Registration number:
Innotive Diagnostics Limited
(formerly PhenUtest Diagnostics Limited)
for the Year Ended 31 December 2024
Innotive Diagnostics Limited
Contents
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Unaudited Financial Statements |
Innotive Diagnostics Limited
(Registration number: 12316174)
Balance Sheet as at 31 December 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Share options reserve |
|
- |
|
Retained earnings |
( |
( |
|
Shareholders' funds |
|
|
Innotive Diagnostics Limited
(Registration number: 12316174)
Balance Sheet as at 31 December 2024
For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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
|
Innotive Diagnostics Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
Share capital |
Share premium |
Share options reserve |
Retained earnings |
Total |
|
At 1 January 2024 |
|
|
- |
( |
|
Loss for the year |
- |
- |
- |
( |
( |
New share capital subscribed |
|
|
- |
- |
|
Share-based payment transactions |
- |
- |
51,130 |
- |
51,130 |
At 31 December 2024 |
21 |
7,733,162 |
51,130 |
(7,109,092) |
675,221 |
Share capital |
Share premium |
Other reserves |
Retained earnings |
Total |
|
At 1 January 2023 |
|
|
|
( |
( |
Loss for the year |
- |
- |
- |
( |
( |
New share capital subscribed |
|
|
- |
- |
|
Transfers |
- |
409,500 |
(409,500) |
- |
- |
At 31 December 2023 |
16 |
3,329,167 |
- |
(2,780,859) |
548,324 |
Innotive Diagnostics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
General information |
The Company is a private company limited by share capital, incorporated in England & Wales .
The Company was formerly known as PhenUtest Diagnostics Limited.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
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 except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Going concern
The directors have assessed the budget and fundraising plans for the company and are satisfied that it can raise adequate resources for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.
Government grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim or payment.
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments.
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Innotive Diagnostics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Finance income and costs policy
Finance income and expenses are recognised using the effective interest method.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge 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 |
Laboratory and technical equipment |
Straight line 20% - 50% |
Computer equipment |
Straight line 33% |
Fixtures and fittings |
Straight line 20% |
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.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Patents |
Straight line 5% |
Innotive Diagnostics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the
lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a
straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Innotive Diagnostics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Share based payments
The cost of equity-settled transactions with employees is measured by reference to the fair value at
the date on which they are granted and is recognised as an expense over the vesting period, which
ends on the date on which the relevant employees become fully entitled to the award. Fair value is
determined using an appropriate pricing model. In valuing equity-settled transactions, no account is
taken of any vesting conditions other than conditions linked to the price of the shares of the company
(market conditions).
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is
conditional upon a market condition, which are treated as vesting irrespective of whether or not the
market condition is satisfied, provided that all other performance conditions are satisfied.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the
extent to which the vesting period has expired and management's best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest or, in the case of an instrument subject to a market condition, be treated as vesting as described above. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.
Where the terms of an equity-settled award are modified or a new award is designated as replacing a
cancelled or settled award, the cost based on the original award terms continues to be recognised
over the original vesting period. In addition, an expense is recognised over the remainder of the new
vesting period for the incremental fair value of any modification, based on the difference between the
fair value of the original award and the fair value of the modified award, both as measured on the date
of modification. No reduction is recognised if this difference is negative.
Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation,
and any cost not yet recognised in the income statement for the award is expensed immediately. Any
compensation paid up to the fair value of the award at the cancellation or settlement date is deducted
from equity, with any excess over fair value being treated as an expense in the profit and loss
account.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Innotive Diagnostics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Intangible assets |
Patents |
Total |
|
Cost or valuation |
||
At 1 January 2024 |
|
|
Additions acquired separately |
|
|
At 31 December 2024 |
|
|
Amortisation |
||
At 1 January 2024 |
|
|
Amortisation charge |
( |
( |
At 31 December 2024 |
- |
- |
Carrying amount |
||
At 31 December 2024 |
|
|
At 31 December 2023 |
|
|
Tangible assets |
Fixture and fitttings |
Laboratory and technical equipment |
Computer equipment |
Total |
|
Cost or valuation |
||||
At 1 January 2024 |
|
|
|
|
Additions |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Depreciation |
||||
At 1 January 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
||||
At 31 December 2024 |
|
|
|
|
At 31 December 2023 |
|
|
|
|
Innotive Diagnostics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Debtors |
2024 |
2023 |
|
Other debtors |
|
|
Prepayments |
|
|
Income tax asset |
|
|
|
|
Creditors |
Due within one year |
Note |
2024 |
2023 |
Loans and borrowings |
|
- |
|
Trade creditors |
|
|
|
Amounts due to related parties |
- |
|
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Accruals |
|
|
|
|
|
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
|
Convertible debt |
|
- |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Amounts disclosed in the balance sheet
Included in the balance sheet are pensions of £18,984 (2023 - £12,364).
Innotive Diagnostics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Related party transactions |
During the year, 100 ordinary shares were issued to a director in exchange for services to the value of £75,000.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
21 |
|
16 |
Ordinary shares have full voting rights and full rights to distribution of the assets of the company in event of the company being sold or wound up. During the year 4,784 ordinary shares of £0.001 were issued at a premium of £4,403,995.