Company registration number 07179157 (England and Wales)
ACCULABS DIAGNOSTICS UK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ACCULABS DIAGNOSTICS UK LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ACCULABS DIAGNOSTICS UK LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
433,248
171,828
Tangible assets
4
510,216
557,981
943,464
729,809
Current assets
Stocks
224,584
207,820
Debtors
5
712,361
915,829
Cash at bank and in hand
19,070
771,110
956,015
1,894,759
Creditors: amounts falling due within one year
6
(1,338,323)
(1,419,777)
Net current (liabilities)/assets
(382,308)
474,982
Total assets less current liabilities
561,156
1,204,791
Creditors: amounts falling due after more than one year
7
(288,896)
(333,154)
Provisions for liabilities
(128,255)
Net assets
272,260
743,382
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
272,258
743,380
Total equity
272,260
743,382
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ACCULABS DIAGNOSTICS UK LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 March 2024 and are signed on its behalf by:
Mr C Gordon
Director
Company Registration No. 07179157
ACCULABS DIAGNOSTICS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Acculabs Diagnostics UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 12, Wynyard Park Business Village, Wynyard Park, Billingham, Co Durham, TS22 5TB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
20%-33% straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
20% straight line
Fixtures and fittings
20% straight line
Office equipment
20% straight line
Laboratory Equipment
20% straight line
ACCULABS DIAGNOSTICS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
Basic financial assets
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Classification of financial liabilities
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
ACCULABS DIAGNOSTICS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
1.11
Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Current tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.13
Retirement benefits
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
1.14
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.
Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
ACCULABS DIAGNOSTICS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.15
Government grants
Government grants are recognised based on the accruals model and are measured at the fair value of the asset received or receivable. Grants are classified as related either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset, Where part of the grant relating to an asset is deferred, it is recognised as deferred income.
Other operating income includes UK Government assistance of £9,844 (2022: £20,153) provided through the Coronavirus Business Interruption Loan Scheme, £nil (2022: £9,135) provided through COVID-19 Business Rate Relief and £Nil (2022: £8,822) released to the income statement from prior year claims in relation to capital expenditure.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
44
54
3
Intangible fixed assets
Development costs
£
Cost
At 1 April 2022
318,882
Additions
340,642
Disposals
(17,956)
At 31 March 2023
641,568
Amortisation and impairment
At 1 April 2022
147,054
Amortisation charged for the year
78,148
Impairment losses
1,074
Disposals
(17,956)
At 31 March 2023
208,320
Carrying amount
At 31 March 2023
433,248
At 31 March 2022
171,828
ACCULABS DIAGNOSTICS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
4
Tangible fixed assets
Land and buildings
Fixtures and fittings
Office equipment
Laboratory Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
2,136
117,866
84,638
743,308
947,948
Additions
6,209
3,235
102,633
112,077
At 31 March 2023
2,136
124,075
87,873
845,941
1,060,025
Depreciation and impairment
At 1 April 2022
2,136
74,609
66,518
246,704
389,967
Depreciation charged in the year
11,978
5,554
142,310
159,842
At 31 March 2023
2,136
86,587
72,072
389,014
549,809
Carrying amount
At 31 March 2023
37,488
15,801
456,927
510,216
At 31 March 2022
43,257
18,120
496,604
557,981
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
444,802
726,135
Other debtors
53,060
49,680
Prepayments and accrued income
162,582
140,014
660,444
915,829
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note )
51,917
Total debtors
712,361
915,829
ACCULABS DIAGNOSTICS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
14,980
Other borrowings
125,299
121,040
Trade creditors
528,933
599,989
Corporation tax
26,194
52,387
Other taxation and social security
199,743
407,950
Government grants
6,427
Other creditors
366,338
110,500
Accruals and deferred income
76,836
121,484
1,338,323
1,419,777
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
59,158
Other borrowings
229,738
329,737
Government grants
3,417
288,896
333,154
8
Directors' transactions
Description
% Rate
Opening balance
Closing balance
£
£
Mr C Gordon - Director's loan
-
-
-
Mr R Singh - Director's loan
-
12,123
12,123
12,123
12,123