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REGISTERED NUMBER: 13201459 (England and Wales)












AUREUM DIAGNOSTICS LIMITED

Unaudited Financial Statements

for the Year Ended 31 March 2024






AUREUM DIAGNOSTICS LIMITED (REGISTERED NUMBER: 13201459)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AUREUM DIAGNOSTICS LIMITED

Company Information
for the Year Ended 31 March 2024







Directors: Dr D K Corrigan
O W H Davies
Ms T M Ogle
Dr A S Roberts-Mcintosh
Dr J Shillingford
Dr M Hegarty





Registered office: First Floor 85, Great Portland Street
London
W1W 7LT





Registered number: 13201459 (England and Wales)

AUREUM DIAGNOSTICS LIMITED (REGISTERED NUMBER: 13201459)

Balance Sheet
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
Fixed assets
Tangible assets 3 60,468 33,198

Current assets
Debtors 4 191,977 94,264
Cash at bank 702,513 1,612,076
894,490 1,706,340
Creditors
Amounts falling due within one year 5 163,231 58,683
Net current assets 731,259 1,647,657
Total assets less current liabilities 791,727 1,680,855

Capital and reserves
Called up share capital 3,508,224 3,480,996
Retained earnings (2,716,497 ) (1,800,141 )
791,727 1,680,855

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 30 May 2024 and were signed on its behalf by:





Ms T M Ogle - Director


AUREUM DIAGNOSTICS LIMITED (REGISTERED NUMBER: 13201459)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. Accounting policies

Accounting policies
General information

Incorporated on 15 February 2021, the company is a private company limited by shares, registered in England and Wales.


Principal activities

The company is involved with research and experimental development on biotechnology.


Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102
'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for:
(a) ensuring that the company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.


Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
- The requirements of Section 7 Statement of Cash Flows and paragraph 3.17(d).
- Disclosures in respect of key management personnel compensation in total have not been presented.
- Disclosures in respect of financial instruments have not been presented.


Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in profit or loss.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.


Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Due to the company currently in the research and development stage, No revenue has been earned during the period under review.


Foreign currency translation

AUREUM DIAGNOSTICS LIMITED (REGISTERED NUMBER: 13201459)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

Functional and presentation currency

The Company's functional and presentational currency is GBP.


Transactions and balances

All business transactions that are denominated in foreign currencies are recognised at the prevailing transaction date exchange rate. Non-monetary assets such as equity investments are carried in the local currency at a historical transaction exchange rate.

At the balance sheet date, monetary assets and liabilities denominated in a foreign currency are translated by using the rate of exchange ruling at that date. Any exchange rate gains or losses are recognised in profit or loss of the period in accordance with the accruals concept of accounting. All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income.


Pension costs and other post-retirement benefits

The Company operates a defined contribution pension scheme. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further obligations. The assets of the plan are held separately from the Company in independently administered funds.

Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. Amounts not paid are shown in "Statutory liabilities" in the balance sheet.


Going concern

The accounts has been prepared on a going-concern basis. The Company has incurred a loss before tax for the financial period of £916,356 and has net current assets at the balance sheet date of £791,727. The going concern basis is considered by the directors to be appropriate.


Research and Development

Under FRS 10, all expenditure incurred during the research phase of internal projects shall be recognized as an expense.

Costs relating to the development phase can be recognized as an intangible asset if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

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.

Tangible fixed assets with a cost above £1,000 are capitalised.

Depreciation is provided, at the following annual rates in order to write off each asset over its estimated useful life.

2. Employees and directors

The average number of employees during the year was 9 (2023 - 9 ) .

AUREUM DIAGNOSTICS LIMITED (REGISTERED NUMBER: 13201459)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. Tangible fixed assets
Plant and
machinery
etc
£   
Cost
At 1 April 2023 48,585
Additions 50,218
At 31 March 2024 98,803
Depreciation
At 1 April 2023 15,387
Charge for year 22,948
At 31 March 2024 38,335
Net book value
At 31 March 2024 60,468
At 31 March 2023 33,198

4. Debtors: amounts falling due within one year
31/3/24 31/3/23
£    £   
Trade debtors 181,795 42,000
Other debtors 10,182 52,264
191,977 94,264

5. Creditors: amounts falling due within one year
31/3/24 31/3/23
£    £   
Trade creditors 99,936 22,891
Taxation and social security 63,113 -
Other creditors 182 35,792
163,231 58,683