IRIS Accounts Production v23.4.0.336 09357322 Board of Directors 1.1.23 31.12.23 31.12.23 Research & experimental dev of biotech false true true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh093573222022-12-31093573222023-12-31093573222023-01-012023-12-31093573222021-12-31093573222022-01-012022-12-31093573222022-12-3109357322ns15:EnglandWales2023-01-012023-12-3109357322ns14:PoundSterling2023-01-012023-12-3109357322ns10:Director12023-01-012023-12-3109357322ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3109357322ns10:SmallEntities2023-01-012023-12-3109357322ns10:Audited2023-01-012023-12-3109357322ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3109357322ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109357322ns10:FullAccounts2023-01-012023-12-3109357322ns10:Director52023-01-012023-12-3109357322ns10:RegisteredOffice2023-01-012023-12-3109357322ns10:Director22023-01-012023-12-3109357322ns10:Director32023-01-012023-12-3109357322ns10:Director42023-01-012023-12-3109357322ns5:CurrentFinancialInstruments2023-12-3109357322ns5:CurrentFinancialInstruments2022-12-3109357322ns5:ShareCapital2023-12-3109357322ns5:ShareCapital2022-12-3109357322ns5:SharePremium2023-12-3109357322ns5:SharePremium2022-12-3109357322ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-3109357322ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-3109357322ns5:RetainedEarningsAccumulatedLosses2023-12-3109357322ns5:RetainedEarningsAccumulatedLosses2022-12-3109357322ns5:ShareCapital2021-12-3109357322ns5:RetainedEarningsAccumulatedLosses2021-12-3109357322ns5:SharePremium2021-12-3109357322ns5:FurtherSpecificReserve1ComponentTotalEquity2021-12-3109357322ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3109357322ns5:FurtherSpecificReserve1ComponentTotalEquity2022-01-012022-12-3109357322ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3109357322ns5:FurtherSpecificReserve1ComponentTotalEquity2023-01-012023-12-3109357322ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3109357322ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-310935732212023-01-012023-12-31
REGISTERED NUMBER: 09357322 (England and Wales)












SOMALOGIC LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






SOMALOGIC LIMITED (REGISTERED NUMBER: 09357322)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


SOMALOGIC LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J P Mickelsen
M J Eijsackers


REGISTERED OFFICE: 4 Studley Court
Guildford Road
Chobham
Woking
Surrey
GU24 8EB


REGISTERED NUMBER: 09357322 (England and Wales)


SENIOR STATUTORY AUDITOR: James Flood (ACA)


AUDITORS: Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR


ACCOUNTANTS: The Dyer Partnership
4 Studley Court
Guildford Road
Chobham
Woking
Surrey
GU24 8EB

SOMALOGIC LIMITED (REGISTERED NUMBER: 09357322)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
Ms A C Graves - resigned 10 April 2023
S M Blakeman - resigned 5 June 2023

J P Mickelsen and M J Eijsackers were appointed as directors after 31 December 2023 but prior to the date of this report.

R F Gutierrez ceased to be a director after 31 December 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

GOING CONCERN
There is planned group restructuring due to take place in April 2024 which will subsequently result in the cessation of the company's trade. As a result, the financial statements have been prepared on a basis other than going concern.


SOMALOGIC LIMITED (REGISTERED NUMBER: 09357322)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:



J P Mickelsen - Director


3 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOMALOGIC LIMITED


Opinion
We have audited the financial statements of SomaLogic Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, 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 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter - basis of preparation
We draw attention to note 2 to the financial statements which explains that the company will cease trading post year end. Accordingly the financial statements have been prepared on a basis other than going concern. Our opinion is not modified in respect of this matter.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOMALOGIC LIMITED


Matters on which we are required to report by exception
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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOMALOGIC LIMITED


Auditors' 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 a Report of the Auditors 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:

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. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company.

- We obtained an understanding of how the company is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOMALOGIC LIMITED


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 a Report of the Auditors 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.




James Flood (ACA) (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

4 April 2024

SOMALOGIC LIMITED (REGISTERED NUMBER: 09357322)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £ £

TURNOVER 2,141,305 1,493,191

Administrative expenses (2,256,982 ) (1,542,204 )
OPERATING LOSS and
LOSS BEFORE TAXATION (115,677 ) (49,013 )

Tax on loss 4 (5,730 ) (10,438 )
LOSS FOR THE FINANCIAL YEAR (121,407 ) (59,451 )

SOMALOGIC LIMITED (REGISTERED NUMBER: 09357322)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £
CURRENT ASSETS
Debtors 5 522,667 264,964
Cash at bank 39,732 69,620
562,399 334,584
CREDITORS
Amounts falling due within one year 6 (365,094 ) (153,547 )
NET CURRENT ASSETS 197,305 181,037
TOTAL ASSETS LESS CURRENT
LIABILITIES

197,305

181,037

CAPITAL AND RESERVES
Called up share capital 1,001 1,001
Share premium 57,657 57,657
Capital contribution reserve 529,233 391,558
Retained earnings (390,586 ) (269,179 )
SHAREHOLDERS' FUNDS 197,305 181,037

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

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2024 and were signed on its behalf by:





J P Mickelsen - Director


SOMALOGIC LIMITED (REGISTERED NUMBER: 09357322)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained Share contribution Total
capital earnings premium reserve equity
£ £ £ £ £
Balance at 1 January 2022 1,001 (209,728 ) 57,657 293,348 142,278

Changes in equity
Total comprehensive income - (59,451 ) - 98,210 38,759
Balance at 31 December 2022 1,001 (269,179 ) 57,657 391,558 181,037

Changes in equity
Total comprehensive income - (121,407 ) - 137,675 16,268
Balance at 31 December 2023 1,001 (390,586 ) 57,657 529,233 197,305

SOMALOGIC LIMITED (REGISTERED NUMBER: 09357322)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

SomaLogic Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Going concern
There is planned group restructuring due to take place in April 2024 which will subsequently result in the cessation of the company's trade. As a result, the financial statements have been prepared on a basis other than going concern.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover shown in the profit and loss account represents amounts receivable from the parent undertaking during the year, for the provision of sales and marketing support functions. Turnover in respect of services provided to the parent undertaking is calculated as attributable cost plus 4% in accordance with a transfer pricing agreement between SomaLogic UK Limited and the parent undertaking.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SOMALOGIC LIMITED (REGISTERED NUMBER: 09357322)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Share-based payments
Share based payments are disclosed within the capital contribution reserve. Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each statement of financial position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market condition.

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the statement of comprehensive income over the remaining vesting period.

Financial assets
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 8 ) .

SOMALOGIC LIMITED (REGISTERED NUMBER: 09357322)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 5,623 10,665
Prior year over/under provision 107 (227 )

Tax on loss 5,730 10,438

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Amounts owed by group undertakings 504,981 262,283
Other debtors 17,686 2,681
522,667 264,964

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 8,716 6,167
Taxation and social security 85,726 66,035
Other creditors 270,652 81,345
365,094 153,547

7. POST BALANCE SHEET EVENTS

SomaLogic Inc., the ultimate parent company, merged with Standard BioTools Inc. on 5 January 2024.

8. ULTIMATE CONTROLLING PARTY

The directors regard SomaLogic Operating Co Inc., a company incorporated in the USA, to be the immediate parent undertaking by virtue of holding 100% of the issued shares. The registered address is 2945 Wilderness Pl, Boulder, CO 80301, USA. The directors do not consider there to be an ultimate controlling party.