Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-302024-06-302023-07-01falseNo description of principal activity00falsefalsefalse 07762538 2023-07-01 2024-06-30 07762538 2022-07-01 2023-06-30 07762538 2024-06-30 07762538 2023-06-30 07762538 2022-07-01 07762538 1 2023-07-01 2024-06-30 07762538 d:CompanySecretary1 2023-07-01 2024-06-30 07762538 d:Director1 2023-07-01 2024-06-30 07762538 d:Director2 2023-07-01 2024-06-30 07762538 d:Director3 2023-07-01 2024-06-30 07762538 d:RegisteredOffice 2023-07-01 2024-06-30 07762538 d:Agent1 2023-07-01 2024-06-30 07762538 d:Agent2 2023-07-01 2024-06-30 07762538 d:Agent3 2023-07-01 2024-06-30 07762538 c:Buildings 2023-07-01 2024-06-30 07762538 c:Buildings 2024-06-30 07762538 c:Buildings 2023-06-30 07762538 c:Buildings c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07762538 c:Buildings c:LongLeaseholdAssets 2023-07-01 2024-06-30 07762538 c:LandBuildings 2024-06-30 07762538 c:LandBuildings 2023-06-30 07762538 c:MotorVehicles 2023-07-01 2024-06-30 07762538 c:MotorVehicles 2024-06-30 07762538 c:MotorVehicles 2023-06-30 07762538 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07762538 c:FurnitureFittings 2023-07-01 2024-06-30 07762538 c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07762538 c:CurrentFinancialInstruments 2024-06-30 07762538 c:CurrentFinancialInstruments 2023-06-30 07762538 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 07762538 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 07762538 c:ShareCapital 2024-06-30 07762538 c:ShareCapital 2023-06-30 07762538 c:ShareCapital 2022-07-01 07762538 c:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 07762538 c:RetainedEarningsAccumulatedLosses 2024-06-30 07762538 c:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 07762538 c:RetainedEarningsAccumulatedLosses 2023-06-30 07762538 c:RetainedEarningsAccumulatedLosses 2022-07-01 07762538 d:OrdinaryShareClass1 2023-07-01 2024-06-30 07762538 d:OrdinaryShareClass1 2024-06-30 07762538 d:OrdinaryShareClass1 2023-06-30 07762538 d:FRS102 2023-07-01 2024-06-30 07762538 d:Audited 2023-07-01 2024-06-30 07762538 d:FullAccounts 2023-07-01 2024-06-30 07762538 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07762538 c:Subsidiary1 2023-07-01 2024-06-30 07762538 c:Subsidiary1 1 2023-07-01 2024-06-30 07762538 c:Subsidiary2 2023-07-01 2024-06-30 07762538 c:Subsidiary2 1 2023-07-01 2024-06-30 07762538 c:Subsidiary3 2023-07-01 2024-06-30 07762538 c:Subsidiary3 1 2023-07-01 2024-06-30 07762538 c:Subsidiary5 2023-07-01 2024-06-30 07762538 c:Subsidiary5 1 2023-07-01 2024-06-30 07762538 c:Subsidiary6 2023-07-01 2024-06-30 07762538 c:Subsidiary6 1 2023-07-01 2024-06-30 07762538 d:Consolidated 2024-06-30 07762538 d:ConsolidatedGroupCompanyAccounts 2023-07-01 2024-06-30 07762538 c:AcceleratedTaxDepreciationDeferredTax 2024-06-30 07762538 c:AcceleratedTaxDepreciationDeferredTax 2023-06-30 07762538 6 2023-07-01 2024-06-30 07762538 c:Associate1 2023-07-01 2024-06-30 07762538 c:Associate1 1 2023-07-01 2024-06-30 07762538 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07762538










LABLOGIC GROUP HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
R A Brown 
J K Clapham 
P K Clapham 




Company secretary
M Brown



Registered number
07762538



Registered office
Innovation House
6 Europa View

Sheffield

South Yorkshire

S9 1XH




Independent auditors
Shorts
Chartered Accountants & Registered Auditor

2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA




Bankers
Yorkshire Bank





Svenska Handelsbanken AB





Barclays Bank plc





 
LABLOGIC GROUP HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Consolidated Profit and Loss Account
 
8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10
Company Balance Sheet
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14
Consolidated Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 33


 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Business review
 
The principal activity of the Group is the design and production of scientific instruments and software. 
The directors are satisfied with the overall performance of the Group and the state of affairs at the balance sheet date. 
For Lablogic Systems Limited sales has continued to be steady with new products recently introduced with success into the market.  The area of Theranostics is an emerging market that the company is well placed to exploit.  A Knowledge Transfer Partnership (KTP) has been entered into with the University of York in order to help boost opportunities in this area.
Lablogic Inc showed a good level of business including several sales for new products during the year. We have recruited new local staff who have cut down on travel from the UK.
Southern Scientific Limited had a better than expected year.
The Group has continued to invest significant resources in its research and development activities.
The Group is continue to invest in the French and Germany subsidiaries in order to help establish better support in the EU.
Key performance indicators 
The directors consider the financial KPIs of the Group to be turnover, profit before tax and the cash balance. 
For the year to 30 June 2024 Group turnover was £32.9m (2023: £34.1m) and the Group profit before tax was £3.2m (2023: £4.5m). At 30 June 2024 the Group had cash balances of £30.2m (2023: £28.7m). 

Principal risks and uncertainties
 
The immediate outlook for the PET/Nuclear Medicine related products looks good with the projects already in the pipeline. The outlook for pharma research products is steady but with new applications in environmental research.
Following two exceptional years trading it is anticipated the SSL will have a leaner year.
To minimise credit risk, where the Group considers it wise, it requires a substantial payment on order rather than extending open credit terms.
The Group trades in pounds sterling, dollars and euros. It provides dollars and euros to other associated companies who import in those currencies. This mechanism buffers the exchange risk effectively.


This report was approved by the board on 24 March 2025 and signed on its behalf.


R A Brown
Director

Page 1

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
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

The directors who served during the year were:

R A Brown 
J K Clapham 
P K Clapham 

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and UnitedKingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FinancialReporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the CompaniesAct 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £2,814,223 (2023 - £3,804,565).

No dividends have been paid during the year.

Directors' indemnity provisions

The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. This indemnity does not provide cover in the event of a director being proven to have acted fraudulently or dishonestly.

Page 2

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

On 22 July 2024, the Lablogic Employee Ownership Trust acquired a majority shareholding in the Group.

Auditors

The auditorsShortswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 March 2025 and signed on its behalf.
 






R A Brown
Director

Page 3

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LABLOGIC GROUP HOLDINGS LIMITED
 

Opinion

We have audited the financial statements of Lablogic Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 4

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LABLOGIC GROUP HOLDINGS LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:





 
Page 5

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LABLOGIC GROUP HOLDINGS LIMITED (CONTINUED)

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and experience of the sectors that the Group operates in, we identified the laws and regulations applicable to the Group; and
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
considered journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing any correspondence with HMRC, relevant regulators and the Group’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 6

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LABLOGIC GROUP HOLDINGS LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Howard Freeman (Senior Statutory Auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Registered Auditor
  
2 Ashgate Road
Chesterfield
Derbyshire
S40 4AA

24 March 2025
Page 7

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
32,936,105
34,125,925

Cost of sales
  
(15,205,766)
(16,503,628)

Gross profit
  
17,730,339
17,622,297

Distribution costs
  
(2,602,120)
(2,578,915)

Administrative expenses
  
(12,570,143)
(10,855,238)

Operating profit
 5 
2,558,076
4,188,144

Income from interests in associated undertakings
  
141,158
-

Interest receivable and similar income
 9 
548,118
270,827

Profit before tax
  
3,247,352
4,458,971

Tax on profit
 10 
(421,970)
(637,741)

Profit for the financial year
  
2,825,382
3,821,230

Profit for the year attributable to:
  

Non-controlling interests
  
11,159
16,665

Owners of the parent
  
2,814,223
3,804,565

  
2,825,382
3,821,230

The notes on pages 16 to 33 form part of these financial statements.

Page 8

 
LABLOGIC GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£


Profit for the financial year

  

2,825,382
3,821,230

Other comprehensive income
  


Currency translation differences on foreign currency investments
  
(4,522)
(13,782)

Total comprehensive income for the year
  
2,820,860
3,807,448

Profit for the year attributable to:
  


Non-controlling interest
  
11,159
16,665

Owners of the parent Company
  
2,814,223
3,804,565

  
2,825,382
3,821,230

Total comprehensive income attributable to:
  


Non-controlling interest
  
11,159
16,665

Owners of the parent Company
  
2,820,860
3,790,783

  
2,832,019
3,807,448

The notes on pages 16 to 33 form part of these financial statements.

Page 9

 
LABLOGIC GROUP HOLDINGS LIMITED
REGISTERED NUMBER:07762538

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible fixed assets
 11 
247,579
297,094

Tangible assets
 12 
4,783,282
4,539,320

Fixed asset investments
  
1,241,158
-

Investment property
 14 
501,011
501,011

  
6,773,030
5,337,425

Current assets
  

Stocks
  
1,321,348
1,182,872

Debtors: amounts falling due within one year
 15 
13,969,361
11,358,379

Cash at bank and in hand
  
30,182,665
28,664,871

  
45,473,374
41,206,122

Creditors: amounts falling due within one year
 16 
(6,813,174)
(5,331,737)

Net current assets
  
 
 
38,660,200
 
 
35,874,385

Total assets less current liabilities
  
45,433,230
41,211,810

Provisions for liabilities
  

Deferred taxation
  
(138,786)
(171,154)

Accruals and deferred income
 18 
(8,337,915)
(6,904,987)

Net assets
  
36,956,529
34,135,669


Capital and reserves
  

Called up share capital 
 19 
300
300

Profit and loss account
 20 
36,485,994
33,676,293

Equity attributable to owners of the parent Company
  
36,486,294
33,676,593

Non-controlling interests
  
470,235
459,076

  
36,956,529
34,135,669


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 March 2025.


R A Brown
Director

The notes on pages 16 to 33 form part of these financial statements.

Page 10

 
LABLOGIC GROUP HOLDINGS LIMITED
REGISTERED NUMBER:07762538

COMPANY BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
3,349,660
3,516,519

Investments
  
9,304,453
8,204,453

Investment Property
 14 
501,011
501,011

  
13,155,124
12,221,983

Current assets
  

Debtors: amounts falling due within one year
 15 
6,281,910
4,775,313

Cash at bank and in hand
  
6,186,244
8,453,268

  
12,468,154
13,228,581

Creditors: amounts falling due within one year
 16 
(1,186,173)
(1,150,081)

Net current assets
  
 
 
11,281,981
 
 
12,078,500

Total assets less current liabilities
  
24,437,105
24,300,483

  

Provisions for liabilities
  

Deferred taxation
  
(138,786)
(171,154)

Net assets
  
24,298,319
24,129,329


Capital and reserves
  

Called up share capital 
 19 
300
300

Profit and loss account carried forward
  
24,298,019
24,129,029

  
24,298,319
24,129,329


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 March 2025.


R A Brown
Director

The notes on pages 16 to 33 form part of these financial statements.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The Company made a profit for the year of £168,990 (2023: loss of £371,831). 

Page 11

 
LABLOGIC GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£


At 1 July 2022
300
29,885,510
29,885,810
442,411
30,328,221



Profit for the year
-
3,804,565
3,804,565
16,665
3,821,230

Currency translation variance on foreign currency investments
-
(13,782)
(13,782)
-
(13,782)



At 1 July 2023
300
33,676,293
33,676,593
459,076
34,135,669



Profit for the year
-
2,814,223
2,814,223
11,159
2,825,382

Currency translation variance on foreign currency investments
-
(4,522)
(4,522)
-
(4,522)


At 30 June 2024
300
36,485,994
36,486,294
470,235
36,956,529


The notes on pages 16 to 33 form part of these financial statements.

Page 12

 
LABLOGIC GROUP HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
300
24,500,860
24,501,160


Comprehensive income for the year

Loss for the year
-
(371,831)
(371,831)



At 1 July 2023
300
24,129,029
24,129,329



Profit for the year
-
168,990
168,990


At 30 June 2024
300
24,298,019
24,298,319


The notes on pages 16 to 33 form part of these financial statements.

Page 13

 
LABLOGIC GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,825,382
3,821,230

Adjustments for:

Amortisation of intangible assets
49,515
49,515

Depreciation of tangible assets
378,898
272,108

Loss on disposal of tangible assets
(15,546)
(4,802)

Interest received
(548,118)
(270,827)

Taxation charge
421,970
637,741

(Increase) in stocks
(138,475)
(213,458)

(Increase) in debtors
(2,610,981)
(1,635,459)

Increase in creditors
2,920,842
1,116,702

Share of profit/loss in associates
(141,158)
-

Taxes paid (including overseas tax)
(460,817)
(80,527)

Net cash generated from operating activities

2,681,512
3,692,223


Cash flows from investing activities

Purchase of tangible fixed assets
(636,979)
(1,322,565)

Sale of tangible fixed assets
29,665
264,500

Purchase of investment properties
-
(270,000)

Purchase of share in associates
(1,100,000)
-

Interest received
548,118
270,827

Net cash from investing activities

(1,159,196)
(1,057,238)


Net increase in cash and cash equivalents
1,522,316
2,634,985

Cash and cash equivalents at beginning of year
28,664,871
26,043,668

Foreign exchange gains and losses
(4,522)
(13,782)

Cash and cash equivalents at the end of year
30,182,665
28,664,871


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
30,182,665
28,664,871

30,182,665
28,664,871


The notes on pages 16 to 33 form part of these financial statements.

Page 14

 
LABLOGIC GROUP HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024





At 1 July 2023
Cash flows
Other non-cash changes
At 30 June 2024
£

£

£

£

Cash at bank and in hand

28,664,871

1,522,316

(4,522)

30,182,665


28,664,871
1,522,316
(4,522)
30,182,665

The notes on pages 16 to 33 form part of these financial statements.

Other non-cash changes represent foreign exchange gains and losses on overseas subsidiaries.

Page 15

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Lablogic Group Holdings Limited is a company limited by shares, incorporated in England and Wales, registered number 07762538. Its registered office is Innovation House, 6 Europa View, Sheffield, South Yorkshire, England, S9 1XH.
The principal activity of the Group is the design and production of scientific instruments and software.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the CompaniesAct 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 16

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Profit and Loss Account includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.4

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Group 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

Turnover 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 turnover can be measured reliably;
it is probable that the Group 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.

Page 17

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share 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 Consolidated Profit and Loss Account over its useful economic life, which is considered to be 10 years.

 
2.6

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 at the following rates:

Freehold property
-
2%
Long-term leasehold property
-
2%
Motor vehicles
-
25%
Fixtures and fittings
-
25%

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.

 
2.7

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Consolidated Profit and Loss Account.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in associates, on initial recognition, are recognised at the transaction price, inclusive of transaction costs. Subsequently, the carrying amount of the investment is adjusted to reflect the investors share of the associate’s profit or loss, other comprehensive income, or equity. Any dividends received from the associate reduce the carrying value of the investment. On the acquisition of an investment in an associate, any difference between cost of acquisition and the investor’s share of the identifiable net assets of the associate should be accounted for as goodwill in accordance with FRS 102, Section 19 Business Combinations and Goodwill.

Page 18

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Financial instruments


The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other debtors receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Page 19

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is Pounds Sterling.

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.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.12

Operating leases: the Group as lessee

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

 
2.13

Pensions

Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated Profit and Loss Account 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 Group in independently administered funds.

Page 20

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

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 and the Group operate and generate 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.


 
2.15

Research and development

Research and development expenditure is written off in the year in which it is incurred.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:
(i) Stock provisioning
When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of stock. The carrying value of stock after making such a provision was £1,321,348 (2023: £1,182,872).
(ii) Income deferred on contracts
Management make estimates regarding the recognition of income from contracts. Such estimates are calculated on the bases explained in the accounting policy for revenue. The amount of income from contracts that is deferred is included within creditors. 

Page 21

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

The whole of the turnover is attributable to the principal activity of the Group.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
14,101,699
13,750,251

Rest of Europe
4,040,106
4,811,645

Rest of the world
14,794,300
15,564,029

32,936,105
34,125,925



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
378,898
272,108

Amortisation of goodwill
49,515
49,515

Exchange differences
44,819
33,551


6.


Auditors' remuneration

2024
2023
£
£



Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
59,600
55,000


.


Fees payable to the Group's auditor for other services:

2024
2023
£
£
Taxation compliance services

7,000

6,000
 
Corporate finance services

50,325

-
 
57,325

6,000
 

Page 22

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
8,757,594
8,045,135

Social security costs
969,708
1,029,235

Cost of defined contribution pension scheme
286,413
251,261

10,013,715
9,325,631


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Mangement and administration
35
39



Production and quality
44
39



Sales, service and support
60
46

139
124


8.


Directors' remuneration

Directors' remuneration for the year, consisting of directors' emoluments and Group contributions to defined contribution pension schemes, totalled £1,462,037 and £14,336 respectively (2023: £1,501,272 and £7,477). The directors are considered to be the key management personnel of the Company and the Group.


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £670,075 (2023 - £683,473).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £8,000 (2023 - £1,333).


9.


Interest receivable and similar income

2024
2023
£
£


Other interest receivable
548,118
270,827

Page 23

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
454,338
428,121


454,338
428,121

Foreign tax


Foreign tax on income for the year
-
38,466

Total current tax

454,338
466,587

Deferred tax


Origination and reversal of timing differences
(32,368)
171,154


Taxation on profit on ordinary activities
421,970
637,741

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the calculated rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,247,352
4,458,971


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
811,838
914,089

Effects of:


Non-tax deductible amortisation of goodwill
28,170
10,150

Expenses not deductible for tax purposes
(16,574)
6,742

Capital allowances for year in excess of depreciation
(45,639)
(16,747)

Other timing differences leading to an increase (decrease) in taxation
44,434
24,690

Research and development tax credit
(389,255)
(423,536)

Other differences leading to a decrease in the tax charge
-
122,379

Marginal relief
-
(26)

Movement in deferred tax not recognised
(11,004)
-

Total tax charge for the year
421,970
637,741

Page 24

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

The Group's continuing investment into research and development could lead to reduced tax charges in the future.


11.


Intangible assets

Group





Goodwill

£



Cost


At 1 July 2023
1,863,626



At 30 June 2024

1,863,626



Amortisation


At 1 July 2023
1,566,532


Charge for the year on owned assets
49,515



At 30 June 2024

1,616,047



Net book value



At 30 June 2024
247,579



At 30 June 2023
297,094



Page 25

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 July 2023
3,712,742
726,171
853,587
600,153
5,892,653


Additions
358,832
-
203,510
74,637
636,979


Disposals
-
-
(92,307)
(65,493)
(157,800)



At 30 June 2024

4,071,574
726,171
964,790
609,297
6,371,832



Depreciation


At 1 July 2023
372,289
10,763
486,719
483,562
1,353,333


Charge for the year on owned assets
78,386
74,727
174,111
51,674
378,898


Disposals
-
-
(83,557)
(60,124)
(143,681)



At 30 June 2024

450,675
85,490
577,273
475,112
1,588,550



Net book value



At 30 June 2024
3,620,899
640,681
387,517
134,185
4,783,282



At 30 June 2023
3,340,453
715,408
366,868
116,591
4,539,320




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
3,620,899
3,340,453

Long leasehold
640,681
715,408

4,261,580
4,055,861


Page 26

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           12.Tangible fixed assets (continued)


Company






Freehold property
Motor vehicles
Total

£
£
£

Cost


At 1 July 2023
3,564,514
401,680
3,966,194


Disposals
-
(14,000)
(14,000)



At 30 June 2024

3,564,514
387,680
3,952,194



Depreciation


At 1 July 2023
224,061
225,614
449,675


Charge for the year on owned assets
73,049
85,060
158,109


Disposals
-
(5,250)
(5,250)



At 30 June 2024

297,110
305,424
602,534



Net book value



At 30 June 2024
3,267,404
82,256
3,349,660



At 30 June 2023
3,340,453
176,066
3,516,519





The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
3,267,404
3,340,453

3,267,404
3,340,453


Page 27

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Fixed asset investments

Group

Investments in associates
Total
        £
        £
Cost

At 1 July 2023

-

-

Additions

1,100,000

1,100,000

Share of profit

141,458

141,458


1,241,458

1,241,458


On 12 July 2023, the Company acquired 50% of the ordinary shares of Bright Technologies Limited for £1,100,000. For the year ended 30 June 2024, Bright Technologies Limited recognised a profit of £408,641. The share on profit recognised above represents the Company's share of the profits in the year less any amortisation charged. The Company did not receive a dividend from Bright Technologies Limited during the year.


.




Company





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost


At 1 July 2023
8,204,453
-
8,204,453


Additions
-
1,100,000
1,100,000



At 30 June 2024
8,204,453
1,100,000
9,304,453




On 12 July 2023, the Company acquired 50% of the ordinary shares of Bright Technologies Limited for £1,100,000.

Page 28

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Lablogic Systems Limited
England & Wales
Design and production of scientific instruments and software
Ordinary & B
100%
Southern Scientific Limited
England & Wales
Design and production of scientific instruments and software
Ordinary
100%
Lablogic Systems Inc
USA
Production and sales of scientific instruments and software
Ordinary
88.47%
Lablogic S.A.
France
Production and sales of scientific instruments and software
Ordinary
100%
Lablogic Systems GmbH
Germany
Registered office only
Ordinary
95%

Group
The Group held no investments in subsidiaries during the period.


Associate


The following was an associate of the Company and the Group:


Name

Registered office

Class of shares

Holding

Bright Technologies Limited
13 Huddersfield Road, Barnsley, South Yorkshire, S70 2LW
Ordinary
50%

On 12 July 2023, the Company acquired 50% of the ordinary shares of Bright Technologies Limited for £1,100,000.

Page 29

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Investment property

Group and Company


Freehold investment property

£



Valuation


At 1 July 2023
501,011



At 30 June 2024
501,011

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
501,011
501,011


15.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
7,174,128
6,169,881
-
-

Amounts owed by group undertakings
-
-
21,008
21,008

Other debtors
6,631,921
5,042,952
6,260,902
4,754,305

Prepayments and accrued income
163,312
145,546
-
-

13,969,361
11,358,379
6,281,910
4,775,313


Page 30

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
1,404,768
1,071,326
-
3,328

Amounts owed to group undertakings
-
-
1,054,029
1,127,253

Corporation tax
565,342
571,821
112,645
-

Other taxation and social security
655,207
438,893
-
-

Other creditors
4,005,333
3,080,431
-
-

Accruals and deferred income
182,524
169,266
19,499
19,500

6,813,174
5,331,737
1,186,173
1,150,081



17.


Deferred taxation


Group



2024


£






At beginning of year
171,154


Charged to profit or loss
(32,368)



At end of year
138,786

Company


2024


£






At beginning of year
171,154


Charged to profit or loss
(32,368)



At end of year
138,786

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
138,786
171,154
138,786
171,154

138,786
171,154
138,786
171,154

Page 31

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


Accruals and deferred income

Group
Group
2024
2023
£
£

Deferred income
8,337,915
6,904,987



19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £3.00 each
300
300



20.


Reserves

Profit and loss account

This includes all current and prior period retained profits and losses and is considered by the directors to be fully distributable by the Group companies in which it is held.


21.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £286,413 (2023: £251,261). Contributions totalling £38,801 (2023: £44,945) were payable to the fund at the balance sheet date and are included in creditors.


22.


Commitments under operating leases

At 30 June 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
57,500
83,069

Later than 1 year and not later than 5 years
-
57,500

57,500
140,569
The Company had no commitments under non-cancellable operating leases as at the balance sheet date.

Page 32

 
LABLOGIC GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

23.


Related party transactions

Within other debtors is a loan to a property development company in which a director has a shareholding totalling £4,751,766 (2023: £4,504,905). The loan is unsecured, bears interest at 1% above base and is repayable within one month of the sale of the development.


24.


Post balance sheet events

On 22 July 2024, the Lablogic Employee Ownership Trust acquired a majority shareholding in the Group.


25.


Controlling party

Prior to 29 May 2024, the Group was controlled by J K Clapham.
On 29 May 2024, the ultimate parent company of the Group became Paradigm Holdingco Limited, whose registered office is Innovation House, 6 Europa View, Sheffield, South Yorkshire, England, S9 1XH. 
From 22 July 2024, the ultimate controlling party is the Lablogic Employee Ownership Trust, as a result of its majority shareholding in the Group.

Page 33