602,430

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 92,007 -
Hire purchase contracts 39,430 14,284
Other creditors 12,500 62,500
143,937 76,784

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 108,710 128,783
Hire purchase contracts 55,020 17,782
163,730 146,565

9. RELATED PARTY DISCLOSURES

At the balance sheet date the company directors owe £60,000.