Life Science Group Limited 31/05/2023 iXBRL
Life Science Group Limited 31/05/2023 iXBRL
Company registration number:
06606016
Contents
Statement of financial position
Notes to the financial statements
Statement of financial position
31 May 2023
2023 | 2022 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 6 |
|
|
||||||
_______ | _______ | ||||||||
|
|
||||||||
Current assets | |||||||||
Stocks |
|
|
|||||||
Debtors | 7 |
|
|
||||||
Cash at bank and in hand | - |
|
|||||||
_______ | _______ | ||||||||
|
|
||||||||
Creditors: amounts falling due | |||||||||
within one year | 8 |
(
|
(
|
||||||
_______ | _______ | ||||||||
Net current (liabilities)/assets |
(
|
|
|||||||
_______ | _______ | ||||||||
Total assets less current liabilities |
|
|
|||||||
_______ | _______ | ||||||||
Net assets |
|
|
|||||||
_______ | _______ | ||||||||
Capital and reserves | |||||||||
Called up share capital |
|
|
|||||||
Profit and loss account |
|
|
|||||||
_______ | _______ | ||||||||
Shareholders funds |
|
|
|||||||
_______ | _______ | ||||||||
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
24 January 2024
, and are signed on behalf of the board by:
Director
Company registration number:
06606016
Notes to the financial statements
Year ended 31 May 2023
1.
General information
The company is a private company limited by shares, registered in the United Kingdom. The address of the registered office is Northside House, Mount Pleasant, Barnet, Hertfordshire, EN4 9EE.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Operating leases
Research and development
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property | - |
|
|
|
Fittings fixtures and equipment | - |
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Financial instruments
Defined contribution plans
4.
Turnover
Overseas turnover amounted to 24% (31 May 2022: 6%) of the total turnover for the year
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
25
(2022:
31
).
6.
Tangible assets
Long leasehold property | Fixtures, fittings and equipment | Total | ||
£ | £ | £ | ||
Cost | ||||
At 1 June 2022 |
|
|
|
|
Additions |
|
|
|
|
Disposals | - |
(
|
(
|
|
_______ | _______ | _______ | ||
At 31 May 2023 |
|
|
|
|
_______ | _______ | _______ | ||
Depreciation | ||||
At 1 June 2022 | - |
|
|
|
Charge for the year |
|
|
|
|
_______ | _______ | _______ | ||
At 31 May 2023 |
|
|
|
|
_______ | _______ | _______ | ||
Carrying amount | ||||
At 31 May 2023 |
|
|
|
|
_______ | _______ | _______ | ||
At 31 May 2022 |
|
|
2,068,681 | |
_______ | _______ | _______ | ||
7.
Debtors
2023 | 2022 | |||
£ | £ | |||
Trade debtors |
|
|
||
Other debtors |
|
|
||
_______ | _______ | |||
|
|
|||
_______ | _______ | |||
8.
Creditors: amounts falling due within one year
2023 | 2022 | |||
£ | £ | |||
Bank loans and overdrafts |
|
|
||
Trade creditors |
|
|
||
Corporation tax | - |
|
||
Social security and other taxes |
|
|
||
Other creditors |
|
|
||
_______ | _______ | |||
|
|
|||
_______ | _______ | |||
The company has created a Debenture dated 20th August 2019 in favour of HSBC Bank plc being a fixed and floating charge over all its assets, to secure a working capital and overdraft facility.
9.
Controlling party
The company is under the control of
J Murray
.