Registered number
02905701
DIAGENICS LIMITED
Filleted Accounts
31 May 2023
DIAGENICS LIMITED
Registered number: 02905701
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 21,888 17,368
Current assets
Stocks 124,020 70,034
Debtors 5 438,161 252,364
Cash at bank and in hand 57,141 76,788
619,322 399,186
Creditors: amounts falling due within one year 6 (431,641) (243,846)
Net current assets 187,681 155,340
Total assets less current liabilities 209,569 172,708
Provisions for liabilities (3,078) (3,078)
Net assets 206,491 169,630
Capital and reserves
Called up share capital 100 100
Profit and loss account 206,391 169,530
Shareholders' funds 206,491 169,630
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Soni
Director
Approved by the board on 8 April 2024
DIAGENICS LIMITED
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 20,000
At 31 May 2023 20,000
Amortisation
At 1 June 2022 20,000
At 31 May 2023 20,000
Net book value
At 31 May 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 100,944
Additions 9,992
At 31 May 2023 110,936
Depreciation
At 1 June 2022 83,576
Charge for the year 5,472
At 31 May 2023 89,048
Net book value
At 31 May 2023 21,888
At 31 May 2022 17,368
5 Debtors 2023 2022
£ £
Trade debtors 265,229 79,432
Corporation tax recoverable 6,932 6,932
Other debtors 166,000 166,000
438,161 252,364
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 39,531 39,621
Taxation and social security costs 48,569 55,088
Other creditors 343,541 149,137
431,641 243,846
7 Other information
DIAGENICS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Mandeville House
45-47 Tudor Road
Harrow
Middlesex
HA3 5PQ
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