IBG IMMUCOR LIMITED

Company Registration Number:
02255660 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

IBG IMMUCOR LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

IBG IMMUCOR LIMITED

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The company is a wholly owned subsidiary of Immucor Inc., a private company incorporated in the United States of America. On 14th March 2023 Immucor Inc’s ultimate parent company was acquired 100% by Werfen, S.A. The principal activity of the company throughout the year continued to be that of a supplier and distributor of blood testing instruments and reagents. There have not been any significant changes to the company’s principal activities during the year under review. The directors have decided that as part of the next integration stage (and in line with other group companies) that it would be in the best interests of not only the business, but of its customers and suppliers, that the trade, assets and liabilities of IBG Immucor Ltd be purchased by Werfen Ltd. It is envisaged that this will happen in quarter 4 of 2024.

Additional information

In Quarter 4 of 2024, it is planned that the trade, assets and liabilities of the company will be purchased by Werfen Ltd, a commonly owned sister company, with the expected consideration payable being based upon the book value of the net assets at the time of the transaction. This will allow the business to benefit from not only the support that can be provided by Werfen Ltd but also the economies of scale that can be leveraged. Following the sale of the business, it is the directors' intention that any remaining assets (such as the consideration received for the sale of trade and net assets) would be used to satisfy any final obligations before the residual amount is distributed to shareholders. Ultimately, the directors expect that the legal entity will be entered into a liquidation process at some stage during 2025. For these reasons, the financial statements have been drawn up on a basis other than going concern.



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

R Hames
L Kalfhaus


The director shown below has held office during the period of
1 January 2023 to 2 November 2023

M Taylor


The director shown below has held office during the period of
1 January 2023 to 10 July 2023

P D Waddy


The directors shown below have held office during the period of
2 November 2023 to 31 December 2023

K Goegelein
P Lynch


Secretary N Bamkin

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
18 September 2024

And signed on behalf of the board by:
Name: R Hames
Status: Director

IBG IMMUCOR LIMITED

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 5,663,692 6,349,805
Cost of sales: ( 1,349,130 ) ( 2,814,947 )
Gross profit(or loss): 4,314,562 3,534,858
Distribution costs: ( 164,131 ) ( 141,427 )
Administrative expenses: ( 3,618,633 ) ( 2,990,391 )
Operating profit(or loss): 531,798 403,040
Interest receivable and similar income: 55,406 35,702
Interest payable and similar charges: ( 4,776 ) ( 5,188 )
Profit(or loss) before tax: 582,428 433,554
Tax: ( 192,113 ) ( 130,044 )
Profit(or loss) for the financial year: 390,315 303,510

IBG IMMUCOR LIMITED

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets: 3 234,598 297,770
Tangible assets: 4 1,934,706 1,570,702
Investments: 5 4 4
Total fixed assets: 2,169,308 1,868,476
Current assets
Stocks: 6 1,074,707 1,057,009
Debtors: 7 2,449,735 2,205,966
Cash at bank and in hand: 380,935 294,162
Total current assets: 3,905,377 3,557,137
Creditors: amounts falling due within one year: 8 ( 1,380,657 ) ( 1,308,587 )
Net current assets (liabilities): 2,524,720 2,248,550
Total assets less current liabilities: 4,694,028 4,117,026
Provision for liabilities: ( 390,583 ) ( 203,896 )
Total net assets (liabilities): 4,303,445 3,913,130
Capital and reserves
Called up share capital: 100,002 100,002
Share premium account: 37,502 37,502
Profit and loss account: 4,165,941 3,775,626
Total Shareholders' funds: 4,303,445 3,913,130

The notes form part of these financial statements

IBG IMMUCOR LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 18 September 2024
and signed on behalf of the board by:

Name: R Hames
Status: Director

The notes form part of these financial statements

IBG IMMUCOR LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Revenue is derived from the sale of instruments, reagents, service and maintenance of instruments and rental of instruments.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated at cost net of depreciation and any provision for impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Office machinery and equipment - 33 1/3% on a straight-line basis Instruments – 10% - 20% on a straight-line basis based on management’s estimate of useful economic life of instruments.

    Intangible fixed assets amortisation policy

    Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives

IBG IMMUCOR LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 24 22

    On 1st December 2023 all the employees of IBG Immucor Ltd were transferred to Werfen Ltd under a TUPE arrangement.

IBG IMMUCOR LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 January 2023 626,884 626,884
Additions
Disposals
Revaluations
Transfers
At 31 December 2023 626,884 626,884
Amortisation
At 1 January 2023 329,114 329,114
Charge for year 63,172 63,172
On disposals
Other adjustments
At 31 December 2023 392,286 392,286
Net book value
At 31 December 2023 234,598 234,598
At 31 December 2022 297,770 297,770

IBG IMMUCOR LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 3,955,360 323,785 4,279,145
Additions 713,766 20,289 734,055
Disposals ( 407,933 ) ( 68,652 ) ( 476,585 )
Revaluations
Transfers
At 31 December 2023 4,261,193 275,422 4,536,615
Depreciation
At 1 January 2023 2,457,939 250,504 2,708,443
Charge for year 337,232 19,976 357,208
On disposals ( 395,090 ) ( 68,652 ) ( 463,742 )
Other adjustments
At 31 December 2023 2,400,081 201,828 2,601,909
Net book value
At 31 December 2023 1,861,112 73,594 1,934,706
At 31 December 2022 1,497,421 73,281 1,570,702

IBG IMMUCOR LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Fixed assets investments note

Instruments are held to generate rental income (note 4). Rental income from operating leases is recognised on a straight-line basis over the lease term. The registered office of both Immucor Limited and Quest Biomedical Limited is 2 Cranbrook Way, Solihull Business Park, Solihull, West Midlands B90 4GT. Both Immucor Ltd and Quest Biomedical Limited remained dormant throughout the year ending 31 December 2023 (2022: Dormant). Immucor Ltd and Quest Biomedical Limited have assets with a value of £2 (2022: £2) each represented by debtors.

IBG IMMUCOR LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Stocks

2023 2022
£ £
Stocks 1,074,707 1,057,009
Total 1,074,707 1,057,009

IBG IMMUCOR LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Debtors

2023 2022
£ £
Trade debtors 611,748 1,066,184
Prepayments and accrued income 1,832,222 1,119,762
Other debtors 5,765 20,020
Total 2,449,735 2,205,966

IBG IMMUCOR LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

8. Creditors: amounts falling due within one year note

2023 2022
£ £
Amounts due under finance leases and hire purchase contracts 573,569 545,947
Trade creditors 313,710 185,996
Taxation and social security 86,408 228,863
Accruals and deferred income 178,595 62,208
Other creditors 228,375 285,573
Total 1,380,657 1,308,587

Payables to group undertakings are repayable on demand, interest free and unsecured.