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Registered number: 02552424










LABFLEX LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
LABFLEX LIMITED
REGISTERED NUMBER: 02552424

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
3,349
6,937

  
3,349
6,937

Current assets
  

Stocks
  
145,689
46,710

Debtors: amounts falling due within one year
 6 
2,029,507
2,374,624

Cash at bank and in hand
  
59,989
18,438

  
2,235,185
2,439,772

Creditors: amounts falling due within one year
 7 
(1,853,510)
(1,532,913)

Net current assets
  
 
 
381,675
 
 
906,859

Total assets less current liabilities
  
385,024
913,796

Creditors: amounts falling due after more than one year
 8 
(121,000)
(209,000)

  

Net assets
  
264,024
704,796


Capital and reserves
  

Called up share capital 
 9 
200,000
200,000

Share premium account
  
5,314,529
5,314,529

Profit and loss account
  
(5,250,505)
(4,809,733)

  
264,024
704,796


Page 1

 
LABFLEX LIMITED
REGISTERED NUMBER: 02552424

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr S L Smith
Director

Date: 9 July 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
LABFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The company is a private company limited by shares, registered in England and Wales (no. 02552424). The address of the registered office is Advanced Manufacturing Park, Brunel Way, Catcliffe, Rotherham, S60 5WG, England. The principal activity of the company is a supplier of customised laboratory solutions. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The following principal accounting policies have been applied:

 
2.2

Going concern

Labflex Limited made a loss in the year ending 31 December 2024 but had a net current assets position at the year end date. 
Following the downfall of ISG in 2024 and its subsequent impact on Labflex Limited’s involvement in the DRI Project, resulting in an unexpected loss for the year ending 31 December 2024, Labflex Limited has since stabilised and successfully negotiated a new direct contract with the client to complete the DRI Project in Q4 2025 / Q1 2026. This alongside the securement of other VIP Projects and a healthy project pipeline, positions the company for a stronger performance in 2025 and continued growth through 2026 and into 2027.
The directors are of the opinion that the company has adequate working capital to execute its operations over the next 12 months from the date of approval of the accounts. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least 12 months from the date of approval of the accounts.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
LABFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.4

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Amounts recoverable on long-term contracts which are included in debtors are stated at the net sales value of the work done, measured by reference to the stage of completion, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. 

 
2.5

Pensions

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.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.7

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

 
2.8

Financial instruments

Page 4

 
LABFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is
Page 5

 
LABFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies
Key sources of estimation uncertainty
The estimates and assumptions which have a heightened risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Valuation of amounts recoverable on contracts
The directors estimate the stage of completion on specific contracts. Provisions are made against those contracts where the full amount of the contract value is not thought to be recoverable.
Trade debtor valuation
At each reporting date the directors assess whether the amounts included within trade debtors are fully recoverable. A bad debt provision is made against those items which are not considered to be fully recoverable.


4.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).

Page 6

 
LABFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2024
18,824



At 31 December 2024

18,824



Depreciation


At 1 January 2024
11,887


Charge for the year on owned assets
3,588



At 31 December 2024

15,475



Net book value



At 31 December 2024
3,349



At 31 December 2023
6,937


6.


Debtors

2024
2023
£
£


Trade debtors
520,941
730,740

Other debtors
75,283
67,491

Prepayments and accrued income
16,264
19,562

Amounts recoverable on long-term contracts
1,417,019
1,556,831

2,029,507
2,374,624



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
309,348
480,519

Amounts owed to group undertakings
1,512,386
1,032,629

Other taxation and social security
11,540
9,329

Accruals and deferred income
20,236
10,436

1,853,510
1,532,913


Page 7

 
LABFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
121,000
209,000

121,000
209,000


The amount owed to group undertakings, is repayable by instalments. In years 2 to 5 £nil (2023 - £nil) is repayable, £121,000 (2023 - £209,000) is repayable in over 5 years.


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200,000 (2023 - 200,000) Ordinary shares of £1.00 each
200,000
200,000



10.


Pension commitments

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 £45,537 (2023 - £36,136). Contributions totalling £nil (2023 - £1,865) were payable to the fund at the reporting date and are included in creditors.


11.


Related party transactions

The company has a related party relationship with Labflex A/S, its immediate parent company. The company purchased goods from Labflex A/S in the year to 31 December 2024 totalling £479,756 (2023 - £708,809). Labflex Limited was also charged £119,760 (2023 - £122,815) for administration services by Labflex A/S.
Labflex Limited has a loan from Labflex A/S, as at 31 December 2024 the balance on the loan was £121,000 (2023 - £209,000). The amount of interest charged during the year was £8,746 (2023 - £35,165).
At the balance sheet date £1,512,386 (2023 - £1,032,629) was owed. 


12.


Controlling party

The immediate parent company is Labflex A/S, a company which is incorporated in Denmark. Consolidated accounts are prepared by the parent company, the address of this company is Hjortevej,3, DK - 7800 Skive. The ultimate parent company as of 16 February 2024 was KTT Service a.s, a company which is incorporated in the Czech Republic. 

Page 8

 
LABFLEX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 9 July 2025 by Ross Preston CA (Senior Statutory Auditor) on behalf of AAB Audit & Accountancy Limited.


Page 9