Jasco Applied Sciences (UK) Limited - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 07035094 (England and Wales)

Financial Statements

For The Year Ended 30 September 2022

for

Jasco Applied Sciences (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R D J Burns

S A Carr

D E Hannay

R G Racca

REGISTERED OFFICE:

The Flint Barn

St Clair's Farm

Wickham Road, Droxford

Southampton

Hampshire

SO32 3PW

REGISTERED NUMBER:

07035094 (England and Wales)

AUDITORS:

Butler & Co (Bishops Waltham) Limited

Statutory Auditors

Avalon House

Waltham Business Park

Brickyard Road, Swanmore

Southampton

Hampshire

SO32 2SA

FIXED ASSETS

Tangible assets

5

28,927

16,658

CURRENT ASSETS

Debtors

6

159,300

161,236

Cash at bank

191,576

237,287

350,876

398,523

CREDITORS

Amounts falling due within one year

7

408,309

406,695

NET CURRENT LIABILITIES

(57,433

)

(8,172

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(28,506

)

8,486

PROVISIONS FOR LIABILITIES

2,950

3,165

NET (LIABILITIES)/ASSETS

(31,456

)

5,321

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

(31,656

)

5,121

SHAREHOLDERS' FUNDS

(31,456

)

5,321

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 June 2023 and were signed on its behalf by:

R D J Burns - Director

1.	STATUTORY INFORMATION

Jasco Applied Sciences (UK) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The financial statements show a deficit on the balance sheet. This was largely due to the substantial loss on foreign currency balances and transactions. Since the balance sheet date the GBP has had a recovery and the company is expected to recover some of these losses in the next financial year.

The parent company, Jasco Research Limited, has confirmed that it will continue to financially support the company for the foreseeable future.

There are no other material uncertainties about the company's ability to continue, and therefore the preparation of the financial statements on a going concern basis is appropriate.

Significant judgements and estimates

The preparation of the financial statements requires the Directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year.

The nature of estimation is such though that actual outcomes could differ significantly from those estimates.

There are no judgements or sources of estimation or uncertainty that have had a significant impact on amounts recognised in the financial statements.

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

-

Straight line over 5 years

Plant and machinery

-

25% reducing balance basis

Fixtures and equipment

-

25% on cost and 20% reducing balance basis

Computer equipment

-

25% reducing balance basis, Straight line over 3 years and Straight line over 8 years

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

equipment

equipment

Totals

£

£

£

£

£

COST

At 1 October 2021

-

252

6,537

28,175

34,964

Additions

16,750

-

2,118

1,165

20,033

At 30 September 2022

16,750

252

8,655

29,340

54,997

DEPRECIATION

At 1 October 2021

-

195

6,137

11,974

18,306

Charge for year

3,350

14

641

3,759

7,764

At 30 September 2022

3,350

209

6,778

15,733

26,070

NET BOOK VALUE

At 30 September 2022

13,400

43

1,877

13,607

28,927

At 30 September 2021

-

57

400

16,201

16,658

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Trade debtors

-

8,510

Amounts owed by group undertakings

145,514

131,203

Tax

4,651

11,485

VAT

3,060

-

Prepayments and accrued income

6,075

10,038

159,300

161,236

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Trade creditors

317

-

Amounts owed to group undertakings

390,700

382,527

Tax

-

7

Social security and other taxes

4,697

5,773

VAT

-

6,111

Pension contributions payable

4,263

4,095

Directors' current accounts

132

132

Accruals and deferred income

8,200

8,050

408,309

406,695

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr S J Slater (Senior Statutory Auditor)

for and on behalf of Butler & Co (Bishops Waltham) Limited

9.	OTHER FINANCIAL COMMITMENTS

The company had other financial commitments of £117,000 for contracted future lease payments.

10.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

11.	POST BALANCE SHEET EVENTS

As with many other businesses in the UK the company has been affected by the ongoing cost of living crisis which has seen a rise the costs of goods and services in line with higher rates of inflation.There have been significant price rises in the costs of light and heat due to high gas prices which have had a detrimental impact on the business.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Jasco Research Limited.