REGISTERED NUMBER:
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LABFACILITY LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31 JULY 2021 |
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REGISTERED NUMBER:
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LABFACILITY LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31 JULY 2021 |
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LABFACILITY LIMITED (REGISTERED NUMBER: 01008590) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2021 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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LABFACILITY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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LABFACILITY LIMITED (REGISTERED NUMBER: 01008590) |
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ABRIDGED BALANCE SHEET |
31 JULY 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
LABFACILITY LIMITED (REGISTERED NUMBER: 01008590) |
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ABRIDGED BALANCE SHEET - continued |
31 JULY 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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LABFACILITY LIMITED (REGISTERED NUMBER: 01008590) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2021 |
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1. | STATUTORY INFORMATION |
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Labfacility Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property | - |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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No depreciation is provided on freehold property as its residual value is greater than the related cost stated in the accounts. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
LABFACILITY LIMITED (REGISTERED NUMBER: 01008590) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Totals |
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COST OR VALUATION |
At 1 August 2020 |
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Additions |
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At 31 July 2021 |
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DEPRECIATION |
At 1 August 2020 |
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Charge for year |
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At 31 July 2021 |
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NET BOOK VALUE |
At 31 July 2021 |
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At 31 July 2020 |
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Cost or valuation at 31 July 2021 is represented by: |
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Totals |
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Valuation in 2008 | 36,941 |
Valuation in 2013 | (110,000 | ) |
Valuation in 2017 | 30,000 |
Cost | 1,762,325 |
1,719,266 |
LABFACILITY LIMITED (REGISTERED NUMBER: 01008590) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2021 |
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4. | TANGIBLE FIXED ASSETS - continued |
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If land and buildings had not been revalued they would have been included at the following historical cost: |
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2021 | 2020 |
£ | £ |
Cost | 463,059 | 463,059 |
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Land and buildings were valued on an open market basis on 22 March 2017 by Sanderson Weatherall . |
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Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
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Totals |
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COST OR VALUATION |
At 1 August 2020 |
and 31 July 2021 | 131,804 |
DEPRECIATION |
At 1 August 2020 | 40,793 |
Charge for year | 21,582 |
At 31 July 2021 | 62,375 |
NET BOOK VALUE |
At 31 July 2021 | 69,429 |
At 31 July 2020 | 91,011 |
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5. |
DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Other debtors |
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6. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank loans |
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Hire purchase contracts and finance leases | - | 107,263 |
Other loans | 500,000 | 272,101 |
Invoice discounting liability | - | 33,076 |
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LABFACILITY LIMITED (REGISTERED NUMBER: 01008590) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2021 |
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7. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the company directors were owed £32,037 (2020: £56,038). |
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8. | GOVERNMENT ASSISTANCE |
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During the year the company has received grant income under HM Government Coronavirus Job Retention Scheme totalling £39733 (2020 £102,864). The company has taken out a Funding Circle loan under the Coronavirus Business Interruption Loan ("CBIL") scheme. The loan interest in the year of £28,438 is covered by HM Government by the Business Interruption payment. Amounts recognised are included in Other Income. |