X - Lab Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05995322 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

X - Lab Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr S E Clamp

Mr T Mistry

Mr M Barrow

Mr M Smith

SECRETARY:

Mr T Mistry

REGISTERED OFFICE:

Suite C10

Joseph's Well

Hanover Walk

Leeds

LS3 1AB

REGISTERED NUMBER:

05995322 (England and Wales)

ACCOUNTANTS:

Aysgarth Chartered Accountants

Pickering House

40A York Place

Leeds

LS1 2ED

FIXED ASSETS

Tangible assets

4

186,525

46,800

CURRENT ASSETS

Debtors

5

3,189,178

151,954

Cash at bank

6,005,627

231,852

9,194,805

383,806

CREDITORS

Amounts falling due within one year

6

5,710,316

270,114

NET CURRENT ASSETS

3,484,489

113,692

TOTAL ASSETS LESS CURRENT LIABILITIES

3,671,014

160,492

PROVISIONS FOR LIABILITIES

7

35,000

4,000

NET ASSETS

3,636,014

156,492

CAPITAL AND RESERVES

Called up share capital

300

300

Capital redemption reserve

25

25

Retained earnings

3,635,689

156,167

SHAREHOLDERS' FUNDS

3,636,014

156,492

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2021 and were signed on its behalf by:

Mr M Barrow - Director

1.	STATUTORY INFORMATION

X - Lab Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

in accordance with the property

Fixtures and fittings

-

25% on cost and 12.5% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

50% on cost

All tangible fixed assets are recorded at cost, being purchase price less accumulated depreciation.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2020 - 29 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2020

14,066

45,849

-

44,733

104,648

Additions

-

425

135,228

36,906

172,559

At 31 March 2021

14,066

46,274

135,228

81,639

277,207

DEPRECIATION

At 1 April 2020

5,505

18,467

-

33,876

57,848

Charge for year

7,332

6,542

2,817

16,143

32,834

At 31 March 2021

12,837

25,009

2,817

50,019

90,682

NET BOOK VALUE

At 31 March 2021

1,229

21,265

132,411

31,620

186,525

At 31 March 2020

8,561

27,382

-

10,857

46,800

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Trade debtors

3,061,009

101,225

Other debtors

128,169

50,729

3,189,178

151,954

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Trade creditors

313,057

4,983

Taxation and social security

1,939,739

64,597

Other creditors

3,457,520

200,534

5,710,316

270,114

7.	PROVISIONS FOR LIABILITIES

31/3/21

31/3/20

£

£

Deferred tax

Accelerated capital allowances

35,000

7,000

Tax losses carried forward

-

(3,000

)

35,000

4,000

Deferred

tax

£

Balance at 1 April 2020

4,000

Provided during year

31,000

Balance at 31 March 2021

35,000

8.	RELATED PARTY DISCLOSURES

During the year the company paid consultancy fees of £453,227 (2020: £35,463), on normal commercial terms, to Mistry Solved Limited, a Canadian company under the control of the director Mr T Mistry. At the Balance Sheet date nothing was owed to Mistry Solved Limited.

During the year the company paid consultancy fees of £13,500 (2020: £nil), on normal commercial terms, to Malcolm Smith Consultancy Limited, a company under the control of the director Mr M Smith. At the Balance Sheet date nothing was owed to Malcolm Smith Consultancy Limited.

During the year the company paid a dividend to it's parent company, X-Lab Holdings Limited amounting to £1,285,699.

9.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of X - Lab (Holdings) Limited, whose registered office address is: Suite C10 Josephs Well, Hanover Walk, Leeds, United Kingdom, LS3 1AB. The holding company is a private company registered in England and Wales, its company number is: 13002659.

In the opinion of the directors there is no ultimate controlling party.