Company registration number 11563620 (England and Wales)
APIS ASSAY TECHNOLOGIES LTD.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
APIS ASSAY TECHNOLOGIES LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
APIS ASSAY TECHNOLOGIES LTD.
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,144,853
1,097,740
Investments
5
135,124
135,124
1,279,977
1,232,864
Current assets
Debtors
6
2,670,040
5,492,421
Cash at bank and in hand
23,046,960
23,590,439
25,717,000
29,082,860
Creditors: amounts falling due within one year
7
(3,834,578)
(10,849,713)
Net current assets
21,882,422
18,233,147
Total assets less current liabilities
23,162,399
19,466,011
Provisions for liabilities
(217,522)
(218,600)
Net assets
22,944,877
19,247,411
Capital and reserves
Called up share capital
9
106,600
106,600
Share premium account
4,593,400
4,593,400
Profit and loss reserves
18,244,877
14,547,411
Total equity
22,944,877
19,247,411
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 August 2022 and are signed on its behalf by:
J Schorr
Director
Company Registration No. 11563620
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Apis Assay Technologies Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Second Floor, Citylabs 1.0, Nelson Street, Manchester, M13 9NQ.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Revenue is recognised when the directors consider it is probable that the economic benefits associated with the transaction will flow to the entity.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion at the end of the accounting period when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is established by reference to milestones set out in the service contracts entered into with clients.
Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
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:
Leasehold improvements
Over lease term
Fixtures and fittings
20% straight line
Computers
33% straight line
Lab equipment
20% straight line
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.
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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. 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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.
Non basic financial liabilities
Non basic financial liabilities, including those arising under options granted to acquire future commercial rights for technology under development by the company are initially recognised at fair value on the date a contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
The grant is recognised under the accrual model and is recognised in income on a systematic basis over the periods in which the related costs are recognised.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements have had the most significant effect on amounts recognised in the financial statements.
Revenue recognition
Revenue from contracts for the provision of services is recognised by reference to the stage of completion at the end of the accounting period when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is established by reference to milestones set out in the service contracts entered into with clients.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
71
39
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Lab equipment
Total
£
£
£
£
Cost
At 1 January 2021
182,840
200,556
1,072,448
1,455,844
Additions
98,678
37,106
287,133
422,917
At 31 December 2021
281,518
237,662
1,359,581
1,878,761
Depreciation and impairment
At 1 January 2021
51,652
73,337
233,115
358,104
Depreciation charged in the year
67,343
57,807
250,654
375,804
At 31 December 2021
118,995
131,144
483,769
733,908
Carrying amount
At 31 December 2021
162,523
106,518
875,812
1,144,853
At 31 December 2020
131,188
127,219
839,333
1,097,740
5
Fixed asset investments
2021
2020
£
£
Shares in subsidiary undertakings
135,124
135,124
The investment represents the cost of acquiring 100% of the share capital of APIS Assay Technologies DOO Belgrade-Paulilula.
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
668,011
2,600,292
Corporation tax recoverable
436,894
Amounts owed by group undertakings
39,402
131,754
Other debtors
358,810
104,635
Prepayments and accrued income
1,166,923
1,515,740
2,670,040
4,352,421
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
6
Debtors
(Continued)
- 8 -
2021
2020
Amounts falling due after more than one year:
£
£
Deferred tax asset
1,140,000
Total debtors
2,670,040
5,492,421
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
701,016
478,091
Corporation tax
972,655
Other taxation and social security
78,536
57,336
Financial instruments
9
6,000,000
Other creditors
3,948
82,318
Accruals and deferred income
3,051,078
3,259,313
3,834,578
10,849,713
8
Financial instruments
2021
2020
£
£
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
-
6,000,000
In 2019 the company granted an option to a third party to acquire certain commercial rights related to technology being developed by the company. In the reporting period, the option expired and was not exercised resulting in £3,000,000 being recognised within revenue and £3,000,000 repaid to the third party. The financial liability at the reporting date therefore is £ Nil (2020: £6,000,000).
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
(Continued)
- 9 -
9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100,000
100,000
100,000
100,000
Series A Shares of 10p each
66,000
66,000
6,600
6,600
166,000
166,000
106,600
106,600
The shares rank pari passu regarding dividends and voting rights.
In the event of a sale or liquidation the subscription price paid for the series A shares shall be distributed in priority with the residue being distributed on a pro rata basis.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Stephen Jolley and the auditor was Alexander & Co LLP.
11
Financial commitments, guarantees and contingent liabilities
The terms of contracts for the supply of services entered into by the company provide for repayment of amounts received if regulatory approval of the technology is not obtained. The projects covered by the contracts are closely monitored by the company and the clients and at the balance sheet date no provision has been made as the directors consider it unlikely that repayments will become due. The amount of the contingent liability is £9,714,187.
As a condition of the intercreditor agreement the company has given a fixed and floating charge on the company’s assets in favour of The Council of the City of Manchester.
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
1,085,554
1,078,213
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
13
Events after the reporting date
After the balance sheet date, the company incorporated Clickmer Systems GmbH with share capital of €25,000. The company then lent Clickmer Systems GmbH €2,400,000.
14
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Qiagen NV is a 19.88% shareholder in Apis Assay Technologies Limited.
During the period, the company was party to several development agreements with Stat Dx Life, a subsidiary of Qiagen NV. Revenue of £5,507,338 has been recognised in the period of which £415,113 is included in trade debtors. Of this revenue, £339,806 is included within other debtors as accrued income, and £1,209,735 included in deferred income.
During a prior period, the company granted an option to Stat Dx Life to acquire certain commercial rights related to technology being developed by the company. In the accounting period, the option expired and was not exercised. As a result, £3,000,000 was recognised within revenue and £3,000,000 was repaid to Stat Dx Life. The fair value of the consideration received and of the liability arising has been assessed by the directors to be £ Nil (2020: £6,000,000) which is included in creditors due within one year.
Other information
The Council of the City of Manchester is a 19.88% shareholder. Grant income of £3,738,693 (2020: £3,766,400) was recognised in the year, of which £3,662,661 (2020: £3,328,624) is reflected in other operating income. The balance of £76,012 is included in deferred income, along with £653,203 from the prior year . This deferred income balance of £729,235 has occurred due to the grant income being recognised by costs incurred rather than amount received in line with the accounting policy. Rates of £110,080 were recognised and paid to Manchester City Council.
2021-12-312021-01-01false03 August 2022CCH SoftwareCCH Accounts Production 2022.100No description of principal activityThis audit opinion is unqualifiedDr J SchorrMr I C KavanaghMs R M BurnsDr M D Rahn115636202021-01-012021-12-31115636202021-12-31115636202020-12-3111563620core:LandBuildings2021-12-3111563620core:OtherPropertyPlantEquipment2021-12-3111563620core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-12-3111563620core:LandBuildings2020-12-3111563620core:OtherPropertyPlantEquipment2020-12-3111563620core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2020-12-3111563620core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3111563620core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3111563620core:CurrentFinancialInstruments2021-12-3111563620core:CurrentFinancialInstruments2020-12-3111563620core:ShareCapital2021-12-3111563620core:ShareCapital2020-12-3111563620core:SharePremium2021-12-3111563620core:SharePremium2020-12-3111563620core:RetainedEarningsAccumulatedLosses2021-12-3111563620core:RetainedEarningsAccumulatedLosses2020-12-3111563620core:ShareCapitalOrdinaryShares2021-12-3111563620core:ShareCapitalOrdinaryShares2020-12-3111563620bus:Director12021-01-012021-12-3111563620core:LeaseholdImprovements2021-01-012021-12-3111563620core:FurnitureFittings2021-01-012021-12-3111563620core:ComputerEquipment2021-01-012021-12-3111563620core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-01-012021-12-31115636202020-01-012020-12-3111563620core:LandBuildings2020-12-3111563620core:OtherPropertyPlantEquipment2020-12-3111563620core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2020-12-31115636202020-12-3111563620core:LandBuildings2021-01-012021-12-3111563620core:OtherPropertyPlantEquipment2021-01-012021-12-3111563620core:Non-currentFinancialInstruments2021-12-3111563620core:Non-currentFinancialInstruments2020-12-3111563620bus:PrivateLimitedCompanyLtd2021-01-012021-12-3111563620bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3111563620bus:FRS1022021-01-012021-12-3111563620bus:Audited2021-01-012021-12-3111563620bus:Director22021-01-012021-12-3111563620bus:Director32021-01-012021-12-3111563620bus:Director42021-01-012021-12-3111563620bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP