Company Registration No. 05367755 (England and Wales)
BATT LABORATORIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
BATT LABORATORIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BATT LABORATORIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
38,734
42,519
Current assets
Stocks
32,000
32,000
Debtors
5
157,369
92,729
Cash at bank and in hand
325,923
276,927
515,292
401,656
Creditors: amounts falling due within one year
6
(84,324)
(74,407)
Net current assets
430,968
327,249
Total assets less current liabilities
469,702
369,768
Provisions for liabilities
(2,196)
(1,782)
Net assets
467,506
367,986
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
467,306
367,786
Total equity
467,506
367,986
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BATT LABORATORIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 18 March 2021
Dr E Muller
Director
Company Registration No. 05367755
BATT LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
Batt Laboratories Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
University of Warwick Science Park, Venture Centre, Sir William Lyons Road, Coventry, Warwickshire, United Kingdom, CV7 7EZ.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern
true
.
However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern. For example, the extent of the impact of coronavirus is unclear and it is difficult to evaluate all the potential implications on the company's trade, customers, suppliers and the wider economy.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and
value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering
of services.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the
contract. The stage of completion of a contract is measured by comparing the costs incurred for work
performed to date to the total estimated contract costs. Turnover is only recognised to the extent of
recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, 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
25% - 33% reducing balance and 15% - 25% straight line
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
.
BATT LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Inventories
Inventories have been valued at the lower of cost and the estimated selling price less costs to sell. In
respect of work in progress and finished goods, costs include a relevant proportion of overheads
dependant on the stage of
completion.
1.6
Trade and other receivables
Trade and other receivables are measured at transaction price less any impairment unless the
arrangement constitutes a financing transaction in which case the transaction is measured at the
present value of the future receipts discounted at the prevailing market rate of interest . Loans are
initially measured at fair value and are subsequently measured at amortised cost using the effective
interest method less any impairment.
1.7
Trade and other payables
Trade and other payables are measured at their transaction price unless the arrangement constitutes a
financing transaction in which case the transaction is measured at present value of future payments
discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair
value net of their transaction costs. They are subsequently measured at amortised cost using the
effective interest method.
1.8
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the
current or past reporting periods using tax rates that have been enacted or substantively enacted by
the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax
losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities.
Deferred tax relating to a non-depreciable asset that is measured using the revaluation model, or to
investment properties measured at fair value, is measured using the tax rates and allowances that
apply to the sale of the asset.
In a business combination, a deferred tax liability or asset is recognised for the additional tax that will
be paid or avoided in respect of that difference. The amount that is attributable to goodwill is adjusted
by the amount of the deferred tax recognised.
Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the
reporting date that are expected to apply to the reversal of the timing difference.
1.9
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
BATT LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
12
12
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2019
22,726
123,420
146,146
Additions
-
25,714
25,714
Disposals
-
(14,526)
(14,526)
At 31 December 2019
22,726
134,608
157,334
Depreciation and impairment
At 1 January 2019
22,726
80,901
103,627
Depreciation charged in the year
-
21,328
21,328
Eliminated in respect of disposals
-
(6,355)
(6,355)
At 31 December 2019
22,726
95,874
118,600
Carrying amount
At 31 December 2019
-
38,734
38,734
At 31 December 2018
-
42,519
42,519
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
148,336
84,223
Other debtors
9,033
8,506
157,369
92,729
BATT LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
12,044
17,535
Corporation tax
25,749
14,228
Other taxation and social security
44,286
38,627
Other creditors
2,245
4,017
84,324
74,407