Company No:
Contents
| DIRECTORS | J J Harvey (Resigned 27 February 2024) |
| L G Phillips | |
| N G Pope |
| SECRETARY | N G Pope |
| REGISTERED OFFICE | Goleigh Farm |
| Selborne | |
| Alton | |
| Hants | |
| GU34 3SE | |
| United Kingdom |
| COMPANY NUMBER | 01353334 (England and Wales) |
| ACCOUNTANT | Shaw Gibbs Limited |
| Wey Court West | |
| Union Road | |
| Farnham | |
| Surrey | |
| GU9 7PT |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 3 |
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| Tangible assets | 4 |
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| 82,133 | 103,907 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 798,785 | 665,386 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current liabilities | (430,383) | (476,758) | ||
| Total assets less current liabilities | (348,250) | (372,851) | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account | (
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| Total shareholder's deficit | (
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Directors' responsibilities:
The financial statements of Selborne Biological Services Limited (registered number:
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N G Pope
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Selborne Biological Services Limited (the Company) is a private company, registered number 01353334, limited by shares, incorporated in the United Kingdom. The address of the Company's registered office is Goleigh Farm, Selborne, Alton, Hants, GU34 3SE,.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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.
| Development costs |
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| Plant and machinery | 6.85 -
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| Vehicles |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Development costs | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 August 2023 |
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| At 31 July 2024 |
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| Accumulated amortisation | |||
| At 01 August 2023 |
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| Charge for the financial year |
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| At 31 July 2024 |
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| Net book value | |||
| At 31 July 2024 |
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| At 31 July 2023 |
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| Plant and machinery | Vehicles | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 August 2023 |
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| Additions |
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| At 31 July 2024 |
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| Accumulated depreciation | |||||
| At 01 August 2023 |
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| Charge for the financial year |
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| At 31 July 2024 |
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| Net book value | |||||
| At 31 July 2024 |
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| At 31 July 2023 |
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| Leased assets included above: | |||||
| Net book value | |||||
| At 31 July 2024 | 0 | 26,858 | 26,858 | ||
| At 31 July 2023 | 0 | 40,285 | 40,285 |
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by Group undertakings |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to Group undertakings |
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| Accruals |
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| Other taxation and social security |
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| Obligations under finance leases and hire purchase contracts |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed to Group undertakings |
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| Obligations under finance leases and hire purchase contracts |
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| Other creditors |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| within one year |
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| between one and five years |
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Pensions
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £24,375 (2023 - £26,485). Employee and employer contributions totalling £2,701 (2023 - £10,496) were payable to the fund at the balance sheet date and are included in creditors.
During the year, the company maintained a loan account with International Therapeutic Proteins Limited and it's subsidiary Australian Therapeutic Proteins Pty Ltd, companies in which the director N G Pope, has a controlling interest. At the year end, Selborne Biological Services Limited (SBS) owed International Therapeutic Proteins Limited (ITP) and Australian Therapeutic Proteins Pty Ltd combined £102,480 (2023 - £185,357).
Parent Company:
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