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Registered number: NI642755










Biorex Food Diagnostics Limited










Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
Biorex Food Diagnostics Limited
Registered number: NI642755

Balance Sheet
As at 31 December 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
9,287
27,894

  
9,287
27,894

Current assets
  

Stocks
  
28,070
29,657

Debtors: amounts falling due within one year
 5 
10,760
11,622

Cash at bank and in hand
 6 
142,536
92,426

  
181,366
133,705

Creditors: amounts falling due within one year
 7 
(392,990)
(280,749)

Net current liabilities
  
 
 
(211,624)
 
 
(147,044)

Total assets less current liabilities
  
(202,337)
(119,150)

  

Net liabilities
  
(202,337)
(119,150)


Capital and reserves
  

Called up share capital 
  
1
1

Other reserves
  
43,477
43,477

Profit and loss account
  
(245,815)
(162,628)

  
(202,337)
(119,150)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 September 2024.



Dr Zahra Zolnourian
Director

The notes on pages 2 to 7 form part of these financial statements.

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Page 1

 
Biorex Food Diagnostics Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

Biorex Food Diagnostics Limited is a private company limited by shares incorporated in Northern Ireland. The registration number and address of the registered office are given in the company information section of these financial statements. The presentation currency is that of Sterling (£). There is no rounding applied to the accounts. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors of Biorex Food Diagnostics Limited have reviewed the resources available, both at a company level and as part of the wider Fortress Group.  The directors believe that the company and group have adequate resources to continue in operational existence for the foreseeable future. 
Accordingly, Biorex Food Diagnostics Limited continue to adopt the going concern basis in  preparing the financial statements.

 
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.

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Biorex Food Diagnostics Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

 
2.5

Taxation

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

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Page 3

 
Biorex Food Diagnostics Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.6

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:

Plant and machinery
-
15%

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.

 
2.7

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. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

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.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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Page 4

 
Biorex Food Diagnostics Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

3.


Employees

The company do not have any direct employees but are recharged for time spent by staff of a fellow group undertaking.
The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
115,598



At 31 December 2023

115,598



Depreciation


At 1 January 2023
87,704


Charge for the year on owned assets
18,607



At 31 December 2023

106,311



Net book value



At 31 December 2023
9,287



At 31 December 2022
27,894

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Page 5

 
Biorex Food Diagnostics Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

5.


Debtors

2023
2022
£
£


Trade debtors
9,751
11,622

Amounts owed by group undertakings
1,009
-

10,760
11,622



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
142,536
92,426

142,536
92,426



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
392,519
280,693

Other creditors
471
56

392,990
280,749



8.


Related party transactions

The company has taken advantage of the exemption in FRS 102 Section 33 "Related party disclosures" from disclosing transactions with related parties that are wholly owned by Fortress Group Holdings Limited.


9.


Ultimare parent undertaking

During the year the company continued to be a wholly owned subsidiary of Fortress Group Holdings Limited, a company incorporated in Northern Ireland.
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Page 6

 
Biorex Food Diagnostics Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 30 September 2024 by Brian Clerkin (Senior Statutory Auditor) on behalf of Sumer Auditco NI Limited.


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