TotalLab Limited

2021-10-012022-09-302022-09-30false06253160TotalLab 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TotalLab Limited

Registered Number
06253160
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2022

TotalLab Limited

Company Information
for the year from 1 October 2021 to 30 September 2022


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 2022

	Notes	2022		2021
		£	£	£	£
Fixed assets
Tangible assets	8		5,045		4,322
Investments	9		1		1
			5,046		4,323
Current assets
Stocks	11	546		336
Debtors	12	84,575		69,627
Cash at bank and on hand		576,583		511,709
		661,704		581,672
Creditors amounts falling due within one year	13	(162,007)		(187,047)
Net current assets (liabilities)			499,697		394,625
Total assets less current liabilities			504,743		398,948
Net assets			504,743		398,948
Capital and reserves
Called up share capital			1		1
Profit and loss account			504,742		398,947
Shareholders' funds			504,743		398,948

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 14 December 2022, 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 2022

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	-	3
Fixtures and fittings	15	-
Office Equipment	-	3

	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.

	Stocks 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.

Stocks 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.

	Taxation policy
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax policy
	Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.

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

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Government grants and other government assistance policy
	Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to the profit and loss.

	Leases policy
	Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

	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


		2022		2021
	Average number of employees during the year	7		6

7.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 October 21	83,333	83,333
At 30 September 22	83,333	83,333
Amortisation and impairment
At 01 October 21	83,333	83,333
At 30 September 22	83,333	83,333
Net book value
At 30 September 22	-	-
At 30 September 21	-	-

8.	Property, plant and equipment

	Plant & machinery	Fixtures & fittings	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 October 21	349	1,153	15,798	17,300
Additions	-	562	4,222	4,784
Disposals	(349)	-	-	(349)
At 30 September 22	-	1,715	20,020	21,735
Depreciation and impairment
At 01 October 21	135	827	12,016	12,978
Charge for year	39	77	3,770	3,886
On disposals	(174)	-	-	(174)
At 30 September 22	-	904	15,786	16,690
Net book value
At 30 September 22	-	811	4,234	5,045
At 30 September 21	214	326	3,782	4,322

9.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 October 21	1	1
At 30 September 22	1	1
Net book value
At 30 September 22	1	1
At 30 September 21	1	1

	Notes
	¹Investments in group undertakings and participating interests

10.	Description of financial commitments other than capital commitments
	The company has operating lease commitments of £7,055.

11.	Stocks

	2022	2021
	£	£
Other stocks	546	336
Total	546	336

12.	Debtors

	2022	2021
	£	£
Trade debtors / trade receivables	71,924	59,438
Other debtors	3,497	3,149
Prepayments and accrued income	9,154	7,040
Total	84,575	69,627

13.	Creditors within one year

	2022	2021
	£	£
Trade creditors / trade payables	-	3,096
Amounts owed to related parties	1,128	11,834
Taxation and social security	21,859	19,692
Other creditors	1,415	38,383
Accrued liabilities and deferred income	137,605	114,042
Total	162,007	187,047

14.	Creditors after one year