Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-30falsetrue2022-10-01falseNo description of principal activity1010The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02959160 2022-10-01 2023-09-30 02959160 2021-10-01 2022-09-30 02959160 2023-09-30 02959160 2022-09-30 02959160 c:Director1 2022-10-01 2023-09-30 02959160 d:PlantMachinery 2022-10-01 2023-09-30 02959160 d:PlantMachinery 2023-09-30 02959160 d:PlantMachinery 2022-09-30 02959160 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 02959160 d:FurnitureFittings 2022-10-01 2023-09-30 02959160 d:FurnitureFittings 2023-09-30 02959160 d:FurnitureFittings 2022-09-30 02959160 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 02959160 d:ComputerEquipment 2022-10-01 2023-09-30 02959160 d:ComputerEquipment 2023-09-30 02959160 d:ComputerEquipment 2022-09-30 02959160 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 02959160 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 02959160 d:CurrentFinancialInstruments 2023-09-30 02959160 d:CurrentFinancialInstruments 2022-09-30 02959160 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 02959160 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 02959160 d:ShareCapital 2023-09-30 02959160 d:ShareCapital 2022-09-30 02959160 d:SharePremium 2023-09-30 02959160 d:SharePremium 2022-09-30 02959160 d:RetainedEarningsAccumulatedLosses 2023-09-30 02959160 d:RetainedEarningsAccumulatedLosses 2022-09-30 02959160 c:OrdinaryShareClass1 2022-10-01 2023-09-30 02959160 c:OrdinaryShareClass1 2023-09-30 02959160 c:OrdinaryShareClass1 2022-09-30 02959160 c:OrdinaryShareClass2 2022-10-01 2023-09-30 02959160 c:OrdinaryShareClass2 2023-09-30 02959160 c:OrdinaryShareClass2 2022-09-30 02959160 c:FRS102 2022-10-01 2023-09-30 02959160 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 02959160 c:FullAccounts 2022-10-01 2023-09-30 02959160 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 02959160 2 2022-10-01 2023-09-30 02959160 4 2022-10-01 2023-09-30 02959160 6 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02959160













FAST MDX LIMITED
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023


 
FAST MDX LIMITED
REGISTERED NUMBER:02959160


BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,761
3,333

Investments
 5 
200,000
200,000

  
201,761
203,333

Current assets
  

Debtors: amounts falling due within one year
 6 
196,588
335,243

Cash at bank and in hand
 7 
331,062
507,393

  
527,650
842,636

Creditors: amounts falling due within one year
 8 
(1,530,123)
(1,616,301)

Net current liabilities
  
 
 
(1,002,473)
 
 
(773,665)

Total assets less current liabilities
  
(800,712)
(570,332)

  

Net liabilities
  
(800,712)
(570,332)


Capital and reserves
  

Called up share capital 
 9 
3
3

Share premium account
  
2,675,861
1,925,861

Profit and loss account
  
(3,476,576)
(2,496,196)

  
(800,712)
(570,332)


Page 1


 
FAST MDX LIMITED
REGISTERED NUMBER:02959160

    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

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

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




R A Lewis
Director

Date: 23 January 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2


 
FAST MDX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Fast MDX Limited is a limited liability company incorporated in England. The registered office is 65 Bideford Avenue, Perivale, Middlesex, UB6 7PP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The following principal accounting policies have been applied:

 
2.2

Going concern

Although the company suffered an operating loss during the year, it received capital injections which reduced the balance sheet deficit to £800,712 at the year end.
The company anticipates that the first sales will begin early the next financial year, leading to increased revenues and profitability in the medium term. In the mean time, support is provided by way of related party finance.
In light of this and after taking into account all other information that could reasonably be expected to be available, the directors are confident that the company will continue in operational existence for the foreseeable future and that the going concern basis is therefore appropriate for the preparation of the company's financial statements.

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 3


 
FAST MDX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

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

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

Tangible fixed assets

Tangible fixed assets (greater than £250) under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
3 years straight line
Fixtures & fittings
-
5 years straight line
Computer equipment
-
3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4


 
FAST MDX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Debtors

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

 
2.12

Cash and cash equivalents

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

 
2.13

Creditors

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

 
2.14

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash
Page 5


 
FAST MDX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 10).


4.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2022
11,322
20,000
-
31,322


Additions
699
-
1,769
2,468


Disposals
(6,372)
-
-
(6,372)



At 30 September 2023

5,649
20,000
1,769
27,418



Depreciation


At 1 October 2022
11,322
16,667
-
27,989


Charge for the year on owned assets
118
3,333
589
4,040


Disposals
(6,372)
-
-
(6,372)



At 30 September 2023

5,068
20,000
589
25,657



Net book value



At 30 September 2023
581
-
1,180
1,761



At 30 September 2022
-
3,333
-
3,333

Page 6


 
FAST MDX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2022
200,000



At 30 September 2023
200,000





6.


Debtors

2023
2022
£
£


Other debtors
196,588
335,243



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
331,062
507,393



8.


Creditors: amounts falling due within one year

2023
2022
£
£

Other loans
1,059,208
1,025,970

Trade creditors
35,409
36,118

Amounts owed to group undertakings
410,996
530,535

Other taxation and social security
16,893
16,437

Other creditors
3,135
4,641

Accruals and deferred income
4,482
2,600

1,530,123
1,616,301


The amounts owed to connected parties are secured under a fixed and floating charge over the company.

Page 7


 
FAST MDX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



231,108 (2022 - 231,108) Ordinary A1 shares of £0.00001 each
2
2
81,623 (2022 - 58,043) Ordinary shares of £0.00001 each
1
1

3

3

On 14 February 2023, 23,580 Ordinary shares where issued at £31.806616.



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £8,433 (2022 - £7,364). Contributions totaling £3,136 (2022 - £4,641) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

Material balances and transactions with related parties arising during the year were as follows:
Balances with related parties:


Brought forward
Amounts advanced
Amounts repaid
30 September 2023
£
£
£
£

Fast MDX (IP) Limited
530,535
123,786
4,247
410,996


Transactions with related parties:

2022
        £
Patent charges from:

Fast MDX (IP) Limited

16,105


Nature of relationship
R A Lewis, a director and majority shareholder of this company, is also a director in Fast MDX (IP) Limited.

 
Page 8