Company registration number 08956760 (England and Wales)
IMMY MDX LTD
FORMERLY OLM DIAGNOSTICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
IMMY MDX LTD
FORMERLY OLM DIAGNOSTICS LIMITED
CONTENTS
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
IMMY MDX LTD
FORMERLY OLM DIAGNOSTICS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
30 April 2024
31 December 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
28,500
31,146
Current assets
Stocks
27,371
60,242
Debtors
4
100,952
178,491
Cash at bank and in hand
653,544
603,505
781,867
842,238
Creditors: amounts falling due within one year
5
(1,084,362)
(243,560)
Net current (liabilities)/assets
(302,495)
598,678
Total assets less current liabilities
(273,995)
629,824
Creditors: amounts falling due after more than one year
6
(77,439)
Provisions for liabilities
(5,220)
(5,784)
Net (liabilities)/assets
(279,215)
546,601
Capital and reserves
Called up share capital
7
10
10
Profit and loss reserves
(279,225)
546,591
Total equity
(279,215)
546,601
IMMY MDX LTD
FORMERLY OLM DIAGNOSTICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 May 2025 and are signed on its behalf by:
Mr S K Bauman
Mr T A Heefner
Director
Director
Company registration number 08956760 (England and Wales)
IMMY MDX LTD
FORMERLY OLM DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
IMMY MDx Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 16 Block A, Braintree Enterprise Centre, 46-48 Springwood Drive, Braintree, Essex, CM7 2YN.
1.1
Reporting period
The financial statements cover a 4 month trading period from 1 January 2024 to 30 April 2024 just prior to a change of the company's ultimate parent company.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. 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.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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. The balance sheet reflects the effect of a one-off write off of a significant group company debt. Since the year end the company has continued to generate profits.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Research and development expenditure
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.
IMMY MDX LTD
FORMERLY OLM DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Tangible fixed assets
Tangible fixed assets 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 improvements
10% straight line
Plant and equipment
20% reducing balance
Fixtures and fittings
15% straight line
Computers
33% straight line
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 credited or charged to profit or loss.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
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 profit and loss account 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
IMMY MDX LTD
FORMERLY OLM DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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 profit and loss account, 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 company 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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
4
4
IMMY MDX LTD
FORMERLY OLM DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 6 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2024 and 30 April 2024
18,490
16,692
9,788
9,516
54,486
Depreciation and impairment
At 1 January 2024
5,855
8,743
4,806
3,936
23,340
Depreciation charged in the period
616
530
489
1,011
2,646
At 30 April 2024
6,471
9,273
5,295
4,947
25,986
Carrying amount
At 30 April 2024
12,019
7,419
4,493
4,569
28,500
At 31 December 2023
12,635
7,949
4,982
5,580
31,146
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
95,345
167,023
Other debtors
5,607
11,468
100,952
178,491
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
Trade creditors
38,676
70,046
Amounts owed to group undertakings
127
127
Corporation tax
35,293
106,785
Other taxation and social security
22,987
26,190
Other creditors
987,279
30,412
1,084,362
243,560
IMMY MDX LTD
FORMERLY OLM DIAGNOSTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,000
Other creditors
62,439
77,439
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
8
Related party transactions
At the period end the company owed £127 (31 December 2023: £127) to OKUK Holdings Limited, formerly known as OLM DX Limited, the parent company.
At the period end the company owed £0 (31 December 2023: £62,438) to OLM Innovations Limited, a fellow group company.
During the period the company took over a debt of £973,175 owed to a 3rd party by OLM Innovations Limited, a fellow group company. This debt was settled shortly after the period end after the company and its parent was acquired by new owners.
After paying a further liability owed by the group company of £1,315 the company has written off the resulting balance of £912,052 owed to them from OLM Innovations Limited as that company was not actively trading nor expected to generate any future profits.