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Company No: 07679157 (England and Wales)

SEON DIAGNOSTICS LTD

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

SEON DIAGNOSTICS LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

SEON DIAGNOSTICS LTD

COMPANY INFORMATION

For the financial year ended 30 June 2024
SEON DIAGNOSTICS LTD

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTORS Jason Cawley
Dr David Edward Jackson
Alexander Roger William Marshall (Appointed 28 November 2023)
Iain Fenton Rae
REGISTERED OFFICE Oxford House
15 - 17 Mount Ephraim Road
Tunbridge Wells
TN1 1EN
United Kingdom
COMPANY NUMBER 07679157 (England and Wales)
ACCOUNTANT Synergee
Pluto House
6 Vale Avenue
Tunbridge Wells
TN1 1DJ
SEON DIAGNOSTICS LTD

BALANCE SHEET

As at 30 June 2024
SEON DIAGNOSTICS LTD

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 2,126,863 1,624,036
Tangible assets 4 8,860 13,369
2,135,723 1,637,405
Current assets
Debtors 5 57,307 60,549
Cash at bank and in hand 11,870 110,186
69,177 170,735
Creditors: amounts falling due within one year 6 ( 155,203) ( 65,493)
Net current (liabilities)/assets (86,026) 105,242
Total assets less current liabilities 2,049,697 1,742,647
Net assets 2,049,697 1,742,647
Capital and reserves
Called-up share capital 152 27
Share premium account 1,769,186 1,318,506
Profit and loss account 280,359 424,114
Total shareholders' funds 2,049,697 1,742,647

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Seon Diagnostics Ltd (registered number: 07679157) were approved and authorised for issue by the Board of Directors on 18 March 2025. They were signed on its behalf by:

Iain Fenton Rae
Director
SEON DIAGNOSTICS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
SEON DIAGNOSTICS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Seon Diagnostics Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Oxford House, 15 - 17 Mount Ephraim Road, Tunbridge Wells, TN1 1EN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets not amortised
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and will be amortised over the period during which the Company is expected to benefit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Government grants

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 5

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 July 2023 1,624,036 1,624,036
Additions 502,827 502,827
At 30 June 2024 2,126,863 2,126,863
Accumulated amortisation
At 01 July 2023 0 0
At 30 June 2024 0 0
Net book value
At 30 June 2024 2,126,863 2,126,863
At 30 June 2023 1,624,036 1,624,036

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 July 2023 27,109 27,109
At 30 June 2024 27,109 27,109
Accumulated depreciation
At 01 July 2023 13,740 13,740
Charge for the financial year 4,509 4,509
At 30 June 2024 18,249 18,249
Net book value
At 30 June 2024 8,860 8,860
At 30 June 2023 13,369 13,369

5. Debtors

2024 2023
£ £
Other debtors 57,307 60,549

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 58,954 27,003
Other taxation and social security 22,881 15,293
Other creditors 73,368 23,197
155,203 65,493