Company Registration No. 09713002 (England and Wales)
LUMIRADX COLOMBIA HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LUMIRADX COLOMBIA HOLDINGS LIMITED
COMPANY INFORMATION
Director
V Ameye
Company number
09713002
Registered office
27 Old Gloucester Street
London
WC1N 3AX
Auditor
Johnston Carmichael LLP
227 West George Street
Glasgow
G2 2ND
LUMIRADX COLOMBIA HOLDINGS LIMITED
CONTENTS
Page
Director's report
1 - 2
Director's responsibilities statement
3
Independent auditor's report
4 - 7
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 19
LUMIRADX COLOMBIA HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The director presents their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the Company is that of a holding company.

Results and dividends

The results for the year are set out on page 8.

No dividends were paid. The directors do not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

P Welch
(Resigned 17 December 2023)
V Ameye
Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its director which were made during the year and remain in force at the reporting date.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

 

Going concern

In preparing the financial statements, the director has assessed the ability of the company to continue trading as a going concern. As the principal activity of the company is that of a holding company, the directors' assessment has primarily focused on the ability of the company to meet its loan and interest obligations payable to LumiraDx International Ltd.

 

At the time of approving the financial statements, the director is in the process of completing a deal that will secure the company’s ability to continue to operate and to meet its liabilities as they fall due for a period of at least 12 months from the date of approving the financial statements. In the interim, the administrator of LumiraDx International Ltd has confirmed they will not seek repayment of amounts due to that entity whilst they remain as office holders. On this basis, and having considered the remote likelihood of the aforementioned deal not completing, the director is satisfied that there is no material uncertainty regarding the company’s ability to continue to operate as a going concern and has therefore prepared the financial statements on that basis.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

 

 

 

LUMIRADX COLOMBIA HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Small companies exemption

The report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
V Ameye
Director
14 October 2024
LUMIRADX COLOMBIA HOLDINGS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with UK adopted international accounting standards. Under company law the director must not approve the financial statements unless she is 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, International Accounting Standard 1 requires that directors:

 

 

The director is 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. She is 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.

LUMIRADX COLOMBIA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LUMIRADX COLOMBIA HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of LumiraDx Colombia Holdings Limited (the 'Company') for the year ended 31 December 2023 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows 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 UK adopted international accounting standards.

In our opinion the financial statements:

 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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:

 

LUMIRADX COLOMBIA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LUMIRADX COLOMBIA HOLDINGS LIMITED
- 5 -
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 director's report.

 

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

 

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Auditor 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 for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit is 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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

LUMIRADX COLOMBIA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LUMIRADX COLOMBIA HOLDINGS LIMITED
- 6 -

Extent to which the audit is considered capable of detecting irregularities, including fraud (cont.)

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

 

We gained an understanding of how the Company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns.

 

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

LUMIRADX COLOMBIA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LUMIRADX COLOMBIA HOLDINGS LIMITED
- 7 -

Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

Allyson Banford (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
14 October 2024
Chartered Accountants
Statutory Auditor
227 West George Street
Glasgow
G2 2ND
LUMIRADX COLOMBIA HOLDINGS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
$
$
Finance costs
6
(161,968)
(161,969)
Loss before taxation
(161,968)
(161,969)
Income tax expense
7
-
-
Loss and total comprehensive expense for the year
(161,968)
(161,969)

The income statement has been prepared on the basis that all operations are continuing operations.

 

There are no other gains or losses, other than these shown above, hence no statement of other comprehensive income or expenditure is presented.

LUMIRADX COLOMBIA HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
$
$
Non-current assets
Investments
8
5,398,961
5,398,961
Current liabilities
Borrowings
10
6,604,822
846,101
Net current liabilities
(6,604,822)
(846,101)
Non-current liabilities
Borrowings
10
-
0
5,596,753
Net liabilities
(1,205,861)
(1,043,893)
Equity
Called up share capital
14
1
1
Retained earnings
15
(1,205,862)
(1,043,894)
Total equity
(1,205,861)
(1,043,893)
The financial statements were approved by the board of directors and authorised for issue on 14 October 2024 and are signed on its behalf by:
V Ameye
Director
Company Registration No. 09713002
LUMIRADX COLOMBIA HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Retained earnings
Total
$
$
$
Balance at 1 January 2022
1
(881,925)
(881,924)
Year ended 31 December 2022:
Loss and total comprehensive expenditure for the year
-
(161,969)
(161,969)
Balance at 31 December 2022
1
(1,043,894)
(1,043,893)
Year ended 31 December 2023:
Loss and total comprehensive expenditure for the year
-
(161,968)
(161,968)
Balance at 31 December 2023
1
(1,205,862)
(1,205,861)
LUMIRADX COLOMBIA HOLDINGS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
$
$
Cash flows from operating activities
Cash absorbed by operations
19
-
-
Net cash outflow from operating activities
-
-
Net cash used in investing activities
-
-
Net cash used in financing activities
-
-
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
LUMIRADX COLOMBIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

LumiraDx Colombia Holdings Limited (the 'Company') is a private company limited by shares incorporated and domiciled in England and Wales. The registered office is 27 Old Gloucester Street, London, WC1N 3AX.

1.1
Accounting convention

The financial statements have been prepared in accordance with UK-adopted International Accounting Standards (IFRS) and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.

 

The functional currency of the Company is the United States Dollar ($).

The financial statements have been prepared on the historical cost basis. The material accounting policies adopted are set out below.

The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

1.2
Going concern

In preparing the financial statements, the director has assessed the ability of the company to continue trading as a going concern. As the principal activity of the company is that of a holding company, the directors' assessment has primarily focused on the ability of the company to meet its loan and interest obligations payable to LumiraDx International Ltd.true

 

At the time of approving the financial statements, the director is in the process of completing a deal that will secure the company’s ability to continue to operate and to meet its liabilities as they fall due for a period of at least 12 months from the date of approving the financial statements. In the interim, the administrator of LumiraDx International Ltd has confirmed they will not seek repayment of amounts due to that entity whilst they remain as office holders. On this basis, and having considered the remote likelihood of the aforementioned deal not completing, the director is satisfied that there is no material uncertainty regarding the company’s ability to continue to operate as a going concern and has therefore prepared the financial statements on that basis.

1.3
Non-current investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed annually to determine if there is any indication that any of the investments might be impaired 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.

1.4
Financial liabilities

The Company recognises financial debt when the Company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'financial liabilities held at amortised cost'. The Company has no financial liabilities at fair value through profit or loss at the reporting date.

LUMIRADX COLOMBIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Financial liabilities held at amortised cost

Financial liabilities held at amortised cost, including borrowings, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the Company’s obligations are discharged, cancelled, or they expire.

1.5
Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

1.6
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 income statement 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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.

 

LUMIRADX COLOMBIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2
New standards and interpretations not yet adopted
Standards which are in issue but not yet effective

The company has adopted all the standards and amendments to existing standards which are mandatory for accounting periods beginning on 1 January 2023, in particular:

 

- Amendments to IAS 1 and IFRS Practice Statement 2 requiring that an entity discloses its material accounting policies, instead of its significant accounting policies.

 

There are no amendments to accounting standards or IFRS interpretations that are effective for the year ended 31 December 2023 that have had a material impact on the financial statements. Furthermore, there are no amendments to accounting standards or IFRS interpretations for periods commencing 1 January 2024 that the directors of the company expect to have a material impact on the financial statements.

3
Critical accounting estimates and judgements

In the application of the Company’s accounting policies, the director is 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Critical judgements
Recoverability of investments

Recoverability of the Company's investment are judgements exercised by management which have a significant effect on the Company's balance sheet (see note 8). Management have considered the recovery of these amounts which relate to the Company's subsidiary Lumira SAS (Colombia), and having made the necessary assessments, management are confident the balances remain recoverable.

Recognition of deferred tax asset

The recognition of any deferred tax asset in respect of tax losses is a judgement exercised by management. This judgement is based on a review at each reporting over the probability that sufficient taxable profits will be available to allow all or part of the asset to be recovered. At the reporting date, it is the judgement of management that no deferred tax asset should be recognised.

4
Operating loss
2023
2022
$
$
Operating loss for the year is stated after charging/(crediting):
Fees payable to the company's auditor for the audit of the company's financial statements
-
0
-
0

Audit fees of £12,500 (2022: £6,500) have been borne by a fellow group undertaking.

LUMIRADX COLOMBIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
5
Employees

The average monthly number of persons (including directors) employed by the Company during the year was:

2023
2022
Number
Number
Directors
2
2

The cost of remunerating directors is borne by another Group entity. The Company’s share of the directors’ cost based on time spent on this entity by the directors is considered to be immaterial. The directors are also regarded as key management and thus key management remuneration paid in the current and comparative period would also be regarded as immaterial. The directors are party to the liability insurance policies maintained by the Group.

6
Finance costs
2023
2022
$
$
Interest payable on debt and borrowings
161,968
161,969
LUMIRADX COLOMBIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
7
Income tax expense
2023
2022
$
$
Current tax
UK corporation tax on profits for the current period
-
0
-
0
Total tax charge
-
0
-
0

The charge for the year can be reconciled to the loss per the income statement as follows:

2023
2022
$
$
Loss before taxation
(161,968)
(161,969)
Expected tax credit based on a corporation tax rate of 23.52% (2022: 19.00%)
(38,095)
(30,774)
Change in unrecognised deferred tax assets
38,095
30,774
Taxation charge for the year
-
-

The Company has estimated losses of $1,205,862 (2022: $1,043,894) that are available for offset against future taxable profits of the Company.

 

A change in the future UK Corporation tax rate to 25% with effect from 1 April 2023 was announced in the March 2021 budget and substantively enacted on 24 May 2021.

8
Investments
Current
Non-current
2023
2022
2023
2022
$
$
$
$
Investments in subsidiaries
-
0
-
0
5,398,961
5,398,961
9
Subsidiaries

Details of the Company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Principal activities
Class of
% Held
shares held
Direct
Voting
Lumira SAS (Colombia)
Avenida 6 BIS N 27 51, Cali, Valle
Distributor of medical diagnostics
Ordinary
100.00
100.00
LUMIRADX COLOMBIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
10
Borrowings
Current
Non-current
2023
2022
2023
2022
$
$
$
$
Borrowings held at amortised cost:
Loans from fellow group undertakings
6,604,822
846,101
-
5,596,753

Loans from fellow group undertakings are unsecured and relate to a loan of $5,596,753 (2022: $5,596,753) and accrued interest of $1,008,069 (2022: $846,101) at 3% per annum. Loan notes fall due for repayment on 31 October 2024. Interest attached to the loan notes is repayable on demand.

11
Financial instruments

An analysis of the carrying value of the Company's financial liabilities is as follows:

 

Current
Non-current
2023
2022
2023
2022
$
$
$
$
Financial liabilities at amortised cost
Borrowings - Loan notes from group undertakings
6,604,822
846,101
-
0
5,596,753
6,604,822
846,101
-
5,596,753

The Director considers that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate their fair values.

 

Further aging analysis of the Company's financial liabilities is outlined at note 10.

12
Change in liabilities arising from financing activities

The following table details the changes in the Company's liabilities arising from financing activities.

At 1 January 2022
Non-cash movements
At 31 December 2022
$
$
$
Loan notes from group undertakings
6,280,885
161,969
6,442,854
6,280,885
161,969
6,442,854
At 1 January 2023
Non-cash movements
At 31 December 2023
Loan notes from group undertakings
6,442,854
161,968
6,604,822
6,442,854
161,968
6,604,822
LUMIRADX COLOMBIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
13
Financial risk review and management
Capital management

The Company’s capital management objectives are to provide an adequate return to shareholders through the operation of the Company's subsidiary undertaking.

 

The capital structure of the Company consists of equity (comprising issued capital and any accumulated profits). The Company is not subject to any externally imposed capital requirements.

 

The Company actively and regularly reviews and manages its capital structure to ensure an optimal capital structure and to maximise equity holder returns, taking into consideration the future capital requirements of the Company and capital efficiency, projected capital expenditures, prevailing and projected profitability of the Company and its subsidiary, projected cash flows, and projected strategic investment and development opportunities.

 

Management regards capital as total equity and any accumulated profits for capital management purposes. At the reporting date, this was £1 (2022 - £1).

 

Financial risks management

Due to the nature of the Company’s operations, financial risks is principally in the form of liquidity risk. The Company manages these risks through an effective risk management programme which is coordinated by the Director.

 

Liquidity risk

Liquidity risk refers to the Company being unable to settle its obligations as these fall due.

 

The Company closely monitors its continued access to funding facilities provided through the issue of loan notes to fellow group undertakings in comparison to its outstanding commitments on a regular basis to ensure that it has sufficient funds to meet these obligations.

 

The Director regularly reviews debt management forecasts which estimate the cash inflows and outflows for the next twelve months, so that management can ensure that sufficient funding is in place as it is required.

14
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of 1p each
100
100
1
1
15
Retained earnings

Retained earnings represent accumulated comprehensive income/(expenditure) for the year and prior periods less dividends paid.

16
Financial commitments, guarantees and contingent liabilities

Following finance put in place in March 2021, the Company is a guarantor in respect of certain borrowings of LumiraDx Limited, the ultimate parent company, and LumiraDx Investment Limited, a subsidiary of intermediate parent company LumiraDx Group Limited. These borrowings have been secured by a fixed and floating charge over the Company's assets.

LUMIRADX COLOMBIA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
17
Related party transactions

The Company has an outstanding loan of $5,596,753 from its parent company LumiraDx International Limited. The loan maturity date is October 2024. Total interest accrued on the loan amounts to $1,008,069 (2022: $846,101) at 3% per annum. Interest of $161,968 (2022: $161,969) accrued on this loan during the period and is repayable on demand.

 

At 31 December 2023 the Company is holding investments of $5,398,961 in Lumira SAS (Columbia).

18
Controlling party

At the reporting date, the company was controlled by its parent company, LumiraDx International Ltd and its ultimate parent company, LumiraDx Ltd, a company incorporated in the Cayman Islands.

 

On 29 December 2023, LumiraDx Ltd announced that administrators had been appointed to LumiraDx International Ltd.

 

The address of the ultimate parent company's registered office is as follows: PO Box 1350, Windward 3, Regatta Office Park, Grand Cayman KY1-1108, Cayman Islands.

19
Cash absorbed by operations
2023
2022
$
$
Loss for the year after tax
(161,968)
(161,969)
Adjustments for:
Finance costs
161,968
161,969
Cash absorbed by operations
-
-
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