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Registered number: 07526868













FAST MDX (IP) LIMITED
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024


 
FAST MDX (IP) LIMITED
REGISTERED NUMBER:07526868


BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 3 
1
1

Current assets
  

Debtors: amounts falling due within one year
 4 
390,374
412,083

Cash at bank and in hand
 5 
57
993

  
390,431
413,076

Creditors: amounts falling due within one year
 6 
(5,838)
(1,631)

Net current assets
  
 
 
384,593
 
 
411,445

  

Net assets
  
384,594
411,446


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
384,494
411,346

  
384,594
411,446


Page 1


 
FAST MDX (IP) LIMITED
REGISTERED NUMBER:07526868

    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

For the year ended 30 September 2024 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of comprehensive income 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: 




R A Lewis
Director

Date: 20 February 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2


 
FAST MDX (IP) LIMITED
 

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

1.


General information

Fast MDX (IP) Limited is a limited liability company incorporated in England. The registered office is 65 Bideford Avenue, Perivale, Middlesex, UB6 7PP.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.3

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.

 
2.4

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

 
2.5

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 3


 
FAST MDX (IP) LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

 
2.7

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 4


 
FAST MDX (IP) LIMITED
 

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

3.


Intangible assets




Patents, trademarks etc

£



Cost


At 1 October 2023
1



At 30 September 2024

1






Net book value



At 30 September 2024
1



At 30 September 2023
1



Page 5


 
FAST MDX (IP) LIMITED
 

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

4.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
389,690
410,996

Other debtors
684
1,087

390,374
412,083



5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
57
993



6.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
4,488
281

Accruals and deferred income
1,350
1,350

5,838
1,631



7.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
57
57




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.

Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio comprise….
Page 6


 
FAST MDX (IP) LIMITED
 

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

8.


Related party transactions

Material balances and transactions with related parties arising during the year were as follows:
Balances with related parties:

Brought Forward
Amounts advanced
Amounts paid
30 September 2023
        £
        £
        £
        £
Debtor balances:

Fast MDX Limited

410,996

23,626

2,320
 
389,690
 

 
Page 7