Company Registration No. 05034039 (England and Wales)
FOOD AND DRUG ANALYTICAL SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
FOOD AND DRUG ANALYTICAL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
FOOD AND DRUG ANALYTICAL SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,794
17,837
Current assets
Stocks
3,850
3,850
Debtors
4
416,523
395,284
Cash at bank and in hand
252,603
364,719
672,976
763,853
Creditors: amounts falling due within one year
5
(235,027)
(224,198)
Net current assets
437,949
539,655
Total assets less current liabilities
452,743
557,492
Creditors: amounts falling due after more than one year
6
(494,581)
(489,047)
Net (liabilities)/assets
(41,838)
68,445
Capital and reserves
Called up share capital
7
248,204
248,204
Share premium account
33,320
33,320
Profit and loss reserves
(323,362)
(213,079)
Total equity
(41,838)
68,445
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 September 2019 and are signed on its behalf by:
Ms L J Taylor
Director
Company Registration No. 05034039
FOOD AND DRUG ANALYTICAL SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2017
248,204
33,320
(426,783)
(145,259)
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
-
213,704
213,704
Balance at 31 December 2017
248,204
33,320
(213,079)
68,445
Year ended 31 December 2018:
Loss and total comprehensive income for the year
-
-
(110,283)
(110,283)
Balance at 31 December 2018
248,204
33,320
(323,362)
(41,838)
FOOD AND DRUG ANALYTICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
Food and Drug Analytical Services Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Biocity Nottingham, Pennyfoot Street, Nottingham, Nottinghamshire, England, NG1 1GF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At 31 December 2018 there was a deficit on the profit and loss account of £323,362 (2017: £213,079) leading to negative shareholders funds of £41,838 (2017: positive £68,445). The directors have therefore considered the basis on which the financial statements have been prepared.
There was a loss on ordinary activities before taxation for the year of £127,421 (2017: profit £213,704). However this is after interest payable to group undertakings of £35,534 (2017: £41,096) and other one off costs of £269,873 (2017: £ Nil).
Included within creditors falling after more than one year is a loan due to the parent undertaking of £494,581 (2017: £489,047), the parent undertaking has committed to continue to support the business for at least the next 12 months from the date of approval of these financial statements.
In view of the above the directors consider it appropriate to prepare the accounts on the going concern basis.
1.3
Turnover
Turnover represents revenue from the provision of specialist laboratory analytical services and is recognised in full at the point at which the final test results are reported to the customer.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
33% on cost
Fixtures and fittings
33% on cost
Computers
50% on cost
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
.
FOOD AND DRUG ANALYTICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stock comprises consumables and chemicals used in testing. Stock is held at cost less any provision against items with short expiry dates.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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 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.
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans
and
loans from
fellow group companies, 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
paymen
ts 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. A
m
ounts 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.
FOOD AND DRUG ANALYTICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
FOOD AND DRUG ANALYTICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 6 -
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 22 (2017 - 22).
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2018
333,573
799
26,801
361,173
Additions
10,944
-
615
11,559
At 31 December 2018
344,517
799
27,416
372,732
Depreciation and impairment
At 1 January 2018
315,748
799
26,789
343,336
Depreciation charged in the year
14,514
-
88
14,602
At 31 December 2018
330,262
799
26,877
357,938
Carrying amount
At 31 December 2018
14,255
-
539
14,794
At 31 December 2017
17,825
-
12
17,837
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
364,073
363,295
Corporation tax recoverable
17,139
-
Amounts owed by group undertakings
2,312
-
Prepayments and accrued income
32,999
31,989
416,523
395,284
FOOD AND DRUG ANALYTICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Payments received on account
-
46,480
Trade creditors
98,182
68,672
Amounts owed to group undertakings
10,205
-
Other taxation and social security
38,246
47,454
Other creditors
2,794
2,342
Accruals and deferred income
85,600
59,250
235,027
224,198
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Amounts owed to group undertakings
494,581
489,047
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2,482,040 Ordinary shares of 10p each
248,204
248,204
248,204
248,204
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Alistair Hunt.
The auditor was Saffery Champness LLP.
9
Financial commitments, guarantees and contingent liabilities
Glas Trust Corporation Limited holds a debenture, as security agent, dated 19 August 2016 over the assets of the company. This debenture is part of a cross corporate guarantee provided for a facility granted to Tentamus Analytics GmbH.
FOOD AND DRUG ANALYTICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 8 -
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
467,399
632,363
11
Parent company
Tentamus Group GmbH (incorporated in Germany), with its registered office at An der Industriebahn 5, 13088 Berlin, Germany, is regarded by the directors as being the company's ultimate parent company.
2018-12-31
2018-01-01
false
CCH Software
CCH Accounts Production 2019.200
No description of principal activity
24 September 2019
This audit opinion is unqualified
Mr A Barseyten
Ms L J Taylor
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