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REGISTERED NUMBER: 04273097 (England and Wales)


























FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024

FOR

GENOVA DIAGNOSTICS EUROPE LTD

GENOVA DIAGNOSTICS EUROPE LTD (REGISTERED NUMBER: 04273097)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GENOVA DIAGNOSTICS EUROPE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2024







DIRECTORS: Mr J Ellis
Mr O Myerscough-Jenkins
Mr J Ledford
Mr C Thiel



SECRETARY: Mr O Myerscough-Jenkins



REGISTERED OFFICE: 46 - 50 Coombe Road
New Malden
Surrey
KT3 4QF



REGISTERED NUMBER: 04273097 (England and Wales)



SENIOR STATUTORY AUDITOR: Neil Raynsford



AUDITORS: Langdowns DFK Limited
Statutory Auditor
Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD

GENOVA DIAGNOSTICS EUROPE LTD (REGISTERED NUMBER: 04273097)

BALANCE SHEET
30TH JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 10,371 16,964
10,371 16,964

CURRENT ASSETS
Stocks - 21,122
Debtors 7 836,680 865,995
Cash at bank 210,179 69,312
1,046,859 956,429
CREDITORS
Amounts falling due within one year 8 124,033 99,165
NET CURRENT ASSETS 922,826 857,264
TOTAL ASSETS LESS CURRENT
LIABILITIES

933,197

874,228

PROVISIONS FOR LIABILITIES 1,623 3,058
NET ASSETS 931,574 871,170

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings 930,574 870,170
SHAREHOLDERS' FUNDS 931,574 871,170

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th October 2024 and were signed on its behalf by:





Mr O Myerscough-Jenkins - Director


GENOVA DIAGNOSTICS EUROPE LTD (REGISTERED NUMBER: 04273097)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024


1. STATUTORY INFORMATION

Genova Diagnostics Europe Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies where any subsidiary that is a party to the transactions is wholly owned within the group or where transactions have been undertaken under normal market conditions. .

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - at varying rates on cost
Office equipment - Straight line over 3 to 5 years

All fixed assets are initially recorded at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is ascertained on an Average Cost basis from the invoiced amount charged by suppliers.

At each reporting 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 the Statement of comprehensive income.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

GENOVA DIAGNOSTICS EUROPE LTD (REGISTERED NUMBER: 04273097)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 20 ) .

5. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1st July 2023
and 30th June 2024 286,788
AMORTISATION
At 1st July 2023
and 30th June 2024 286,788
NET BOOK VALUE
At 30th June 2024 -
At 30th June 2023 -

GENOVA DIAGNOSTICS EUROPE LTD (REGISTERED NUMBER: 04273097)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


6. TANGIBLE FIXED ASSETS
Long Office
leasehold equipment Totals
£    £    £   
COST
At 1st July 2023
and 30th June 2024 52,878 80,010 132,888
DEPRECIATION
At 1st July 2023 52,878 63,046 115,924
Charge for year - 6,593 6,593
At 30th June 2024 52,878 69,639 122,517
NET BOOK VALUE
At 30th June 2024 - 10,371 10,371
At 30th June 2023 - 16,964 16,964

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 577,700 726,657
Other debtors 258,980 139,338
836,680 865,995

Amounts owed by group undertakings are interest free and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 71,533 52,503
Other creditors 52,500 46,662
124,033 99,165

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 66,000 66,000
Between one and five years 104,500 170,500
170,500 236,500

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

GENOVA DIAGNOSTICS EUROPE LTD (REGISTERED NUMBER: 04273097)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Neil Raynsford (Senior Statutory Auditor)
for and on behalf of Langdowns DFK Limited

12. OTHER FINANCIAL COMMITMENTS

Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £170,500 (2023: £236,500).

This amount is in relation to operating lease commitments which are payable over the next 3 years.

13. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Genova Diagnostics Inc., a company incorporated in the United State of America.

The registered address of Genova Diagnostics Inc. is 63 Zillicoa Street, Asheville, North Carolina, 28801, USA.

The company's ultimate parent company and controlling party is GNVA Holdings Inc., a company registered in the United States of America, which is the parent of both the smallest and largest groups for which group accounts are prepared and of which the company is a member.

The registered address of GNVA Holdings Inc. is 63 Zillicoa Street, Asheville, North Carolina, 28801, USA.