Impact Laboratories Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC230837 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Impact Laboratories Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

4,123,847

4,026,194

Investments

5

108,833

158,833

4,232,680

4,185,027

CURRENT ASSETS

Debtors

6

1,178,744

1,121,490

Cash at bank and in hand

131,650

150,861

1,310,394

1,272,351

CREDITORS

Amounts falling due within one year

7

(641,879

)

(581,641

)

NET CURRENT ASSETS

668,515

690,710

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,901,195

4,875,737

CREDITORS

Amounts falling due after more than one
year

8

(1,542,017

)

(1,617,363

)

PROVISIONS FOR LIABILITIES

(134,475

)

(172,280

)

NET ASSETS

3,224,703

3,086,094

CAPITAL AND RESERVES

Called up share capital

43,220

Share premium

1,496

Capital redemption reserve

27,350

Retained earnings

3,152,637

3,014,028

SHAREHOLDERS' FUNDS

3,224,703

3,086,094

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

Mr K V Ross - Director

1.	STATUTORY INFORMATION

Impact Laboratories Limited is a private company, limited by shares, domiciled in Scotland, registration number SC230837. The registered office is Impact Technology Centre, Fraser Road, Kirkton Campus, Livingston, EH54 7BU.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services in respect of technical consulting, testing and outsourcing business, excluding value added tax. Sales are recognised at the point which the service is complete.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on cost and 10% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Taxation

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.

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Hire purchase and leasing commitments

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts, are capitalised in the balance sheet at their fair value and are depreciated over their useful lives. The capital elements of future obligations under the leases and hire purchase contracts are included as liabilities in the balance sheet.

The interest elements of the rental obligations are charged in the profit and loss account over the periods of the leases and hire purchase contracts and represent a constant proportion of the balance of capital repayments outstanding.

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pensions

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is

determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2023 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 January 2024

3,182,133

1,909,217

5,091,350

Additions

185,955

213,531

399,486

At 31 December 2024

3,368,088

2,122,748

5,490,836

DEPRECIATION

At 1 January 2024

63,643

1,001,513

1,065,156

Charge for year

63,952

237,881

301,833

At 31 December 2024

127,595

1,239,394

1,366,989

NET BOOK VALUE

At 31 December 2024

3,240,493

883,354

4,123,847

At 31 December 2023

3,118,490

907,704

4,026,194

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 January 2024

-

638,044

Additions

185,955

181,524

367,479

Transfer to ownership

-

34,737

At 31 December 2024

185,955

854,305

1,040,260

DEPRECIATION

At 1 January 2024

-

114,294

Charge for year

310

151,891

152,201

Transfer to ownership

-

289

At 31 December 2024

310

266,474

266,784

NET BOOK VALUE

At 31 December 2024

185,645

587,831

773,476

At 31 December 2023

-

523,750

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2024

158,833

Impairments

(50,000

)

At 31 December 2024

108,833

NET BOOK VALUE

At 31 December 2024

108,833

At 31 December 2023

158,833

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

279,389

223,762

Amounts owed by related parties

485,968

219,789

Other debtors

413,387

677,939

1,178,744

1,121,490

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Bank loans and overdrafts

204,563

195,802

Hire purchase contracts

186,626

115,334

Trade creditors

21,061

66,380

Taxation and social security

69,482

81,399

Other creditors

160,147

122,726

641,879

581,641

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.24

31.12.23

£

Bank loans

1,078,732

1,292,056

Hire purchase contracts

463,285

325,307

1,542,017

1,617,363

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

718,477

778,727

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

Hire purchase contracts

649,911

440,641

Bank loans

980,790

1,033,253

1,630,701

1,473,894

Hire purchase contracts are secured on the assets to which they relate.

In respect of the loan provided by Bank of Scotland, there is a standard security held over the freehold property and a floating charge over all other assets held by the company.

10.	RELATED PARTY DISCLOSURES

At the year end, the company was due £485,968 from companies under common control (2023:£219,789)