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Registered number: 06465874










Optigene Limited










Annual report and financial statements

For the year ended 30 November 2023

 
Optigene Limited
 

Company Information


Directors
M P Andreou 
D R Clark 




Company secretary
M P Andreou



Registered number
06465874



Registered office
Unit 5 Blatchford Road

Horsham

West Sussex

RH13 5QR




Independent auditor
Kreston Reeves LLP
Statutory Auditor & Chartered Accountants

Springfield House

Springfield Road

Horsham

West Sussex

RH12 2RG





 
Optigene Limited
 

Contents



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated balance sheet
10
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Notes to the financial statements
15 - 31


 
Optigene Limited
 

Group strategic report
For the year ended 30 November 2023

Introduction
 
The directors present their report with the financial statements of the Group for the year ended 30 November 2023.

Business review and future developments
 
Following the conclusion of the Group’s contract with the DHSC in the previous year, the volume of trade has continued to fall to levels more comparable with pre-pandemic results. That being said, the Group continues to make strong profits prior to charity donations, and this is not expected to change significantly in the coming years.
Following the successful formation of a charitable trust known as the OptiGene Foundation in the previous year, a donation of £1 million was made by the company in the current year. The Group has now donated a total of £2 million to the OptiGene Foundation to provide funds for a range of charities. There has not yet been a formal decision to add to this, though this is likely in the future. In any case, the Group does expect to generate profits and expand its operations going forwards.
During 2023, the directors of the Group decided to further develop the business by securing the services of a Chief Commercial Officer. Having chosen a suitable candidate, we offered a three-month trial contract before making the decision to make a formal offer of employment. The new CCO took up his post at the beginning of 2024 and has been tasked with promoting the products and services of OptiGene around the world, with particular emphasis on the USA.

Principal risks and uncertainties
 
Financial risks are covered in the financial instruments of the section of the directors’ report. In addition to the financial risks, the company is exposed to normal commercial risks associated with a business of this nature. These are mitigated by a number of factors; whilst the company only uses a small number of suppliers, these suppliers are closely related to the company and are considered to be highly reliable as a result. Furthermore, the company sells to a large and diverse customer base and as such it is not heavily reliant on a small number of companies for its trade.

Financial key performance indicators
 
The directors consider the key performance indicators to be sales, gross profit margin and EBITDA (earnings before interest, taxes, depreciation and amortisation).
The numbers are as follows:

KPI
2023
2022
Sales
£3,741,556
£11,824,268
Gross Profit Margin
0.15%
14.61%
EBITDA
(£701,741)
(£1,143,010)

Other key performance indicators
 
The directors do not consider there to be any other key performance indicators relevant to the company.

Page 1

 
Optigene Limited
 

Group strategic report (continued)
For the year ended 30 November 2023

Directors' statement of compliance with duty to promote the success of the Group
 
A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so must have regard (amongst other matters) for factors (a) to (f) in s172 of the Companies Act 2006. The interest of the directors and shareholders have aligned as all shareholders are also directors of the business and/or are actively involved in management.
While the Group had grown to a considerable size in recent years, the culture has remained that of a small company and, with the absence of external investors or debt providers, the approach to decision making has always been for the long term, evidenced by the significant investments made in recent years. Again, with regard to the long-standing position of the Group in the industry, the interests of suppliers and customers have always been critical, with the majority of suppliers having a long-standing relationship with the Group.


This report was approved by the board and signed on its behalf.



M P Andreou
Director

Date: 14 August 2024

Page 2

 
Optigene Limited
 

 
Directors' report
For the year ended 30 November 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The Group's principal activity during the year was the continued manufacture and supply of DNA isothermal amplication units along with other scientific measuring and testing equipment.

Results and dividends

The loss for the year, after taxation, amounted to £303,246 (2022 - loss £1,692,031).

During the year the directors declared a dividend of £4,360,000 (2022 - £4,370,000).

Directors

The directors who served during the year were:

M P Andreou 
D R Clark 

Page 3

 
Optigene Limited
 

 
Directors' report (continued)
For the year ended 30 November 2023

Financial instruments

The Group is funded from internal resources with no external debt, and as such there is no exposure to interest rate risk. The Group is exposed to liquidity and cash flow risk, however in normal times these have relatively low variability, and the risk is mitigated by the group maintaining significant cash reserves, the level of which had been increased substantially in recent years.
The Group is exposed to normal commerical risks in terms of pricing pressure, however given the nature of the products involved much of this risk can be transferred onto the customers and as such the sales price is relatively elastic.
Finally, the Group is exposed to foreign exchange risk and there are currently no hedging techniques deployed by the Group to mitigate this. However, the majority of the Group's trade is and has always been derived from the UK and as such the bulk of transactions are entered into in sterling. Should this change in the future, there could be a heightened risk here.

Engagement with suppliers, customers and others

The Group places particular importance in maintaining positive relations with all suppliers, in particular aiming to comply with suppliers' credit terms.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

The auditor, Kreston Reeves LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 14 August 2024 and signed on its behalf.
 





M P Andreou
Director

Page 4

 
Optigene Limited
 

 
Independent auditor's report to the members of Optigene Limited
 

Opinion


We have audited the financial statements of Optigene Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 November 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘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 Group's and of the parent Company's affairs as at 30 November 2023 and of the Group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
Optigene Limited
 

 
Independent auditor's report to the members of Optigene Limited (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 is 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
Optigene Limited
 

 
Independent auditor's report to the members of Optigene Limited (continued)


Auditor's 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 an Auditor's report 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 Group financial statements.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud:
Based on our understanding of the Group and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue or expenditure, management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:

Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management; and
Assessment of identified fraud risk factors; and
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying key contracts and confirming that all required procurement and tendering procedures have been followed; and
Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax and regulatory authorities; and
Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
Identifying and testing journal entries, in particular any manual entries made at the year-end for financial statement preparation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
Page 7

 
Optigene Limited
 

 
Independent auditor's report to the members of Optigene Limited (continued)




As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 2006Our 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 an Auditor's report 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.





Allan Pinner FCCA (Senior statutory auditor)
for and on behalf of
Kreston Reeves LLP
Statutory Auditor
Chartered Accountants
Horsham

20 August 2024
Page 8

 
Optigene Limited
 

Consolidated statement of comprehensive income
For the year ended 30 November 2023

2023
2022
Note
£
£

  

Turnover
 4 
3,741,556
11,824,268

Cost of sales
  
(3,736,063)
(10,096,370)

Gross profit
  
5,493
1,727,898

Administrative expenses
  
(1,503,431)
(2,302,289)

Fair value movements
  
93,421
(415,583)

Operating loss
 5 
(1,404,517)
(989,974)

Income from fixed assets investments
  
274,254
132,339

Gain/(loss) on disposal of investments
  
395,664
(994,148)

Interest receivable and similar income
 9 
107,758
70,607

Interest payable and similar expenses
 10 
-
(76,000)

Loss before tax
  
(626,841)
(1,857,176)

Tax on loss
 11 
323,595
165,145

Loss for the financial year
  
(303,246)
(1,692,031)

Profit for the year attributable to:
  

Owners of the parent company
  
(303,246)
(1,692,031)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 31 form part of these financial statements.

Page 9

 
Optigene Limited
Registered number: 06465874

Consolidated balance sheet
As at 30 November 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
  
266,760
113,417

Fixed asset investments
  
19,044,591
18,205,911

  
19,311,351
18,319,328

Current assets
  

Stocks
 15 
631,372
314,447

Debtors: amounts falling due within one year
 16 
1,136,417
989,567

Cash at bank and in hand
 17 
8,139,509
13,505,152

  
9,907,298
14,809,166

Creditors: amounts falling due within one year
 18 
(2,929,637)
(1,297,708)

Net current assets
  
 
 
6,977,661
 
 
13,511,458

Total assets less current liabilities
  
26,289,012
31,830,786

Provisions for liabilities
  

Deferred tax
  
-
(40,312)

Net assets
  
26,289,012
31,790,474


Capital and reserves
  

Called up share capital 
 21 
837
872

Capital redemption reserve
 22 
35
-

Profit and loss account
 22 
26,288,140
31,789,602

  
26,289,012
31,790,474


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






M P Andreou
Director

Date: 14 August 2024

The notes on pages 15 to 31 form part of these financial statements.

Page 10

 
Optigene Limited
Registered number: 06465874

Company balance sheet
As at 30 November 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
266,760
113,417

Investments
 14 
19,053,633
18,214,953

  
19,320,393
18,328,370

Current assets
  

Stocks
  
554,584
314,447

Debtors: amounts falling due within one year
 16 
1,263,026
1,126,359

Cash at bank and in hand
 17 
8,075,993
13,471,802

  
9,893,603
14,912,608

Creditors: amounts falling due within one year
 18 
(2,936,257)
(1,305,537)

Net current assets
  
 
 
6,957,346
 
 
13,607,071

Total assets less current liabilities
  
26,277,739
31,935,441

  

Provisions for liabilities
  

Deferred taxation
  
-
(40,312)

Net assets
  
26,277,739
31,895,129


Capital and reserves
  

Called up share capital 
 21 
837
872

Capital redemption reserve
 22 
35
-

Profit and loss account
 22 
26,276,867
31,894,257

  
26,277,739
31,895,129


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






M P Andreou
Director

Date: 14 August 2024

The notes on pages 15 to 31 form part of these financial statements.

Page 11

 
Optigene Limited
 

Consolidated statement of changes in equity
For the year ended 30 November 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 December 2021
872
-
37,841,633
37,842,505
37,842,505



Loss for the year
-
-
(1,692,031)
(1,692,031)
(1,692,031)

Dividends
-
-
(4,360,000)
(4,360,000)
(4,360,000)



At 1 December 2022
872
-
31,789,602
31,790,474
31,790,474



Loss for the year
-
-
(303,246)
(303,246)
(303,246)

Dividends
-
-
(4,360,000)
(4,360,000)
(4,360,000)

Purchase of own shares
(35)
35
(838,216)
(838,216)
(838,216)


At 30 November 2023
837
35
26,288,140
26,289,012
26,289,012


The notes on pages 15 to 31 form part of these financial statements.

Page 12

 
Optigene Limited
 

Company statement of changes in equity
For the year ended 30 November 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 December 2021
872
-
37,841,633
37,842,505



Loss for the year
-
-
(1,587,376)
(1,587,376)

Dividends
-
-
(4,360,000)
(4,360,000)



At 1 December 2022
872
-
31,894,257
31,895,129



Loss for the year
-
-
(419,174)
(419,174)

Dividends
-
-
(4,360,000)
(4,360,000)

Purchase of own shares
(35)
35
(838,216)
(838,216)


At 30 November 2023
837
35
26,276,867
26,277,739


The notes on pages 15 to 31 form part of these financial statements.

Page 13

 
Optigene Limited
 

Consolidated statement of cash flows
For the year ended 30 November 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(303,246)
(1,692,031)

Adjustments for:

Depreciation of tangible assets
32,858
192,839

Impairments of fixed assets
-
515,933

(Profit)/loss on sale of listed investments
(395,664)
994,148

Interest paid
-
76,000

Interest received
(107,758)
(70,607)

Taxation charge
(323,595)
(165,145)

(Increase)/decrease in stocks
(316,925)
2,874,973

Decrease in debtors
137,150
1,097,526

Increase/(decrease) in creditors
1,837,989
(3,594,050)

(Decrease) in amounts owed to related parties
(206,060)
(199,667)

Net fair value (gains)/losses recognised in P&L
(93,421)
415,583

Dividends received
(274,254)
(132,339)

Corporation tax (paid)
(717)
(4,385,374)

Net cash generated from operating activities

(13,643)
(4,072,211)


Cash flows from investing activities

Purchase of tangible fixed assets
(186,201)
-

Purchase of listed investments
(13,054,701)
(24,761,674)

Sale of listed investments
12,705,106
15,005,338

Interest received
107,758
70,607

Dividends received
274,254
132,339

Net cash from investing activities

(153,784)
(9,553,390)

Cash flows from financing activities

Dividends paid
(4,360,000)
(4,360,000)

Interest paid
-
(76,000)

Purchase of own shares
(838,216)
-

Net cash used in financing activities
(5,198,216)
(4,436,000)

Net (decrease) in cash and cash equivalents
(5,365,643)
(18,061,601)

Cash and cash equivalents at beginning of year
13,505,152
31,566,753

Cash and cash equivalents at the end of year
8,139,509
13,505,152


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
8,139,509
13,505,152

8,139,509
13,505,152


Page 14

 
Optigene Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

1.


General information

The company is a private company limited by share capital and incorporated in England and Wales. The registered office of the company is Unit 5 Blatchford Road, Horsham, West Sussex, RH13 5QR.
The nature of the Group's operations and its principal activity are set out in the Directors' report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 15

 
Optigene Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in the Consolidated statement of comprehensive income within 'Administrative expenses'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

For all sales in the period, the Company deemed that the risks and rewards of ownership were transferred on the physical delivery of goods. 

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 16

 
Optigene Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Licence
-
10
years

Page 17

 
Optigene Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Equipment
-
33%
and 20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.11

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 18

 
Optigene Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.12

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.15

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.

 
2.16

Creditors

Short-term creditors are measured at the transaction price.

Page 19

 
Optigene Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.17

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Page 20

 
Optigene Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 21

 
Optigene Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances, however, by their nature they will rarely equal the related actual outcome.
The following judgements and estimates have had the most significant impact on the amounts recognised in the financial statements:
Impairment of stock
In determining the value of stock the directors must make judgements to arrive at net realisable value.
Determining the net realisable value of the range of products requires judgement to be applied to determine the likely saleability of the product and the potential price that can be achieved. In arriving at any provision for net realisable value, the directors take into account the age, condition and quality of the inventory lines as well as the recent trends in sales.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
3,741,556
11,824,268


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
3,633,898
3,697,026

Rest of Europe
-
2,144,716

Rest of the world
107,658
5,982,526

3,741,556
11,824,268



5.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Exchange differences
2,844
(963)

Other operating lease rentals
53,605
104,826

Depreciation
2,684
192,839

Page 22

 
Optigene Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

6.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2023
2022
£
£

Audit-related assurance services
18,000
17,000

All other services
7,000
16,719


7.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
18,634
21,413
18,634
21,413

Social security costs
1,316
1,786
1,316
1,786

Cost of defined contribution scheme
1,230
1,502
1,230
1,502

21,180
24,701
21,180
24,701


The average monthly number of employees other than the directors (who did not receive any remuneration) during the year was as follows:


        2023
        2022
            No.
            No.







Employees
1
1


8.


Income from investments

2023
2022
£
£



Income from fixed asset investments
274,254
132,339





9.


Interest receivable

2023
2022
£
£


Other interest receivable
107,758
70,607

Page 23

 
Optigene Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
-
76,000


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
717
-

Adjustments in respect of previous periods
-
(279)


Total current tax
717
(279)

Deferred tax


Origination and reversal of timing differences
(324,312)
(164,866)

Total deferred tax
(324,312)
(164,866)


Taxation on loss on ordinary activities
(323,595)
(165,145)

Factors affecting tax charge for the year

The tax assessed for the period is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(712,595)
(1,752,521)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
(135,393)
(332,979)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,142
173,950

Capital allowances for year in excess of depreciation
(29,135)
-

Adjustments to tax charge in respect of prior periods
-
89

Unrelieved tax losses carried forward
143,628
-

Deferred tax asset recognised on losses carried forward
(284,000)
-

Other differences leading to an increase (decrease) in the tax charge
(20,837)
(6,205)

Total tax charge for the year
(323,595)
(165,145)

Page 24

 
Optigene Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

There are trade losses of £755,937 (2022 - £nil) and unutilised management expenses of £1,140,584 (2022 - £226,927) available to carry forward against future taxable profits of the company.
It is the judgement of the directors that 60% of these losses will be recoverable and utilised against taxable profits in the foreseeable future, and as such a deferred tax asset has been recognised accordingly. This asset has been recognised at the corporation tax rate of 25% that is expected to be charged on future profits.


12.


Intangible assets

Group and Company





Licence

£



Cost


At 1 December 2022
44,290



At 30 November 2023

44,290



Amortisation


At 1 December 2022
44,290



At 30 November 2023

44,290



Net book value



At 30 November 2023
-



At 30 November 2022
-



Page 25

 
Optigene Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

13.


Tangible fixed assets

Group and Company






Equipment

£



Cost or valuation


At 1 December 2022
994,074


Additions
186,201



At 30 November 2023

1,180,275



Depreciation


At 1 December 2022
880,657


Charge for the year on owned assets
32,858



At 30 November 2023

913,515



Net book value



At 30 November 2023
266,760



At 30 November 2022
113,417


14.


Fixed asset investments

Group





Listed investments

£



Cost or valuation


At 1 December 2022
18,205,911


Additions
13,054,701


Disposals
(12,309,442)


Revaluations
93,421



At 30 November 2023
19,044,591




Page 26

 
Optigene Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023
Company





Investments in subsidiary companies
Listed investments
Total

£
£
£



Cost or valuation


At 1 December 2022
9,042
18,205,911
18,214,953


Additions
-
13,054,701
13,054,701


Disposals
-
(12,309,442)
(12,309,442)


Revaluations
-
93,421
93,421



At 30 November 2023
9,042
19,044,591
19,053,633





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Optigene US Inc
2140 South Dupont Highway, Camden, Kent, 19934
Ordinary
100%


15.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Stock
631,372
314,447
554,584
314,447


There is no material difference between the purchase price of stocks and their replacement costs.

Page 27

 
Optigene Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
369,187
476,528
311,093
476,528

Amounts owed by group undertakings
-
-
184,703
136,792

Other debtors
429,830
460,520
429,830
460,520

Prepayments and accrued income
53,400
52,519
53,400
52,519

Deferred taxation
284,000
-
284,000
-

1,136,417
989,567
1,263,026
1,126,359



17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
8,139,509
13,505,152
8,075,993
13,471,802



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
2,417,499
604,830
2,415,077
603,617

Amounts owed to related undertakings
450,253
656,313
459,295
665,355

Other taxation and social security
170
299
170
299

Other creditors
641
50
641
50

Accruals and deferred income
61,074
36,216
61,074
36,216

2,929,637
1,297,708
2,936,257
1,305,537


Page 28

 
Optigene Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

19.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets that are debt instruments measured at amortised cost
8,938,526
14,442,200
8,816,916
14,408,850


Financial liabilities

Financial liabilities that are debt instruments measured at amortised cost
2,929,467
1,297,409
2,936,087
1,305,238


Financial assets measured at fair value through profit or loss comprise cash, trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to related undertakings, other creditors and accruals.


20.


Deferred taxation


Group





2023


£






At beginning of year
(40,312)


Charged to profit or loss
324,312



At end of year
284,000

Company




2023


£






At beginning of year
(40,312)


Charged to profit or loss
324,312



At end of year
284,000

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
-
(40,312)
-
(40,312)

Tax losses carried forward
284,000
-
284,000
-

Page 29

 
Optigene Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



837 (2022 - 872) Ordinary shares of £1.00 each
837
872

Purchase of own shares
During the year the company purchased 35 of its Ordinary shares. The Ordinary shares were purchased for a consideration of £834,041 and represent 4% of the called up share capital.    



22.


Reserves

Capital redemption reserve

This reserve represents the par value of shares repurchased by the company.

Profit and loss account

This includes the current and prior period retained profits and losses.

23.


Analysis of net debt






At 1 December 2022
Cash flows
At 30 November 2023

£

£

£

Cash at bank and in hand

  
13,505,152

(5,365,643)

8,139,509

Bank overdrafts

  
-

-

-

Debt due after 1 year

  
-

-

-

Finance leases

  
-

-

-


  
 
13,505,152
(5,365,643)
8,139,509


24.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £1,230 (2022 - £1,502) . Contributions totalling £106 (2022 - £Nil) were payable to the fund at the balance sheet date.

Page 30

 
Optigene Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

25.


Related party transactions

During the year the company entered into the following related party transactions:
Directors
The company declared and paid dividends of £3,750,000 (2022 - £3,750,000) to the directors, who are also shareholders.
Optisense Limited
(Optigene Limited is jointly controlled by personnel also deemed to have joint control over Optisense Limited)
The company purchased goods totalling £1,041,257 (2022 - £2,594,599). There was an outstanding balance held in amounts owed to related undertakings at the balance sheet date at a total of £450,252 (2022 - £656,313).
GeneSys Biotech Limited
(Optigene Limited is jointly controlled by personnel also deemed to have significant influence over GeneSys Biotech Limited)
The company purchased goods totalling £2,902,777 (2022 - £4,281,806). There was an outstanding balance held in trade creditors at the balance sheet date at a total of £2,374,131 (2022 - £236,006).


26.


Controlling party

The company is jointly controlled by M Andreou and D Clark.


Page 31