CCM Laboratories Ltd - Accounts to registrar (filleted) - small 23.2.5

CCM LABORATORIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Mrs C McCuaig

Mr R D McCuaig

REGISTERED OFFICE:

1 Market Road

Biggar

ML12 6FX

REGISTERED NUMBER:

SC592652 (Scotland)

ACCOUNTANTS:

JRW

Riverside House

Ladhope Vale

Galashiels

Selkirkshire

TD1 1BT

FIXED ASSETS

Tangible assets

4

43,673

32,358

CURRENT ASSETS

Stocks

2,035

2,035

Debtors

8,656

11,952

Cash at bank

19,309

27,962

30,000

41,949

CREDITORS

Amounts falling due within one year

34,682

39,246

NET CURRENT (LIABILITIES)/ASSETS

(4,682

)

2,703

TOTAL ASSETS LESS CURRENT LIABILITIES

38,991

35,061

CREDITORS

Amounts falling due after more than one year

(7,293

)

(14,803

)

PROVISIONS FOR LIABILITIES

(9,231

)

(7,196

)

NET ASSETS

22,467

13,062

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

6

22,466

13,061

22,467

13,062

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31st March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 8th November 2023 and were signed on its behalf by:

Mrs C McCuaig - Director

1.	STATUTORY INFORMATION

CCM Laboratories Ltd is a private company, limited by shares , registered in Scotland. 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.

Going Concern

The accounts have been prepared on a going concern basis on the understanding that the loan from the directors will continue to be available for the foreseeable future.

Turnover

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

The company provides dental laboratory services. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes as applicable. Revenue is recognised in the accounting period in which the services are rendered and when the outcome of the contract can be measured reliably.

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

-

33% on cost

Plant and machinery

-

30% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial assets

Basic financial assets, including trade and other debtors and bank balances, are recognised at transaction price.

At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income Statement.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities as payment is due within one year or less. If not they are presented as no-current liabilities.

Financial liabilities are decolonised when the liability is extinguished, that is when the contractual obligation id discharged, Cancelled or expires.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2022

47,486

Additions

22,022

Disposals

(1,860

)

At 31st March 2023

67,648

DEPRECIATION

At 1st April 2022

15,128

Charge for year

9,652

Eliminated on disposal

(805

)

At 31st March 2023

23,975

NET BOOK VALUE

At 31st March 2023

43,673

At 31st March 2022

32,358

5.	LEASING AGREEMENTS

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

2023

2022

£

£

Within one year

10,560

10,560

Between one and five years

7,040

17,600

17,600

28,160

6.

RESERVES

Retained

earnings

£

At 1st April 2022

13,061

Profit for the year

30,305

Dividends

(20,900

)

At 31st March 2023

22,466

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The director's loan account was not in debit at any point during the current year.

8.	RELATED PARTY DISCLOSURES

During the year the company purchased a commercial vehicle from a director for market value.

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 CCM Laboratories Ltd for the year ended 31st March 2023 which comprise the Statement of Income and Retained Earnings, Abridged Statement of Financial Position 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of CCM Laboratories Ltd, 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 CCM Laboratories Ltd and state those matters that we have agreed to state to the Board of Directors of CCM Laboratories Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that CCM Laboratories Ltd 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 profit of CCM Laboratories Ltd. You consider that CCM Laboratories Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of CCM Laboratories Ltd. 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.

JRW

Riverside House

Ladhope Vale

Galashiels

Selkirkshire

TD1 1BT

8th November 2023