IRIS Accounts Production v24.1.0.578 09462917 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh094629172023-03-31094629172024-03-31094629172023-04-012024-03-31094629172022-03-31094629172022-04-012023-03-31094629172023-03-3109462917ns15:EnglandWales2023-04-012024-03-3109462917ns14:PoundSterling2023-04-012024-03-3109462917ns10:Director12023-04-012024-03-3109462917ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3109462917ns10:SmallEntities2023-04-012024-03-3109462917ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3109462917ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3109462917ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3109462917ns10:FullAccounts2023-04-012024-03-310946291712023-04-012024-03-3109462917ns10:Director22023-04-012024-03-3109462917ns10:Director42023-04-012024-03-3109462917ns10:CompanySecretary12023-04-012024-03-3109462917ns10:RegisteredOffice2023-04-012024-03-3109462917ns5:CurrentFinancialInstruments2024-03-3109462917ns5:CurrentFinancialInstruments2023-03-3109462917ns5:ShareCapital2024-03-3109462917ns5:ShareCapital2023-03-3109462917ns5:SharePremium2024-03-3109462917ns5:SharePremium2023-03-3109462917ns5:FurtherSpecificReserve1ComponentTotalEquity2024-03-3109462917ns5:FurtherSpecificReserve1ComponentTotalEquity2023-03-3109462917ns5:RetainedEarningsAccumulatedLosses2024-03-3109462917ns5:RetainedEarningsAccumulatedLosses2023-03-3109462917ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3109462917ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-012024-03-3109462917ns5:LeaseholdImprovements2023-04-012024-03-3109462917ns5:PlantMachinery2023-04-012024-03-3109462917ns5:FurnitureFittings2023-04-012024-03-3109462917ns5:ComputerEquipment2023-04-012024-03-3109462917ns5:IntangibleAssetsOtherThanGoodwill2023-03-3109462917ns5:IntangibleAssetsOtherThanGoodwill2024-03-3109462917ns5:IntangibleAssetsOtherThanGoodwill2023-03-3109462917ns5:LeaseholdImprovements2023-03-3109462917ns5:PlantMachinery2023-03-3109462917ns5:FurnitureFittings2023-03-3109462917ns5:ComputerEquipment2023-03-3109462917ns5:LeaseholdImprovements2024-03-3109462917ns5:PlantMachinery2024-03-3109462917ns5:FurnitureFittings2024-03-3109462917ns5:ComputerEquipment2024-03-3109462917ns5:LeaseholdImprovements2023-03-3109462917ns5:PlantMachinery2023-03-3109462917ns5:FurnitureFittings2023-03-3109462917ns5:ComputerEquipment2023-03-3109462917ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3109462917ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31
REGISTERED NUMBER: 09462917 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

VERITIE DIAGNOSTICS LIMITED

VERITIE DIAGNOSTICS LIMITED (REGISTERED NUMBER: 09462917)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VERITIE DIAGNOSTICS LIMITED

Company Information
for the year ended 31 March 2024







DIRECTORS: Mr S G Davies
Dr C Muldoon
Mr M A Evans





SECRETARY: Mrs V J Clark





REGISTERED OFFICE: 22 Hanborough Business Park
Long Hanborough
Witney
OX29 8LH





REGISTERED NUMBER: 09462917 (England and Wales)





ACCOUNTANTS: Camerons Accountancy Consultants Limited
Chartered Accountants
9 Worton Park
Cassington
Witney
Oxfordshire
OX29 4SX

VERITIE DIAGNOSTICS LIMITED (REGISTERED NUMBER: 09462917)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 62,000 55,275
Tangible assets 5 250,493 34,428
312,493 89,703

CURRENT ASSETS
Stocks 60,000 60,000
Debtors 6 35,857 26,912
Cash at bank 759,385 1,883,691
855,242 1,970,603
CREDITORS
Amounts falling due within one year 7 66,745 127,961
NET CURRENT ASSETS 788,497 1,842,642
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,100,990

1,932,345

CAPITAL AND RESERVES
Called up share capital 1,682 1,682
Share premium 3,313,034 3,313,034
Other reserves 158,822 158,822
Retained earnings (2,372,548 ) (1,541,193 )
1,100,990 1,932,345

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 August 2024 and were signed on its behalf by:





Dr C Muldoon - Director


VERITIE DIAGNOSTICS LIMITED (REGISTERED NUMBER: 09462917)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Veritie Diagnostics 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 2% on cost
Plant and machinery - 33% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

VERITIE DIAGNOSTICS LIMITED (REGISTERED NUMBER: 09462917)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Grant income
Grant income is accounted for using the performance model. Where a grant does not impose specific future performance conditions, money received is recognised in other income when grant money is received or receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023 66,894
Disposals 10,600
At 31 March 2024 77,494
AMORTISATION
At 1 April 2023 11,619
Charge for year 3,875
At 31 March 2024 15,494
NET BOOK VALUE
At 31 March 2024 62,000
At 31 March 2023 55,275

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 - 37,753 - 26,439 64,192
Additions 99,619 142,598 33,706 20,432 296,355
At 31 March 2024 99,619 180,351 33,706 46,871 360,547
DEPRECIATION
At 1 April 2023 - 15,251 - 14,513 29,764
Charge for year 1,992 58,783 6,741 12,774 80,290
At 31 March 2024 1,992 74,034 6,741 27,287 110,054
NET BOOK VALUE
At 31 March 2024 97,627 106,317 26,965 19,584 250,493
At 31 March 2023 - 22,502 - 11,926 34,428

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 35,857 26,912

VERITIE DIAGNOSTICS LIMITED (REGISTERED NUMBER: 09462917)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 24,031 13,728
Taxation and social security 16,663 12,733
Other creditors 26,051 101,500
66,745 127,961