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Registration number: 12316174

Innotive Diagnostics Limited

(formerly PhenUtest Diagnostics Limited)

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Innotive Diagnostics Limited

Contents

Balance Sheet

1 to 2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 10

 

Innotive Diagnostics Limited

(Registration number: 12316174)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

119,807

47,014

Tangible assets

5

339,142

379,779

 

458,949

426,793

Current assets

 

Debtors

6

933,748

580,164

Cash at bank and in hand

 

44,948

44,014

 

978,696

624,178

Creditors: Amounts falling due within one year

7

(762,424)

(502,647)

Net current assets

 

216,272

121,531

Net assets

 

675,221

548,324

Capital and reserves

 

Called up share capital

11

21

16

Share premium reserve

7,733,162

3,329,167

Share options reserve

51,130

-

Retained earnings

(7,109,092)

(2,780,859)

Shareholders' funds

 

675,221

548,324

 

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 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 9 April 2025 and signed on its behalf by:
 

W Wijnberg
Director

   
     
 

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

16

3,329,167

-

(2,780,859)

548,324

Loss for the year

-

-

-

(4,328,233)

(4,328,233)

New share capital subscribed

5

4,403,995

-

-

4,404,000

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

11

499

409,500

(760,676)

(350,666)

Loss for the year

-

-

-

(2,020,183)

(2,020,183)

New share capital subscribed

5

2,919,168

-

-

2,919,173

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

1

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:
2nd Floor Riverside South Building Walcot Yard
Walcot Street
Bath
BA1 5BG
England

These financial statements were authorised for issue by the Board on 9 April 2025.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 23 (2023 - 16).

 

Innotive Diagnostics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Patents
£

Total
£

Cost or valuation

At 1 January 2024

47,533

47,533

Additions acquired separately

72,274

72,274

At 31 December 2024

119,807

119,807

Amortisation

At 1 January 2024

519

519

Amortisation charge

(519)

(519)

At 31 December 2024

-

-

Carrying amount

At 31 December 2024

119,807

119,807

At 31 December 2023

47,014

47,014

5

Tangible assets

Fixture and fitttings
£

Laboratory and technical equipment
£

Computer equipment
£

Total
£

Cost or valuation

At 1 January 2024

263,081

144,582

21,112

428,775

Additions

5,399

41,130

12,104

58,633

At 31 December 2024

268,480

185,712

33,216

487,408

Depreciation

At 1 January 2024

21,899

22,383

4,714

48,996

Charge for the year

53,167

37,567

8,536

99,270

At 31 December 2024

75,066

59,950

13,250

148,266

Carrying amount

At 31 December 2024

193,414

125,762

19,966

339,142

At 31 December 2023

241,182

122,199

16,398

379,779

 

Innotive Diagnostics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors

2024
£

2023
£

Other debtors

166,613

110,941

Prepayments

71,051

93,333

Income tax asset

696,084

375,890

933,748

580,164

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

8

300,000

-

Trade creditors

 

106,167

289,822

Amounts due to related parties

 

-

78

Social security and other taxes

 

209,221

131,608

Other creditors

 

40,572

40,994

Accruals

 

106,464

40,145

 

762,424

502,647

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Convertible debt

300,000

-

9

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 £217,668 (2023 - £296,499). This comprises £217,668 relating to future operating lease payments in respect of an office lease.

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

10

Related party transactions

During the year, 100 ordinary shares were issued to a director in exchange for services to the value of £75,000.

11

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £0.001 each

20,538

21

15,754

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.