Company registration number 07591669 (England and Wales)
Serascience Limited
Annual Report And Financial Statements
For The Year Ended 30 June 2023
SERASCIENCE LIMITED
Serascience Limited
COMPANY INFORMATION
Directors
Mr C H F Yates
Mrs M Ross
Secretary
Mrs M Ross
Company number
07591669
Registered office
York Biotech Campus
Sand Hutton
York
North Yorkshire
YO41 1LZ
Auditor
BDO LLP
Central Square
29 Wellington Street
Leeds
LS1 4DL
SERASCIENCE LIMITED
Serascience Limited
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 19
SERASCIENCE LIMITED
Serascience Limited
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The directors present their annual report and financial statements for the year ended 30 June 2023.

Principal activities

The principal activity of the company continued to be that of the development, manufacture and sales of medical

diagnostic devices and reagents.

 

The company has taken the exemption conferred by S414(B) of the Companies Act 2006 which permits it to not present a strategic report on the grounds that it would qualify as small apart from being a member of an ineligible group.

 

The company has taken the exemption conferred by S415(A) of the Companies Act 2006 permitting it to prepare a directors report in accordance with the small companies regime on the grounds that it would qualify as small but for being a member of an ineligible group.

Results and dividends

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

No ordinary dividends were paid (2022 - £nil). The directors do not recommend payment of a final 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 C H F Yates
Mrs M Ross
Auditor

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr C H F Yates
Director
23 October 2023
SERASCIENCE LIMITED
Serascience Limited
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -

The directors are responsible for preparing the annual 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 financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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, the directors are required to:

 

 

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.

SERASCIENCE LIMITED
Serascience Limited
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF SERASCIENCE LIMITED
- 3 -
Opinion

In our opinion, the financial statements:

 

We have audited the financial statements of Serascience Limited (“the Company”) for the year ended 30 June 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

 

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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

 

Independence

We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

 

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 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 directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. 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.

SERASCIENCE LIMITED
Serascience Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF SERASCIENCE LIMITED
- 4 -

Other Companies Act 2006 reporting

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

 

In the light of the knowledge and understanding of the Company and its 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 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 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.

 

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

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Non-compliance with laws and regulations

Based on our understanding of the company and the sector in which it operates; discussion with management and those charged with governance and obtaining an understanding of the company’s policies and procedures regarding compliance with laws and regulations; we identified that the principal risks of non-compliance with laws and regulations related to the reporting framework, FRS 102, and we considered the extent to which non-compliance might have a direct impact and material effect on the company’s Financial Statements or their continued operation.

SERASCIENCE LIMITED
Serascience Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF SERASCIENCE LIMITED
- 5 -

Auditor's responsibility for the audit of the financial statements (continued)

Non-compliance with laws and regulations (continued)

Our procedures in respect of the above included:

 

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

 

Based on our risk assessment, we considered the areas most susceptible to fraud to be fictitious revenue transactions, fraudulent journals posted to revenue, fictious employees/suppliers and management override of controls.

Our procedures in respect of the above included:

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

 

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.

SERASCIENCE LIMITED
Serascience Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF SERASCIENCE LIMITED
- 6 -

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.

 

Stuart Wood (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
24 October 2023
Leeds
United Kingdom
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
SERASCIENCE LIMITED
Serascience Limited
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
2023
2022
Notes
£
£
Revenue
3
-
24,367
Cost of sales
(750)
(33,619)
Gross loss
(750)
(9,252)
Administrative expenses
(1,618)
(5,682)
Operating loss
4
(2,368)
(14,934)
Investment income
7
891
43
Finance costs
8
-
0
(97,200)
Loss before taxation
(1,477)
(112,091)
Tax on loss
9
-
0
-
0
Loss for the financial year
(1,477)
(112,091)

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 10 to 19 form part of these financial statements.

SERASCIENCE LIMITED
Serascience Limited
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2023
30 June 2023
- 8 -
2023
2022
Notes
£
£
£
£
Non-current assets
Intangible assets
10
-
0
-
0
Property, plant and equipment
11
-
0
-
0
-
0
-
0
Current assets
Trade and other receivables
12
-
0
188
Cash and cash equivalents
33,269
32,648
33,269
32,836
Current liabilities
14
(3,296,717)
(2,079,807)
Net current liabilities
(3,263,448)
(2,046,971)
Total assets less current liabilities
(3,263,448)
(2,046,971)
Non-current liabilities
15
-
0
(1,215,000)
Net liabilities
(3,263,448)
(3,261,971)
Equity
Called up share capital
16
144
144
Share premium account
1,286,751
1,286,751
Retained losses
(4,550,343)
(4,548,866)
Total equity
(3,263,448)
(3,261,971)

The notes on pages 10 to 19 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 23 October 2023 and are signed on its behalf by:
Mr C H F Yates
Director
Company Registration No. 07591669
SERASCIENCE LIMITED
Serascience Limited
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
Share capital
Share premium account
Retained losses
Total equity
£
£
£
£
Balance at 1 July 2021
144
1,286,751
(4,436,775)
(3,149,880)
Year ended 30 June 2022:
Loss and total comprehensive loss for the year
-
-
(112,091)
(112,091)
Balance at 30 June 2022
144
1,286,751
(4,548,866)
(3,261,971)
Year ended 30 June 2023:
Loss and total comprehensive loss for the year
-
-
(1,477)
(1,477)
Balance at 30 June 2023
144
1,286,751
(4,550,343)
(3,263,448)

The notes on pages 10 to 19 form part of these financial statements.

SERASCIENCE LIMITED
Serascience Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
1
Accounting policies
Company information

Serascience Limited is a private company limited by shares incorporated in England and Wales. The registered office is York Biotech Campus, Sand Hutton, York, YO41 1LZ.

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.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

Where required, equivalent disclosures are given in the group accounts of Abingdon Health Plc. The group accounts of Abingdon Health Plc are available to the public and can be obtained as set out in note 19.

1.2
Going concern

The financial statements show a balance sheet deficit of £3,263,448. true

 

The Directors have prepared cash flow forecasts for the Group under a number of scenarios, including plausible downside scenarios, for the foreseeable future, being a period of at least 12 months from the expected date of approval of the financial statements and continue to evaluate financial forecasts. The models are underpinned by a high percentage of forecast revenues up to December 2024 being based on committed milestone based contracts.  The  Group continues to focus on partnering with other Companies to develop products for manufacture and transition these in a timely manner and securing sales of existing and new products through its websites and distribution channels. At 30 June 2023 the group cash bank balance was £3.2m. Cash burn on a monthly basis continues to reduce.

 

Existing facilities provided by the company’s parent, Abingdon Health Plc, will provide sufficient funds for operations to continue at their current level for a minimum of 12 months from the date of the approval of these financial statements. There is a binding letter of support in place to evidence this.

SERASCIENCE LIMITED
Serascience Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 11 -
1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. 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.

1.4
Intangible fixed assets - 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 accumulated amortisation and accumulated impairment losses. Goodwill is reviewed for annually for indications of impairment.

 

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.

1.5
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:

Patents & licences
10% straight line
Development costs
10% straight line
SERASCIENCE LIMITED
Serascience Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 12 -
1.6
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:

Fixtures and fittings
20% - 33% straight line
Computers
33% 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.

1.7
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.

1.8
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 statement of financial position 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.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

SERASCIENCE LIMITED
Serascience Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 13 -
Financial instruments (continued)
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative 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, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

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 through 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.

SERASCIENCE LIMITED
Serascience Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 14 -
Financial instruments (continued)
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
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.

1.10
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 company’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 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 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 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.

1.11
Retirement benefits

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

1.12
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.

SERASCIENCE LIMITED
Serascience Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
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 (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Going concern

The accounts are prepared on the going concern basis, despite significant level of retained losses. Further explanation of this judgement is provided in note 1.2.

3
Revenue
2023
2022
£
£
Revenue analysed by class of business
Clinical sales
-
24,270
Other income
-
97
-
24,367
2023
2022
£
£
Revenue analysed by geographical market
Europe
-
24,367
2023
2022
£
£
Other revenue
Interest income
891
43
4
Operating loss
2023
2022
Operating loss for the year is stated after charging:
£
£
Exchange losses
-
0
756
Amortisation of intangible assets
-
2,130
Impairment of inventories recognised or reversed
750
23,324
SERASCIENCE LIMITED
Serascience Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 16 -
5
Employees

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

2023
2022
Number
Number
Directors
2
2
6
Auditor's remuneration

In the current and prior year the company's audit fee has been borne by its parent, Abingdon Health Plc.

7
Investment income
2023
2022
£
£
Interest income
Interest on bank deposits
891
43
8
Finance costs
2023
2022
£
£
Interest payable to group undertakings
-
0
97,200
9
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(1,477)
(112,091)
Expected tax credit based on the standard rate of corporation tax in the UK of 20.50% (2022: 19.00%)
(303)
(21,297)
Tax effect of expenses that are not deductible in determining taxable profit
303
-
0
Change in unrecognised deferred tax assets
-
0
20,892
Amortisation on assets not qualifying for tax allowances
-
0
405
Taxation charge for the year
-
-

The UK corporation tax rate rose from 19% to 25% on 1 April 2023. The tax rate shown of 20.5% is a composite figure and reflects that two different rates were applied during the year.

 

The company has estimated tax losses of £nil (2022 - £2,155,864) which have not been recognised in the current or prior year. As the company has now stopped trading the losses are no longer available.

SERASCIENCE LIMITED
Serascience Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 17 -
10
Intangible fixed assets
Goodwill
Patents & licences
Development costs
Total
£
£
£
£
Cost
At 1 July 2022 and 30 June 2023
4,268
5,679
533,550
543,497
Amortisation and impairment
At 1 July 2022 and 30 June 2023
4,268
5,679
533,550
543,497
Carrying amount
At 30 June 2023
-
0
-
0
-
0
-
0
At 30 June 2022
-
0
-
0
-
0
-
0
11
Property, plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
Cost and valuation
At 1 July 2022 and 30 June 2023
18,710
24,767
43,477
Depreciation and impairment
At 1 July 2022 and 30 June 2023
18,710
24,767
43,477
Carrying amount
At 30 June 2023
-
0
-
0
-
0
At 30 June 2022
-
0
-
0
-
0
12
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Other receivables
-
0
60
Prepayments and accrued income
-
0
128
-
0
188
13
Borrowings
2023
2022
£
£
Loans from parent undertakings
-
0
1,215,000
Payable after one year
-
0
1,215,000
SERASCIENCE LIMITED
Serascience Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
13
Borrowings
(Continued)
- 18 -

The interest rate on the loan with Abingdon Health Plc, the company's ultimate parent, is 0% (2022:8%) per annum. Interest on the loan was stopped at the start of the financial year. The loan is now repayable on demand and has therefore been classed as a current liability.

14
Current liabilities
2023
2022
£
£
Amounts owed to parent undertakings
3,227,238
2,010,898
Amounts owed to fellow group undertakings
68,178
67,388
Accruals and deferred income
1,301
1,521
3,296,717
2,079,807

The amounts owed to parent undertakings carry no interest and is repayable on demand.

15
Non-current liabilities
2023
2022
£
£
Amounts owed to parent undertakings
-
0
1,215,000
16
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
13,510
13,510
135
135
A Ordinary shares of 1p each
869
869
9
9
14,379
14,379
144
144
17
Financial commitments, guarantees and contingent liabilities

The company is not party to any contingent liabilities, capital commitments, or guarantees as at the current or comparative year end.

18
Related party transactions

The company has taken advantage of the disclosure exemptions of Section 33.1A of FRS 102 which permit it to not present details of its transactions with members of the group headed by Abingdon Health Plc where relevant group companies are all wholly owned. Details of outstanding balances as at the year end are given in note 14.

SERASCIENCE LIMITED
Serascience Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 19 -
19
Ultimate controlling party

The company's immediate parent company is Abingdon Health Plc, a company registered in England and Wales.

 

The ultimate parent company and controlling party is Abingdon Health Plc, a company incorporated in the England and Wales with registered office York Biotech Campus, Sand Hutton, York, YO41 1LZ. Abingdon Health Plc is the smallest and largest group into which Serascience Limited is consolidated.

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