REGISTERED NUMBER: |
Randox AD Limited |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
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 |
Current assets |
Receivables | 5 |
Cash at bank |
Payables |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
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. |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Short leasehold | - |
Plant and machinery | - |
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 |
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 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
5. | Receivables: amounts falling |
due within one year |
2023 | 2022 |
£ | £ |
Trade receivables |
Other receivables |
6. | Payables: amounts falling due |
within one year |
2023 | 2022 |
£ | £ |
Trade payables |
Amounts owed to related party |
Taxation and social security |
Other payables |
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: | £ | £ |
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 2023 | Y'E 2022 |
£ | £ |
Due: |
Within one year | 86,714 | 71,133 |
Between one and five years | 346,856 | 284,530 |
In over five years | 1,177,867 | 1,037,350 |
1,611,437 | 1,393,013 |
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. |