REGISTERED NUMBER: 10209555 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31st December 2024 |
for |
Scientific Laboratory Supplies Group Ltd |
REGISTERED NUMBER: 10209555 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31st December 2024 |
for |
Scientific Laboratory Supplies Group Ltd |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Contents of the Consolidated Financial Statements |
for the year ended 31st December 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 8 |
Consolidated Statement of Comprehensive Income | 12 |
Consolidated Balance Sheet | 13 |
Company Balance Sheet | 14 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Financial Statements | 19 |
Scientific Laboratory Supplies Group Ltd |
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: | Barclays Bank plc |
Humber & Lincolnshire Team |
4th Floor |
2 Humber Quays |
Hull |
HU1 2BN |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Group Strategic Report |
for the year ended 31st December 2024 |
The directors present their strategic report of the company and the group for the year ended 31st December 2024. |
REVIEW OF BUSINESS |
The group is a principally a distributor of laboratory equipment and consumables with a broad and complete product portfolio. The group also offers a National and International laboratory equipment installation, service, and maintenance offering. This all allows the group to meet its customers demands through a tailored, flexible, and fast service. The groups' objective continues to be positioning itself as the supplier of choice in its key markets supplying the highest quality, best value products, service, and brands to its customer base. |
The key financial performance indicators of turnover, gross profit %, Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) and EBITDA % communicate the financial performance of the company. |
The key financial performance indicators for the last four years, for the group, are as follows: |
Year ended | Year ended | Year ended | Year ended |
31.12.2024 | 31.12.2023 | 31.12.2022 | 31.12.2021 |
£ | £ | £ | £ |
Turnover | 115.0m | 111.9m | 99.4M | 96.1M |
Gross Profit Margin | 21.7% | 22.9% | 22.1% | 20.1% |
EBITDA | 5.6M | 6.9M | 5.5M | 6.9M |
EBITDA % | 4.9% | 6.2% | 5.6% | 7.2% |
The Directors are satisfied with the performance of the group during the year. |
The group, in line with its long-term strategic plan, has continued to assess the market and seek opportunities to both accelerate growth and fill perceived gaps in its market and portfolio coverage. |
The Group Directors believe that group is positioned well for future growth and has continued it programme of acquisitions with the addition of a new company into its service arm. This acquisition was completed in January 2025. |
The group continues to seek new markets, new supplier relationships and additional product lines which allow the group to approach the market with a strong portfolio and presence. The group is committed to serving the market with a broad, complete and market leading product and service portfolio alongside first class customer orientated service. Whilst the market has seen increased competition in an uncertain wider macro-economic picture, the Group Board still believes that the sector in which it operates, together with the longer-term group strategic business plan will continue to provide opportunities for future growth and development. |
During 2024, the largest company within the group completed the move to its new National Distribution Centre (NDC) in Nottingham. The Group Directors were pleased that the company met its internal timetable and budget for this transition. |
The Group Directors remain keenly focused on the importance of its employees. During the year the group continued to invest in additional people and to offer market competitive pay awards. This is in keeping with the strategic goals and to continue to deliver growth. The Group Directors continue to invest in people to ensure that employees have competitive pay and benefits. |
The factors described above result in overall EBITDA being reduced over 2023 to 4.9% of turnover, however the Group Directors feel that the group is now well positioned to continue delivering further sales, and EBITDA growth and improved on its EBITDA % in line with its long-term strategic goals. |
Overall, the group finds itself in a healthy financial position at the close of 2024. The group has cash reserves of £7.6M 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 £30.3M compared to £28.9M last year. |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Group Strategic Report |
for the year ended 31st December 2024 |
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 group has an established risk and financial management framework whose primary objectives are to protect the group and its companies from events that hinder the group'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 group 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 group reviews its trade receivables analysis monthly, and actions plans for overdue account are put in place when identified. 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 group 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 group 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 group is exposed to fluctuations in supplier pricing mainly through changes in commodity prices. The group 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 group 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 group manages liquidity risk via credit facilities and long-term debt. The group has a strong liquidity ratio, and additionally has sufficient facilities in place with both its bankers and through ultimate parent facilities to mitigate any negative cash flow risks. |
Foreign exchange risk |
The group has exposure to foreign currency transactions but does not consider currency movements to be a risk factor in relation to the business. The group operates foreign currency bank accounts to offset currency receipts and payment and when necessary, enters currency hedge contracts to control its exposures in this area. |
Interest Rate and Cash Flow Risk |
The group 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 Group Ltd (Registered number: 10209555) |
Group Strategic Report |
for the year ended 31st December 2024 |
SECTION 172(1) STATEMENT |
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 Group 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 reviewed and updated its 5-year strategic plan along with its core vision, mission, and values. The strategy covers 5 key pillars which the group consider critical to achieve its long-term strategic goals. In performing this review, the Directors balance the need to deliver continued growth in the group with the current capabilities and infrastructure that the group currently has. More detailed plans and objectives for the coming year are the built into the group trading company's annual budgets. |
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. |
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 group is committed to support several charities with fundraising and promoting awareness and we encourage all employees to be involved and engaged with these causes. |
FUTURE DEVELOPMENTS |
The group remains committed to growing its market share, turnover and EBITDA in a sustainable way. This is integrated into the group's overall long term strategic plan. The strategic plan includes initiatives to expand the business organically and were deemed necessary through further acquisitions into both new geographical markets and expansion of both customer, product, and service portfolios. |
ON BEHALF OF THE BOARD: |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Report of the Directors |
for the year ended 31st December 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31st December 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31st December 2024. |
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. |
POLITICAL DONATIONS AND EXPENDITURE |
Donations made by the group in the year were as follows; |
£ |
Rainbows Hospice for Children and Young People | 215 |
Macmillan Cancer | 670 |
Ecologi Tree Planting - carbon offset | 1,350 |
Edinburgh University - food bank | 500 |
Edinburgh Food Project | 500 |
East Yorkshire food bank | 1,000 |
Trinity Academy - multisport tour 2024 | 2,000 |
Various small local, non political donations | 252 |
Total | 6,487 |
STREAMLINED ENERGY AND CARBON REPORTING |
Scientific Laboratory Supplies Group Limited 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 |
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 and van mileage cross referenced with fuel type |
Company car consumption |
Company car mileage claimed for business activity, cross referenced with fuel type |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Report of the Directors |
for the year ended 31st December 2024 |
STREAMLINED ENERGY AND CARBON REPORTING - continued |
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 |
Data Type | Scope 3 Data Source |
Business travel |
Employee-owned vehicle mileage claimed for business activity, cross referenced with fuel type |
The methodology applied to the calculation of GHG emissions is the GHG Protocol Corporate Accounting and Reporting Standard. Conversion factors have been taken from the UK Government's Greenhouse gas reporting: conversion factors 2023 which are available on the Government's website at; |
www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2023. |
Total energy consumption (Scope 1 and Scope 2) |
YE 31/12/23 | YE 31/12/23 |
tCO2e | tCO2e |
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) |
319.71 |
311.7 |
Emissions resulting from the purchase of electricity by the company for its own use, including for the purpose of transport (Scope 2) |
Market based | 19.64 | 32.78 |
Location based | 55.84 | 70.65 |
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) |
62.13 |
55.62 |
Total emissions (Scope 1 and Scope 2) Market based | 339.35 | 344.48 |
Total emissions (Scope 1, 3, and subset of Scope 3) Market based | 401.48 | 400.1 |
Intensity Ratio emissions per £million of turnover | 3.48:1 | 3.57:1 |
Energy efficiency improvements made during the year across Scientific Laboratory Supplies Group are as follows. |
The largest component of the Group has completed a move a new solar powered National Distribution Centre (NDC) which has a BREEAM rating of "Excellent". This move has been a key factor in the group reducing reliance on externally sourced energy as well as providing for a reduction in total energy consumption. UK-consumed energy by the group in 2024 is now 78% renewable, up from 55% in 2023. |
The new NDC does not utilise gas for energy which has been a contributor to the reduction in overall gas consumption in the Group. |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Report of the Directors |
for the year ended 31st December 2024 |
STREAMLINED ENERGY AND CARBON REPORTING - continued |
Transport efficiency measures are in place to ensure optimal fuel consumption, alongside the efforts to transition Group vehicles towards hybrid and electric. |
The group has a published and adopted absolute greenhouse gas reduction target as part of a progressive plan to achieve net zero emissions across the entire value chain by 2045 - with the plan to obtain approval from the Science Based Target initiative (SBTi) in the coming years. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group'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 Group Ltd |
Opinion |
We have audited the financial statements of Scientific Laboratory Supplies Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31st December 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 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 group's and 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 directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 Group Ltd |
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 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 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 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 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. |
Report of the Independent Auditors to the Members of |
Scientific Laboratory Supplies Group Ltd |
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 a holding company. |
- 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 tax legislation, and data protection, anti-bribery, employment, environmental and health and safety legislation; |
- 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 Group Ltd |
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 Group Ltd (Registered number: 10209555) |
Consolidated |
Statement of Comprehensive |
Income |
for the year ended 31st December 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
TURNOVER | 115,060,743 | 111,865,495 |
Cost of sales | 90,116,276 | 86,212,293 |
GROSS PROFIT | 24,944,467 | 25,653,202 |
Distribution costs | 10,075,005 | 10,015,253 |
Administrative expenses | 12,408,494 | 11,468,923 |
22,483,499 | 21,484,176 |
2,460,968 | 4,169,026 |
Other operating income | 221,421 | (15,003 | ) |
OPERATING PROFIT | 4 | 2,682,389 | 4,154,023 |
Interest receivable and similar income | 62,443 | 40,786 |
2,744,832 | 4,194,809 |
Interest payable and similar expenses | 7 | 337,014 | 340,884 |
PROFIT BEFORE TAXATION | 2,407,818 | 3,853,925 |
Tax on profit | 8 | 984,264 | 1,276,711 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,423,554 |
2,577,214 |
Profit attributable to: |
Owners of the parent | 1,380,006 | 2,554,901 |
Non-controlling interests | 43,548 | 22,313 |
1,423,554 | 2,577,214 |
Total comprehensive income attributable to: |
Owners of the parent | 1,423,554 | 2,577,214 |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Consolidated Balance Sheet |
31st December 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 20,389,120 | 22,279,822 |
Tangible assets | 11 | 5,578,108 | 5,150,892 |
Investments | 12 | - | - |
25,967,228 | 27,430,714 |
CURRENT ASSETS |
Stocks | 13 | 8,068,408 | 7,185,084 |
Debtors | 14 | 16,474,244 | 18,394,224 |
Cash at bank and in hand | 7,595,715 | 6,828,882 |
32,138,367 | 32,408,190 |
CREDITORS |
Amounts falling due within one year | 15 | 20,988,049 | 23,327,547 |
NET CURRENT ASSETS | 11,150,318 | 9,080,643 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
37,117,546 |
36,511,357 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(5,714,683 |
) |
(6,517,057 |
) |
PROVISIONS FOR LIABILITIES | 20 | (1,077,132 | ) | (1,092,123 | ) |
NET ASSETS | 30,325,731 | 28,902,177 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 188,981 | 188,981 |
Share premium | 22 | 14,805,019 | 14,805,019 |
Retained earnings | 22 | 15,630,668 | 14,250,662 |
SHAREHOLDERS' FUNDS | 30,624,668 | 29,244,662 |
NON-CONTROLLING INTERESTS | 23 | (298,937 | ) | (342,485 | ) |
TOTAL EQUITY | 30,325,731 | 28,902,177 |
The financial statements were approved by the Board of Directors and authorised for issue on 28th March 2025 and were signed on its behalf by: |
N. A. Bewell - Director |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Company Balance Sheet |
31st December 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (80,984 | ) | (108,585 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Consolidated Statement of Changes in Equity |
for the year ended 31st December 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1st January 2023 | 188,981 | 11,695,761 | 14,805,019 |
Changes in equity |
Total comprehensive income | - | 2,554,901 | - |
188,981 | 14,250,662 | 14,805,019 |
Non-controlling interest arising on business combination |
- |
- |
- |
Balance at 31st December 2023 | 188,981 | 14,250,662 | 14,805,019 |
Changes in equity |
Total comprehensive income | - | 1,380,006 | - |
188,981 | 15,630,668 | 14,805,019 |
Non-controlling interest arising on business combination |
- |
- |
- |
Balance at 31st December 2024 | 188,981 | 15,630,668 | 14,805,019 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1st January 2023 | 26,689,761 | - | 26,689,761 |
Changes in equity |
Total comprehensive income | 2,554,901 | - | 2,554,901 |
29,244,662 | - | 29,244,662 |
Non-controlling interest arising on business combination |
- |
(342,485 |
) |
(342,485 |
) |
Balance at 31st December 2023 | 29,244,662 | (342,485 | ) | 28,902,177 |
Changes in equity |
Total comprehensive income | 1,380,006 | - | 1,380,006 |
30,624,668 | (342,485 | ) | 30,282,183 |
Non-controlling interest arising on business combination |
- |
43,548 |
43,548 |
Balance at 31st December 2024 | 30,624,668 | (298,937 | ) | 30,325,731 |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Company Statement of Changes in Equity |
for the year ended 31st December 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1st January 2023 |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31st December 2023 |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31st December 2024 |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Consolidated Cash Flow Statement |
for the year ended 31st December 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,725,498 | 5,113,278 |
Interest paid | (310,492 | ) | (336,488 | ) |
Interest element of hire purchase payments paid |
(26,522 |
) |
(4,396 |
) |
Government Grants repaid | - | (64,955 | ) |
Tax paid | (1,046,774 | ) | (621,597 | ) |
Tax refund | 69,636 | - |
Tax in relation to prior years | (3,538 | ) | - |
Net cash from operating activities | 2,407,808 | 4,085,842 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (282,015 | ) | (271,274 | ) |
Purchase of tangible fixed assets | (1,692,240 | ) | (3,067,449 | ) |
Sale of tangible fixed assets | 291,567 | 154,399 |
Acquisition of subsidiaries, net of cash | - | (2,603,831 | ) |
Investment in group company disposed | 2 | - |
Impairment in goodwill | 150,000 | - |
Interest received | 62,443 | 40,786 |
Net cash from investing activities | (1,470,243 | ) | (5,747,369 | ) |
Cash flows from financing activities |
Loan repayments in period | (5,298 | ) | (22,203 | ) |
New hire purchase in year | 462,827 | 210,998 |
Capital repayments in period | (170,919 | ) | (44,000 | ) |
Parent company loan advance | - | 2,000,000 |
Loan movement within group companies | (457,342 | ) | - |
Net cash from financing activities | (170,732 | ) | 2,144,795 |
Increase in cash and cash equivalents | 766,833 | 483,268 |
Cash and cash equivalents at beginning of year |
2 |
6,828,882 |
6,345,614 |
Cash and cash equivalents at end of year | 2 | 7,595,715 | 6,828,882 |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Notes to the Consolidated 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 | 2,407,818 | 3,853,925 |
Depreciation charges | 1,116,578 | 2,788,278 |
Profit on disposal of fixed assets | (150,533 | ) | (73,363 | ) |
Amortisation charges | 2,022,715 | - |
Government grants | - | 64,955 |
Finance costs | 337,014 | 340,884 |
Finance income | (62,443 | ) | (40,786 | ) |
5,671,149 | 6,933,893 |
(Increase)/decrease in stocks | (883,324 | ) | 351,155 |
Decrease/(increase) in trade and other debtors | 1,531,952 | (3,216,150 | ) |
(Decrease)/increase in trade and other creditors | (2,594,279 | ) | 1,044,380 |
Cash generated from operations | 3,725,498 | 5,113,278 |
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 | 7,595,715 | 6,828,882 |
Year ended 31st December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 6,828,882 | 6,345,614 |
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 | 6,828,882 | 766,833 | 7,595,715 |
6,828,882 | 766,833 | 7,595,715 |
Debt |
Finance leases | (211,353 | ) | (291,908 | ) | (503,261 | ) |
Debts falling due within 1 year | (5,297 | ) | - | (5,297 | ) |
Debts falling due after 1 year | (28,780 | ) | 5,298 | (23,482 | ) |
(245,430 | ) | (286,610 | ) | (532,040 | ) |
Total | 6,583,452 | 480,223 | 7,063,675 |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Notes to the Consolidated Financial Statements |
for the year ended 31st December 2024 |
1. | STATUTORY INFORMATION |
Scientific Laboratory Supplies Group Ltd 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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
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, net of discounts and value added taxes. Turnover from the sale of goods is recognised when the risks and rewards of ownership of the goods have transferred to the buyer. This is usually at the point that the customer has acknowledged delivery for the goods. |
Goodwill |
Goodwill being the amount paid in connection with the acquisition of businesses, are being amortised over the useful life of either 10 or 20 years. |
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. |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Government grants |
Government grants are recognised using the accruals model. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. Grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the assets to which they relate. |
A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the company with no future related costs, is credited to income in the period in which it becomes receivable. |
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 | 14,321,482 | 13,267,277 |
Social security costs | 1,309,882 | 1,282,574 |
Other pension costs | 681,655 | 681,510 |
16,313,019 | 15,231,361 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Selling and Distribution | 261 | 256 |
Administration | 107 | 94 |
The average number of employees by undertakings that were proportionately consolidated during the year was 368 (2023 - 350 ) . |
2024 | 2023 |
£ | £ |
Directors' remuneration | 1,538,983 | 1,397,809 |
Directors' pension contributions to money purchase schemes | 221,832 | 272,509 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 15 | 15 |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 187,900 | 196,906 |
Pension contributions to money purchase schemes | 25,466 | 14,762 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 15,529 | 7,596 |
Other operating leases | 1,290,944 | 1,101,830 |
Depreciation - owned assets | 956,580 | 775,380 |
Depreciation - assets on hire purchase contracts | 159,998 | 31,901 |
Profit on disposal of fixed assets | (150,533 | ) | (73,363 | ) |
Goodwill amortisation | 1,940,732 | 1,957,821 |
Development costs amortisation | 81,983 | 23,176 |
Foreign exchange differences | (44,652 | ) | 85,945 |
5. | AUDITORS' REMUNERATION |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditors and their associates for the audit of the company's financial statements |
37,800 |
35,000 |
Fees payable to the company's auditors and their associates for other | services to the group: |
The auditing of accounts of any associate of the company | 11,000 | 11,000 |
Total audit fees | 48,800 | 46,000 |
Other non- audit services | 24,500 | 23,925 |
Total non-audit fees | 24,500 | 23,925 |
Total fees payable | 73,300 | 69,925 |
6. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Exceptional items - |
expenditure | (76,061 | ) | - |
Exceptional items relate to dilapidation costs. |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2024 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 799 | 1,122 |
Interest on corporation tax | 8,845 | 18,700 |
Other HMRC interest | - | 45 |
Other loan interest | 300,848 | 316,621 |
Hire purchase interest | 26,522 | 4,396 |
337,014 | 340,884 |
8. | 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 | 932,375 | 684,843 |
Taxation re prior year | 3,538 | (133,581 | ) |
Total current tax | 935,913 | 551,262 |
Deferred taxation | 48,351 | 725,449 |
Tax on profit | 984,264 | 1,276,711 |
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 | 2,407,818 | 3,853,925 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
601,955 |
963,481 |
Effects of: |
Expenses not deductible for tax purposes | - | 31,711 |
Capital allowances in excess of depreciation | - | (837 | ) |
Losses carried forward | - | (194 | ) |
Losses brought forward utilised | (32,025 | ) | (4,106 | ) |
Amortisation of goodwill/impairment of intangibles | 489,684 | 489,476 |
Taxation re prior year | 72,949 | (2,898 | ) |
Effective rate deferred tax charge | - | (26,065 | ) |
Overseas profits taxed overseas | (148,299 | ) | (194,409 | ) |
Pre acquisition profits tax charge | - | 20,552 |
Total tax charge | 984,264 | 1,276,711 |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2024 |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
10. | INTANGIBLE FIXED ASSETS |
Group |
Trade | Development |
Goodwill | marks | costs | Totals |
£ | £ | £ | £ |
COST |
At 1st January 2024 | 31,716,549 | 3,064 | 271,274 | 31,990,887 |
Additions | - | - | 282,015 | 282,015 |
Disposals | (2 | ) | - | - | (2 | ) |
Impairments | (150,000 | ) | - | - | (150,000 | ) |
At 31st December 2024 | 31,566,547 | 3,064 | 553,289 | 32,122,900 |
AMORTISATION |
At 1st January 2024 | 9,687,889 | - | 23,176 | 9,711,065 |
Amortisation for year | 1,940,732 | - | 81,983 | 2,022,715 |
At 31st December 2024 | 11,628,621 | - | 105,159 | 11,733,780 |
NET BOOK VALUE |
At 31st December 2024 | 19,937,926 | 3,064 | 448,130 | 20,389,120 |
At 31st December 2023 | 22,028,660 | 3,064 | 248,098 | 22,279,822 |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Long | to | Plant and |
leasehold | property | machinery |
£ | £ | £ |
COST |
At 1st January 2024 | 22,861 | 990 | 3,627,151 |
Additions | - | - | 402,981 |
Disposals | - | - | (326,114 | ) |
Reclassification/transfer | (6,515 | ) | (990 | ) | (16,645 | ) |
At 31st December 2024 | 16,346 | - | 3,687,373 |
DEPRECIATION |
At 1st January 2024 | 3,336 | 990 | 333,899 |
Charge for year | 5,385 | - | 314,942 |
Eliminated on disposal | - | - | (320,811 | ) |
Reclassification/transfer | - | (990 | ) | - |
At 31st December 2024 | 8,721 | - | 328,030 |
NET BOOK VALUE |
At 31st December 2024 | 7,625 | - | 3,359,343 |
At 31st December 2023 | 19,525 | - | 3,293,252 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st January 2024 | 96,671 | 1,239,486 | 2,909,612 | 7,896,771 |
Additions | 17,023 | 975,872 | 296,364 | 1,692,240 |
Disposals | (2,518 | ) | (573,113 | ) | (539,736 | ) | (1,441,481 | ) |
Reclassification/transfer | 31,519 | (32,419 | ) | (75,191 | ) | (100,241 | ) |
At 31st December 2024 | 142,695 | 1,609,826 | 2,591,049 | 8,047,289 |
DEPRECIATION |
At 1st January 2024 | 51,413 | 597,763 | 1,758,478 | 2,745,879 |
Charge for year | 25,026 | 375,930 | 395,295 | 1,116,578 |
Eliminated on disposal | (2,518 | ) | (437,907 | ) | (539,211 | ) | (1,300,447 | ) |
Reclassification/transfer | (36,834 | ) | (23,840 | ) | (31,165 | ) | (92,829 | ) |
At 31st December 2024 | 37,087 | 511,946 | 1,583,397 | 2,469,181 |
NET BOOK VALUE |
At 31st December 2024 | 105,608 | 1,097,880 | 1,007,652 | 5,578,108 |
At 31st December 2023 | 45,258 | 641,723 | 1,151,134 | 5,150,892 |
The net book value of tangible fixed assets includes £ 635,982 (2023 - £ 269,029 ) in respect of assets held under hire purchase contracts. |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2024 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st January 2024 |
and 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
At 31st December 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Orchard House, The Square, Hessle, HU13 0AE |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
Registered office: Orchard House, The Square, Hessle, HU13 0AE |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Unit 2 Rathdown Close, Lissue Industrial Estate West, Moira Road, Lisburn, BT28 2RB |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Orchard House, The Square, Hessle, HU13 0AE |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit/(loss) for the year | ( |
) |
Registered office: Unit 301, Batley Enterprise Centre, 513 Bradford Road, Batley WF17 8LL |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Unit 3 Bamburgh Court, First Avenue, Team Valley Trading Estate, Gateshead NE11 0TX |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Registered office: Unit 4 Block K, Greenogue Business Park, Grants Road, Rathcoole, Dublin |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Charter House, 5 Pembroke Row, Dublin 2, Ireland. |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Unit 2 Gypsy Lane, Keymsham, Bristol BS21 2ED |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit for the year |
Registered office: P.O. Box 40111, Nairobi, Kenya |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit for the year |
Registered office: Orchard House, The Square, Hessle, HU13 0AE |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Colenso House, 1 Deans Lane, Pocklington, East Riding of Yorkshire, YO42 2PX |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 1 Brewster Square, Brucefield Industrial Estate, Livingston, Scotland, EH54 9BJ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
The above investment was acquired on 11th January 2023. |
Registered office: 1 Brewster Square, Brucefield Industrial Estate, Livingston, Scotland, EH54 9BJ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
The above investment was acquired on 11th January 2023. |
Registered office: 1 Brewster Square, Brucefield Industrial Estate, Livingston, Scotland, EH54 9BJ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
The above investment was acquired on 11th January 2023. |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Colenso House, 1 Deans Lane, Pocklington, East Riding of Yorkshire, YO42 2PX |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
The above investment was disposed on 11th March 2025 when the company was dissolved. |
All subsidiaries are consolidated in these financial statements, unless otherwise stated. |
The shareholding in SLS Group Limited is held directly by the company. The other companies shown above are 100% subsidiaries of SLS Group Limited and therefore indirectly held by the company. |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 1,262,813 | 1,129,675 |
Finished goods | 6,805,595 | 6,055,409 |
8,068,408 | 7,185,084 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 15,496,088 | 16,309,071 |
Amounts owed by group undertakings | - | - |
Other debtors | 10,874 | 85,308 |
Taxation | 51,564 | 157,719 | - | - |
VAT | 73,584 | 219,560 |
Prepayments and accrued income | 842,134 | 1,622,566 |
16,474,244 | 18,394,224 |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 5,297 | 5,297 |
Hire purchase contracts (see note 18) | 181,836 | 75,395 |
Trade creditors | 14,962,652 | 16,862,801 |
Amounts owed to group undertakings | 1,216,286 | 691,085 |
Taxation | 142,593 | 588,194 |
Social security and other taxes | 878,121 | 644,883 |
Other creditors | 478,712 | 830,793 |
Accruals and deferred income | 3,122,552 | 3,629,099 |
20,988,049 | 23,327,547 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 17) | 23,482 | 28,780 |
Hire purchase contracts (see note 18) | 321,425 | 135,958 |
Amounts owed to group undertakings | 5,369,776 | 6,352,319 | 903,490 | 632,782 |
5,714,683 | 6,517,057 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 5,297 | 5,297 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 23,482 | 28,780 |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2024 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 181,836 | 75,395 |
Between one and five years | 321,425 | 135,958 |
503,261 | 211,353 |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 834,194 | 410,042 |
Between one and five years | 2,373,763 | 2,547,275 |
In more than five years | 1,771,824 | 2,454,137 |
4,979,781 | 5,411,454 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 28,779 | 34,077 |
The bank loan is secured by way of fixed and floating charge over the assets of the individual group company that has the borrowing. |
20. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred taxation | 1,077,132 | 1,092,123 |
Group |
Deferred |
tax |
£ |
Balance at 1st January 2024 | 1,092,123 |
Provided during year | 48,351 |
Deferred tax asset | (63,342 | ) |
Balance at 31st December 2024 | 1,077,132 |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | £1 | 150,000 | 150,000 |
Ordinary B | £1 | 37,500 | 37,500 |
Preference | 0.01p | 1,481 | 1,481 |
188,981 | 188,981 |
The Ordinary A and Ordinary B shares rank equally however they do constitute separate classes of shares. |
Prior to an Exit, any dividend or distribution payable to the holders of the Ordinary Shares shall be applied as follows, 95% applies to Ordinary A and 5% to Ordinary B. |
Preference Shares |
The Preference Shareholders are entitled to be paid in respect of each financial year of the Company out of profits available for distribution from time to time resolved to be distributed a fixed cumulative preferential dividend at the annual rate of 5% on each Preference Share. |
Preference shares confer the right to receive notice of but not attend or vote at a general meeting. |
22. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1st January 2024 | 14,250,662 | 14,805,019 | 29,055,681 |
Profit for the year | 1,380,006 | 1,380,006 |
At 31st December 2024 | 15,630,668 | 14,805,019 | 30,435,687 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1st January 2024 | 17,489,623 |
Deficit for the year | ( |
) | ( |
) |
At 31st December 2024 | 17,408,639 |
23. | NON-CONTROLLING INTERESTS |
Non-controlling interests relate to a 35% holding in Aurora Scientific Limited. Scientific Laboratory Supplies Group Ltd holds an indirect interest of 65% in this company. |
Scientific Laboratory Supplies Group Ltd (Registered number: 10209555) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2024 |
24. | 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 Dominique Dutscher, a company registered in France (RCS Strasbourg Reg. No. 325204725). |
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. |
Dutscher Holding SAS (incorporated in France) is regarded by the directors as being the company's ultimate parent company (RCS Strasbourg Reg. No. 882634660). |