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Registration number: 09971953

Ascend Diagnostics Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Ascend Diagnostics Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Ascend Diagnostics Ltd

Company Information

Directors

Dong Young Lee

Omar Belgacem

Company secretary

Oakwood Corporate Secretary Limited

Registered office

City Labs
1.0 Nelson Street
Manchester
M13 9NQ

Accountants

Williamson Croft Accountants Limited
Chartered Certified AccountantsYork House
20 York Street
Manchester
M2 3BB

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ascend Diagnostics Ltd
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ascend Diagnostics Ltd for the year ended 31 December 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Ascend Diagnostics Ltd , as a body, in accordance with the terms of our engagement letter dated 29 July 2024. Our work has been undertaken solely to prepare for your approval the accounts of Ascend Diagnostics Ltd and state those matters that we have agreed to state to the Board of Directors of Ascend Diagnostics Ltd , as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ascend Diagnostics Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ascend Diagnostics Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Ascend Diagnostics Ltd . You consider that Ascend Diagnostics 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 accounts of Ascend Diagnostics 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 accounts.

......................................

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

25 April 2025

 

Ascend Diagnostics Ltd

(Registration number: 09971953)
Balance Sheet as at 31 December 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

5

112,559

180,622

Current assets

 

Stocks

6

655,702

587,150

Debtors

7

2,073,793

1,965,918

Cash at bank and in hand

 

996

11,366

 

2,730,491

2,564,434

Creditors: Amounts falling due within one year

8

(4,651,572)

(3,392,899)

Net current liabilities

 

(1,921,081)

(828,465)

Total assets less current liabilities

 

(1,808,522)

(647,843)

Creditors: Amounts falling due after more than one year

8

(45,081)

(102,678)

Net liabilities

 

(1,853,603)

(750,521)

Capital and reserves

 

Called up share capital

9

9,900,000

9,900,000

Retained earnings

(11,753,603)

(10,650,521)

Shareholders' deficit

 

(1,853,603)

(750,521)

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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 25 April 2025 and signed on its behalf by:
 

.........................................
Dong Young Lee
Director

   
     
 

Ascend Diagnostics Ltd

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 and Wales.

The address of its registered office is:
City Labs
1.0 Nelson Street
Manchester
M13 9NQ

These financial statements were authorised for issue by the Board on 25 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 presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

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.

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.

 

Ascend Diagnostics Ltd

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

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Leasehold land and buildings

20% Straight line

Leasehold improvements

20% Straight line

Fixtures and fittings

20% Straight line

Plant and equipment

20% Straight line

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:

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Ascend Diagnostics Ltd

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 16).

 

Ascend Diagnostics Ltd

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

23,103

23,103

At 31 December 2024

23,103

23,103

Amortisation

At 1 January 2024

23,103

23,103

At 31 December 2024

23,103

23,103

Carrying amount

At 31 December 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

271,516

96,938

176,748

545,202

Additions

-

279

511

790

At 31 December 2024

271,516

97,217

177,259

545,992

Depreciation

At 1 January 2024

113,962

90,491

160,127

364,580

Charge for the year

54,452

3,557

10,844

68,853

At 31 December 2024

168,414

94,048

170,971

433,433

Carrying amount

At 31 December 2024

103,102

3,169

6,288

112,559

At 31 December 2023

157,554

6,447

16,621

180,622

Included within the net book value of land and buildings above is £103,102 (2023 - £157,554) in respect of short leasehold land and buildings.
 

 

Ascend Diagnostics Ltd

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

6

Stocks

2024
£

(As restated)

2023
£

Work in progress

655,702

587,150

7

Debtors

Current

2024
£

(As restated)

2023
£

Trade debtors

19,756

85,000

Prepayments

32,468

29,809

Other debtors

2,021,569

1,851,109

 

2,073,793

1,965,918

8

Creditors

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

59,976

54,836

Trade creditors

 

345,525

373,408

Taxation and social security

 

81,323

29,799

Accruals and deferred income

 

878,268

713,853

Other creditors

 

3,286,480

2,221,003

 

4,651,572

3,392,899

Note

2024
£

(As restated)

2023
£

Due after one year

 

Loans and borrowings

45,081

102,678

 

Ascend Diagnostics Ltd

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

9,900,000

9,900,000

9,900,000

9,900,000