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Registration number: 12906431

Pathogen Reduction Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Pathogen Reduction Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Pathogen Reduction Solutions Limited

Company Information

Directors

I Sinclair

N J Craven

J Ott

J A Martin

Company secretary

N J Craven

Registered office

Greenleas
48 Meath Green Lane
Horley
Surrey
RH6 8HY

Accountants

EVMS Partners LLP
Chartered Accountants
45 Ludgate Hill
London
EC4M 7JU

 

Pathogen Reduction Solutions Limited

(Registration number: 12906431)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

34,132

6,148

Investments

5

1,316,000

1,316,000

 

1,350,132

1,322,148

Current assets

 

Debtors

6

8,376

106,827

Cash at bank and in hand

 

10,366

32,476

 

18,742

139,303

Creditors: Amounts falling due within one year

7

(1,895,062)

(831,179)

Net current liabilities

 

(1,876,320)

(691,876)

Net (liabilities)/assets

 

(526,188)

630,272

Capital and reserves

 

Called up share capital

8

122

122

Share premium reserve

1,133,208

1,133,208

Merger reserve

1,315,987

1,315,987

Retained earnings

(2,975,505)

(1,819,045)

Shareholders' (deficit)/funds

 

(526,188)

630,272

 

Pathogen Reduction Solutions Limited

(Registration number: 12906431)
Balance Sheet as at 30 June 2024

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:

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 March 2025 and signed on its behalf by:
 

.........................................
I Sinclair
Director

 

Pathogen Reduction Solutions Limited

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

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom (England & Wales).

The address of its registered office is: Greenleas, 48 Meath Green Lane, Horley, Surrey, RH6 8HY, England.

These financial statements were authorised for issue by the Board on 23 March 2025.

2

Accounting policies

Statement of compliance

These 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 unless otherwise disclosed in these accounting policies.

Summary of disclosure exemptions

The company has taken advantage of the exemption in FRS 102 from disclosing related party transactions with 100% owned subsidiary companies.

Group accounts not prepared

The Company, and the Group headed by it, qualifies as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

Going concern

The Company is at an early stage of development and currently has net current liabilities of £1,876,320. The directors have prepared forecasts which indicate that the company can continue to meet its liabilities as they fall due for a period of not less than twelve months from the date of approval of these financial statements. These forecasts rest on the Company's ability to meet development milestones and raise additional finance upon doing so. While the directors are confident that the milestones can be reached and additional financing secured, these are by definition matters which are partially outside of the control of the directors. As such they represent a material uncertainty that may cast significant doubt on the entity's ability to continue as a going concern.

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.

 

Pathogen Reduction Solutions Limited

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

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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:

Asset class

Depreciation method and rate

Hardware

4 years straight line

Software

4 years straight line

Equipment

4 years straight line

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, and investments in ordinary shares.

Financial instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

For financial assets measured at amortised cost, typically trade and other debtors, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, typically investments in subsidiaries, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Liabilities are classified as non-current if the Company has the unconditional right at the balance sheet to defer payment for twelve months subsequent to that balance sheet date. All other liabilities are classed as due within one year. Liabilities are only extinguished when they are paid or otherwise legally forgiven.

 

Pathogen Reduction Solutions Limited

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

Investments

Investments in subsidiaries are held at cost less provision for impairment. Where merger relief under the Companies Act 2006 applies to shares issued by the Company to acquire subsidiaries the cost of investment is based on the fair value of the shares issued, with the difference between the fair value and nominal value of the shares being recorded in the merger reserve.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Creditors

Short term creditors are measured at the transaction price.

3

Staff numbers

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

4

Tangible assets

Equipment
£

Hardware
£

Software
£

Total
£

Cost

At 1 July 2023

-

7,304

4,482

11,786

Additions

38,000

-

-

38,000

At 30 June 2024

38,000

7,304

4,482

49,786

Depreciation

At 1 July 2023

-

3,364

2,274

5,638

Charge for the year

7,112

1,800

1,104

10,016

At 30 June 2024

7,112

5,164

3,378

15,654

Carrying amount

At 30 June 2024

30,888

2,140

1,104

34,132

At 30 June 2023

-

3,940

2,208

6,148

5

Investments

2024
£

2023
£

Investments in subsidiaries

1,316,000

1,316,000

The company owns the entire issued share capital of Pathogen Detection Systems, Inc. a company incorporated in the United States of America whose principal activity is that of research and development. The acquisition of Pathogen Detection Systems Inc. qualified for statutory merger relief and gave rise to a merger reserve of £1,315,98 to reflect the difference between the nominal and fair value of the shares issued as acquisition consideration.

 

Pathogen Reduction Solutions Limited

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

6

Debtors

2024
£

2023
£

Prepayments

5,100

2,000

Other debtors

3,276

104,827

8,376

106,827

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

29,606

156,974

Amounts owed to group undertakings

18,939

18,939

Taxation and social security

230,448

43,559

Accruals and deferred income

786,250

274,000

Other creditors

829,819

337,707

1,895,062

831,179

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.01 each

12,213

122.13

12,213

122.13

         

9

Related party transactions

Other creditors falling due within one year are due to the Company's directors and entities controlled by the Company's directors. Such balances are non-interest bearing.