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REGISTERED NUMBER: 07150559 (England and Wales)













Randox AD Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023






Randox AD Limited (Registered number: 07150559)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company information 1

Statement of financial position 2

Notes to the financial statements 3 to 6


Randox AD Limited

Company Information
for the Year Ended 31 December 2023







Directors: Mr R A Hunniford
Mr V J Hunniford
Mr D P Bullen





Secretary: Mr G P May





Registered office: The Old School High Street
Stretham
Ely
England
CB6 3LD





Registered number: 07150559 (England and Wales)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

Randox AD Limited (Registered number: 07150559)

Statement of Financial Position
31 December 2023

2023 2022
Notes £ £
Fixed assets
Property, plant and equipment 4 2,438,630 2,604,133

Current assets
Receivables 5 404,767 379,338
Cash at bank 101,088 54,232
505,855 433,570
Payables
Amounts falling due within one year 6 (5,588,342 ) (5,469,895 )
Net current liabilities (5,082,487 ) (5,036,325 )
Total assets less current liabilities (2,643,857 ) (2,432,192 )

Capital and reserves
Called up share capital 7 100 100
Retained earnings (2,643,957 ) (2,432,292 )
Shareholders' funds (2,643,857 ) (2,432,192 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 July 2024 and were signed on its behalf by:





Mr D P Bullen - Director


Randox AD Limited (Registered number: 07150559)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. Statutory information

Randox AD 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - 4.08% on cost
Plant and machinery - 5% on cost

Property, plant and equipment under the cost model are stated at historical cost, less accumulated depreciation. 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Receivables
Short term receivables 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.

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.

Randox AD Limited (Registered number: 07150559)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. Accounting policies - continued

Payables
Short term payables 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.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Borrowing costs
All borrowing costs are recognised in the Income Statement in the period in which they are incurred.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of tangible assets
The annual depreciation charges for tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the Property, Plant and Equipment note for the carrying amount of the assets, and note 2 for the useful economic lives for each class of asset.

Going concern
The financial statements have been prepared on the going concern basis. The company has net liabilities of £2,643,857 however a related party has confirmed continued financial support. The company is delivering strong, sustained EBITDA and the board are proactively reviewing alternative finance providers to reduce finance costs in the future. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

3. Employees and directors

The average number of employees during the year was 4 (2022 - 4 ) .

Randox AD Limited (Registered number: 07150559)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. Property, plant and equipment
Short Plant and
leasehold machinery Totals
£ £ £
Cost
At 1 January 2023
and 31 December 2023 18,456 3,294,983 3,313,439
Depreciation
At 1 January 2023 3,639 705,667 709,306
Charge for year 753 164,750 165,503
At 31 December 2023 4,392 870,417 874,809
Net book value
At 31 December 2023 14,064 2,424,566 2,438,630
At 31 December 2022 14,817 2,589,316 2,604,133

5. Receivables: amounts falling
due within one year
2023 2022
£ £
Trade receivables 75,607 72,813
Other receivables 329,160 306,525
404,767 379,338

6. Payables: amounts falling due
within one year
2023 2022
£ £
Trade payables 230,832 181,904
Amounts owed to related party 5,258,816 5,203,850
Taxation and social security 21,313 3,581
Other payables 77,381 80,560
5,588,342 5,469,895

The amount owed to related party is secured by a fixed and floating charge over the assets of Randox AD Limited in the form of a debenture.

7. Called up share capital

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £ £
100 Share capital 1 100 100

Randox AD Limited (Registered number: 07150559)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


8. Other financial commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Land & buildings
Y'E 2023Y'E 2022
£   £   
Due:
Within one year86,71471,133
Between one and five years346,856284,530
In over five years1,177,8671,037,350
1,611,4371,393,013

9. Related party disclosures

The immediate holding company is Privilege Investments Limited, The Old School High Street, Stretham, Ely, England, CB6 3LD. UK company registration number 07501320.

The smallest entity for which consolidated financial statements are available is Privilege Project Finance Limited.