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Financial Statements |
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for the Year Ended 31 May 2021 |
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for |
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Surescreen Diagnostics Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 May 2021 |
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for |
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Surescreen Diagnostics Limited |
Surescreen Diagnostics Limited (Registered number: 03235601) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Surescreen Diagnostics Limited |
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Company Information |
for the Year Ended 31 May 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Chartered Accountants |
The Mills |
Canal Street |
Derby |
DE1 2RJ |
Surescreen Diagnostics Limited (Registered number: 03235601) |
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Balance Sheet |
31 May 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Surescreen Diagnostics Limited (Registered number: 03235601) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2021 |
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1. | STATUTORY INFORMATION |
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Surescreen Diagnostics Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Surescreen Diagnostics 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. |
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Turnover |
Turnover represents the value of goods and services, excluding value added tax. Turnover is recognised in the period in which the goods and services were provided. |
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Intangible assets |
Intangible fixed assets are stated at historical cost less accumulated amortisation and impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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Amortisation is provided at the following annual rate in order to write off each asset over its estimated useful life :- |
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Patents | - 10% | on cost |
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The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the profit and loss account. |
Surescreen Diagnostics Limited (Registered number: 03235601) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment loss. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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Depreciation is provided on all fixed assets, with the exception of loose tools, to write off the cost less the estimated residual value in annual instalments over their estimated useful lives as follows :- |
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Leasehold | - 10% | on cost |
Plant and machinery | - 25% | on reducing balance |
Fixtures and fittings | - 25% | on reducing balance |
Motor vehicles | - 25% | on reducing balance |
Computer equipment | - 25% | on reducing balance |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'cost of sales' and 'administrative expenses' in the profit and loss account. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. In determining the cost, the first in first out method is used. |
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Deferred tax |
Provision is made at current rates for taxation deferred in respect of all material timing differences. |
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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. |
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Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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Fixed asset investments |
Fixed asset investments are stated at cost less provisions for permanent diminution in valuations. Cost includes attributable expenses associated with the purchase of the investment. |
Surescreen Diagnostics Limited (Registered number: 03235601) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Grants |
Revenue grants are recognised in the profit and loss account so as to match them with the expenditure which they are intended to contribute towards. Capital grants are recognised systematically in the profit and loss account over the useful economic life of the asset to which the grant relates. |
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Judgements in applying accounting policies and key sources of estimation uncertainty |
In the application of the company's accounting policies the directors are required to make judgement estimates and assumptions about the carrying amounts of the company's assets and liabilities. These are based on historical experience and other factors that are considered relevant and are reviewed on a regular basis and recognised in the period in which the estimate is revised. Actual results may differ from these estimates. |
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The following are the critical judgements and where relevant the key sources of estimation uncertainty: |
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Tangible fixed assets are depreciated over their useful economic lives taking into account their residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values. |
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The intangible fixed assets relate to patents and are amortised over their useful economic life. It is probable that future economic benefits attributable to the asset will flow to the company and this is based on management's assessment of future cost savings. |
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The recoverability of debtors is assessed on the likelihood and circumstances of the particular cost. |
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The value of stock is assessed for impairment. In re-assessing the stock value, factors such as slow movement and obsolescence are taken into account. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
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COST |
At 1 June 2020 |
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Additions |
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At 31 May 2021 |
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AMORTISATION |
At 1 June 2020 |
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Amortisation for year |
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At 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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Surescreen Diagnostics Limited (Registered number: 03235601) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
Leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 June 2020 |
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Additions |
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Disposals |
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At 31 May 2021 |
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DEPRECIATION |
At 1 June 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2020 |
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Additions |
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Disposals |
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( |
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At 31 May 2021 |
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DEPRECIATION |
At 1 June 2020 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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Surescreen Diagnostics Limited (Registered number: 03235601) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 June 2020 |
and 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings | 871,605 | 155,707 |
Other debtors |
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Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Other loans |
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Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings | 55,862,597 | 1,816,294 |
Tax |
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Social security and other taxes |
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Other creditors |
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Forward contract liability | 263,941 | - |
Accrued expenses |
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Deferred government grants |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans > 5 years |
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Other loans - 1-2 years |
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Other loans - 2-5 years | - | 8,488 |
Hire purchase contracts |
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Deferred government grants |
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Surescreen Diagnostics Limited (Registered number: 03235601) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2021 | 2020 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans > 5 years | 56,827 | - |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Other loans |
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Hire purchase contracts | 52,598 | - |
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Other loans and hire purchase balances are secured on the assets to which they relate. |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was qualified on the following basis: |
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Basis for qualified opinion |
The company's stock is carried at £14,789,997 on the Balance Sheet and within cost of sales in the Profit and Loss Account. We were unable to obtain sufficient appropriate audit evidence about the carrying value of stock at 31 May 2021 because of a lack of documentary evidence to support the purchase and sales prices of some stock lines. Consequently, we were unable to determine whether any adjustments to these amounts were necessary. |
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We were unable to obtain sufficient appropriate audit evidence about the quantity of stock at 31 May 2021 because of a lack of documentary evidence to support the movements of stock. Consequently, we were unable to determine whether any adjustments to these amounts were necessary. |
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In addition to the above, management has not included all stock held by the company at 31 May 2021 within the balance sheet, which constitutes a departure from Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). Due to a lack of documentary evidence, we were unable to determine what adjustments to these amounts were necessary. |
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A stock take was not performed at 31 May 2020 and as such we have been unable to obtain sufficient appropriate audit evidence regarding the prior year stock figure. |
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We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
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for and on behalf of
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Surescreen Diagnostics Limited (Registered number: 03235601) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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12. | ULTIMATE CONTROLLING PARTY |
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The company's immediate and ultimate parent undertaking is Surescreen Holdings Limited, which prepares group financial statements. The registered office of Surescreen Holdings Limited is 1 Prime Park Way, Prime Enterprise Park, Derby, DE1 3QB. Copies of the consolidated financial statements of Surescreen Holdings Limited are available from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ. |