REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31st December 2024 |
for |
Scientific Laboratory Supplies Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31st December 2024 |
for |
Scientific Laboratory Supplies Limited |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Contents of the Financial Statements |
for the year ended 31st December 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 8 |
Statement of Comprehensive Income | 12 |
Balance Sheet | 13 |
Statement of Changes in Equity | 14 |
Cash Flow Statement | 15 |
Notes to the Cash Flow Statement | 16 |
Notes to the Financial Statements | 17 |
Scientific Laboratory Supplies Limited |
Company Information |
for the year ended 31st December 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Princes House |
Wright Street |
Hull |
East Yorkshire |
HU2 8HX |
BANKERS: |
1-5 King Edward Street |
Hull |
East Yorkshire |
HU1 3RL |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Strategic Report |
for the year ended 31st December 2024 |
The directors present their strategic report for the year ended 31st December 2024. |
REVIEW OF BUSINESS |
The company is a distributor of laboratory equipment and consumables with a varied product offering which allows it to meet customer demands through a tailored, flexible, and fast service. The company's objective continues to be positioning itself as the supplier of choice in its key markets supplying the highest quality, best value products and brands to its National and International customer base. |
The key financial performance indicators of turnover, turnover growth, gross profit %, and net profit % communicate the financial performance of the company. |
The key financial performance indicators for the last four years are as follows: |
YE 31.12.2024 | YE 31.12.2023 | YE 31.12.2022 | YE 31.12.2021 |
£ | £ | £ | £ |
Turnover | 83m | 83m | 81m | 80m |
Turnover Growth | (0.54)% | 2.85% | 1.25% | 22.7% |
Gross Profit Margin | 18.0% | 19.4% | 20% | 21.2% |
Net Profit Margin | 0.9% | 3.3% | 4.8% | 6.5% |
The Directors are satisfied with the performance of the company during the year. |
During 2024, the company completed the move to its new National Distribution Centre (NDC) in Nottingham. The office staff completed the relocation to the premises in early 2024 with the migration of all distribution activities taking place throughout Q1 and completed by the end of Q2. The Directors were pleased that the company met its internal timetable and budget for this transition. |
The move to the NDC was completed during a time of increased competition which put pressure on sales and margin. However, the investment in automation and systems will allow for efficiencies in the future. |
The company was delighted to achieve EcoVadis Gold accreditation in the year, demonstrating the company's commitment to sustainability excellence. This accreditation places the company in the top 5% of companies assessed by EcoVadis globally, specifically in the 96th percentile. |
During the year the company also held its biennial Laboratory Show. The 2024 Scientific Laboratory Show & Conference was an incredible success with over 1,400 delegates in attendance to see over 70 world-leading suppliers and an extensive industry leading conference schedule. |
The company remains committed to serving its core markets with a broad, complete and market leading product portfolio coupled with first class customer orientated service and the Directors believe that the move to the new NDC provides a platform for this. The company still believes that the sector in which it operates is one that continues to provide opportunities for future growth and development. |
The Directors remain keenly focused on the importance of its employees to the business. This is in keeping with the company's stated vision, mission, and values. During the year the company continued to invest in additional people and drive to offer market competitive pay awards. This is in keeping with the strategic goals and to continue to deliver growth. The Directors continue to invest in people to ensure that employees have competitive pay and benefits, and their continued commitment to offer an "open door" policy to all staff is reflected in continued positive employee satisfaction metrics. The company was also delighted to confirm the appointment of its first female Board Member in January 2024. This new Board position is directly focused on Customer Service recognising the importance the business places on its customers receiving a first-class experience when dealing with the company. |
The increasingly competitive landscape resulted in overall profits being lower than 2023 at 0.9% of turnover, but the Directors feel that the business is now superbly positioned to deliver its long-term strategic goals. |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Strategic Report |
for the year ended 31st December 2024 |
REVIEW OF BUSINESS - continued |
Following a significant investment in the NDC, the company remains in a strong financial position at the close of 2024. The company has cash reserves of £2.3M at year end and has no external borrowing. The company continues to hold sufficient cash reserves to allow it to trade effectively. |
These results are reflected in a healthy balance sheet showing Net Assets of £16.50m compared to £16.46m last year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Board of Directors is ultimately responsible for risk management and continues to develop policies and procedures that reflect the nature and scale of the business. These are designed to identify, manage, and mitigate risk. The Board has identified the following areas of risk to the business and strategies to manage and mitigate the risk. |
Financial instrument risk |
The company has an established risk and financial management framework whose primary objectives are to protect the company from events that hinder the company's performance objectives. The objectives aim to ensure sufficient working capital exists and monitor the management of risk at a business unit level. More specifically, the company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual party is subject to a limit which is continually reviewed by the Directors. In addition, the company reviews its trade receivables analysis monthly, and actions plans for overdue account are put in place when identified. The company has available credit lines with its lenders and management of cash flows is taken account as part of the company's financing activity. In all instances review processes are in place with actions, if necessary, to ensure that the risks posed in these areas are mitigated fully. Risks are assessed through operational review meetings, KPI's and support from external advisors. When needed, changes are made to internal processes and controls are applied to address any changes in this area. |
Competitive Risks |
The company operates in a competitive market and faces the ongoing challenge of a changing competitive landscape along with pricing pressure across most of its markets. The company has an effective, coherent, and consistent strategy to respond to its competitors and market, coupled with a flexible and service orientated operating model to counter these risks. |
Price Risk |
The company is exposed to fluctuations in supplier pricing mainly through changes in commodity prices. The company manages this risk through maintaining adequate inventory levels and continuously monitoring supplier pricing. |
Credit Risk |
Credit risk arises from cash and deposit balances held with banks as well as credit exposures to customers. Credit risks are managed through working with only approved banks that are regularly monitored for their credit worthiness. Credit exposures are managed by the company through implementing policies that require: |
- appropriate credit checks to be performed on customers prior to sales being made |
- collection of receivable balances within agreed payment terms |
- regular review on the credit status of existing customers |
Liquidity Risk |
The company manages liquidity risk via credit facilities. The company has a strong liquidity ratio, and additionally has sufficient facilities in place with its bankers to mitigate any negative cash flow risks. |
Foreign exchange risk |
The company has exposure to foreign currency transactions but does not consider currency movements to be a risk factor in relation to the business. The company operates foreign currency bank accounts to offset currency receipts and payment and if necessary, enters currency hedge contracts to control its exposures in this area. |
Interest Rate and Cash Flow Risk |
The company has access to interest bearing facilities and manages its risk to variable rate changes by closely managing cash generation by its operations and the application of robust cash collection targets throughout the company. |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Strategic Report |
for the year ended 31st December 2024 |
SECTION 172(1) STATEMENT AND STATEMENTS ON ENGAGEMENT |
Statement by the Directors in performance of their statutory duties in accordance with S172(1) of the Companies Act 2006 |
The Board of Scientific Laboratory Supplies Limited individually and collectively consider the interests of their stakeholders as an ongoing priority. We are committed to, and actively encourage long term relationships and communication with our stakeholders to maximise the value of our company and its continued success. During the year we continually review policies, systems, and procedures in line with our responsibilities to our stakeholders. |
Consequences of long-term decisions |
The Directors are aware of the long-term implications on the business from the strategic decisions that they make and closely regard the impact of these decisions on both the business, its employees, and stakeholders. During the year the Directors further reviewed, refined, and updated its long-term strategic plan along with its core vision, mission, and values. In performing this review, the Directors balance the need to deliver continued growth in Scientific Laboratory Supplies Limited with the current capabilities and infrastructure that the company currently has. The detailed plans and objectives for the coming year are the built into the Company's annual budget. |
Employees |
We recognise our dedicated workforce as our biggest asset and a key to our continued success and all our employees are offered competitive benefits relative to their role within the organisation. In addition, we perform a full and comprehensive benefits review each year, and within this review continue to develop and offer initiatives to provide support and advice on personal wellbeing. During the year all staff are involved in an engagement scheme to enable them to share their views and voice feedback on all company matters, including management, operations, wellbeing, incentive schemes, pay and conditions and general business improvement. The company has also committed to pay the Real Living Wage to all employees and has received accreditation through this voluntary scheme. |
Customers |
We recognise customer loyalty as invaluable and meeting the needs of our customers is key to the continuing success of the company. We continually strive to build solid long-term relationships with our customer and aim to deliver excellent customer service and seek solutions to support this. We take pride in learning from our customer feedback and their comments are invaluable in improving relationships and communications. |
Suppliers and Partners |
We recognise and the value the role our suppliers and business partners take in our success. We take time to build rapport and work closely with them to maximise value and support the needs of our customers. |
Communities |
We recognise our responsibility to be good, supportive, and engaged neighbours and we strive to build lasting relationships with our communities. We are committed to regular contact, mutual respect, and support. The company is committed to support several charities with fundraising and promoting awareness and we encourage all employees to be involved and engaged with these causes. This is further supplemented by all staff being able to take one days paid leave per annum to volunteer within their local area, allowing employees to give support to their local community without having to give up on a day's pay. |
FUTURE DEVELOPMENTS |
The Directors have performed a review of the company's long term business plan. This plan develops and builds on several key initiatives with the aim of leveraging the benefits from the new NDC and continuing to position the company to grow its sales, margin, and market share. |
ON BEHALF OF THE BOARD: |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Report of the Directors |
for the year ended 31st December 2024 |
The directors present their report with the financial statements of the company for the year ended 31st December 2024. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the year ended 31st December 2024 will be £ |
FUTURE DEVELOPMENTS |
Details of the company's future developments have been provided in the strategic report. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report. |
Other changes in directors holding office are as follows: |
ENGAGEMENT WITH EMPLOYEES |
These details have been provided in the company's section 172(1) statement which is included in the strategic report. |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
These details have been provided in the company's section 172(1) statement which is included in the strategic report. |
STREAMLINED ENERGY AND CARBON REPORTING |
Scientific Laboratory Supplies takes action to improve energy efficiency every year as part of its drive for improvement in both energy performance and in the delivery of its ISO14001 Management System. |
Stated below are the company's associated UK greenhouse gas (GHG) emissions in tonnes of carbon dioxide equivalent (tCO2e) and additional related information for the year as required under the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. |
Methodology |
Energy data has been collected from the following sources: |
Data Type | Scope 1 Data Source |
Gas Consumption |
Invoices from supplier supported by meter readings taken on the last day of the month |
Van Fleet Diesel Consumption | Fuel card monthly invoicing in litres |
Company car consumption |
Company car mileage claimed for business activity, cross referenced with fuel type |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Report of the Directors |
for the year ended 31st December 2024 |
Data Type | Scope 2 Data Source |
Electricity Consumption |
Invoices from supplier supported by meter readings taken on the last day of the month |
Electricity production | Primary data from solar production monitoring software |
The methodology applied to the calculation of GHG emissions is the GHG Protocol Corporate Accounting Reporting Standard. Conversation factors have been taken from the UK Government's Greenhouse Gas Reporting Conversation Factors 2023 which are available on the government's website; |
https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2023 |
Regular audits under ISO14001 continuing assessment are carried out on our sites which independently assures completeness and accuracy of our energy data and the effectiveness of the energy performance improvement actions taken. |
Total energy consumption (Scope 1 and Scope 2) | tCO2e | tCO2e |
YE 31/12/24 |
YE 31/12/23 |
Emissions resulting from activities for which the company is responsible involving the combustion of gas or the consumption of fuel for the purpose of transport (Scope 1) |
64.33 |
127 |
Emissions resulting from the purchase of electricity by the company for its own use - market based (Scope 2) |
- |
- |
including for the purpose of transport - location based (Scope 2) | 20.3 | 37.16 |
Emissions resulting from business travel in rental or employee-owned vehicles where the company is responsible for purchasing the fuel (Scope 3, Cat. 7 subset) |
54.95 |
52.03 |
Total emissions (Scope 1 and Scope 2) | 64.33 | 127 |
Total emissions (Scope 1, 2 and subset of Scope 3) | 119.28 | 179.03 |
Intensity Ratio emissions per £million of turnover | 1.44:1 | 2.15:1 |
Energy efficiency improvements made during the year: |
During the year the company completed the move to its new solar powered National Distribution Centre (NDC) which has a BREEAM rating of "Excellent". This move has been a key factor in the company reducing reliance on externally sourced energy as well as providing for a reduction in total energy consumption. Both these factors contribute to a 38% decrease in location-based Scope 2 emissions. All UK-consumed energy by the company in 2024 was renewable (50% by self-generated solar, and 50% supplemented by renewable energy contracts). |
The new NDC does not utilise gas for energy resulting in a 44% decrease in gas consumption. In 2025 the company expects a 91% reduction in total company gas consumption due to the gas consumption from the old Wilford being fully eliminated. |
Transport efficiency measures are in place to ensure optimal fuel consumption, alongside the efforts to transition company vehicles towards hybrid and electric. |
The company has a published carbon reduction plan in line with climate science and these results keep the company firmly on their trajectory to halve operational emissions by the end of the decade. |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Report of the Directors |
for the year ended 31st December 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable 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 company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that each director ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Sadofskys, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Scientific Laboratory Supplies Limited |
Opinion |
We have audited the financial statements of Scientific Laboratory Supplies Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 31st December 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our 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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Scientific Laboratory Supplies Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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 Statement of Directors' Responsibilities, 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 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 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 company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Scientific Laboratory Supplies Limited |
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 a Report of the Auditors 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 financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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 partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the laboratory equipment and consumables sector; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, UK taxation legislation, and data protection, anti-bribery, employment, environmental, and health and safety legislation, along with industry specific regulations and requirements; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company'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; |
- tested 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; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators, and the company'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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Scientific Laboratory Supplies Limited |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditors |
Princes House |
Wright Street |
Hull |
East Yorkshire |
HU2 8HX |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Statement of Comprehensive |
Income |
for the year ended 31st December 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
14,172,082 | 13,440,677 |
755,214 | 2,721,095 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
765,989 | 2,757,042 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Balance Sheet |
31st December 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Statement of Changes in Equity |
for the year ended 31st December 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st January 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31st December 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st December 2024 |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Cash Flow Statement |
for the year ended 31st December 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax refund |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loans made to group companies | ( |
) |
New hire purchase in year | - | 94,500 |
Loans repaid by group companies | 311,431 | 595,404 |
Capital repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,909,604 |
Cash and cash equivalents at end of year | 2 | 2,314,037 | 1,669,771 |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Notes to the Cash Flow Statement |
for the year ended 31st December 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Reclassification of fixed asset | - | 21,814 |
Finance costs | 5,009 | 14,255 |
Finance income | (10,775 | ) | - |
1,506,390 | 3,328,830 |
(Increase)/decrease in stocks | ( |
) |
Decrease in trade and other debtors |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st December 2024 |
31/12/24 | 1/1/24 |
£ | £ |
Cash and cash equivalents | 2,314,037 | 1,669,771 |
Year ended 31st December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 1,669,771 | 1,909,604 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/1/24 | Cash flow | At 31/12/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,669,771 | 644,266 | 2,314,037 |
1,669,771 | 2,314,037 |
Debt |
Finance leases | (81,375 | ) | 31,500 | (49,875 | ) |
(81,375 | ) | 31,500 | (49,875 | ) |
Total | 1,588,396 | 675,766 | 2,264,162 |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Notes to the Financial Statements |
for the year ended 31st December 2024 |
1. | STATUTORY INFORMATION |
Scientific Laboratory Supplies Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Critical accounting judgements and key sources of estimation uncertainty |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual related results. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year are addressed below. |
- Useful life and residual value |
An estimation of the residual values and useful lives of tangible assets and intangible assets is required to be made at least annually. Judgement is required in estimating the useful lives of fixed asset categories. The residual value is the estimated amount that would be currently obtained from the disposal of the asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Development costs - 20% on cost |
The directors are of the opinion that the patents and licences have a fair value at least that of the cost in the financial statements and that amortisation is therefore not required. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2024 |
2. | ACCOUNTING POLICIES - continued |
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 Statement of Comprehensive Income, 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. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Going concern |
The Directors are satisfied that the financial statements have been prepared on a going concern basis. The group in deploying its long term strategy believes it is well positioned to maintain and win further share in the expanding and diverse market segments in which the group operates. |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial assets, financial liabilities and equity |
Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost, less any impairment. |
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (after deducting transaction costs) and subsequently held at amortised cost. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Selling and Distribution | 159 | 160 |
Administration | 85 | 77 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire charges |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Development costs amortisation |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
Operating leases |
5. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Exceptional items | (76,061 | ) | - |
Exceptional items relate to the dilapidation costs the company is obligated to pay under the terms of the lease. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Interest on corporation tax |
Hire purchase interest |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Corporation tax in respect of previous years | - | (129,059 | ) |
Total current tax | ( |
) |
Deferred taxation | ( |
) |
Tax on profit |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
Utilisation of group tax losses | (32,507 | ) | (66,847 | ) |
Effect of change in tax provision rate | - | (2,623 | ) |
Depreciation on non-qualifying assets | 190 | - |
Total tax charge | 227,339 | 644,313 |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim |
9. | INTANGIBLE FIXED ASSETS |
Patents |
and | Development |
licences | costs | Totals |
£ | £ | £ |
COST |
At 1st January 2024 |
Additions |
At 31st December 2024 |
AMORTISATION |
At 1st January 2024 |
Amortisation for year |
At 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
At 31st December 2023 |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2024 |
10. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st January 2024 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31st December 2024 |
DEPRECIATION |
At 1st January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
At 31st December 2023 |
The net book value of tangible fixed assets includes £ 63,478 (2023 - £ 87,291 ) in respect of assets held under hire purchase contracts. |
11. | STOCKS |
2024 | 2023 |
£ | £ |
Finished goods |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts due from fellow subsidiary undertakings |
Amounts due from parent undertaking | 6,833,925 | 7,033,925 |
Taxation | - | 63,215 |
VAT |
Prepayments |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 15) |
Trade creditors |
Taxation |
Social security and other taxes |
Amounts due to fellow subsidiary undertakings |
92,399 |
- |
Accrued expenses |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 15) |
Obligations under hire purchase contracts are repayable over varying periods by monthly instalments. None of the obligations are due for repayment after more than 5 years. |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2024 |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase | 49,875 | 81,375 |
The hire purchase liability is secured over the assets in which it relates. |
17. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred taxation | 955,693 | 968,225 |
Deferred |
tax |
£ |
Balance at 1st January 2024 |
Provided during year | ( |
) |
Balance at 31st December 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100,000 | 100,000 |
Non-cumulative redeemable pref | £1 | 300,000 | 300,000 |
400,000 | 400,000 |
Ordinary share capital includes full rights on voting dividends and repayment of capital. |
Preference Shares |
Preference Shares shall be redeemed at par if the holders of 75% or more of the Preference Shares require, by the relevant holders giving notice of the redemption to the Company. Any Preference Shares in respect of which a Redemption Notice has been served shall be redeemed on the Redemption Date. |
On the Redemption Date the company shall pay to each registered holder of the Preference Shares being so redeemed the amount payable in respect of such redemption. On receipt of that amount, each such holder shall surrender to the Company the certificate for the Preference Shares that are to be redeemed to be cancelled. |
Scientific Laboratory Supplies Limited (Registered number: 02577009) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2024 |
19. | RESERVES |
Retained |
earnings |
£ |
At 1st January 2024 |
Profit for the year |
Dividends | ( |
) |
At 31st December 2024 |
20. | ULTIMATE PARENT AND CONTROLLING PARTY |
The ultimate controlling party is LBO France, a company registered in France (RCS Strasbourg Reg. No. 418354502). The immediate parent company is SLS Group Limited, a company registered in England and Wales (Reg. No. 03743859). |
The parent of the largest group for which consolidated financial statements are drawn up is Dutscher Holding. Copies of the consolidated accounts can be obtained from 2C, Rue De Bruxelles, 67170, Bernolsheim, France. |
The parent of the smallest group for which consolidated financial statements are drawn up is Scientific Laboratory Supplies Group Limited, whose registered office address is Orchard House, The Square, Hessle, United Kingdom, HU13 0AE. |
Dutscher Holding SAS (incorporated in France) is regarded by the directors as being the company's ultimate parent company (RCS Strasbourg Reg. No. 882634660). |