REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 July 2020 |
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for |
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SelectScience Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 July 2020 |
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for |
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SelectScience Limited |
SelectScience Limited (Registered number: 03597730) |
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Contents of the Financial Statements |
for the Year Ended 31 July 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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SelectScience Limited |
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Company Information |
for the Year Ended 31 July 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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The Old Boardroom |
Collett Road |
Ware |
Hertfordshire |
SG12 7LR |
SelectScience Limited (Registered number: 03597730) |
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Balance Sheet |
31 July 2020 |
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31.7.20 | 31.7.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Share premium | 9 |
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Retained earnings | 9 |
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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. |
SelectScience Limited (Registered number: 03597730) |
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Balance Sheet - continued |
31 July 2020 |
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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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SelectScience Limited (Registered number: 03597730) |
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Notes to the Financial Statements |
for the Year Ended 31 July 2020 |
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1. | STATUTORY INFORMATION |
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SelectScience 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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Improvements to property | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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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. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
SelectScience Limited (Registered number: 03597730) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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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Deferred income |
During the year the company changed the accounting policy with regard to deferred income |
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In previous years the company had provided deferred income only for invoices that remained unpaid at the year end. |
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During the current year the company has provided for deferred income on all invoices raised in the year. |
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The revised accounting policy provides a fairer reflection of the work done in the year, and also a more prudent profit for the year. |
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See note 12 for the effect on the prior year. |
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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 |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2019 |
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Additions |
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At 31 July 2020 |
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DEPRECIATION |
At 1 August 2019 |
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Charge for year |
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At 31 July 2020 |
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NET BOOK VALUE |
At 31 July 2020 |
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At 31 July 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.20 | 31.7.19 |
£ | £ |
Trade debtors |
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Other debtors |
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VAT |
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Prepayments and accrued income |
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SelectScience Limited (Registered number: 03597730) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2020 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.20 | 31.7.19 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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UK Pension control | 5,360 | - |
VAT | 8,064 | - |
Directors' loan accounts | 35,671 | 33,114 |
Accruals and deferred income |
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7. | PROVISIONS FOR LIABILITIES |
31.7.20 | 31.7.19 |
£ | £ |
Deferred tax | 2,584 | 1,597 |
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Deferred |
tax |
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Balance at 1 August 2019 |
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Accelerated capital allowances | 987 |
Balance at 31 July 2020 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.20 | 31.7.19 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
SelectScience Limited (Registered number: 03597730) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2020 |
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9. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 August 2019 |
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884,052 |
Profit for the year |
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Dividends | ( |
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Prior year adjustment | (866,664 | ) | - | (866,664 | ) |
At 31 July 2020 |
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1,789,780 |
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Prior Year Adjustment |
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During the year the company changed the accounting policy with regard to deferred income |
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In previous years the company had provided deferred income only for invoices that remained unpaid at the year end. During the current year the company has provided for deferred income on all invoices raised in the year. |
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The revised accounting policy provides a fairer reflection of the work done in the year, and also a more prudent profit for the year. |
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The company has not been able to restate the 31 July 2019 comparative figures because it is impracticable to obtain the data for the year ended 31 July 2018. |
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The prior year adjustment is made up of the following figures; |
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Increase in deferred income £ ( 1,069,956) |
Decrease in corporation tax £ 203,292 |
Decrease in retained earnings £ ( 866,664) |
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10. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £180,000 (2019 - £180,000) were paid to the directors . |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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