TotalLab Limited

2020-10-012021-09-302021-09-30false06253160TotalLab 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TotalLab Limited

Registered Number
06253160
(England and Wales)

Unaudited Financial Statements for the Year Ended
30 September 2021

TotalLab Limited

Company Information
for the year from 1 October 2020 to 30 September 2021


Directors	W M DRACUP
	S G PURVIS


Registered Address	69 Church Way
	North Shields
	NE29 0AE


Registered Number	06253160 (England and Wales)

TotalLab Limited

Balance Sheet as at
30 September 2021

	Notes	2021		2020
		£	£	£	£
Fixed assets
Tangible assets	7		4,322		7,403
Investments	8		1		1
			4,323		7,404
Current assets
Stocks	9	336		585
Debtors	10	69,627		92,147
Cash at bank and on hand		511,709		408,732
		581,672		501,464
Creditors amounts falling due within one year	11	(187,047)		(88,370)
Net current assets (liabilities)			394,625		413,094
Total assets less current liabilities			398,948		420,498
Creditors amounts falling due after one year	12		-		(48,430)
Net assets			398,948		372,068
Capital and reserves
Called up share capital			1		1
Profit and loss account			398,947		372,067
Shareholders' funds			398,948		372,068

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 15 December 2021, and are signed on its behalf by:

W M DRACUP
Director
Registered Company No. 06253160

TotalLab Limited

Notes to the Financial Statements
for the year ended 30 September 2021

1.	STATUTORY INFORMATION
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	These financial statements were prepared in accordance with the provisions of FRS 102 Section 1A - small entities applicable in the UK and Republic of Ireland. There were no material departures from that standard.

3.	PRINCIPAL ACTIVITIES
	The principal activity of the company is the development and sale of high quality image analysis software.

4.	BASIS OF MEASUREMENT USED IN FINANCIAL STATEMENTS
	These financial statements were prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

5.	ACCOUNTING POLICIES

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Property, plant and equipment policy
	Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

	Reducing balance (%)	Straight line (years)
Plant and machinery	-	4
Fixtures and fittings	-	3
Office Equipment	15	-

	Intangible assets policy
	Intangible assets relates to an older capitalised fixed asset that has been amortised over its useful life and has had a nil net book value for several years. Currently any research and development expenditure relating to intangibles have not been capitalised in recent years, at this time being recognised through the Profit and Loss account.

	Inventories policy
	Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Inventories policy

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

	Revenue recognition policy
	Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Revenue recognition policy

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

	Research and development policy
	Expenditure on research and development is written off against profits in the year in which it is incurred.

	Investments policy
	Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Investments policy

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

	Employee benefits policy
	The costs of short-term employee benefits are recognised as a liability and an expense. 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.

	Valuation of financial instruments policy
	Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss

6.	EMPLOYEE INFORMATION

		2021		2020
	Average number of employees during the year	6		6

7.	PROPERTY, PLANT AND EQUIPMENT

	Plant & machinery £	Fixtures & fittings £	Office Equipment £	Total £
Cost or valuation
At 01 October 20	3,597	3,291	20,643	27,531
Disposals	(3,248)	(2,138)	(4,845)	(10,231)
At 30 September 21	349	1,153	15,798	17,300
Depreciation and impairment
At 01 October 20	3,267	2,095	14,766	20,128
Charge for year	116	169	2,967	3,252
On disposals	(3,248)	(1,437)	(5,717)	(10,402)
At 30 September 21	135	827	12,016	12,978
Net book value
At 30 September 21	214	326	3,782	4,322
At 30 September 20	330	1,196	5,877	7,403

8.	FIXED ASSET INVESTMENTS

	Investments in group undertakings and participating interests £	Total £
Cost or valuation
At 01 October 20	1	1
At 30 September 21	1	1
Net book value
At 30 September 21	1	1
At 30 September 20	1	1

9.	INVENTORIES

		2021 £		2020 £
	Other inventories	336		585
	Total	336		585

10.	DEBTORS

	2021 £	2020 £
Trade debtors / trade receivables	59,438	84,644
Other debtors	3,149	1,937
Prepayments and accrued income	7,040	5,566
Total	69,627	92,147

11.	CREDITORS WITHIN ONE YEAR

	2021 £	2020 £
Trade creditors / trade payables	3,096	3,258
Bank borrowings and overdrafts	-	1,570
Amounts owed to related parties	11,834	10,293
Taxation and social security	19,692	2,697
Other creditors	38,383	673
Accrued liabilities and deferred income	114,042	69,879
Total	187,047	88,370

12.	CREDITORS AFTER ONE YEAR

		2021 £		2020 £
	Bank borrowings and overdrafts	-		48,430
	Total	-		48,430