Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312No description of principal activityfalse2022-01-012truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05131794 2022-01-01 2022-12-31 05131794 2021-01-01 2021-12-31 05131794 2022-12-31 05131794 2021-12-31 05131794 c:Director1 2022-01-01 2022-12-31 05131794 d:CurrentFinancialInstruments 2022-12-31 05131794 d:CurrentFinancialInstruments 2021-12-31 05131794 d:Non-currentFinancialInstruments 2022-12-31 05131794 d:Non-currentFinancialInstruments 2021-12-31 05131794 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05131794 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 05131794 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05131794 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 05131794 d:ShareCapital 2022-12-31 05131794 d:ShareCapital 2021-12-31 05131794 d:SharePremium 2022-12-31 05131794 d:SharePremium 2021-12-31 05131794 d:RetainedEarningsAccumulatedLosses 2022-12-31 05131794 d:RetainedEarningsAccumulatedLosses 2021-12-31 05131794 c:FRS102 2022-01-01 2022-12-31 05131794 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 05131794 c:FullAccounts 2022-01-01 2022-12-31 05131794 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 05131794 6 2022-01-01 2022-12-31 05131794 d:Associate1 2022-01-01 2022-12-31 05131794 d:Associate1 1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 05131794









CRESCENT DIAGNOSTICS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
CRESCENT DIAGNOSTICS LTD
REGISTERED NUMBER: 05131794

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 4 
731,107
731,107

  
731,107
731,107

Current assets
  

Debtors: amounts falling due within one year
 5 
1,519,652
1,519,652

Cash at bank and in hand
 6 
-
332

  
1,519,652
1,519,984

Creditors: amounts falling due within one year
 7 
(11,845)
(515,558)

Net current assets
  
 
 
1,507,807
 
 
1,004,426

Total assets less current liabilities
  
2,238,914
1,735,533

Creditors: amounts falling due after more than one year
 8 
(4,107,852)
(3,427,644)

  

Net liabilities
  
(1,868,938)
(1,692,111)


Capital and reserves
  

Called up share capital 
  
45,019
45,019

Share premium account
  
1,031,908
1,031,908

Profit and loss account
  
(2,945,865)
(2,769,038)

  
(1,868,938)
(1,692,111)


Page 1

 
CRESCENT DIAGNOSTICS LTD
REGISTERED NUMBER: 05131794
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B Clare
Director

Date: 29 September 2023

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
CRESCENT DIAGNOSTICS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Crescent Diagnostics Limited is a private company limited by shares and incorporated in England. The registered office is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The company is dependent on the shareholders for financial support. As at 31 December 2022, the shareholders have confirmed that they will provide adequate finance to enable the company to continue in operational existence. Therefore, the directors consider it appropriate to prepare the financial statements on the going concern basis.

 
2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

 
CRESCENT DIAGNOSTICS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).


4.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 January 2022
731,107



At 31 December 2022
731,107






Net book value



At 31 December 2022
731,107



At 31 December 2021
731,107

Page 4

 
CRESCENT DIAGNOSTICS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

Associate


The following was an associate of the Company:


Name

Class of shares

Holding

Crescent OPS Limited
Ordinary
38%


5.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
1,519,652
1,519,652

1,519,652
1,519,652



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
-
332

-
332



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
7,418
3,938

Amounts owed to group undertakings
-
507,193

Accruals and deferred income
4,427
4,427

11,845
515,558


Page 5

 
CRESCENT DIAGNOSTICS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Other creditors
4,107,852
3,427,644

4,107,852
3,427,644


Other creditors contains an amount of £2,167,155 (2021: £2,167,155) relating to secured convertible loan notes. The loan notes are secured by way of a floating charge against the assets of the company.
Also included within other creditors is an amount of £1,431,871 (2021: £1,260,489) being an accrual of interest on the loan notes at a rate of 5% and 12% per annum. Similarly the interest is secured by way of a floating charge against the assets of the company.


9.


Related party transactions

Included within debtors is £1,519,652 (2021: £1,519,652) due from a company in which Crescent Diagnostics Ltd has an interest.
Included within short term creditors is £508,826 (2021: £507,193) due to a company in which Crescent Diagnostics Ltd has an interest.

 
Page 6