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Company registration number: NI610548
Prestige Diagnostics UK Ltd
Unaudited filleted financial statements
31 July 2024
Prestige Diagnostics UK Ltd
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Prestige Diagnostics UK Ltd
Directors and other information
Directors Mr Alan Rodgers
Mrs Brigie Rodgers
Company number NI610548
Registered office 65 Fenaghy Road
Galgorm
Ballymena
Co Antrim
BT42 1HW
Business address 65 Fenaghy Road
Galgorm
Ballymena
Co Antrim
BT42 1HW
Accountants Potter Finnegan Limited
Unit 25 The Courtyard Business Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
Bankers Bank of Ireland
5th Floor
1 Donegall Square South
Belfast
BT1 5LR
Prestige Diagnostics UK Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Prestige Diagnostics UK Ltd
Year ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Prestige Diagnostics UK Ltd for the year ended 31 July 2024 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Prestige Diagnostics UK Ltd, as a body, in accordance with the terms of our engagement letter dated 13 November 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Prestige Diagnostics UK Ltd and state those matters that we have agreed to state to the board of directors of Prestige Diagnostics UK Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prestige Diagnostics UK Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Prestige Diagnostics UK Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Prestige Diagnostics UK Ltd. You consider that Prestige Diagnostics UK Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Prestige Diagnostics UK Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Potter Finnegan Limited
Chartered Accountants
Unit 25 The Courtyard Business Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
4 April 2025
Prestige Diagnostics UK Ltd
Balance sheet
31 July 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 793,939 786,352
Investments 5 682,486 628,986
_______ _______
1,476,425 1,415,338
Current assets
Stocks 6 34,244 27,480
Debtors 7 667,542 636,302
Cash at bank and in hand 11,814 2,433,520
_______ _______
713,600 3,097,302
Creditors: amounts falling due
within one year 8 ( 444,430) ( 2,145,951)
_______ _______
Net current assets 269,170 951,351
_______ _______
Total assets less current liabilities 1,745,595 2,366,689
Provisions for liabilities 9 ( 102,693) ( 112,580)
_______ _______
Net assets 1,642,902 2,254,109
_______ _______
Capital and reserves
Called up share capital 11 10 10
Profit and loss account 1,642,892 2,254,099
_______ _______
Shareholders funds 1,642,902 2,254,109
_______ _______
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 April 2025 , and are signed on behalf of the board by:
Mr Alan Rodgers Mrs Brigie Rodgers
Director Director
Company registration number: NI610548
Prestige Diagnostics UK Ltd
Notes to the financial statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Prestige Diagostics UK Ltd, 65 Fenaghy Road, Galgorm, Ballymena, Co Antrim, BT42 1HW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 August 2023 338,595 195,912 417,175 951,682
Additions 59,061 12,835 - 71,896
_______ _______ _______ _______
At 31 July 2024 397,656 208,747 417,175 1,023,578
_______ _______ _______ _______
Depreciation
At 1 August 2023 6,772 33,446 125,112 165,330
Charge for the year 7,953 20,875 35,481 64,309
_______ _______ _______ _______
At 31 July 2024 14,725 54,321 160,593 229,639
_______ _______ _______ _______
Carrying amount
At 31 July 2024 382,931 154,426 256,582 793,939
_______ _______ _______ _______
At 31 July 2023 331,823 162,466 292,063 786,352
_______ _______ _______ _______
5. Investments
Other investments other than loans Total
£ £
Cost
At 1 August 2023 628,986 628,986
Additions 182,500 182,500
Disposals ( 129,000) ( 129,000)
_______ _______
At 31 July 2024 682,486 682,486
_______ _______
Impairment
At 1 August 2023 and 31 July 2024 - -
_______ _______
Carrying amount
At 31 July 2024 682,486 682,486
_______ _______
At 31 July 2023 628,986 628,986
_______ _______
6. Stocks
2024 2023
£ £
Finished goods and goods for resale 34,244 27,480
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 84,969 104,407
Amounts owed by group undertakings and undertakings in which the company has a participating interest 504,916 512,916
Other debtors 77,657 18,979
_______ _______
667,542 636,302
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 132 1,092
Trade creditors 3,123 1,805,811
Amounts owed to group undertakings and undertakings in which the company has a participating interest 37,629 34,951
Corporation tax 305,476 289,138
Social security and other taxes 18,133 5,231
Other creditors 79,937 9,728
_______ _______
444,430 2,145,951
_______ _______
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 August 2023 and 31 July 2024 102,693 102,693
_______ _______
10. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2024 2023
£ £
Included in provisions (note 9) 102,693 112,580
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 102,693 112,580
_______ _______
11. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 10 10 10 10
_______ _______ _______ _______
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Loan to group company - - 504,916 512,916
Loan from parent company - - 37,629 34,951
_______ _______ _______ _______
During the year the company had a loan with its parent company. The loan is interest free and repayable on demand. This is included in creditors. During the year the company had a loan with a group company. The loan is interest free and repayable on demand. This is included in debtors.
13. Controlling party
The company is controlled by the directors.