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Registration number: SC706330

Microplate DX Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Microplate DX Limited

Contents

Company Information

1

Directors' Report

2

Profit and Loss Account

3

Balance Sheet

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 10

 

Microplate DX Limited

Company Information

Chairperson

Dr Poonam Malik

Directors

Prof Andrew Justin Radcliffe Porter

Dr Stuart Hannah

Company secretary

MBM Secretarial Services Limited

Registered office

TG528/LGC Centre Office (TG216)
Thomas Graham Building
295 Cathedral Street
Glasgow
G1 1XL

 

Microplate DX Limited

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Incorporation

The company was incorporated and commenced trading on 10 August 2021.

Directors of the company

The directors who held office during the year were as follows:

Prof Andrew Justin Radcliffe Porter

Dr Stuart Hannah

Dr Poonam Malik - Chairperson

Principal activity

The principal activity of the company is rapid antibiotic susceptibility testing diagnostics.

Going concern

The directors having made due and careful enquiry are satisfied that the company has sufficient cash on hand to meet the minimum requirements of the business for the next 12 months. The directors therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 18 July 2024 and signed on its behalf by:

.........................................
Dr Stuart Hannah
Director

   
     
 

Microplate DX Limited

Profit and Loss Account for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

 

200,008

152,431

Gross profit

 

200,008

152,431

Administrative expenses

 

(1,700,743)

(471,361)

Operating loss

 

(1,500,735)

(318,930)

Interest payable and similar expenses

 

(1,750)

(2,185)

Loss before tax

4

(1,502,485)

(321,115)

Loss for the financial year

 

(1,502,485)

(321,115)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Microplate DX Limited

(Registration number: SC706330)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

13,909

11,245

Tangible assets

6

119,284

8,450

 

133,193

19,695

Current assets

 

Debtors

7

93,709

35,077

Cash at bank and in hand

 

901,292

470,401

 

995,001

505,478

Creditors: Amounts falling due within one year

8

(72,091)

(19,099)

Net current assets

 

922,910

486,379

Total assets less current liabilities

 

1,056,103

506,074

Creditors: Amounts falling due after more than one year

8

(19,684)

(28,434)

Net assets

 

1,036,419

477,640

Capital and reserves

 

Called up share capital

9

173

137

Share premium reserve

2,859,942

798,714

Retained earnings

(1,823,696)

(321,211)

Shareholders' funds

 

1,036,419

477,640

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 18 July 2024 and signed on its behalf by:
 

.........................................
Dr Stuart Hannah
Director

   
     
 

Microplate DX Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 May 2023

130

798,714

(321,211)

477,633

Loss for the year

-

-

(1,502,485)

(1,502,485)

New share capital subscribed

43

2,061,228

-

2,061,271

At 30 April 2024

173

2,859,942

(1,823,696)

1,036,419

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 May 2022

130

359,994

(96)

360,028

Loss for the year

-

-

(321,115)

(321,115)

New share capital subscribed

7

438,720

-

438,727

At 30 April 2023

137

798,714

(321,211)

477,640

 

Microplate DX Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
TG528/LGC Centre Office (TG216)
Thomas Graham Building
295 Cathedral Street
Glasgow
G1 1XL

These financial statements were authorised for issue by the Board on 18 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Microplate DX Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Asset class

Depreciation method and rate

Plant and machinery

4 years straight line

Office equipment

3 years straight line

Furnishings and fittings

3 years straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Microplate DX Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 4).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

10,182

459

5

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 May 2023

11,245

11,245

Additions internally developed

2,664

2,664

At 30 April 2024

13,909

13,909

Amortisation

Carrying amount

At 30 April 2024

13,909

13,909

At 30 April 2023

11,245

11,245

The aggregate amount of research and development expenditure recognised as an expense during the period is £953,609 (2023 - £160,375).
 

 

Microplate DX Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

1,833

7,076

8,909

Additions

4,419

116,598

121,017

At 30 April 2024

6,252

123,674

129,926

Depreciation

At 1 May 2023

51

408

459

Charge for the year

1,546

8,637

10,183

At 30 April 2024

1,597

9,045

10,642

Carrying amount

At 30 April 2024

4,655

114,629

119,284

At 30 April 2023

1,782

6,668

8,450

7

Debtors

Current

2024
£

2023
£

Prepayments

21,399

4,025

Other debtors

72,310

31,052

 

93,709

35,077

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

6,563

6,563

Trade creditors

 

26,599

5,492

Taxation and social security

 

11,349

-

Accruals and deferred income

 

17,776

5,000

Other creditors

 

9,804

2,044

 

72,091

19,099

Creditors: amounts falling due after more than one year

 

Microplate DX Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

19,684

28,434

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £0.0001 each

1,731,810

173

1,374,572

137

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Other borrowings

19,684

28,434

2024
£

2023
£

Current loans and borrowings

Other borrowings

6,563

6,563