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Registered number: NI048247










Biorex Diagnostics Limited










Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
Biorex Diagnostics Limited
Registered number: NI048247

Balance Sheet
As at 31 December 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
1,073,878
1,431,837

  
1,073,878
1,431,837

Current assets
  

Debtors: amounts falling due within one year
 5 
694,161
1,206,418

Cash at bank and in hand
  
1,214,156
-

  
1,908,317
1,206,418

Creditors: amounts falling due within one year
 7 
(2,866,193)
(1,871,083)

Net current liabilities
  
 
 
(957,876)
 
 
(664,665)

Total assets less current liabilities
  
116,002
767,172

Provisions for liabilities
  

Deferred tax
  
-
(64,018)

Net assets
  
116,002
703,154


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
116,000
703,152

  
116,002
703,154


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.




Morteza Afrasiabi
Director

The notes on pages 3 to 8 form part of these financial statements.

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Biorex Diagnostics Limited
 

Statement of Changes in Equity
For the Year Ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
2
-
2



Profit for the year
-
703,152
703,152



At 1 January 2023
2
703,152
703,154



Loss for the year
-
(587,152)
(587,152)


At 31 December 2023
2
116,000
116,002


The notes on pages 3 to 8 form part of these financial statements.

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Biorex Diagnostics Limited
 

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

1.


General information

Biorex 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.

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 Diagnostics Limited have reviewed the resources available, both at a company level and as part of the wider Fortress Group, and believe that the company has adequate resources to continue in operational existence for the foreseeable future. 
Accordingly, Biorex 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.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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Biorex 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

Interest income

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

 
2.6

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 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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Biorex Diagnostics Limited
 

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

2.Accounting policies (continued)

 
2.7

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:

Contract specific assets
-
over the period of the contract

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.

 
2.8

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.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

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Biorex Diagnostics Limited
 

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

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Tangible fixed assets





Contract Specific Assets

£



Cost or valuation


At 1 January 2023
1,789,796



At 31 December 2023

1,789,796



Depreciation


At 1 January 2023
357,959


Charge for the year on owned assets
357,959



At 31 December 2023

715,918



Net book value



At 31 December 2023
1,073,878



At 31 December 2022
1,431,837


5.


Debtors

2023
2022
£
£


Trade debtors
562,459
1,206,416

Amounts owed by group undertakings
2
2

Deferred taxation
131,700
-

694,161
1,206,418


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Biorex Diagnostics Limited
 

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

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,214,156
-

1,214,156
-



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
2,405,986
1,571,893

Other creditors
185,417
-

Accruals and deferred income
274,790
299,190

2,866,193
1,871,083



8.


Deferred taxation




2023
2022


£

£






At beginning of year
(64,018)
-


Charged to profit or loss
195,718
(64,018)



At end of year
131,700
(64,018)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(268,470)
(357,959)

Tax losses carried forward
400,170
293,941

131,700
(64,018)


9.


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 subsidiaries of Fortress Group Holdings Limited.

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Biorex Diagnostics Limited
 

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

10.


Ultimate 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.


11.


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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