| Registered number |
| Registered number: | |||||||
| Balance Sheet | |||||||
| as at |
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| Notes | 2024 | 2023 | |||||
| £ | £ | ||||||
| Fixed assets | |||||||
| Tangible assets | 4 | - | |||||
| Current assets | |||||||
| Debtors | 5 | ||||||
| Creditors: amounts falling due within one year | 6 | ( |
( |
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| Net current liabilities | ( |
( |
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| Net liabilities | ( |
( |
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| Capital and reserves | |||||||
| Called up share capital | |||||||
| Profit and loss account | ( |
( |
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| Shareholder's funds | ( |
( |
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| D D Burkett | |||||||
| Director | |||||||
| Approved by the board on |
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| Notes to the Accounts | ||||||||
| for the year ended |
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| 1 | Accounting policies | |||||||
| Basis of preparation | ||||||||
The accounts are prepared in sterling, which is the functional currency of the entity. |
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| Going concern | ||||||||
| The company made a net loss of £201,727 (2023 - £224,996) during the year ended 31 May 2024 and, as at that date, the company's current liabilities exceeded its total assets by £499,578 (2023 - £297,851). These conditions indicate the existence of a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. The company is part of a wider group and has been supported by its parent company, Imaging Endpoints LLC. As at 31 May 2024, the company's largest creditor was its parent, with an outstanding balance of £475,185 (2023 - £283,881). The parent company has confirmed it will not recall, demand or request repayment of this balance unless the company has sufficient available funds to do so without adversely affecting its ability to continue its business operations as a going concern. While this support is not legally binding, the directors have no reason to believe it will not continue for the foreseeable future, based on the parent company's stated intention and history of financial support. In addition, since January 2024, the company has also begun to earn revenue from the parent on a cost-plus basis. This arrangement is expected to contribute positively to the company's cash flow and reduce its reliance on financial support going forward. After making appropriate enquiries, and considering the parent company's confirmation of support and the new revenue arrangements in place, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future and at least for twelve months from the date of approval of these accounts. Accordingly, the directors continue to adopt the going concern basis in preparing the accounts. The accounts do not include any adjustments that would be required if the company were unable to continue as a going concern. |
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| Turnover | ||||||||
Turnover includes revenue earned from the rendering of services. Turnover is generated from the recharge of costs to the parent company, with an applied profit markup. |
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| Tangible fixed assets | ||||||||
| Plant and machinery | over 3 years straight line | |||||||
| Debtors | ||||||||
| Creditors | ||||||||
| Taxation | ||||||||
| Provisions | ||||||||
| Foreign currency translation | ||||||||
| Leased assets | ||||||||
| Pensions | ||||||||
| Financial instruments | ||||||||
| The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties. | ||||||||
| 2 | Audit information | |||||||
| Material uncertainty related to going concern | ||||||||
| We draw attention to note 1 in the accounts which indicates that the company incurred a net loss of £201,727 during the year ended 31 May 2024 and, as at that date, the company's current liabilities exceeded its total assets by £499,578. As stated in note 1, these events or conditions, along with the other matters as set forth in note 1, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. | ||||||||
| In auditing the accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts is appropriate. | ||||||||
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. | ||||||||
| Senior statutory auditor: | ||||||||
| Firm: | ||||||||
| Date of audit report: | ||||||||
| 3 | Employees | 2024 | 2023 | |||||
| Number | Number | |||||||
| Average number of persons employed by the company | ||||||||
| 4 | Tangible fixed assets | |||||||
| Plant and machinery etc | ||||||||
| £ | ||||||||
| Cost | ||||||||
| Additions | ||||||||
| At 31 May 2024 | ||||||||
| Depreciation | ||||||||
| Charge for the year | ||||||||
| At 31 May 2024 | ||||||||
| Net book value | ||||||||
| At 31 May 2024 | ||||||||
| 5 | Debtors | 2024 | 2023 | |||||
| £ | £ | |||||||
| Amounts owed by group undertakings and undertakings in which the company has a participating interest | - | |||||||
| Other debtors | ||||||||
| 6 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
| £ | £ | |||||||
| Trade creditors | ||||||||
| Amounts owed to group undertakings and undertakings in which the company has a participating interest | ||||||||
| Other creditors | ||||||||
| 7 | Pension commitments | |||||||
| The amount recognised in the profit and loss as an expense in relation to defined contribution plans was £22,790 (2023 - £7,831). As at the period end contributions totalling £Nil were payable. | ||||||||
| 8 | Other financial commitments | 2024 | 2023 | |||||
| £ | £ | |||||||
| Total future minimum payments under non-cancellable operating leases | ||||||||
| 9 | Related party transactions | |||||||
| 10 | Controlling party | |||||||
The ultimate parent company is Imaging Endpoints Holdings LLC, a company registered in USA whose registered office is situated at 9700 North 91st Street, Suite B-200, Scottsdale, Arizona, USA . In the opinion of the directors there is no one ultimate controlling party. |
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| 11 | Other information | |||||||
| Imaging Endpoints Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
| 38 Station Road | ||||||||
| North Harrow | ||||||||
| Harrow | ||||||||
| London | ||||||||
| HA2 7SE | ||||||||