Great Lab Technology Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 14172080 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

14 JUNE 2022 TO 31 DECEMBER 2022

FOR

GREAT LAB TECHNOLOGY LIMITED

Page

Company Information

1

Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

Mr K S Patel

Mr S Seth-Smith

REGISTERED OFFICE:

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

REGISTERED NUMBER:

14172080 (England and Wales)

ACCOUNTANTS:

Seymour Taylor Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Great Lab Technology Limited for the period ended 31 December 2022 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Great Lab Technology Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Great Lab Technology Limited and state those matters that we have agreed to state to the Board of Directors of Great Lab Technology Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Great Lab Technology Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Great Lab Technology Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Great Lab Technology Limited. You consider that Great Lab Technology Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Great Lab Technology Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Seymour Taylor Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

6 September 2023

FIXED ASSETS

Investments

4

80

CURRENT ASSETS

Debtors

5

611,067

Cash at bank

586,333

1,197,400

CREDITORS

Amounts falling due within one year

6

4,345

NET CURRENT ASSETS

1,193,055

TOTAL ASSETS LESS CURRENT LIABILITIES

1,193,135

CAPITAL AND RESERVES

Called up share capital

8

138

Share premium

1,499,963

Retained earnings

(306,966

)

SHAREHOLDERS' FUNDS

1,193,135

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2022 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 6 September 2023 and were signed on its behalf by:

Mr S Seth-Smith - Director

1.	STATUTORY INFORMATION

Great Lab Technology Limited is a private company, limited by shares and incorporated in England & Wales. The address of the company's registered office is 57 London Road, High Wycombe, Buckinghamshire, HP11 1BS. The registered number is 14172080.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

Preparation of consolidated financial statements

The financial statements contain information about Great Lab Technology Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of consideration received or receivable for goods and services provided, net of value added tax.

Investments in subsidiaries

Investments in subsidiaries are carried at cost less impairment.

Taxation

Tax on the profit or loss 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 directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the statement of financial position date, and any adjustment to tax payable in respect of previous years.

Deferred tax

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the statement of financial position date. Deferred tax balances are not discounted.

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.

Foreign currencies

Transactions denominated in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities at the period end denominated in a foreign currency are translated into Sterling at the rate of exchange ruling at the statement of financial position date. Exchange differences are taken into account when arriving at the operating profit.

Leasing commitments

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Financial instruments

The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 to its financial statements.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

Additions

80

At 31 December 2022

80

NET BOOK VALUE

At 31 December 2022

80

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

97

Amounts owed by group undertakings

571,060

Other debtors

39,910

611,067

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other creditors

4,345

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

£

Within one year

13,833

Between one and five years

24,167

38,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

34,618

Ordinary A

£0.00

1

34

Allotted and issued:

Number:

Class:

Nominal

value:

£

90,000

Ordinary

£0.00

1

90

13,846

Deferred

£0.00

1

14

104

The following shares were allotted at par during the period:

90,000 Ordinary shares of £0.001 each

13,846 Deferred shares of £0.001 each

34,618 Ordinary A shares of £0.001 each were allotted as fully paid at a premium of 43.328 per share during the period.