Company registration number 05843597 (England and Wales)
MC DIAGNOSTICS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MC DIAGNOSTICS LIMITED
COMPANY INFORMATION
Directors
Mr Peter Maguire
Mr Y K Chan
Mr I Crosby
Mr D S W Yeung
Mr H C Chen
(Appointed 25 February 2025)
Company number
05843597
Registered office
1 Hawkshead Road
Croft Technology Park
Bromborough
Wirral
CH62 3RJ
Auditor
Champion Accountants LLP
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
MC DIAGNOSTICS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group statement of financial position
8 - 9
Group statement of changes in equity
12
Group statement of cash flows
14
Notes to the group financial statements
16 - 36
Parent company statement of financial position
10 - 11
Parent company statement of changes in equity
13
Parent company statement of cash flows
15
Notes to the parent company financial statements
MC DIAGNOSTICS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the group continued to be that of research, development and sales of medical diagnostics.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Peter Maguire
Mr Y K Chan
Mr I Crosby
Mr W Ling
(Resigned 31 January 2025)
Mr D S W Yeung
Mr H C Chen
(Appointed 25 February 2025)
Supplier payment policy

The group follows the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU) in its payment of trade creditors.

 

The group's current policy concerning the payment of trade creditors is to:

 

Trade creditors of the group at the period end were equivalent to 67 day's purchases, based on the average daily amount invoiced by suppliers during the period.

Auditor

In accordance with the company's articles, a resolution proposing that Champion Accountants LLP be reappointed as auditor of the company and group will be put at a General Meeting.

Statement of disclosure to auditor

Each director in office at the date of approval of this report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Other information

During the year the company's subsidiary, AM Robotics 2018 Limited ("AMR 2018"), ceased trading and the accounts have been prepared on a basis other than that of a going concern. AMR 2018 settled all obligations outside of the group before the year end. Group balances owing to the company were forgiven after the end of the year.

MC DIAGNOSTICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr Peter Maguire
Director
13 May 2025
MC DIAGNOSTICS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors are responsible for preparing the report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the group and parent company financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 

In preparing these financial statements, International Accounting Standard 1 requires that directors:

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MC DIAGNOSTICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MC DIAGNOSTICS LIMITED
- 4 -
Opinion

We have audited the financial statements of MC Diagnostics Limited (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group and parent company statement of financial position, the group and parent company statement of changes in equity, the group and parent company statement of cash flows and the group and parent company notes to the financial statements, including significant accounting policies.

 

The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom and as regards the parent company financial statements, as applied in accordance with the provisions of the Companies Act 2006.

In our opinion:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

MC DIAGNOSTICS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MC DIAGNOSTICS LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit is considered capable of detecting irregularities, including fraud

The responsibility for the prevention and detection of irregularities, including fraud, lies with the directors and with those charged with governance. The objectives of our audit in respect of irregularities and fraud are to assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient, appropriate audit evidence regarding the assessed risks and to respond appropriately to fraud or suspected fraud identified during the audit.

MC DIAGNOSTICS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MC DIAGNOSTICS LIMITED
- 6 -
Audit procedures

We determine significant applicable laws and regulations through discussion with those charged with governance and our own knowledge of the industry and design audit procedures to help identify instances of non-compliance with those laws and regulations that may have a material effect on the financial statements.

 

Our approach is to consider the legal and regulatory frameworks directly applicable to the financial statements reporting framework (IFRS and the Companies Act 2006) and the relevant tax compliance regulations in the UK; the nature of the industry; the business performance and the key drivers for management remuneration; the control environment and the procedures in place to address identified risks, including management override, non-compliance with laws and regulations and to prevent and detect fraud or irregularity. We communicate identified laws and regulations throughout our team and remain alert to any indications of non-compliance throughout the audit.

 

Our procedures are designed to provide reasonable assurance that the financial statements are free from material misstatement or error and include: enquiries of management and of staff in key compliance functions; review of minutes of meetings of those charged with governance; review and testing of manual journals and significant transactions outside the normal course of business; review of financial statement disclosures and testing to supporting documentation; performance of analytical procedures.

 

We are not responsible for preventing non-compliance and due to the inherent limitations of an audit, as described above, the audit cannot be relied upon to detect all instances of non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Susan Harris MA ACA (Senior Statutory Auditor)
For and on behalf of Champion Accountants LLP
13 May 2025
Chartered Accountants
Statutory Auditor
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
MC DIAGNOSTICS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Revenue
3
2,155,215
1,812,175
Cost of sales
(955,908)
(517,216)
Gross profit
1,199,307
1,294,959
Other operating income
13,429
8,783
Administrative expenses
(1,171,341)
(1,195,568)
Operating profit
4
41,395
108,174
Investment revenues
9
12,249
10,238
Finance costs
10
(7,014)
(6,354)
Profit before taxation
46,630
112,058
Taxation
11
(122,723)
(17,308)
(Loss)/profit and total comprehensive income for the year
(76,093)
94,750
Profit for the financial year is attributable to:
- Owners of the parent company
(43,259)
106,497
- Non-controlling interests
(32,834)
(11,747)
(76,093)
94,750
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(43,259)
106,497
- Non-controlling interests
(32,834)
(11,747)
(76,093)
94,750
MC DIAGNOSTICS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
Non-current assets
Intangible assets
12
1,986
3,990
Property, plant and equipment
14
144,350
164,199
Deferred tax asset
16
105,301
231,813
251,637
400,002
Current assets
Inventories
19
127,168
260,468
Trade and other receivables
21
936,523
794,939
Current tax recoverable
-
0
22,835
Cash and cash equivalents
382,193
200,505
1,445,884
1,278,747
Current liabilities
Trade and other payables
25
316,198
184,056
Current tax liabilities
9
9
Deferred revenue
27
910
3,626
317,117
187,691
Net current assets
1,128,767
1,091,056
Non-current liabilities
Trade and other payables
25
72,864
102,728
Deferred tax liabilities
16
36,110
39,899
Deferred revenue
27
-
0
908
108,974
143,535
Net assets
1,271,430
1,347,523
Equity
Called up share capital
29
1,164
1,164
Retained earnings
1,368,769
1,412,028
Equity attributable to owners of the parent company
1,369,933
1,413,192
Non-controlling interests
(98,503)
(65,669)
Total equity
1,271,430
1,347,523
MC DIAGNOSTICS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
The financial statements were approved by the board of directors and authorised for issue on 13 May 2025 and are signed on its behalf by:
Mr Peter Maguire
Director
Company registration number 05843597 (England and Wales)
MC DIAGNOSTICS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
Non-current assets
Intangible assets
13
1,986
3,990
Property, plant and equipment
15
144,350
152,104
Investments
-
0
80
Deferred tax asset
17
105,301
134,997
251,637
291,171
Current assets
Inventories
20
127,168
186,287
Trade and other receivables
22
936,523
1,244,357
Current tax recoverable
-
0
22,835
Cash and cash equivalents
382,193
193,688
1,445,884
1,647,167
Current liabilities
Trade and other payables
26
316,198
158,934
Deferred revenue
910
3,626
317,108
162,560
Net current assets
1,128,776
1,484,607
Non-current liabilities
Trade and other payables
26
72,864
102,728
Deferred tax liabilities
17
36,110
36,875
Deferred revenue
-
0
908
108,974
140,511
Net assets
1,271,439
1,635,267
Equity
Called up share capital
1,164
1,164
Retained earnings
1,270,275
1,634,103
Total equity
1,271,439
1,635,267

As permitted by trues408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s loss for the year was £363,827 (2023 - £143,156 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

MC DIAGNOSTICS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 13 May 2025 and are signed on its behalf by:
13 May 2025
Mr Peter Maguire
Director
Company registration number 05843597 (England and Wales)
MC DIAGNOSTICS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Retained earnings
Total
Non-controlling interest
Total
£
£
£
£
£
Balance at 1 January 2023
1,164
1,305,531
1,306,695
(53,922)
1,252,773
Year ended 31 December 2023:
Profit and total comprehensive income
-
106,497
106,497
(11,747)
94,750
Balance at 31 December 2023
1,164
1,412,028
1,413,192
(65,669)
1,347,523
Year ended 31 December 2024:
Profit and total comprehensive income
-
(43,259)
(43,259)
(32,834)
(76,093)
Balance at 31 December 2024
1,164
1,368,769
1,369,933
(98,503)
1,271,430
MC DIAGNOSTICS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2023
1,164
1,490,946
1,492,110
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
143,157
143,157
Balance at 31 December 2023
1,164
1,634,103
1,635,267
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(363,828)
(363,828)
Balance at 31 December 2024
1,164
1,270,275
1,271,439
MC DIAGNOSTICS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
36
179,594
133,669
Interest paid
(7,014)
(6,354)
Income taxes refunded
22,835
-
0
Net cash inflow from operating activities
195,415
127,315
Investing activities
Purchase of property, plant and equipment
(33,976)
(146,843)
Proceeds from disposal of property, plant and equipment
8,000
-
0
Interest received
12,249
10,238
Net cash used in investing activities
(13,727)
(136,605)
Financing activities
Repayment of bank loans
-
0
(68,546)
Net cash used in financing activities
-
(68,546)
Net increase/(decrease) in cash and cash equivalents
181,688
(77,836)
Cash and cash equivalents at beginning of year
200,505
278,341
Cash and cash equivalents at end of year
382,193
200,505
MC DIAGNOSTICS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
37
193,955
96,441
Interest paid
(6,558)
(5,282)
Income taxes refunded
22,835
-
0
Net cash inflow from operating activities
210,232
91,159
Investing activities
Purchase of property, plant and equipment
(33,976)
(146,843)
Interest received
12,249
9,791
Net cash used in investing activities
(21,727)
(137,052)
Financing activities
Repayment of bank loans
-
0
(34,841)
Net cash used in financing activities
-
(34,841)
Net increase/(decrease) in cash and cash equivalents
188,505
(80,734)
Cash and cash equivalents at beginning of year
193,688
274,422
Cash and cash equivalents at end of year
382,193
193,688
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

MC Diagnostics Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Hawkshead Road, Croft Technology Park, Bromborough, Wirral, CH62 3RJ. The company's principal activities and nature of its operations are disclosed in the directors' report.

 

The group consists of MC Diagnostics Limited and all of its subsidiaries.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

New standards and interpretation

At the date of authorisation of these financial statements a number of new Standards and Interpretations have been issued but are not yet effective and have not been applied in these financial statements.

 

The directors do not believe that the adoption of these Standards and Interpretations would have a material impact on the financial statements of the group. The directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the financial statements of the Group when the relevant standards and interpretations come into effect.

1.2
Business combinations

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

 

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company MC Diagnostics Limited together with all entities controlled by the parent company (its subsidiaries).

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truegroup has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Revenue

Revenue is measured at the fair value of consideration received or receivable, excluding discounts, rebates and value added tax. The group recognises revenue when it transfers control of a product to a customer, which occurs at the point of dispatch.

 

Revenue arising from the provision of testing services is recognised at the point at which the group issues a report to the customer.

1.6
Intangible assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Research and development:

 

Expenditure on research activities is recognised as an expense in the period in which it is incurred. Development costs are only capitalised when the related products meet the recognition criteria of an internally generated intangible asset, the key criterion being as follows:

 

Expenses for research and development include associated material preparation and analysis costs and other directly attributable overheads. The identifiable expenditure is then amortised over the period during which the benefit is expected to occur. Provision is made for any impairment. All research and development costs that do not meet the above conditions are written off as incurred.

1.7
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
6 years straight line basis
Fixtures and fittings
2 to 10 years straight line basis
Plant and equipment
2 to 10 years straight line basis
Computers
2 to 3 years straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.8
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the parent company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of tangible and intangible assets

At each reporting end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Inventories

Inventory and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items,

 

Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing inventories to their present location and condition.

 

At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.11
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.12
Financial assets

Financial assets are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.13
Financial liabilities

The group recognises financial debt when the group becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

At inception, the group assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the group recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

 

Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight line basis over the period of the lease.

1.18
Grants

Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Grants received in respect of capital expenditure are treated as deferred income and are credited to the Consolidated Statement of Comprehensive Income over the estimated useful life of the assets to which they relate. Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.20

Dividends

Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

To determine the provision for impairment of stock and work in progress, the directors perform an assessment of each product line taking into consideration the product age, style and demand.

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Development costs that meet the recognition criteria are capitalised and amortised over the period during which the benefit is expected to occur. The directors make an assessment of the estimated useful life of capitalised development costs in determining the appropriate amortisation rate or any impairment required.

3
Revenue
2024
2023
£
£
Revenue analysed by class of business
Principal activity
2,155,215
1,812,175
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Revenue
(Continued)
- 22 -
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
886,854
338,657
Europe
1,268,361
1,442,741
Rest of the world
-
30,777
2,155,215
1,812,175
2024
2023
£
£
Other income
Royalty income
9,805
5,336
Grants received
3,624
3,447
4
Operating profit/(loss)
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(19,599)
(895)
Government grants
(3,624)
(3,447)
Fees payable to the company's auditor for the audit of the company's financial statements
20,000
16,250
Depreciation of property, plant and equipment
53,825
58,201
Profit on disposal of property, plant and equipment
(8,000)
-
Amortisation of intangible assets
2,004
2,210
Cost of inventories recognised as an expense
963,908
517,216
Research and development expenditure written off in the period
142,585
182,171
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
20,000
16,250
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
6
Employees

The average monthly number of persons (including directors) employed by the group during the year was:

2024
2023
Number
Number
16
18

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
782,084
704,806
Social security costs
67,902
78,033
Pension costs
147,631
155,586
997,617
938,425
7
Employees - Company

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
14
15

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
686,176
624,707
Social security costs
61,921
69,393
Pension costs
142,812
148,589
890,909
842,689
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
176,400
172,200
Company pension contributions to defined contribution schemes
80,000
80,000
256,400
252,200
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
9
Investment income
2024
2023
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
3,875
1,615
Other interest income on financial assets
8,374
8,623
Total interest revenue
12,249
10,238
10
Finance costs
2024
2023
£
£
Interest on bank overdrafts and loans
-
392
Interest on lease liabilities
456
895
Other interest payable
6,558
5,067
Total interest expense
7,014
6,354
11
Income tax expense
2024
2023
£
£
Deferred tax
Origination and reversal of temporary differences
28,931
17,308
Arising from write down or reversal of write down of deferred tax asset
93,792
-
0
122,723
17,308

The charge for the year can be reconciled to the profit/(loss) per the income statement as follows:

2024
2023
£
£
Profit before taxation
46,630
112,058
Expected tax charge based on a corporation tax rate of 25.00% (2023: 25.00%)
11,658
28,015
Effect of expenses not deductible in determining taxable profit
(10,254)
3,660
Unutilised tax losses carried forward
(5,017)
(32,396)
Permanent capital allowances in excess of depreciation
2,689
(1,443)
Depreciation on assets not qualifying for tax allowances
1,278
3,240
Research and development tax credit
-
(5,356)
Deferred tax movements
122,723
17,308
Right of use lease
(354)
4,280
Taxation charge for the year
122,723
17,308
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
12
Intangible assets
Other intangibles
Software
Patents & licences
Total
£
£
£
£
Cost
At 1 January 2023
2,000
10,000
13,296
25,296
At 31 December 2023
2,000
10,000
13,296
25,296
At 31 December 2024
2,000
10,000
13,296
25,296
Amortisation and impairment
At 1 January 2023
1,794
4,006
13,296
19,096
Charge for the year
206
2,004
-
0
2,210
At 31 December 2023
2,000
6,010
13,296
21,306
Charge for the year
-
0
2,004
-
0
2,004
At 31 December 2024
2,000
8,014
13,296
23,310
Carrying amount
At 31 December 2024
-
0
1,986
-
1,986
At 31 December 2023
-
0
3,990
-
3,990

Amortisation is included in Administrative Expenses.

13
Intangible assets - Company
Software
Patents & licences
Total
£
£
£
Cost
At 1 January 2023
10,000
13,296
23,296
At 31 December 2023
10,000
13,296
23,296
At 31 December 2024
10,000
13,296
23,296
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Intangible assets - Company
Software
Patents & licences
Total
£
£
£
(Continued)
- 26 -
Amortisation and impairment
At 1 January 2023
4,006
13,296
17,302
Charge for the year
2,004
-
0
2,004
At 31 December 2023
6,010
13,296
19,306
Charge for the year
2,004
-
0
2,004
At 31 December 2024
8,014
13,296
21,310
Carrying amount
At 31 December 2024
1,986
-
1,986
At 31 December 2023
3,990
-
3,990

Amortisation is included in Administrative Expenses.

14
Property, plant and equipment
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2023
55,832
451,104
23,315
34,982
565,233
Additions
135,128
7,122
4,593
-
0
146,843
At 31 December 2023
190,960
458,226
27,908
34,982
712,076
Additions
-
0
32,186
-
0
1,790
33,976
Disposals
(55,832)
(29,955)
(17,060)
(1,500)
(104,347)
At 31 December 2024
135,128
460,457
10,848
35,272
641,705
Accumulated depreciation and impairment
At 1 January 2023
39,543
399,652
16,385
34,096
489,676
Charge for the year
29,573
23,815
4,369
444
58,201
At 31 December 2023
69,116
423,467
20,754
34,540
547,877
Charge for the year
34,010
16,271
2,960
584
53,825
Eliminated on disposal
(55,832)
(29,955)
(17,060)
(1,500)
(104,347)
At 31 December 2024
47,294
409,783
6,654
33,624
497,355
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Property, plant and equipment
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
(Continued)
- 27 -
Carrying amount
At 31 December 2024
87,834
50,674
4,194
1,648
144,350
At 31 December 2023
121,844
34,759
7,154
442
164,199

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2024
2023
£
£
Net values at the year end
Property
87,834
121,844
Depreciation charge for the year
Property
34,010
29,573
15
Property, plant and equipment - Company
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2023
-
0
421,149
6,255
33,482
460,886
Additions
135,128
7,122
4,593
-
0
146,843
At 31 December 2023
135,128
428,271
10,848
33,482
607,729
Additions
-
0
32,186
-
0
1,790
33,976
At 31 December 2024
135,128
460,457
10,848
35,272
641,705
Accumulated depreciation and impairment
At 1 January 2023
-
0
383,862
3,834
32,596
420,292
Charge for the year
20,269
13,383
1,237
444
35,333
At 31 December 2023
20,269
397,245
5,071
33,040
455,625
Charge for the year
27,025
12,538
1,583
584
41,730
At 31 December 2024
47,294
409,783
6,654
33,624
497,355
Carrying amount
At 31 December 2024
87,834
50,674
4,194
1,648
144,350
At 31 December 2023
114,859
31,026
5,777
442
152,104
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Property, plant and equipment - Company
(Continued)
- 28 -

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2024
2023
£
£
Net values at the year end
Property
87,834
114,859
Depreciation charge for the year
Property
27,025
20,269
16
Deferred taxation
2024
2023
£
£
Deferred tax liabilities
36,110
39,899
Deferred tax assets
(105,301)
(231,813)
(69,191)
(191,914)
Deferred tax assets are expected to be recovered after more than one year

The following are the major deferred tax liabilities and assets recognised by the group and movements thereon during the current and prior reporting period.

Tax losses and Capital allowances
Right of use lease
Pension provision
Total
£
£
£
£
Deferred tax movements in prior year
Charge/(credit) to profit or loss
23,771
(4,280)
(2,183)
17,308
Liability at 1 January 2024
9,438
30,461
-
0
39,899
Asset at 1 January 2024
(194,889)
(34,741)
(2,183)
(231,813)
Deferred tax movements in current year
Charge/(credit) to profit or loss
27,325
353
1,253
28,931
Charge/(credit) to other comprehensive income
93,589
203
-
93,792
Liability at 31 December 2024
14,152
21,958
-
0
36,110
Asset at 31 December 2024
(78,689)
(25,682)
(930)
(105,301)

The deferred tax asset is expected to be utilised from future taxable profits in excess of the losses giving rise to the deferred tax asset.

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
17
Deferred taxation - Company
2024
2023
£
£
Deferred tax liabilities
36,110
36,875
Deferred tax assets
(105,301)
(134,997)
(69,191)
(98,122)

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Tax losses and Capital allowances
Right of use lease
Pension provision
Total
£
£
£
£
Asset at 1 January 2023
(130,264)
-
-
(130,264)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
38,402
(4,077)
(2,183)
32,142
Liability at 1 January 2024
8,160
28,715
-
0
36,875
Asset at 1 January 2024
(100,022)
(32,792)
(2,183)
(134,997)
Deferred tax movements in current year
Charge/(credit) to profit or loss
27,325
353
1,253
28,931
Liability at 31 December 2024
14,152
21,958
-
0
36,110
Asset at 31 December 2024
(78,689)
(25,682)
(930)
(105,301)
18
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Am Robotics 2018 Limited
UK
Ordinary Shares
80.00
80.00

Registered office addresses (all UK unless otherwise indicated):

1
Hawkshead Road, Croft Technology Park, Bromborough, Wirral, CH62 3RJ
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
19
Inventories
2024
2023
£
£
Raw materials
104,668
97,254
Work in progress
-
83,164
Finished goods
22,500
80,050
127,168
260,468
20
Inventories - Company
2024
2023
£
£
Raw materials
104,668
97,254
Finished goods
22,500
89,033
127,168
186,287
21
Trade and other receivables
2024
2023
£
£
Trade receivables
473,035
343,975
Amounts owed by fellow group undertakings
425,329
416,955
Other receivables
38,159
34,009
936,523
794,939
22
Trade and other receivables - Company
2024
2023
£
£
Trade receivables
473,035
341,797
Amounts owed by fellow group undertakings
425,329
871,578
Other receivables
38,159
30,982
936,523
1,244,357
23
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables carried at amortised cost is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
24
Fair value of financial liabilities

The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.

25
Trade and other payables
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Trade payables
175,687
62,086
-
0
-
0
Accruals
50,771
44,497
-
0
-
0
Social security and other taxation
59,877
41,238
-
0
-
0
Other payables
29,863
36,235
72,864
102,728
316,198
184,056
72,864
102,728
26
Trade and other payables - Company
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Trade payables
175,687
62,029
-
0
-
0
Accruals
50,771
38,451
-
0
-
0
Social security and other taxation
59,877
30,013
-
-
Other payables
29,863
28,441
72,864
102,728
316,198
158,934
72,864
102,728
27
Deferred revenue - Group and Company
2024
2023
£
£
Arising from government grants
910
4,534

Deferred revenues are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
910
3,626
Non-current liabilities
-
0
908
910
4,534
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
28
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
147,631
155,586

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

29
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1,164
1,164
1,164
1,164
30
Other leasing information
Lessee

Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:

2024
2023
£
£
Expense relating to short-term leases
379
45,205
31
Capital risk management

The group is not subject to any externally imposed capital requirements.

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
32
Financial instruments - risk management

The Group's financial instruments comprise cash, receivables and payables held at amortised cost that arise from its operations.

 

The main financial risks arising from the Group's financial instruments are liquidity risk, foreign currency risk and credit risk. The directors review and agree policies for managing each of these risks.

 

The Board of the Company has overall responsibility for the determination of the Group’s financial risk management objectives and policies. The Board of the Company receives monthly reports through which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets. The overall objective is to set policies that seek to reduce risk as far as possible without unduly affecting the Group’s competitiveness and flexibility.

 

There have been no changes since the previous financial period in the Group or Company's exposure to risk or the Board's objectives in managing risk.

 

Further details regarding the financial risk policies are described below.

 

Credit risk

 

Credit risk is the risk of financial loss to the Group if a client or counterparty to a financial instrument fails to meet its contractual obligations.

 

The Group is mainly exposed to credit risk through credit sales. Credit risk is determined by ongoing monitoring of the creditworthiness of existing clients and through ongoing review of the trade receivables ageing analysis.

 

The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the group's maximum exposure to credit risk.

 

The group does not hold any collateral or other credit enhancements to cover this credit risk.

 

Liquidity risk

 

Liquidity risk arises from the Group’s management of working capital and the finance charges and principal repayments on its borrowings. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group’s objectives when maintaining working capital are to safeguard the entity’s ability to continue as a going concern so that it can continue to provide returns for all of its stakeholders and optimise its debt and equity balance.

 

The Group’s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim it seeks to maintain cash balances and borrowing facilities to meet its expected requirements. The Board of the Company receives cash flow projections on a regular basis as well as information regarding cash balances and borrowing facilities.

 

Exchange rate risk

 

Management regularly monitor the Group's currency positions and exchange rate movements and make currency decisions as appropriate.

 

Interest rate risk

 

All of the Group’s borrowings are on fixed interest rates and hence the Group has limited exposure to interest rate risks.

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
33
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

2024
2023
£
£
Short-term employee benefits
176,400
172,200
Post-employment benefits
80,000
80,000
256,400
252,200
Other transactions with related parties

During the year the group entered into the following transactions with related parties:

Sale of goods
Purchase of goods
2024
2023
2024
2023
£
£
£
£
Subsidiaries
-
0
-
0
90,000
135,000

At the year end, a balance of £nil (2023: £215,995) was owed by AM Robotics Limited, a subsidiary company.

Other information

AM Robotics 2018 Limited

At 31 December 2024, a loan balance was owed by AM Robotics 2018 Limited (“AMR 2018”), a wholly owned subsidiary, of £238,628 (2023 – £238,628).

 

A further intercompany trading balance of £204,212 (2023 – £215,995) was also due from AMR 2018.

 

AMR 2018 ceased trading during the year. Both the trade balance of £204,212 and the loan of £238,628 were therefore impaired in full at the year end, along with the investment of £80. An application has been made to strike the company off the Register of Companies.

 

34
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
35
Controlling party

ACT Genomics Holdings Limited owns 100% of the share capital in MC Diagnostics Limited and is therefore the company's immediate parent company. Accounts can be obtained from ACT Genomics Holdings Company Limited, Maples Corporate Services Limited, PO Box 309, Ugland House, Gran Kayman, KY1-1104, Kayman Islands.

 

The smallest undertaking for which the company is a member and for which group financial statements are prepared is ACT Genomics Holdings Limited, and the largest group is Prenetics Global Limited.

 

At 31 December 2024, £425,329 (2023 - £416,955) was owed by ACT Genomics Holdings Limited. The loan attracts interest at 2% per annum and is repayable on demand.

36
Cash generated from operations
2024
2023
£
£
(Loss)/profit for the year after tax
(76,093)
94,750
Adjustments for:
Taxation charged
122,723
17,308
Finance costs
7,015
6,354
Investment income
(12,249)
(10,238)
Gain on disposal of property, plant and equipment
(8,000)
-
Amortisation and impairment of intangible assets
2,004
2,210
Depreciation and impairment of property, plant and equipment
53,825
58,201
Movements in working capital:
Decrease in inventories
133,300
24,003
Increase in trade and other receivables
(141,584)
(154,584)
Increase in trade and other payables
102,278
103,392
Decrease in deferred revenue outstanding
(3,624)
(7,727)
Cash generated from operations
179,595
133,669
MC DIAGNOSTICS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -
37
Cash generated from operations - Company
2024
2023
£
£
(Loss)/profit for the year after tax
(334,897)
175,299
Adjustments for:
Finance costs
6,558
5,282
Investment income
(12,249)
(9,791)
Amortisation and impairment of intangible assets
2,004
2,004
Depreciation and impairment of property, plant and equipment
41,730
35,333
Other gains and losses
80
-
Movements in working capital:
Decrease/(increase) in inventories
59,119
(18,451)
Decrease/(increase) in trade and other receivables
307,834
(192,907)
Increase in trade and other payables
127,400
107,399
Decrease in deferred revenue outstanding
(3,624)
(7,727)
Cash generated from operations
193,955
96,441
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