REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
UNILABS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
UNILABS LIMITED |
UNILABS LIMITED (REGISTERED NUMBER: 04115820) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
UNILABS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
3 Doolittle Yard |
Froghall Road |
Ampthill |
Bedfordshire |
MK45 2NW |
UNILABS LIMITED (REGISTERED NUMBER: 04115820) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties it faces. |
REVIEW OF BUSINESS |
The results for the Company show a loss for the financial year of £2,526,782 (2022: £2,187,745) and revenue of £17,353,474 (2022: £15,372,465). The total net assets of the company at 31st December 2023 were £1,087,983 (2022: £3,450,615). |
OUTLOOK AND FUTURE DEVELOPMENTS |
The board believe that its core business units will continue to develop and expand to include direct to consumer activity. This strategy is expected to see both short term and longer term sustained profitable growth potential. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Unilabs diagnostics business is significantly dependent upon maintaining its ISO15189 accredited status. This provides operational and competitive advantage and is a key determining factor in clients working with Unilabs. There continues to be significant investment in resource, training and systems to ensure Unilabs employees conduct themselves to the highest ethical and professional standards when engaging with clients and patients. Unilabs continued to benefit from the financial and operational support of the wider Unilabs Organisation. |
KEY PERFORMANCE INDICATORS |
The company uses a number of financial measures to monitor progress against strategic plans and annual corporate objectives. These are summarised below: |
2023 | 2022 |
£ 's | £ 's |
Sales | 17,353 | 15,372 |
EBITA | (990 | ) | (895 | ) |
EBIT | (2,370 | ) | (2,279 | ) |
BY ORDER OF THE BOARD: |
UNILABS LIMITED (REGISTERED NUMBER: 04115820) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year continued to be cellular pathology and one stop cancer diagnosis. |
DIVIDENDS |
No dividends have been paid in the year ended 31st December 2023 (2022: £Nil). |
FUTURE DEVELOPMENTS |
We expect to experience significant, profitable growth in both business units in the coming years. New contracts and current client requirements leaves the UK business well placed to achieve its objectives. |
The directors are therefore confident of the long term future and prospects of the company. |
DIRECTORS |
The directors who have held office during the period from 1 January 2023 to the date of this report are as follows: |
GOING CONCERN AND LIQUIDITY RISK |
The company's business activities and risks, together with the factors likely to affect its future development and its financial position, have been considered by the directors. The company itself is financially sound and is part of a larger group with considerable financial resources. As a consequence the directors believe that the company is well placed to manage its business risks. |
After making enquires, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
UNILABS LIMITED (REGISTERED NUMBER: 04115820) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are 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. They are 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
BY ORDER OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
UNILABS LIMITED |
Opinion |
We have audited the financial statements of Unilabs Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
UNILABS LIMITED |
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 Strategic Report or the Report of the Directors. |
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: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Owing to the inherent limitations of an audit, there is unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment, forgery, collusion, omission or misrepresentation. |
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- | A part of the audit planning process was to look at each area of the financial statements and ascertain the level of risk for each applicable audit assertion. Where an increased risk was identified, specific audit work was designed to ensure those risks were at the forefront of the audit work carried out. |
- | During the audit planning process, important laws and regulations applying to the company were identified by making enquiries of management in addition to our own checks of the laws and regulations applying to a business of this nature. |
- | The audit process has documented the systems and internal controls adopted by the company and considered their adequacy. Our audit work included testing journal entries due to an inherent risk of management override of controls. |
- | An audit team planning meeting was held which communicated areas of identified risks and considered possible opportunities for fraud within the company. |
- | The engagement partner assessed the experience and abilities of the engagement team to ensure they were collectively competent to identify irregularities. |
- | All risks identified at the planning stage and the related audit work were reviewed and results considered to confirm that no irregularities had been identified. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
UNILABS LIMITED |
- | Our audit has included a review of the disclosures in the financial statements and comparison of those disclosures with the results of our audit work to identify any disparities. |
- | Analytical review of the financial statements has been undertaken at both the planning and completion stages of the audit to identify risks of irregularities and the results of the audit work carried out on those areas of risks. |
- | The judgements made in making accounting estimates have been assessed as to whether they indicate potential bias. |
- | Enquiries have been made of management regarding known instances of fraud, litigation or claims in progress. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditor |
3 Doolittle Yard |
Froghall Road |
Ampthill |
Bedfordshire |
MK45 2NW |
UNILABS LIMITED (REGISTERED NUMBER: 04115820) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
as | restated |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(7,382,893 | ) | (6,961,091 | ) |
Other operating income |
OPERATING LOSS | 6 | ( |
) | ( |
) |
Interest receivable and similar income | 7 |
(2,086,419 | ) | (2,187,745 | ) |
Interest payable and similar expenses | 8 |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 9 | ( |
) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
UNILABS LIMITED (REGISTERED NUMBER: 04115820) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
UNILABS LIMITED (REGISTERED NUMBER: 04115820) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 December 2023 |
UNILABS LIMITED (REGISTERED NUMBER: 04115820) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Unilabs Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Going concern |
The company has considerable financial resources available from the wider group and as a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the uncertain economic outlook. |
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d). |
In taking advantage of these exemptions as a subsidiary undertaking the results for this company are included in the consolidated accounts of Unilabs Group Holdings APS. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and value added tax. |
Revenue is recognised when testing and diagnostic services are performed and provided to the patient. |
UNILABS LIMITED (REGISTERED NUMBER: 04115820) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible assets |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
Depreciation |
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows: |
Short leasehold improvement | - over the terms of the lease |
Plant and machinery | - straight line over 3, 4 or 5 years |
Computer equipment | - straight line over 3 or 5 years |
Stocks |
Stocks are stated at the lower of cost and net realisable value. Cost is determined on a first-in, first-out basis and includes all costs incurred in bringing each product to its present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
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 |
Monetary assets and liabilities denominated 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 on the date of the transaction. Exchange gains and losses are recognised in the profit and loss account. |
Pensions |
The company operates a defined contributions pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
UNILABS LIMITED (REGISTERED NUMBER: 04115820) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Operating lease agreements |
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. |
Provisions |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement, and the amounts of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. |
4. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
The directors do not consider there to be any critical accounting judgements. |
Key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make 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 annual depreciation charge for tangible fixed asset is sensitive to changes in the estimated and useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The remaining useful economic life of the asset is considered a key source of estimation uncertainty. |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
as | restated |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
UNILABS LIMITED (REGISTERED NUMBER: 04115820) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
as | restated |
Administration | 28 | 24 |
Technical | 93 | 68 |
Directors | 2 | 2 |
2023 | 2022 |
as | restated |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Compensation to director for loss of office |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
as | restated |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
6. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
2023 | 2022 |
as | restated |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange differences |
Operating lease rentals - land and buildings |
Recharge of expenses to group companies | ( |
) | ( |
) |
UNILABS LIMITED (REGISTERED NUMBER: 04115820) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2023 | 2022 |
as | restated |
£ | £ |
Deposit account interest |
Interest receivable on related party loan |
Tax interest received |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
as | restated |
£ | £ |
Group bank interest |
9. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
2023 | 2022 |
as | restated |
£ | £ |
Deferred tax | ( |
) |
Tax on loss | ( |
) |
UNILABS LIMITED (REGISTERED NUMBER: 04115820) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | TAXATION - continued |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
as | restated |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of |
( |
) |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
of depreciation |
purposes |
Deferred tax movement | ( |
) |
Tax loss in year |
Total tax (credit)/charge | (164,150 | ) | 519,168 |
10. | PRIOR YEAR ADJUSTMENT |
The company has reclassified salary costs of £2,776,551 and agency costs of £1,904,640 which are receivable from group companies to other operating income. |
The company has a reclassified dilapidation provision of £250,000 from accruals. |
The company has reclassified bank balances of £6,201,568 held within a cashpooling arrangement between the bank and Unilabs Diagnostics AB to amounts owed to group undertakings. |
These reclassifications have been made for consistency with the current year presentation. The reclassifications have no effect on the reported results of operations. |
UNILABS LIMITED (REGISTERED NUMBER: 04115820) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | TANGIBLE FIXED ASSETS |
Short |
leasehold | Plant and | Computer |
improvements | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
12. | STOCKS |
2023 | 2022 |
as | restated |
£ | £ |
Consumables |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as | restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments and accrued income |
Included within Other debtors are rent deposits totalling £347,706 (2022: £347,706) which are recoverable after more than one year from the balance sheet date. |
UNILABS LIMITED (REGISTERED NUMBER: 04115820) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as | restated |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
as | restated |
£ | £ |
Within one year |
Between one and five years |
16. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
as | restated |
£ | £ |
Deferred tax | 452,245 | 616,395 |
Other provisions | 250,000 | 250,000 |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 January 2023 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31 December 2023 |
The deferred tax liability is in respect of timing differences on capital allowances, £238,000 of this liability is expected to reverse next year. |
The company has unused tax losses of £5,798,000 which have not been recognised as a deferred tax asset. |
Dilapidation provisions are expected to be utilised in respect of leases ending in 2026 and 2027. |
UNILABS LIMITED (REGISTERED NUMBER: 04115820) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | as restated |
£ | £ |
Ordinary Shares | £1 | 274,999 | 274,999 |
All shares have full voting rights, dividends and rights on winding up. |
18. | RELATED PARTY DISCLOSURES |
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 wholly owned undertakings within the group. |
19. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent undertaking is Unilabs Holding Limited. |
The ultimate parent company is AP Møller Holding A/S. The ultimate controlling party is The AP Møller Foundation. |
Unilabs Group Holdings APS, which is registered in Denmark, is the smallest group in which the company is consolidated. Copies of the accounts are publicly available from the Danish Central Business Register. |
A.P Møller Holding A/S is registered in Denmark. |