Company registration number 11021690 (England and Wales)
AMALGAMATED LABORATORY SOLUTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
AMALGAMATED LABORATORY SOLUTIONS LIMITED
COMPANY INFORMATION
Directors
Mr K J Burns
Mr P N Marson
Mr P J Stafford
Mr T R Lavery
Company number
11021690
Registered office
85 Great Portland Street
London
W1W 7LT
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
AMALGAMATED LABORATORY SOLUTIONS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 28
AMALGAMATED LABORATORY SOLUTIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
The loss after tax for the period is £5,708,529 (2022: £2,941,425).
Amalgamated Laboratory Soluitions Limited ("ALS") has continued to grow positively in 2023 both organically and through acquisition. ALS acquired 10 laboratories in 2023 widening its coverage throughout the UK. Throughout 2023 ALS has successfully built its central resources with a number of key roles recruited which deepen the commercial and technological capabilities of the group. ALS has also created a training academy hosting a wide range of education events in support of people development. The group has also continued to promote digital manufacturing technologies within its laboratories making capital investments in a number of areas including digital denture manufacturing.
Following a share for share exchange in March 2023, ALS Dental Laboratories Group Limited became the ultimate parent company of the group previously headed by Amalgamated Laboratory Solutions Limited.
ALS Continues to recognise its responsibilities for ESG (Environmental, Social, Governance) and has introduced fully recyclable packaging for its own brand orthodontic products as well as the use of more biodegradable plastics. ALS has promoted employee welfare though a group wide staff engagement survey the results of which were used to drive improvements in overall staff employment satisfaction.
The group are excited about future opportunity and 2024 financial results to date are ahead of budget. The group continues to invest digitally and expand through acquisition in 2024 courtesy of the continued support of its investors via both equity and debt funding as needed.
Principal risks and uncertainties
The group takes a responsible approach to risk management whether those be financial and or operational risks.
The group has a limited value of contracted custom as is commonplace within the industry. This risk is mitigated by the thin spread of customer concentration with a high volume of non contracted customers leaving the group resilient to individual customer loses.
The group has an exposure to interest rate risk relating to the group's financing activities. The group does not consider this however to be a significant risk.
The group trades primarily within the UK and as such exchange rate risk is minimal.
Key performance indicators
The Directors of the group manage performance by reference to a number of key performance indicators. All areas of financial performance are measured against an annual budget which is reviewed monthly at a Board and lab level. Liquidity measures are also monitored at least quarterly to ensure sufficient cashflow to debt service cover.
Other information and explanations
Our financial risk management objective are to ensure there is sufficient working capital and cashflow to meet the operating needs of the group and to ensure there is sufficient support for its growth strategy. This is achieved through careful management of our cash resources and by obtaining loan facilities where necessary. No treasury transactions of derivatives are entered into.
AMALGAMATED LABORATORY SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Promoting the success of the company
The Directors of the Group believe that they have acted in the way they consider to be both in good faith and would be most likely to promote the success of the group for the benefit of its members as a whole. The Directors duties are fully detailed in section 172 of the UK Companies Act 2006. This is summarised as follows:
• The likely consequences of any decisions in the long-term;
• The interests of the company’s employees;
• The need to foster the company’s business relationships with suppliers, customers and others;
• The impact of the company’s operations on the community and environment;
• The desirability of the company maintaining a reputation for high standards of business conduct; and
• The need to act fairly as between shareholders of the company.
Business conduct and relationships
We understand the importance of engaging with all our stakeholders and the directors regularly discuss issues concerning employees, clients, suppliers, community and environment, health and safety and shareholders which inform our decision making processes. The directors are aware that their strategic decisions can have long term implications for the business and its stakeholders, and these implications are carefully assessed.
Employees
We believe the core strength of the group is its people and we are committed to being a responsible business and employer. The group aims to recruit, develop, motivate and retain the best talent. For the business to succeed we need to engage and enable our people to perform at their best, develop their skills and capabilities, while ensuring we operate as efficiently and productively as possible.
Community and environment
The group's environmental commitment is to adopt and promote industry standards and best practices, enhancing awareness of environmental responsibilities and a reduction in harmful emissions. The group remains committed to exploring methods to enhance the sustainability of our business and its supply chain. This includes evaluating energy consumption within our production facilities, optimising waste management practices, making eco-friendly choices in packaging materials, and reducing our carbon footprint during product distribution.
Stakeholders
The directors are committed to openly engaging with our stakeholders, as we recognise the importance of transparency and a continuing effective dialogue. It is important to us that all stakeholders understand our strategy and objectives, and the group is committed to considering properly their questions, issues or feedback received
Mr K J Burns
Director
13 September 2024
AMALGAMATED LABORATORY SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of a holding company.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr K J Burns
Mr P N Marson
Mr P J Stafford
Mr T R Lavery
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments and associated risks.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr K J Burns
Director
13 September 2024
AMALGAMATED LABORATORY SOLUTIONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
The directors are responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
AMALGAMATED LABORATORY SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF AMALGAMATED LABORATORY SOLUTIONS LIMITED
- 5 -
Opinion
We have audited the financial statements of Amalgamated Laboratory Solutions Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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 company's affairs as at 31 December 2023 and of its 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.
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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 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.
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 report. Our 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
AMALGAMATED LABORATORY SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF AMALGAMATED LABORATORY SOLUTIONS LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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, 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 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 company or to cease operations, or have no realistic alternative but to do so.
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 financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
AMALGAMATED LABORATORY SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF AMALGAMATED LABORATORY SOLUTIONS LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
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. 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.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Michael Walker
Senior Statutory Auditor
For and on behalf of Azets Audit Services
13 September 2024
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
AMALGAMATED LABORATORY SOLUTIONS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Administrative expenses
(4,194,356)
(2,661,817)
Other operating income
9,086
Operating loss
4
(4,185,270)
(2,661,817)
Interest receivable and similar income
7
88,424
11,003
Interest payable and similar expenses
8
(1,611,683)
(258,951)
Loss before taxation
(5,708,529)
(2,909,765)
Tax on loss
9
(47,202)
(31,660)
Loss for the financial year
(5,755,731)
(2,941,425)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
AMALGAMATED LABORATORY SOLUTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Loss for the year
(5,755,731)
(2,941,425)
Other comprehensive income
-
-
Total comprehensive income for the year
(5,755,731)
(2,941,425)
AMALGAMATED LABORATORY SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
10
197,868
Tangible assets
11
81,464
102,728
Investments
12
67,769,425
42,209,626
68,048,757
42,312,354
Current assets
Debtors
14
2,966,270
7,241,553
Cash at bank and in hand
747,546
276,501
3,713,816
7,518,054
Creditors: amounts falling due within one year
15
(54,060,359)
(28,696,502)
Net current liabilities
(50,346,543)
(21,178,448)
Total assets less current liabilities
17,702,214
21,133,906
Creditors: amounts falling due after more than one year
16
(15,981,824)
(8,329,002)
Provisions for liabilities
Deferred tax liability
19
53,208
6,006
(53,208)
(6,006)
Net assets
1,667,182
12,798,898
Capital and reserves
Called up share capital
21
1,540
16,177,339
Share premium account
22
11,299,599
499,785
Profit and loss reserves
23
(9,633,957)
(3,878,226)
Total equity
1,667,182
12,798,898
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
Mr K J Burns
Director
Company Registration No. 11021690
AMALGAMATED LABORATORY SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
16,177,248
21,613
(936,801)
15,262,060
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(2,941,425)
(2,941,425)
Issue of share capital
21
91
478,172
-
478,263
Balance at 31 December 2022
16,177,339
499,785
(3,878,226)
12,798,898
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(5,755,731)
(5,755,731)
Issue of share capital
21
376
10,799,814
-
10,800,190
Redemption of shares
21
(16,176,175)
(16,176,175)
Balance at 31 December 2023
1,540
11,299,599
(9,633,957)
1,667,182
AMALGAMATED LABORATORY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information
Amalgamated Laboratory Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 85 Great Portland Street, London, W1W 7LT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of ALS Dental Laboratories Group Limited. These consolidated financial statements are available from its registered office, 85 Great Portland Street, London, England, W1W 7LT.
1.2
Business combinations
The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.
The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.
Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
AMALGAMATED LABORATORY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% on cost
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on cost
Computers
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
AMALGAMATED LABORATORY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
AMALGAMATED LABORATORY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of 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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
AMALGAMATED LABORATORY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
AMALGAMATED LABORATORY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The key sources of estimation uncertainty in applying accounting policies in the financial statements arise during business combinations. These are considered to be:
- Assessing the fair value of assets & liabilities acquired
Fair values of assets & liabilities acquired in business combinations are assessed by management based on their knowledge of the industry and physical conditions of the assets acquired.
- Consideration payable
Business combinations typically involve an initial payment on acquisition with further amounts payable based on future trading results. This deferred consideration requires management estimates on future profitability based on their knowledge of the industry and financial forecasts for the entity being acquired.
- Useful life of goodwill
Management assess the useful life of goodwill arising on a business combination and amortise the goodwill over this period. Based on knowledge of the industry and experience of previous acquisitions, management typically assess this as being 10 years.
3
Revenue
2023
2022
£
£
Interest income
5,538
11,003
Dividends received
82,886
-
AMALGAMATED LABORATORY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
4
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses
5,558
Fees payable to the company's auditor for the audit of the company's financial statements
5,750
5,000
Depreciation of owned tangible fixed assets
18,969
27,098
Loss/(profit) on disposal of tangible fixed assets
12,501
(6,667)
Amortisation of intangible assets
7,741
-
Release of negative goodwill
-
(42,610)
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
28
13
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
2,242,366
994,651
Social security costs
261,590
118,525
Pension costs
36,970
12,686
2,540,926
1,125,862
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
452,000
376,583
Company pension contributions to defined contribution schemes
1,321
1,321
453,321
377,904
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).
AMALGAMATED LABORATORY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
307,000
256,583
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
5,538
11,003
Income from fixed asset investments
Income from shares in group undertakings
82,886
Total income
88,424
11,003
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
1,606,403
251,817
Interest on finance leases and hire purchase contracts
5,280
7,134
1,611,683
258,951
9
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
47,202
63,817
Adjustment in respect of prior periods
(32,157)
Total deferred tax
47,202
31,660
AMALGAMATED LABORATORY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 20 -
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Loss before taxation
(5,708,529)
(2,909,765)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(1,342,646)
(552,855)
Tax effect of expenses that are not deductible in determining taxable profit
8,532
120,402
Tax effect of income not taxable in determining taxable profit
(19,495)
Deferred tax adjustments in respect of prior years
(32,157)
Fixed asset differences
(127)
(8,678)
Remeasurement of deferred tax for changes in rates
2,794
15,317
Group relief
1,398,144
489,631
Taxation charge for the year
47,202
31,660
10
Intangible fixed assets
Negative goodwill
Software
Total
£
£
£
Cost
At 1 January 2023
(42,610)
(42,610)
Additions
205,609
205,609
At 31 December 2023
(42,610)
205,609
162,999
Amortisation and impairment
At 1 January 2023
(42,610)
(42,610)
Amortisation charged for the year
7,741
7,741
At 31 December 2023
(42,610)
7,741
(34,869)
Carrying amount
At 31 December 2023
197,868
197,868
At 31 December 2022
AMALGAMATED LABORATORY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
11
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 January 2023
128,464
14,246
142,710
Additions
16,706
16,706
Disposals
(27,144)
(27,144)
At 31 December 2023
101,320
30,952
132,272
Depreciation and impairment
At 1 January 2023
38,530
1,452
39,982
Depreciation charged in the year
14,180
4,789
18,969
Eliminated in respect of disposals
(8,143)
(8,143)
At 31 December 2023
44,567
6,241
50,808
Carrying amount
At 31 December 2023
56,753
24,711
81,464
At 31 December 2022
89,934
12,794
102,728
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and equipment
89,975
AMALGAMATED LABORATORY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
12
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
13
67,769,425
42,209,626
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
42,549,517
Additions
24,675,758
Adjustments to prior year additions
884,041
At 31 December 2023
68,109,316
Impairment
At 1 January 2023 & 31 December 2023
339,891
Carrying amount
At 31 December 2023
67,769,425
At 31 December 2022
42,209,626
AMALGAMATED LABORATORY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
13
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Leca Dental Laboratory Limited
1
Ordinary
100.00
-
Dental Technique Laboratory Limited
1
Ordinary
100.00
-
Casterbridge Solutions Limited
2
Ordinary
100.00
-
Ashford Orthodontics Limited
2
Ordinary
100.00
-
ALS Dental Direct Limited
1
Ordinary
100.00
-
Apple G.B. Limited
2
Ordinary
100.00
-
Cardiff Orthodontic Services Limited
2
Ordinary
100.00
-
G M Holdings (Stourbridge) Limited
2
Ordinary
100.00
-
Passion Dental Design Studio (Laboratory) Limited
2
Ordinary
-
100.00
Woodlands Dental Laboratory Limited
2
Ordinary
100.00
-
Dental Excellence Laboratory Services Limited
2
Ordinary
100.00
-
CB Ceramics Dental Lab Limited
2
Ordinary
100.00
-
Norwich Orthodontics Limited
2
Ordinary
100.00
-
The Denture Centre (Wales) Limited
2
Ordinary
100.00
-
Veus Limited
2
Ordinary
100.00
-
Ken Poland Dental Studios Limited
2
Ordinary
100.00
-
Ken Poland Milling Limited
2
Ordinary
100.00
-
Precedental Limited
2
Ordinary
100.00
-
MD Trading Limited
2
Ordinary
100.00
-
The Bristol CADCAM Company Limited
2
Ordinary
100.00
-
The Bristol Crown Company Limited
2
Ordinary
100.00
-
I.W. Dental Laboratory Limited
2
Ordinary
100.00
-
Halo Dental Laboratory Limited
2
Ordinary
100.00
-
Burke Ortho Lab Limited
3
Ordinary
100.00
-
Waterside Dental Laboratory Limited
2
Ordinary
100.00
-
Reiner Implants Limited
2
Ordinary
100.00
-
IP Dental Milling Limited
2
Ordinary
100.00
-
Dent8 Dental Laboratory Limited
2
Ordinary
100.00
-
A Plus Management Limited
2
Ordinary
100.00
-
Aesthetic World Holdings Limited
2
Ordinary
100.00
-
Aesthetic World Laboratory Limited
2
Ordinary
-
100.00
Prodent Laboratories Limited
2
Ordinary
-
100.00
S D C Laboratory Limited
2
Ordinary
-
100.00
Oak View Restorations Limited
2
Ordinary
100.00
-
Central Dental Laboratory (Kempston) Limited
2
Ordinary
100.00
-
Ceroplast Limited
2
Ordinary
100.00
-
AMDECC Limited
2
Ordinary
100.00
-
Lodge Dental Laboratory Limited
2
Ordinary
100.00
-
European Dental Laboratory Limited
2
Ordinary
100.00
-
Innovate Dental Laboratory Limited
2
Ordinary
100.00
-
Fident Implant Laboratory Limited
2
Ordinary
100.00
-
AMALGAMATED LABORATORY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Subsidiaries
(Continued)
- 24 -
Registered office addresses (all UK unless otherwise indicated):
1
5 Watt Road, Hillington Industrial Estate, Glasgow, G52 4RY
2
85 Great Portland Street, London, England, W1W 7LT
3
4 Ormond Quay Upper, Dublin, D07 PF53
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
34,011
14,181
Corporation tax recoverable
399,431
Amounts owed by group undertakings
2,362,957
1,779,598
Other debtors
3,059
5,375,974
Prepayments and accrued income
166,812
71,800
2,966,270
7,241,553
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
17
2,203,089
763,201
Obligations under finance leases
18
24,791
24,782
Other borrowings
17
9,550,000
Trade creditors
234,435
196,762
Amounts owed to group undertakings
34,120,154
3,491,009
Taxation and social security
97,731
60,069
Other creditors
17,083,506
14,467,298
Accruals and deferred income
296,653
143,381
54,060,359
28,696,502
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
15,936,384
8,258,781
Obligations under finance leases
18
45,440
70,221
15,981,824
8,329,002
AMALGAMATED LABORATORY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
17
Loans and overdrafts
2023
2022
£
£
Bank loans
18,139,473
9,021,982
Other loans
9,550,000
18,139,473
18,571,982
Payable within one year
2,203,089
10,313,201
Payable after one year
15,936,384
8,258,781
£18,359,079 of the bank loans relate to a loan facility from Investec Bank plc as part of an £36m acquisition facility available. 60% of this loan is repayable over the next 3 years with a final bullet repayment due in Dec-28. Interest accrues at 5.75% above SONIA.
In the prior year, £9,550,000 of the other loans represented convertible loan notes issued to Ansor IB LP which were repaid in full in March 2023 as part of a corporate restructuring exercise.
18
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
24,791
24,782
In two to five years
45,440
70,221
70,231
95,003
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 60 months. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
53,208
6,149
Tax losses
-
(143)
53,208
6,006
AMALGAMATED LABORATORY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19
Deferred taxation
(Continued)
- 26 -
2023
Movements in the year:
£
Liability at 1 January 2023
6,006
Charge to profit or loss
47,202
Liability at 31 December 2023
53,208
The deferred tax liability set out above relates to accelerated capital allowances that are expected to mature within the same period.
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
36,970
12,686
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
AMALGAMATED LABORATORY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 0.01p each
-
10,446,054
-
1,045
Ordinary B of 0.01p each
-
1,190,406
-
119
Ordinary C of 0.01p each
-
665
-
-
Ordinary of 0.01p each
15,399,539
-
1,540
-
15,399,539
11,637,125
1,540
1,164
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
-
16,176,175
-
16,176,175
Preference shares classified as equity
-
16,176,175
Total equity share capital
1,540
16,177,339
On the 24th March 2023, the Ordinary A, Ordinary B and Ordinary C shares were all redesignated as Ordinary shares carring one vote each, rank equally for dividends, rank equally on distributions and are non-redeemable.
Preference shares do not confer any rights to dividends and have no voting rights. They shall have attached to them full capital distribution rights on a return of capital or liquidation. These shares are redeemable only at the option of Amalgamated Laboratory Solutions Limited, and as such, have been treated as equity within the financial statements.
During the year under review, the company allotted 3,516,969 Ordinary A shares and 245,445 Ordinary B shares. Ordinary A and Ordinary B shares were issued at managements assessment of fair value at the time creating a share premium of £10,799,814. The share price was £3.03 per share.
Subsequent to the above share issues, 5,376,062 preference shares were redeemed, then a capital reduction was completed reducing the remaining 10,800,113 £1 preference shares to £0.0001 preference shares before redeeming these shares.
22
Share premium account
2023
2022
£
£
At the beginning of the year
499,785
21,613
Issue of new shares
10,799,814
478,172
At the end of the year
11,299,599
499,785
AMALGAMATED LABORATORY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
23
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
(3,878,226)
(936,801)
Loss for the year
(5,755,731)
(2,941,425)
At the end of the year
(9,633,957)
(3,878,226)
24
Related party transactions
Transactions with related parties
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable to the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
During the year the company entered into the following transactions with related parties outside of the group:
Purchases
Purchases
2023
2022
£
£
Entities with control, joint control or significant influence over the company
132,000
120,000
25
Ultimate controlling party
Following a share for share exchange in March 2023, ALS Dental Laboratories Group Limited became the ultimate parent company of the group previously headed by Amalgamated Laboratory Solutions Limited. The ultimate parent undertaking, ALS Dental Laboratories Group Limited. Its registered office is 85 Great Portland Street, London, England, W1W 7LT.
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