Company registration number 05843597 (England and Wales)
MC DIAGNOSTICS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
MC DIAGNOSTICS LIMITED
COMPANY INFORMATION
Directors
Mr Peter Maguire
Mr Y K Chan
Mr I Crosby
Mr W Ling
(Appointed 10 September 2023)
Mr D S W Yeung
(Appointed 16 March 2023)
Company number
05843597
Registered office
1 Hawkshead Road
Croft Technology Park
Bromborough
Wirral
CH62 3RJ
Auditor
Champion Accountants LLP
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
MC DIAGNOSTICS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group statement of financial position
8 - 9
Group statement of changes in equity
12
Group statement of cash flows
13
Notes to the group financial statements
14 - 31
MC DIAGNOSTICS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The directors present their report and financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the group continued to be that of research, development and sales of medical diagnostics.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Peter Maguire
Mr Y K Chan
Mr H C Chen
(Resigned 16 March 2023)
Mr I Crosby
Mr L H Yung
(Resigned 31 August 2023)
Mr W Ling
(Appointed 10 September 2023)
Mr D S W Yeung
(Appointed 16 March 2023)
Supplier payment policy

The group follows the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU) in its payment of trade creditors.

 

The group's current policy concerning the payment of trade creditors is to:

 

Trade creditors of the group at the period end were equivalent to 67 day's purchases, based on the average daily amount invoiced by suppliers during the period.

Auditor

In accordance with the company's articles, a resolution proposing that Champion Accountants LLP be reappointed as auditor of the company and group will be put at a General Meeting.

Statement of disclosure to auditor

Each director in office at the date of approval of this report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

MC DIAGNOSTICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
On behalf of the board
Mr Peter Maguire
Director
28 September 2023
MC DIAGNOSTICS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -

The directors are responsible for preparing the report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the group financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 

In preparing these financial statements, International Accounting Standard 1 requires that directors:

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MC DIAGNOSTICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MC DIAGNOSTICS LIMITED
- 4 -
Opinion

We have audited the financial statements of MC Diagnostics Limited (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2022 which comprise the group statement of comprehensive income, the group statement of financial position, the group statement of changes in equity, the group statement of cash flows and the group notes to the financial statements, including significant accounting policies.

 

The financial reporting framework that has been applied in the preparation of the group financial statements is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

In our opinion:

Basis for opinion

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

MC DIAGNOSTICS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MC DIAGNOSTICS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit is considered capable of detecting irregularities, including fraud

The responsibility for the prevention and detection of irregularities, including fraud, lies with the directors and with those charged with governance. The objectives of our audit in respect of irregularities and fraud are to assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient, appropriate audit evidence regarding the assessed risks and to respond appropriately to fraud or suspected fraud identified during the audit.

MC DIAGNOSTICS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MC DIAGNOSTICS LIMITED
- 6 -
Audit procedures

We determine significant applicable laws and regulations through discussion with those charged with governance and our own knowledge of the industry and design audit procedures to help identify instances of non-compliance with those laws and regulations that may have a material effect on the financial statements.

 

Our approach is to consider the legal and regulatory frameworks directly applicable to the financial statements reporting framework (IFRS and the Companies Act 2006) and the relevant tax compliance regulations in the UK; the nature of the industry; the business performance and the key drivers for management remuneration; the control environment and the procedures in place to address identified risks, including management override, non-compliance with laws and regulations and to prevent and detect fraud or irregularity. We communicate identified laws and regulations throughout our team and remain alert to any indications of non-compliance throughout the audit.

 

Our procedures are designed to provide reasonable assurance that the financial statements are free from material misstatement or error and include: enquiries of management and of staff in key compliance functions; review of minutes of meetings of those charged with governance; review and testing of manual journals and significant transactions outside the normal course of business; review of financial statement disclosures and testing to supporting documentation; performance of analytical procedures.

 

We are not responsible for preventing non-compliance and due to the inherent limitations of an audit, as described above, the audit cannot be relied upon to detect all instances of non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Susan Harris MA ACA (Senior Statutory Auditor)
For and on behalf of Champion Accountants LLP
28 September 2023
Chartered Accountants
Statutory Auditor
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
MC DIAGNOSTICS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
Year
Period
ended
ended
31 December
31 December
2022
2021
Notes
£
£
Revenue
3
1,719,909
809,600
Cost of sales
(512,216)
(132,635)
Gross profit
1,207,693
676,965
Other operating income
3,414
14,917
Administrative expenses
(1,130,698)
(537,073)
Operating profit
4
80,409
154,809
Investment revenues
8
6,780
-
0
Finance costs
9
(3,891)
(2,227)
Profit before taxation
83,298
152,582
Taxation
10
55,829
6,731
Profit and total comprehensive income for the year
139,127
159,313
Profit for the financial year is attributable to:
- Owners of the parent company
155,550
163,416
- Non-controlling interests
(16,423)
(4,103)
139,127
159,313
Total comprehensive income for the year is attributable to:
- Owners of the parent company
155,550
163,416
- Non-controlling interests
(16,423)
(4,103)
139,127
159,313
MC DIAGNOSTICS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 8 -
2022
2021
Notes
£
£
Non-current assets
Intangible assets
11
6,200
8,600
Property, plant and equipment
12
75,557
82,456
Deferred tax asset
13
209,222
176,219
290,979
267,275
Current assets
Inventories
15
284,471
284,979
Trade and other receivables
16
640,355
510,672
Current tax recoverable
22,835
-
0
Cash and cash equivalents
278,341
368,892
1,226,002
1,164,543
Current liabilities
Trade and other payables
21
175,598
195,385
Current tax liabilities
9
-
0
Borrowings
19
21,092
20,417
Deferred revenue
23
8,616
3,416
205,315
219,218
Net current assets
1,020,687
945,325
Non-current liabilities
Trade and other payables
21
7,794
17,900
Borrowings
19
47,454
68,795
Deferred revenue
23
3,645
12,259
58,893
98,954
Net assets
1,252,773
1,113,646
Equity
Called up share capital
25
1,164
1,164
Retained earnings
1,305,531
1,149,981
Equity attributable to owners of the parent company
1,306,695
1,151,145
Non-controlling interests
(53,922)
(37,499)
Total equity
1,252,773
1,113,646
MC DIAGNOSTICS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 9 -
The financial statements were approved by the board of directors and authorised for issue on 28 September 2023 and are signed on its behalf by:
Mr Peter Maguire
Director
Company registration number 05843597 (England and Wales)
MC DIAGNOSTICS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 10 -
2022
2021
Notes
£
£
Non-current assets
Intangible assets
5,994
7,998
Property, plant and equipment
40,594
31,483
Investments
80
125
Deferred tax asset
130,264
131,999
176,932
171,605
Current assets
Inventories
167,836
261,847
Trade and other receivables
1,051,450
764,904
Current tax recoverable
22,835
-
0
Cash and cash equivalents
274,422
357,410
1,516,543
1,384,161
Current liabilities
Trade and other payables
154,263
171,958
Borrowings
9,890
9,504
Deferred revenue
8,616
3,416
172,769
184,878
Net current assets
1,343,774
1,199,283
Non-current liabilities
Borrowings
24,951
34,983
Deferred revenue
3,645
12,259
28,596
47,242
Net assets
1,492,110
1,323,646
Equity
Called up share capital
33
1,164
1,164
Retained earnings
1,490,946
1,322,482
Total equity
1,492,110
1,323,646

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £168,464 (2021 - £179,831 profit).

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

MC DIAGNOSTICS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 28 September 2023 and are signed on its behalf by:
28 September 2023
Mr Peter Maguire
Director
Company registration number 05843597 (England and Wales)
MC DIAGNOSTICS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
Share capital
Retained earnings
Total
Non-controlling interest
Total
£
£
£
£
£
Balance at 1 July 2021
1,164
986,565
987,729
(33,396)
954,333
Period ended 31 December 2021:
Profit and total comprehensive income
-
163,416
163,416
(4,103)
159,313
Balance at 31 December 2021
1,164
1,149,981
1,151,145
(37,499)
1,113,646
Year ended 31 December 2022:
Profit and total comprehensive income
-
155,550
155,550
(16,423)
139,127
Balance at 31 December 2022
1,164
1,305,531
1,306,695
(53,922)
1,252,773
MC DIAGNOSTICS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
Year ended
Period ended
31 December
31 December
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
31
(42,313)
(18,827)
Interest paid
(3,892)
(2,227)
Net cash outflow from operating activities
(46,205)
(21,054)
Investing activities
Purchase of property, plant and equipment
(30,460)
(750)
Interest received
6,780
-
0
Net cash used in investing activities
(23,680)
(750)
Financing activities
Repayment of bank loans
(20,666)
(10,173)
Net cash used in financing activities
(20,666)
(10,173)
Net decrease in cash and cash equivalents
(90,551)
(31,977)
Cash and cash equivalents at beginning of year
368,892
400,869
Cash and cash equivalents at end of year
278,341
368,892
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
1
Accounting policies
Company information

MC Diagnostics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5, Optic Technium, Ffordd William Morgan, St Asaph, Denbighshire, LL17 0JD. The company's principal activities and nature of its operations are disclosed in the directors' report.

 

The group consists of MC Diagnostics Limited and all of its subsidiaries.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the group. 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.

New standards and interpretation

At the date of authorisation of these financial statements a number of new Standards and Interpretations have been issued but are not yet effective and have not been applied in these financial statements.

 

The directors do not believe that the adoption of these Standards and Interpretations would have a material impact on the financial statements of the group. The directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements of the Group when the relevant standards and interpretations come into effect.

1.2
Reporting period
Prior financial period end was shortened to 31 December 2021, giving a 6 month accounting period. The comparatives are therefore not entirely comparable.
1.3
Business combinations

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

 

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company MC Diagnostics Limited together with all entities controlled by the parent company (its subsidiaries).

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 15 -
1.5
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truegroup has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Revenue

Revenue is measured at the fair value of consideration received or receivable, excluding discounts, rebates and value added tax. The group recognises revenue when it transfers control of a product to a customer, which occurs at the point of dispatch.

 

Revenue arising from the provision of testing services is recognised at the point at which the group issues a report to the customer.

1.7
Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less impairment losses.

 

The gain on a bargain purchase is recognised in profit or loss in the period of the acquisition.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not subsequently reversed.

1.8
Intangible 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:

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 16 -

Research and development:

 

Expenditure on research activities is recognised as an expense in the period in which it is incurred. Development costs are only capitalised when the related products meet the recognition criteria of an internally generated intangible asset, the key criterion being as follows:

 

Expenses for research and development include associated material preparation and analysis costs and other directly attributable overheads. The identifiable expenditure is then amortised over the period during which the benefit is expected to occur. Provision is made for any impairment. All research and development costs that do not meet the above conditions are written off as incurred.

1.9
Property, plant and equipment

Property, plant and equipment 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 land and buildings
6 years straight line basis
Fixtures and fittings
2 to 10 years straight line basis
Plant and equipment
2 to 10 years straight line basis
Computers
2 to 3 years straight line basis

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 recognised in the income statement.

1.10
Non-current 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 parent company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.11
Impairment of tangible and intangible assets

At each reporting end date, the group 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 group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -

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.

 

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.

1.12
Inventories

Inventory and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items,

 

Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing inventories to their present location and condition.

 

At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.13
Cash and cash equivalents

Cash and cash equivalents 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.

1.14
Financial assets

Financial assets are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.15
Financial liabilities

The group recognises financial debt when the group becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire.

1.16
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 income statement 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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 group 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.

1.17
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 inventories or non-current 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 group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 19 -
1.19
Leases

At inception, the group assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the group recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

 

Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight line basis over the period of the lease.

1.20
Grants

Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Grants received in respect of capital expenditure are treated as deferred income and are credited to the Consolidated Statement of Comprehensive Income over the estimated useful life of the assets to which they relate. Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

1.21
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.

1.22

Dividends

Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

To determine the provision for impairment of stock and work in progress, the directors perform an assessment of each product line taking into consideration the product age, style and demand.

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Critical accounting estimates and judgements
(Continued)
- 20 -

Tangible fixed assets are depreciated over their useful lives taking into account 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 asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

3
Revenue
2022
2021
£
£
Revenue analysed by class of business
Principal activity
1,719,909
809,600
2022
2021
£
£
Revenue analysed by geographical market
United Kingdom
160,935
60,720
Europe
1,520,434
703,542
Rest of the world
38,540
45,338
1,719,909
809,600
2022
2021
£
£
Other income
Grants received
3,414
14,917
4
Operating profit
2022
2021
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(59)
(3,249)
Government grants
(3,414)
(14,917)
Fees payable to the company's auditor for the audit of the company's financial statements
17,000
23,000
Depreciation of property, plant and equipment
37,359
33,266
Amortisation of intangible assets
2,400
1,200
Cost of inventories recognised as an expense
512,216
132,635
Research and development expenditure written off in the period
142,585
182,171
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 21 -
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
17,000
23,000
6
Employees

The average monthly number of persons (including directors) employed by the group during the year was:

2022
2021
Number
Number
18
16

Their aggregate remuneration comprised:

2022
2021
£
£
Wages and salaries
680,107
308,932
Social security costs
72,525
30,403
Pension costs
143,756
71,776
896,388
411,111
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
164,000
105,000
Company pension contributions to defined contribution schemes
80,000
42,975
244,000
147,975
8
Investment income
2022
2021
£
£
Interest income
Financial instruments measured at amortised cost:
Other interest income on financial assets
6,780
-
0
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 22 -
9
Finance costs
2022
2021
£
£
Interest on bank overdrafts and loans
2,515
1,422
Interest on lease liabilities
1,376
805
Total interest expense
3,891
2,227
10
Income tax expense
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
(22,826)
-
0
Deferred tax
Origination and reversal of temporary differences
(33,003)
(6,731)
Total tax (credit)
(55,829)
(6,731)

The charge for the year can be reconciled to the profit per the income statement as follows:

2022
2021
£
£
Profit before taxation
83,298
152,582
Expected tax charge based on a corporation tax rate of 19.00% (2021: 19.00%)
15,827
28,991
Effect of expenses not deductible in determining taxable profit
(3,370)
140
Income not taxable
(2,029)
(892)
Utilisation of tax losses not previously recognised
-
(945)
Permanent capital allowances in excess of depreciation
(24,579)
4,844
Depreciation on assets not qualifying for tax allowances
1,842
922
Research and development tax credit
(22,835)
(37,651)
Deferred tax movements
(20,685)
(2,140)
Taxation credit for the year
(55,829)
(6,731)
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 23 -
11
Intangible assets
Other intangibles
Software
Patents & licences
Total
£
£
£
£
Cost
At 1 July 2021
2,000
10,000
13,296
25,296
At 31 December 2021
2,000
10,000
13,296
25,296
At 31 December 2022
2,000
10,000
13,296
25,296
Amortisation and impairment
At 1 July 2021
1,200
1,000
13,296
15,496
Charge for the year
198
1,002
-
0
1,200
At 31 December 2021
1,398
2,002
13,296
16,696
Charge for the year
396
2,004
-
0
2,400
At 31 December 2022
1,794
4,006
13,296
19,096
Carrying amount
At 31 December 2022
206
5,994
-
6,200
At 31 December 2021
602
7,998
-
8,600
At 30 June 2021
800
9,000
-
9,800
Amortisation is included in Administrative Expenses.
12
Property, plant and equipment
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 July 2021
55,832
466,724
23,315
33,652
579,523
Additions
-
0
-
0
-
0
750
750
Disposals
-
0
(45,500)
-
0
-
0
(45,500)
At 31 December 2021
55,832
421,224
23,315
34,402
534,773
Additions
-
0
29,880
-
0
580
30,460
At 31 December 2022
55,832
451,104
23,315
34,982
565,233
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
12
Property, plant and equipment
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
(Continued)
- 24 -
Accumulated depreciation and impairment
At 1 July 2021
25,589
395,928
10,071
32,963
464,551
Charge for the year
4,653
25,869
2,221
523
33,266
Eliminated on disposal
-
0
(45,500)
-
0
-
0
(45,500)
At 31 December 2021
30,242
376,297
12,292
33,486
452,317
Charge for the year
9,301
23,355
4,093
610
37,359
At 31 December 2022
39,543
399,652
16,385
34,096
489,676
Carrying amount
At 31 December 2022
16,289
51,452
6,930
886
75,557
At 31 December 2021
25,590
44,927
11,023
916
82,456

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2022
2021
£
£
Net values at the year end
Property
16,289
25,590
Depreciation charge for the year
Property
9,301
4,653
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 25 -
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and movements thereon during the current and prior reporting period.

Tax losses
£
Deferred tax asset at 1 January 2021
(169,488)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(6,731)
Deferred tax asset at 1 January 2022
(176,219)
Deferred tax movements in current year
Charge/(credit) to profit or loss
(88,651)
Effect of change in tax rate - profit or loss
55,648
Deferred tax asset at 31 December 2022
(209,222)

The deferred tax asset is expected to be utilised from future taxable profits in excess of the losses giving rise to the deferred tax asset.

14
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Am Robotics 2018 Limited
UK
Ordinary Shares
80.00
80.00

Registered office addresses (all UK unless otherwise indicated):

1
Unit 5 Optic Technium, Ffordd William Morgan, St Asaph, Denbighshire, LL17 0JD
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Am Robotics 2018 Limited
(234,773)
(47,375)
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 26 -
15
Inventories
2022
2021
£
£
Raw materials
98,269
74,247
Work in progress
121,110
45,609
Finished goods
65,092
165,123
284,471
284,979
16
Trade and other receivables
2022
2021
£
£
Trade receivables
201,256
289,025
VAT recoverable
9,471
24,890
Amounts owed by fellow group undertakings
408,779
175,800
Other receivables
20,849
20,957
640,355
510,672
17
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables carried at amortised cost is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 27 -
18
Financial instruments - risk management

The Group's financial instruments comprise cash, receivables and payables held at amortised cost that arise from its operations.

 

The main financial risks arising from the Group's financial instruments are liquidity risk, foreign currency risk and credit risk. The directors review and agree policies for managing each of these risks.

 

The Board of the Company has overall responsibility for the determination of the Group’s financial risk management objectives and policies. The Board of the Company receives monthly reports through which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets. The overall objective is to set policies that seek to reduce risk as far as possible without unduly affecting the Group’s competitiveness and flexibility.

 

There have been no changes since the previous financial period in the Group or Company's exposure to risk or the Board's objectives in managing risk.

 

Further details regarding the financial risk policies are described below.

 

 

Credit risk

 

Credit risk is the risk of financial loss to the Group if a client or counterparty to a financial instrument fails to meet its contractual obligations.

 

The Group is mainly exposed to credit risk through credit sales. Credit risk is determined by ongoing monitoring of the creditworthiness of existing clients and through ongoing review of the trade receivables ageing analysis.

 

The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the group's maximum exposure to credit risk.

 

The group does not hold any collateral or other credit enhancements to cover this credit risk.

19
Borrowings
Current
Non-current
2022
2021
2022
2021
£
£
£
£
Borrowings held at amortised cost:
Bank loans
21,092
20,417
47,454
68,795
2022
2021
£
£
Secured borrowings included above:
Bank loans
61,579
78,445
Other loans
6,967
10,767
68,546
89,212
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
19
Borrowings
(Continued)
- 28 -

The bank loan is secured under the government backed Covid-19 help for business schedule and bears interest at 2.5% charging after 12 months of the drawdown. The bank loan is repayable at any time during the 6 year term with no penalty.

 

The other loan is secured against certain plant and machinery and bears interest at 5%.

20
Fair value of financial liabilities

The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.

21
Trade and other payables
Current
Non-current
2022
2021
2022
2021
£
£
£
£
Trade payables
60,346
56,028
-
0
-
0
Accruals
76,358
102,583
-
0
-
0
Social security and other taxation
28,789
27,151
-
0
-
0
Other payables
10,105
9,623
7,794
17,900
175,598
195,385
7,794
17,900

Liquidity risk

 

Liquidity risk arises from the Group’s management of working capital and the finance charges and principal repayments on its borrowings. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group’s objectives when maintaining working capital are to safeguard the entity’s ability to continue as a going concern so that it can continue to provide returns for all of its stakeholders and optimise its debt and equity balance.

 

The Group’s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim it seeks to maintain cash balances and borrowing facilities to meet its expected requirements. The Board of the Company receives cash flow projections on a regular basis as well as information regarding cash balances and borrowing facilities.

 

 

Exchange rate risk

 

Management regularly monitor the Group's currency positions and exchange rate movements and make currency decisions as appropriate.

 

 

Interest rate risk

 

All of the Group’s borrowings are on fixed interest rates and hence the Group has limited exposure to interest rate risks.

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 29 -
23
Deferred revenue
2022
2021
£
£
Arising from government grants
6,561
9,975
Arising from
5,700
5,700
12,261
15,675

Deferred revenues are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2022
2021
£
£
Current liabilities
8,616
3,416
Non-current liabilities
3,645
12,259
12,261
15,675
24
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
143,756
71,776

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1,164
1,164
1,164
1,164
26
Other leasing information
Lessee

Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:

2022
2021
£
£
Expense relating to short-term leases
58,955
29,140
27
Capital risk management
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
27
Capital risk management
(Continued)
- 30 -

The group is not subject to any externally imposed capital requirements.

28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

2022
2021
£
£
Short-term employee benefits
164,000
105,000
Post-employment benefits
80,000
42,975
244,000
147,975
Other transactions with related parties

During the year the group entered into the following transactions with related parties:

Sale of goods
Purchase of goods
2022
2021
2022
2021
£
£
£
£
Subsidiaries
-
0
-
0
74,671
50,500
Other information

Am Robotics 2018 Ltd
At 31 December 2022, £232,627 (2021 - £232,627) was owed by Am Robotics 2018 Limited, a subsidiary company which is controlled by MC Diagnostics Ltd. The loan is interest free and repayable on demand.

29
Directors' transactions

Dividends totalling £0 (2021 - £0) were paid in the year in respect of shares held by the company's directors.

30
Ultimate controlling party

On 30 June 2021, ACT Genomics Holdings Limited purchased 100% of the share capital in MC Diagnostics Limited and are therefore the ultimate controlling party. Accounts can be obtained from ACT Genomics Holdings Company Limited, Maples Corporate Services Limited, PO Box 309, Ugland House, Gran Kayman, KY1-1104, Kayman Islands.

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 31 -
31
Cash absorbed by operations
Year ended
Period ended
31 December
31 December
2022
2021
£
£
Profit for the year after tax
139,127
159,313
Adjustments for:
Taxation credited
(55,829)
(6,731)
Finance costs
3,892
2,227
Investment income
(6,780)
-
0
Amortisation and impairment of intangible assets
2,400
1,200
Depreciation and impairment of property, plant and equipment
37,359
33,266
Movements in working capital:
Decrease/(increase) in inventories
508
(30,716)
Increase in trade and other receivables
(129,683)
(243,055)
(Decrease)/increase in trade and other payables
(29,893)
62,429
(Decrease)/increase in deferred revenue outstanding
(3,414)
3,240
Cash absorbed by operations
(42,313)
(18,827)
32
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
14
13

Their aggregate remuneration comprised:

2022
2021
£
£
Wages and salaries
602,269
266,432
Social security costs
64,976
27,564
Pension costs
138,934
69,201
806,179
363,197
33
Share capital
Refer to note 25 of the group financial statements.
2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.200Mr Peter MaguireMr Y K ChanMr H C ChenMr I CrosbyMr L H YungMr W LingMr D S W 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