Company Registration No. 05367755 (England and Wales)
BATT LABORATORIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
BATT LABORATORIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BATT LABORATORIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
84,825
42,834
Investments
5
1
84,826
42,834
Current assets
Stocks
27,500
25,000
Debtors
6
217,657
204,884
Cash at bank and in hand
271,932
258,394
517,089
488,278
Creditors: amounts falling due within one year
7
(114,552)
(114,112)
Net current assets
402,537
374,166
Total assets less current liabilities
487,363
417,000
Provisions for liabilities
(10,094)
(1,681)
Net assets
477,269
415,319
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
477,069
415,119
Total equity
477,269
415,319
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 2021 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 2021
31 December 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 March 2023
Dr E Muller
Director
Company Registration No. 05367755
BATT LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 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 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
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.
1.7
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.
1.8
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.
1.9
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.
BATT LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.10
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.
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
14
13
BATT LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2021
22,726
151,204
173,930
Additions
7,835
46,064
53,899
Disposals
(7,169)
(7,169)
At 31 December 2021
30,561
190,099
220,660
Depreciation and impairment
At 1 January 2021
22,726
108,370
131,096
Depreciation charged in the year
138
9,682
9,820
Eliminated in respect of disposals
(5,081)
(5,081)
At 31 December 2021
22,864
112,971
135,835
Carrying amount
At 31 December 2021
7,697
77,128
84,825
At 31 December 2020
42,834
42,834
5
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
1
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2021
-
Valuation changes
1
At 31 December 2021
1
Carrying amount
At 31 December 2021
1
At 31 December 2020
-
BATT LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
195,961
180,612
Corporation tax recoverable
13,260
14,907
Other debtors
8,436
9,365
217,657
204,884
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
48,922
26,716
Corporation tax
3,877
1,646
Other taxation and social security
57,678
80,584
Other creditors
4,075
5,166
114,552
114,112