REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2020 |
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FOODTEST LABORATORIES LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2020 |
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FOR |
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FOODTEST LABORATORIES LIMITED |
FOODTEST LABORATORIES LIMITED (REGISTERED NUMBER: 05309728) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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FOODTEST LABORATORIES LIMITED (REGISTERED NUMBER: 05309728) |
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BALANCE SHEET |
31 JANUARY 2020 |
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31.1.20 | 31.1.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
8 |
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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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Share option reserve |
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Retained earnings |
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The director acknowledges his 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. |
FOODTEST LABORATORIES LIMITED (REGISTERED NUMBER: 05309728) |
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BALANCE SHEET - continued |
31 JANUARY 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
by: |
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FOODTEST LABORATORIES LIMITED (REGISTERED NUMBER: 05309728) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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1. | STATUTORY INFORMATION |
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Foodtest Laboratories Limited is a
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company's registered number and registered office address are as below: |
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Registered number: | 05309728 |
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Registered office: | Unit 50A |
Langthwaite Grange Industrial Est |
South Kirkby |
Pontefract |
West Yorkshire |
WF9 3NR |
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The presentation currency of the financial statements is the Pound Sterling, which is the functional currency of |
the company, rounded to the nearest £1. |
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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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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Short leasehold | - |
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Laboratory equipment | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any |
accumulated impairment losses. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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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FOODTEST LABORATORIES LIMITED (REGISTERED NUMBER: 05309728) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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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. |
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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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Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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Creditors |
Short term creditors are measured at the transaction price. |
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Share-based payments |
Where share options are awarded to employees, the fair value of the options at the date of grant is charged |
to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting |
the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the |
cumulative amount recognised over the vesting period is based on the number of options that eventually vest. |
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Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is |
not adjusted for failure to achieve a market vesting condition. |
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The fair value of the award also takes into account non-vesting conditions. These are either factors beyond |
the control of either party (such as a target based on an index) or factors which are within the control of one |
or other of the parties (such as the company keeping the scheme open or the employee maintaining any |
contributions required by the scheme). |
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Where the terms and conditions of options are modified before they vest, the increase in the fair value of the |
options, measured immediately before and after the modification, is also charged to profit or loss over the |
remaining vesting period. |
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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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FOODTEST LABORATORIES LIMITED (REGISTERED NUMBER: 05309728) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2019 |
and 31 January 2020 |
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AMORTISATION |
At 1 February 2019 |
and 31 January 2020 |
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NET BOOK VALUE |
At 31 January 2020 |
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At 31 January 2019 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Laboratory | and |
leasehold | equipment | fittings |
£ | £ | £ |
COST |
At 1 February 2019 |
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Additions |
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Disposals |
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At 31 January 2020 |
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DEPRECIATION |
At 1 February 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 January 2020 |
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NET BOOK VALUE |
At 31 January 2020 |
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At 31 January 2019 |
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FOODTEST LABORATORIES LIMITED (REGISTERED NUMBER: 05309728) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2019 |
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Additions |
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Disposals | ( |
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At 31 January 2020 |
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DEPRECIATION |
At 1 February 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 January 2020 |
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NET BOOK VALUE |
At 31 January 2020 |
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At 31 January 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.20 | 31.1.19 |
£ | £ |
Trade debtors |
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Tax |
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Deferred tax asset |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.20 | 31.1.19 |
£ | £ |
Bank loans and overdrafts |
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Other loans |
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Hire purchase contracts (see note 9) |
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Trade creditors |
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Social security and other taxes |
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VAT | 83,983 | 70,746 |
Other creditors |
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Directors' current accounts | 33,604 | 16,462 |
Accruals and deferred income |
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FOODTEST LABORATORIES LIMITED (REGISTERED NUMBER: 05309728) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.1.20 | 31.1.19 |
£ | £ |
Other loans - 1-2 years | 17,571 | 10,887 |
Other loans - 2-5 years |
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Hire purchase contracts (see note 9) |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
31.1.20 | 31.1.19 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
31.1.20 | 31.1.19 |
£ | £ |
Within one year |
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Between one and five years |
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10. | RELATED PARTY DISCLOSURES |
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During the year monies totalling £66,256 (2019: £81,826) were introduced to the company by the director and |
monies totalling £49,114 (2019: £77,220) were repaid by the company to the director. An amount remained due |
to the director at the year end of £33,604 (2019: £16,462). |
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11. | ENTITY SETTLED SHARE BASED PAYMENT |
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On 15 February 2016, the company granted EMI options over 11 of its A Ordinary shares to 3 employees. |
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Now that the vesting period of 3 years has passed, the options can be exercised at any time by the employees, |
although, if the options are not exercised before their 10th anniversary they will lapse. They will also lapse if the |
employee leaves. |
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As of the 31 January 2020 none of the options have been exercised, meaning all 11 options were outstanding at |
that date. |
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The total expense recognised through the profit and loss in the year to 31 January 2020 was £107 and the |
carrying amount at that date is £7,813 (2019: £7,706). |