Company registration number 07188300 (England and Wales)
LABTEC INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
LABTEC INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LABTEC INTERNATIONAL LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
6,000
6,000
Current assets
Debtors falling due after more than one year
5
143,738
155,986
Debtors falling due within one year
5
16,630
14,009
160,368
169,995
Creditors: amounts falling due within one year
6
(22,629)
(20,008)
Net current assets
137,739
149,987
Total assets less current liabilities
143,739
155,987
Creditors: amounts falling due after more than one year
7
(143,738)
(155,986)
Net assets
1
1
Capital and reserves
Called up share capital
8
1
1
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 March 2025
E A Blake
Director
Company Registration No. 07188300
LABTEC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Labtec International Limited is a private company limited by shares incorporated in England and Wales. The registered office is Newday House, First Avenue, Weston Road, Crewe, Cheshire, United Kingdom, CW1 6BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest. Financial assets classified as receivable within one year are not amortised.
LABTEC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Fixed asset investments
2024
2023
£
£
Unlisted investments
6,000
6,000
Movements in fixed asset investments
Unlisted investments
£
Cost or valuation
At 1 July 2023 & 30 June 2024
6,000
Carrying amount
At 30 June 2024
6,000
At 30 June 2023
6,000
LABTEC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
4
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Equiform Nutrition Limited
United Kingdom
Ordinary shares
55.00
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts due from group undertakings
16,630
14,009
2024
2023
Amounts falling due after more than one year:
£
£
Amounts due from group undertakings
143,738
155,986
Total debtors
160,368
169,995
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
16,629
14,008
Amounts due to group undertakings
6,000
6,000
22,629
20,008
The bank loans and overdrafts are secured by way of a fixed and floating charge over all the company's assets in favour of Santander.
Close Brothers Limited hold a fixed and floating charge created on 15th August 2017 over all the assets of the company.
Director E A Blake has given a personal guarantee against the bank loan taken out of £275,000.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
143,738
155,986
Close Brothers Limited hold a fixed and floating charge created on 15th August 2017 over all the assets of the company.
Director E A Blake has given a personal guarantee against the bank loan taken out of £275,000.
LABTEC INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
9
Related party transactions
At the balance sheet date the company is owed £160,368 (2023: £169,995) by Form Nutrition Limited, a company related by common control of the director. During the year the company charged interest on the loan of £7,033 (2023: £6,072).
Included within creditors due within one year is a balance due to Form Nutrition Limited, totalling £6,000 (2023: £6,000).
10
Parent company
The ultimate controlling party is E A Blake.