Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302024-04-30true2023-05-01falsetruetruefalse SC341432 2023-05-01 2024-04-30 SC341432 2022-05-01 2023-04-30 SC341432 2024-04-30 SC341432 2023-04-30 SC341432 c:Director4 2023-05-01 2024-04-30 SC341432 d:Buildings 2023-05-01 2024-04-30 SC341432 d:OfficeEquipment 2023-05-01 2024-04-30 SC341432 d:ComputerEquipment 2023-05-01 2024-04-30 SC341432 d:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 SC341432 d:CurrentFinancialInstruments 2024-04-30 SC341432 d:CurrentFinancialInstruments 2023-04-30 SC341432 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 SC341432 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 SC341432 d:ShareCapital 2024-04-30 SC341432 d:ShareCapital 2023-04-30 SC341432 d:SharePremium 2023-05-01 2024-04-30 SC341432 d:SharePremium 2024-04-30 SC341432 d:SharePremium 2023-04-30 SC341432 d:ForeignCurrencyTranslationReserve 2023-05-01 2024-04-30 SC341432 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 SC341432 d:RetainedEarningsAccumulatedLosses 2024-04-30 SC341432 d:RetainedEarningsAccumulatedLosses 2023-04-30 SC341432 c:OrdinaryShareClass1 2023-05-01 2024-04-30 SC341432 c:OrdinaryShareClass1 2024-04-30 SC341432 c:OrdinaryShareClass1 2023-04-30 SC341432 c:EntityNoLongerTradingButTradedInPast 2023-05-01 2024-04-30 SC341432 c:FRS102 2023-05-01 2024-04-30 SC341432 c:Audited 2023-05-01 2024-04-30 SC341432 c:FullAccounts 2023-05-01 2024-04-30 SC341432 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC341432 d:Subsidiary1 2023-05-01 2024-04-30 SC341432 d:Subsidiary1 1 2023-05-01 2024-04-30 SC341432 d:WithinOneYear 2024-04-30 SC341432 d:WithinOneYear 2023-04-30 SC341432 d:BetweenOneFiveYears 2024-04-30 SC341432 d:BetweenOneFiveYears 2023-04-30 SC341432 c:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 SC341432 c:Consolidated 2024-04-30 SC341432 c:ConsolidatedGroupCompanyAccounts 2023-05-01 2024-04-30 SC341432 6 2023-05-01 2024-04-30 SC341432 14 2023-05-01 2024-04-30 SC341432 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: SC341432









FIOS GENOMICS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
FIOS GENOMICS LIMITED
REGISTERED NUMBER: SC341432

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
176,439
266,037

  
176,439
266,037

Current assets
  

Debtors: amounts falling due within one year
 8 
812,352
561,097

Current asset investments
 9 
1,007,589
1,563,615

Cash at bank and in hand
 10 
780,193
410,112

  
2,600,134
2,534,824

Creditors: amounts falling due within one year
 11 
(409,994)
(425,351)

Net current assets
  
 
 
2,190,140
 
 
2,109,473

Total assets less current liabilities
  
2,366,579
2,375,510

Provisions for liabilities
  

Other provisions
 12 
(35,490)
(19,110)

Net assets
  
2,331,089
2,356,400


Capital and reserves
  

Called up share capital 
 13 
209
209

Share premium account
 14 
2,483,157
2,483,157

Foreign exchange reserve
 14 
62
58

Profit and loss account
 14 
(152,339)
(127,024)

  
2,331,089
2,356,400


Page 1

 
FIOS GENOMICS LIMITED
REGISTERED NUMBER: SC341432
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company's financial statements has opted not to file the consolidated statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr Martin William Ramsay
Director

Date: 28 January 2025

The notes on pages 5 to 16 form part of these financial statements.

Page 2

 
FIOS GENOMICS LIMITED
REGISTERED NUMBER: SC341432

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
176,439
266,037

Investments
 7 
758
758

  
177,197
266,795

Current assets
  

Debtors: amounts falling due within one year
 8 
814,357
565,820

Current asset investments
 9 
1,007,589
1,563,615

Cash at bank and in hand
 10 
775,600
403,657

  
2,597,546
2,533,092

Creditors: amounts falling due within one year
 11 
(408,076)
(424,291)

Net current assets
  
 
 
2,189,470
 
 
2,108,801

Total assets less current liabilities
  
2,366,667
2,375,596

  

Provisions for liabilities
  

Other provisions
 12 
(35,490)
(19,110)

Net assets
  
2,331,177
2,356,486


Capital and reserves
  

Called up share capital 
 13 
209
209

Share premium account
 14 
2,483,157
2,483,157

Profit and loss account
 14 
(152,189)
(126,880)

  
2,331,177
2,356,486


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company's financial statements has opted not to file the consolidated statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Mr Martin William Ramsay
Director

Page 3

 
FIOS GENOMICS LIMITED
REGISTERED NUMBER: SC341432
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

Date: 28 January 2025

The notes on pages 5 to 16 form part of these financial statements.

Page 4

 
FIOS GENOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

The company is a private company limited by shares and is incorporated in Scotland (Company No: SC341432). The address of its registered office is 13 Little France Road, Edinburgh Bioquarter, Edinburgh, EH16 4UX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise
specified within these accounting policies and in accordance with Section 1A of Financial Reporting
Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the  Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 5

 
FIOS GENOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Going concern

The directors have reviewed cash flow and trading forecasts to ensure the Group has sufficient
resources to enable it to meet its liabilities as they fall due for a period of at least twelve months from the date signing of the financial statements.
The Group’s business is to provide data analysis services predominantly to the pharmaceutical
industry. The pharmaceutical industry has been a key area of activity both in terms of ongoing clinical trials for new medicine development and with the development of novel treatments and vaccines. The Group continues to expand its customer base and to consolidate long-standing relationships with existing clients. 
Despite some market hesitancy in the second half of 2024, post year-end, the company has retained its exceptional team and is well positioned to support the requirements of customers as market confidence returns as expected in 2025. The Group’s cash position remains strong.
 
Notwithstanding the underlying strength of the business, the directors have taken a prudent approach and considered a number of potential scenarios over the coming twelve months, including significant and unexpected reductions in sales. From this analysis the directors are confident that given the current level of cash resources and forecasted trading expectations, the Group will have more than adequate resources to continue as a going concern for the foreseeable future.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP. Monetary amounts in these financial
statements are rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the
translation at period-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in profit or loss.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 6

 
FIOS GENOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only 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, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 7

 
FIOS GENOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Share-based payments

The company has taken advantage of the exemption permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to fair value options granted prior to 1 May 2016.
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Statement of financial position date.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Statement of financial position date.

Page 8

 
FIOS GENOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Tenants improvements
-
22%
 Over lease term
Office equipment
-
33%
Straight line
Computer equipment
-
33%
Straight line
Other fixed assets
-
50%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 9

 
FIOS GENOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties.

 
2.17

Employee Benefits

Short-term employee benefits are recognised as an expense in the period in which they are incurred.

Page 10

 
FIOS GENOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of financial position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:
Revenue recognition
Revenue is recognised as contract activity progresses and the right to consideration is earned. The key area of judgement is the determination of the stage of completion of work done. Management base this assessment on hours worked, detailed costings and progress reports and their experience of similar contracts in the past.
Provisions
Provisions are recognised when the Group has an obligation, as a result of past events, that can be measured reliably and where the outcome is probable. Where the outcome is less than probable, but more than remote, no provision is recorded but a contingent liability disclosed in the financial statements if material. The recording of provisions is therefore an area which requires the exercise of management judgement relating to the nature, timing and probability of the liability.
The main provision held by the Group is in respect of dilapidations and the amount of the provision is reassessed annually and amended when necessary to reflect current estimates, based on any changes of circumstances. Refer to note 12 for amounts held in relation to this provision.


4.


Employees

The average monthly number of employees, including directors, during the year was 48 (2023 - 43).


5.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements. The loss after tax of the parent Company for the year was £25,312 (2023 - profit £254,326).
 

Page 11
 


 
FIOS GENOMICS LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


6.


Tangible fixed assets


Group and Company







Computer equipment
Tenants' Improvements
Office equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
218,241
225,667
115,538
3,464
562,910


Additions
17,380
-
567
1,262
19,209


Disposals
-
-
(18,651)
-
(18,651)



At 30 April 2024

235,621
225,667
97,454
4,726
563,468



Depreciation


At 1 May 2023
182,812
56,064
56,330
1,667
296,873


Charge for the year
23,625
49,639
32,485
3,059
108,808


Disposals
-
-
(18,652)
-
(18,652)



At 30 April 2024

206,437
105,703
70,163
4,726
387,029



Net book value



At 30 April 2024
29,184
119,964
27,291
-
176,439



At 30 April 2023
35,429
169,603
59,208
1,797
266,037

Page 12
 
FIOS GENOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
758



At 30 April 2024
758





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Fios Genomics Inc
13 Little France Road, Edinburgh Bioquarter, Edinburgh, EH16 4UX
Ordinary
100%

Page 13

 
FIOS GENOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
595,647
294,853
595,647
294,853

Amounts owed by group undertakings
-
-
2,150
4,867

Other debtors
98,144
56,372
98,144
56,372

Prepayments and accrued income
91,610
182,921
91,465
182,777

Deferred taxation
26,951
26,951
26,951
26,951

812,352
561,097
814,357
565,820



9.


Current asset investments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank term deposits
1,007,589
1,563,615
1,007,589
1,563,615

1,007,589
1,563,615
1,007,589
1,563,615



10.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
780,193
410,112
775,600
403,657

780,193
410,112
775,600
403,657


Page 14

 
FIOS GENOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
10,660
53,771
10,660
53,665

Other taxation and social security
128,087
66,731
128,087
66,731

Other creditors
-
15,864
-
15,864

Accruals and deferred income
271,247
288,985
269,329
288,031

409,994
425,351
408,076
424,291



12.


Provisions


Group and Company






Dilapidation provision

£





At 1 May 2023
19,110


Charged to profit or loss
16,380



At 30 April 2024
35,490


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,086,973 (2023 - 2,086,973) Ordinary shares of £0.0001 each
209
209


Page 15

 
FIOS GENOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Reserves

Share premium account

The share premium account represents the premium paid on ordinary shares of the company, above their nominal value net of share issue costs.

Foreign exchange reserve

The foreign exchange reserve represents retranslation gains and losses arising on consolidation.

Profit and loss account

The profit and loss account represents accumulated profits and losses of the company less distributions to shareholders.


15.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £121,802 (2023 - £101,778). Contributions totalling £nil (2023 - £15,864) were payable to the fund at the Statement of financial position date and are included in creditors.


16.


Commitments under operating leases

At 30 April 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
74,844
74,844
74,844
74,844

Later than 1 year and not later than 5 years
106,029
180,873
106,029
180,873

180,873
255,717
180,873
255,717


17.


Controlling party

The directors are of the opinion that no one party has overall control of the Group and Company.


18.


Auditor's information

The auditor's report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 28 January 2025 by Nicola MacLennan (Senior statutory auditor) on behalf of French Duncan LLP (Trading as AAB Group).

 
Page 16