Company registration number 11563620 (England and Wales)
APIS ASSAY TECHNOLOGIES LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
APIS ASSAY TECHNOLOGIES LTD.
COMPANY INFORMATION
Directors
J Schorr
I C Kavanagh
R M Burns
M D Rahn
T Wilkinson
Company number
11563620
Registered office
Second Floor, Citylabs 1.0
Nelson Street
Manchester
M13 9NQ
Auditor
Alexander & Co LLP
Centurion House
129 Deansgate
Manchester
M3 3WR
APIS ASSAY TECHNOLOGIES LTD.
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 32
APIS ASSAY TECHNOLOGIES LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
APIS continues to make strong progress to date with well diversified revenue streams and R&D disciplines. The company has further established its comprehensive diagnostic development capability with its bioinformatics and software development capabilities and adding Clickmer Services in this year also. During the year we have developed specific biomarkers capable of transforming disease management and continue to expertly deliver on services contracts for clients.
Our reputation as a member of the Manchester biotechnology community and international developer of transformative diagnostic solutions continue to grow. Our ambitions are significant, and we have developed and launched several high-quality products for use in the precision medical diagnostic market. We have invested heavily into the R&D of accessible tests for drug-linked biomarkers, which will aid in the better prescription of drugs to patients for a wide range of disease areas. The biomarkers each have the potential to change healthcare in their disease areas.
Apis is continually striving to provide a diverse offering of products and services, using the capabilities we have built in diagnostic assay development, as well as including the Clickmer technology that was acquired in 2022. With continued investment in our subsidiaries, they move closer to consistent profitability, and their services and expertise now integrate with those provided by the UK.
Principal risks and uncertainties
The biggest risk to the company is that current revenue streams are not sufficient to support the aspirational R&D strategy and existing cost base. APIS continues to mitigate this risk by maintaining well diversified revenue streams in both services and products, supported by a Sales & Marketing function to grow all revenue streams to meet the needs of the business. The diverse revenue stream strategy is also thought best to attract external investment. Further mitigation of risk is provided, if external investment is not forthcoming, where the company can protect and grow (less rapidly) its existing revenue streams from a much lower cost base as required.
Financial risk
The company does not have any short or long-term debt and therefore the directors do not consider the company to have any exposure to interest rate or foreign exchange risk beyond previous years
Development and performance
The target for 2025 and beyond is to maintain a diverse offering of products and services and continue to expand the products available to market. To increase revenue within each product and service offering and fully utilise the company’s Sales and Marketing function and distributor networks.
The company’s primary target around external investment is to complete the ongoing right sizing work to reflect the current revenue expectations over the next 24 months with a view to taking forward investment opportunities that are currently being pursued.
Key performance indicators
The group reports a loss for the year of £5,459,083 (2023: £7,089,551) on turnover of £2,627,504
(2023: £3,128,896). The reduction in the loss this year is the impact of significant cost savings made to reflect current turnover but also balanced with R&D requirements to implement our longer-term strategy. With cumulative retained profits of £1,580,641 and net assets of £6,280,641 of which £2,810,738 is represented by cash at bank, the directors consider the group to be stable with enough flexibility around working capital to execute the appropriate mid and long-term strategy.
APIS ASSAY TECHNOLOGIES LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
.............................................
I C Kavanagh
Director
Date: .............................................
APIS ASSAY TECHNOLOGIES LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the group is that of realising the clinical and commercial potential of genomic medicine in the diagnosis and stratification of treatment, and in the prediction and prevention of disease.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J Schorr
I C Kavanagh
R M Burns
M D Rahn
T Wilkinson
Auditor
In accordance with the company's articles, a resolution proposing that Alexander & Co LLP be reappointed as auditor of the group will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual 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 financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
APIS ASSAY TECHNOLOGIES LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
I C Kavanagh
Director
18 July 2025
APIS ASSAY TECHNOLOGIES LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF APIS ASSAY TECHNOLOGIES LTD.
- 5 -
Opinion
We have audited the financial statements of Apis Assay Technologies Ltd. (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
APIS ASSAY TECHNOLOGIES LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF APIS ASSAY TECHNOLOGIES LTD.
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Capability of the audit in detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the group, we identified that the principal risks of non-compliance with laws and regulations related to breaches of the legal and regulatory framework that the group operates in. We considered the extent to which non-compliance might have a material effect on the financial statements. The key laws and regulations we considered in this context included UK Companies Act 2006 and health and safety legislation.
We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the posting of inappropriate journal entries to manipulate financial results and potential management bias in accounting estimates.
APIS ASSAY TECHNOLOGIES LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF APIS ASSAY TECHNOLOGIES LTD.
- 7 -
As a result of the above, our audit procedures performed included:
There are inherent limitations in the audit procedures described above. The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK).
We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors of APIS Assay Technologies Ltd.
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.
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.
Stephen Jolley (Senior Statutory Auditor)
For and on behalf of Alexander & Co LLP
21 July 2025
Chartered Accountants
Statutory Auditor
Centurion House
129 Deansgate
Manchester
M3 3WR
APIS ASSAY TECHNOLOGIES LTD.
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
2,672,504
3,128,896
Cost of sales
(4,265,175)
(6,066,328)
Gross loss
(1,592,671)
(2,937,432)
Administrative expenses
(4,525,858)
(5,054,806)
Other operating income
468,883
739,062
Operating loss
4
(5,649,646)
(7,253,176)
Interest receivable and similar income
7
85,451
163,715
Interest payable and similar expenses
8
(97)
Loss before taxation
(5,564,292)
(7,089,461)
Tax on loss
9
105,209
(90)
Loss for the financial year
(5,459,083)
(7,089,551)
Loss for the financial year is all attributable to the owners of the parent company.
APIS ASSAY TECHNOLOGIES LTD.
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Loss for the year
(5,459,083)
(7,089,551)
Other comprehensive income
Currency translation gain taken to retained earnings
62,483
41,278
Total comprehensive income for the year
(5,396,600)
(7,048,273)
Total comprehensive income for the year is all attributable to the owners of the parent company.
APIS ASSAY TECHNOLOGIES LTD.
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
658,171
829,512
Other intangible assets
10
748,851
933,374
Total intangible assets
1,407,022
1,762,886
Tangible assets
11
737,239
1,113,956
Investments
12
5,167
2,149,428
2,876,842
Current assets
Stocks
14
173,754
87,138
Debtors
15
3,696,542
3,946,243
Cash at bank and in hand
2,810,738
7,864,097
6,681,034
11,897,478
Creditors: amounts falling due within one year
16
(2,549,821)
(3,097,079)
Net current assets
4,131,213
8,800,399
Net assets
6,280,641
11,677,241
Capital and reserves
Called up share capital
18
106,600
106,600
Share premium account
4,593,400
4,593,400
Profit and loss reserves
1,580,641
6,977,241
Total equity
6,280,641
11,677,241
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 18 July 2025 and are signed on its behalf by:
18 July 2025
I C Kavanagh
Director
Company registration number 11563620 (England and Wales)
APIS ASSAY TECHNOLOGIES LTD.
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
699,200
1,047,973
Investments
12
155,920
155,920
855,120
1,203,893
Current assets
Stocks
14
173,754
77,312
Debtors
15
7,457,650
7,155,417
Cash at bank and in hand
2,757,466
7,774,177
10,388,870
15,006,906
Creditors: amounts falling due within one year
16
(2,442,305)
(2,983,981)
Net current assets
7,946,565
12,022,925
Net assets
8,801,685
13,226,818
Capital and reserves
Called up share capital
18
106,600
106,600
Share premium account
4,593,400
4,593,400
Profit and loss reserves
4,101,685
8,526,818
Total equity
8,801,685
13,226,818
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £4,425,133 (2023 - £6,099,041 loss).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 18 July 2025 and are signed on its behalf by:
18 July 2025
I C Kavanagh
Director
Company registration number 11563620 (England and Wales)
APIS ASSAY TECHNOLOGIES LTD.
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
106,600
4,593,400
14,025,514
18,725,514
Year ended 31 December 2023:
Loss for the year
-
-
(7,089,551)
(7,089,551)
Other comprehensive income:
Currency translation differences
-
-
41,278
41,278
Total comprehensive income
-
-
(7,048,273)
(7,048,273)
Balance at 31 December 2023
106,600
4,593,400
6,977,241
11,677,241
Year ended 31 December 2024:
Loss for the year
-
-
(5,459,083)
(5,459,083)
Other comprehensive income:
Currency translation differences
-
-
62,483
62,483
Total comprehensive income
-
-
(5,396,600)
(5,396,600)
Balance at 31 December 2024
106,600
4,593,400
1,580,641
6,280,641
APIS ASSAY TECHNOLOGIES LTD.
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
106,600
4,593,400
14,625,859
19,325,859
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(6,099,041)
(6,099,041)
Balance at 31 December 2023
106,600
4,593,400
8,526,818
13,226,818
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
(4,425,133)
(4,425,133)
Balance at 31 December 2024
106,600
4,593,400
4,101,685
8,801,685
APIS ASSAY TECHNOLOGIES LTD.
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
24
(5,647,621)
(7,340,639)
Income taxes refunded
619,629
486,962
Net cash outflow from operating activities
(5,027,992)
(6,853,677)
Investing activities
Purchase of intangible assets
-
(55,597)
Purchase of tangible fixed assets
(113,219)
(280,115)
Proceeds from disposal of tangible fixed assets
7,568
-
Purchase of investments
(5,167)
-
Interest received
85,451
163,715
Net cash used in investing activities
(25,367)
(171,997)
Net decrease in cash and cash equivalents
(5,053,359)
(7,025,674)
Cash and cash equivalents at beginning of year
7,864,097
14,889,771
Cash and cash equivalents at end of year
2,810,738
7,864,097
APIS ASSAY TECHNOLOGIES LTD.
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(5,644,962)
(7,430,185)
Income taxes refunded
618,618
488,191
Net cash outflow from operating activities
(5,026,344)
(6,941,994)
Investing activities
Purchase of tangible fixed assets
(111,732)
(263,343)
Proceeds from disposal of tangible fixed assets
7,568
Interest received
113,797
185,754
Net cash generated from/(used in) investing activities
9,633
(77,589)
Net decrease in cash and cash equivalents
(5,016,711)
(7,019,583)
Cash and cash equivalents at beginning of year
7,774,177
14,793,760
Cash and cash equivalents at end of year
2,757,466
7,774,177
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information
Apis Assay Technologies Ltd. (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Second Floor, Citylabs 1.0, Nelson Street, Manchester, M13 9NQ.
The group consists of Apis Assay Technologies Ltd. and all of its subsidiaries.
1.1
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.
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.
1.2
Business combinations
In the parent company financial statements, 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. Investments in subsidiaries are accounted for at cost less impairment.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Apis Assay Technologies Ltd. together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
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
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future given cash balances at the balance sheet date were £2,810,738. In determining this, the directors have prepared financial forecasts for a period of not less than twelve months following approval of the financial statements for various scenarios. The directors are executing strategies to preserve the existing structure through external investment, should they prove unsuccessful cost savings can be achieved to reduce losses, guarantee operational integrity & preserve cash beyond twelve months following approval of the financial statements. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Revenue is recognised when the directors consider it is probable that the economic benefits associated with the transaction will flow to the entity.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion at the end of the accounting period when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is established by reference to milestones set out in the service contracts entered into with clients.
Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Revenue is deferred when the company invoices for services provided in advance.
Revenue from the sale of products is recognised on delivery to the customers.
1.6
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.
1.7
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.8
Intangible fixed 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:
Patents & licences
Over the life of the patent or licence
Other rights and assets
10 years
1.9
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.
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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
Over the lease term
Fixtures and fittings
20% straight line
Computers
33% straight line
Lab equipment
20% or 35% 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 recognised in the profit and loss account.
1.10
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.11
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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 company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. 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.
1.12
Stocks
Stocks are stated at the lower of cost and estimated selling price.
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.13
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and 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.
1.14
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.15
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.16
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 if, and only if, there is 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.
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.17
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 stock or fixed 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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.18
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.19
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 leased asset are consumed.
1.20
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.
The grant is recognised under the accrual model and is recognised in income on a systematic basis over the periods in which the related costs are recognised.
2
Judgements and key sources of estimation uncertainty
In the application of the group’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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
The goodwill and patents have been capitalised on the basis that future economic benefits, in the form of new revenue streams, are expected to be generated from this research. Given the nature of such research, this is considered a key judgement area. This assumption that the research will generate future revenue is reviewed at least annually by the directors and it is assessed whether it is still reasonable or whether any impairment of the balances is required.
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Revenue recognition
Revenue from contracts for the provision of services is recognised by reference to the stage of completion at the end of the accounting period when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is established by reference to milestones set out in the service contracts entered into with clients.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Contract assay development
1,715,336
2,414,840
Bioinformatics & software development
735,284
609,678
Product sales
221,884
104,378
2,672,504
3,128,896
2024
2023
£
£
Turnover analysed by geographical market
UK
445,743
420,546
Europe
2,180,779
2,563,099
US
40,293
137,086
Rest of World
5,689
8,165
2,672,504
3,128,896
2024
2023
£
£
Other revenue
Interest income
85,451
163,715
Grants received
149,606
50,001
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses
207,643
58,584
Research and development costs
-
171,337
Government grants
(149,606)
(50,001)
Fees payable to the group's auditor for the audit of the group's financial statements
23,000
23,000
Depreciation of owned tangible fixed assets
480,150
563,639
Profit on disposal of tangible fixed assets
(2,018)
-
Amortisation of intangible assets
236,567
191,837
Operating lease charges
516,722
568,480
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
3
3
2
3
Technical staff
65
94
47
73
Management and administrative staff
6
6
3
3
Total
74
103
52
79
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,977,083
3,900,479
2,110,106
3,021,600
Social security costs
324,552
395,751
238,518
313,507
Pension costs
109,107
149,828
109,107
149,828
3,410,742
4,446,058
2,457,731
3,484,935
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
308,185
256,727
Company pension contributions to defined contribution schemes
22,417
19,602
330,602
276,329
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
274,121
249,403
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
85,451
163,715
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
85,451
163,715
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
97
-
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(105,209)
Foreign current tax on profits for the current period
90
Total current tax
(105,209)
90
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 25 -
The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(5,564,292)
(7,089,461)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(1,391,073)
(1,772,365)
Tax effect of expenses that are not deductible in determining taxable profit
134,179
13,347
Unutilised tax losses carried forward
1,271,339
1,847,821
Adjustments in respect of prior years
19,777
Permanent capital allowances in excess of depreciation
(15,009)
64,765
Research and development tax credit
80,727
R&D credit taxable
(214,927)
(153,478)
Consolidation adjustments
9,778
-
Taxation (credit)/charge
(105,209)
90
10
Intangible fixed assets
Group
Goodwill
Patents & licences
Other rights and assets
Total
£
£
£
£
Cost
At 1 January 2024
1,088,157
966,836
90,015
2,145,008
Exchange adjustments
(64,894)
(64,476)
(6,109)
(135,479)
At 31 December 2024
1,023,263
902,360
83,906
2,009,529
Amortisation and impairment
At 1 January 2024
258,645
107,918
15,559
382,122
Amortisation charged for the year
115,723
112,453
8,391
236,567
Exchange adjustments
(9,276)
(6,032)
(874)
(16,182)
At 31 December 2024
365,092
214,339
23,076
602,507
Carrying amount
At 31 December 2024
658,171
688,021
60,830
1,407,022
At 31 December 2023
829,512
858,918
74,456
1,762,886
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Intangible fixed assets
(Continued)
- 26 -
In 2022, Clickmer Systems GmbH (a wholly owned subsidiary of APIS Assay Technologies Ltd.) acquired the assets of the Clickmer Systems project from Life Science Inkubator Betriebs GmbH & Co. KG, LSI Pre-Seed-Fonds GmbH and the Clickmer Research team.
This included all of the assets and intellectual property that was held by the Clickmer Systems project at the date of acquisition. Included within this are patents which allow the company to continue work to further develop the Clickmer technology.
The goodwill and patents have been capitalised on the basis that the directors anticipate future economic benefits, in the form of new revenue streams, are expected to be generated from this research in the long term. This assumption is reviewed at least annually by the directors and it is assessed whether it is still reasonable or whether any impairment of the balances is required.
The goodwill is amortised over the directors' estimate of its useful economic life of 10 years. The remaining useful economic life of intangible assets arising on acquisition is approximately 7 years.
The goodwill on consolidation relates to the company's investment in its current subsidiaries. The goodwill is amortised over the directors' estimate of its useful economic life of 10 years. The remaining useful economic life of intangible assets arising on consolidation is approximately 6 years. This is reviewed annually for impairment or more frequently if there are any indications that the goodwill might be impaired.
11
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Computers
Lab equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
477,783
150,133
198,352
2,046,523
2,872,791
Additions
52,117
2,725
58,377
113,219
Disposals
(6,505)
(7,568)
(14,073)
Exchange adjustments
(1,655)
(4,537)
(6,192)
At 31 December 2024
529,900
148,478
194,572
2,092,795
2,965,745
Depreciation and impairment
At 1 January 2024
325,027
108,516
157,708
1,167,584
1,758,835
Depreciation charged in the year
67,405
20,650
25,828
366,267
480,150
Eliminated in respect of disposals
(6,505)
(2,018)
(8,523)
Exchange adjustments
(573)
(1,383)
(1,956)
At 31 December 2024
392,432
128,593
177,031
1,530,450
2,228,506
Carrying amount
At 31 December 2024
137,468
19,885
17,541
562,345
737,239
At 31 December 2023
152,756
41,617
40,644
878,939
1,113,956
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Tangible fixed assets
(Continued)
- 27 -
Company
Leasehold improvements
Fixtures and fittings
Computers
Lab equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
477,358
124,789
159,785
1,976,160
2,738,092
Additions
52,117
2,725
56,890
111,732
Disposals
(6,505)
(7,568)
(14,073)
At 31 December 2024
529,475
124,789
156,005
2,025,482
2,835,751
Depreciation and impairment
At 1 January 2024
324,628
97,675
125,352
1,142,464
1,690,119
Depreciation charged in the year
67,382
12,755
22,653
352,165
454,955
Eliminated in respect of disposals
(6,505)
(2,018)
(8,523)
At 31 December 2024
392,010
110,430
141,500
1,492,611
2,136,551
Carrying amount
At 31 December 2024
137,465
14,359
14,505
532,871
699,200
At 31 December 2023
152,730
27,114
34,433
833,696
1,047,973
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
155,920
155,920
Investments in associates
5,167
5,167
155,920
155,920
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 January 2024
-
Additions
5,167
At 31 December 2024
5,167
Carrying amount
At 31 December 2024
5,167
At 31 December 2023
-
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
155,920
Carrying amount
At 31 December 2024
155,920
At 31 December 2023
155,920
13
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
APIS Assay Technologies DOO Belgrade-Palilula
(1)
Bioinformatics and software development
Ordinary
100.00
Clickmer Systems GmbH
(2)
Clickmer research and development
Ordinary
100.00
Registered office addresses:
(1).
3/50 Karnedzijeva Street, 14th Floor, 11060 City of Belgrade, City Municipality Palilula, Serbia
(2).
Marie-Curie-Strasse 1, 53359 Rheinbach, Germany
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
-
9,826
-
-
Finished goods and goods for resale
173,754
77,312
173,754
77,312
173,754
87,138
173,754
77,312
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
436,079
518,640
398,023
510,611
Corporation tax recoverable
984,279
1,254,895
961,628
1,231,233
Amounts owed by group undertakings
-
-
-
63,236
Other debtors
70,230
134,389
19,996
71,491
Prepayments and accrued income
2,205,954
2,038,319
2,138,307
2,031,841
3,696,542
3,946,243
3,517,954
3,908,412
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
3,939,696
3,247,005
Total debtors
3,696,542
3,946,243
7,457,650
7,155,417
Included within amounts owed by groups undertakings of the company is £3,939,696 owed by wholly owned subsidiaries. Clickmer Systems GmbH owed the Company £3,705,504 and APIS Assay Technologies DOO Belgrade owed the Company £234,192. These loans have no set repayment date and incurs interest at a fixed rate of 0.75% per annum respectively.
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
420,240
689,034
388,231
650,973
Other taxation and social security
77,626
77,146
63,897
77,146
Other creditors
86,748
30,504
68,476
25,240
Accruals and deferred income
1,965,207
2,300,395
1,921,701
2,230,622
2,549,821
3,097,079
2,442,305
2,983,981
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
109,107
149,828
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
18
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100,000
100,000
100,000
100,000
Series A Shares of 10p each
66,000
66,000
6,600
6,600
166,000
166,000
106,600
106,600
The shares rank pari passu regarding dividends and voting rights.
In the event of a sale or liquidation the subscription price paid for the series A shares shall be distributed in priority with the residue being distributed on a pro rata basis.
19
Financial commitments, guarantees and contingent liabilities
The terms of contracts for the supply of services entered into by the company provide for the repayment of amounts received if the defined specifications in the contracts are not achieved. The projects covered by the contracts are closely monitored by the company and the clients and at the balance sheet date no provision has been made as the directors consider it unlikely that repayments will become due and are in ongoing negotiations with the relevant client for the amendment or removal of said terms. The amount of the contingent liability is £6,785,061.
20
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
85,458
276,529
85,458
276,529
Between two and five years
4,677,065
391,749
4,677,065
391,749
4,762,523
668,278
4,762,523
668,278
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
21
Related party transactions
Transactions with related parties
QIAGEN NV is a 19.88% shareholder in APIS Assay Technologies Limited.
During the period, the company purchased consumables from a number of subsidiaries of QIAGEN NV. A summary of these has been included below:
QIAGEN Beverly LLC - £6,054 (2023: £6,949)
QIAGEN DNA Synthesis AB - £nil (2023: £12,418)
QIAGEN GmbH - £36,637 (2023: £33,083)
QIAGEN Limited - £48,629 (2023: £99,385)
Stat-Dx Life S.L. - £nil (2023: £1,544,000)
Other information
The Council of the City of Manchester is a 19.88% shareholder. No grant income was recognised in the year. Rates of £130,774 were recognised and paid to Manchester City Council.
22
Directors' transactions
At the reporting date, €nil (2023 €125,875) was owed to J Schorr relating to his waiver of first rights of exploitation as part of the acquisition of Clickmer Systems GmbH in 2022.
23
Controlling party
The ultimate controlling party of the company is J Schorr.
24
Cash absorbed by group operations
2024
2023
£
£
Loss for the year after tax
(5,459,083)
(7,089,551)
Adjustments for:
Taxation (credited)/charged
(105,209)
90
Investment income
(85,451)
(163,715)
Gain on disposal of tangible fixed assets
(2,018)
-
Amortisation and impairment of intangible assets
236,567
191,837
Depreciation and impairment of tangible fixed assets
480,150
563,639
Foreign exchange gains/losses
186,016
41,277
R&D provision
(243,804)
(613,910)
Movements in working capital:
Increase in stocks
(86,616)
(87,138)
(Increase)/decrease in debtors
(20,915)
992,506
Decrease in creditors
(547,258)
(1,175,674)
Cash absorbed by operations
(5,647,621)
(7,340,639)
APIS ASSAY TECHNOLOGIES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
25
Cash absorbed by operations - company
2024
2023
£
£
Loss for the year after tax
(4,425,133)
(6,099,041)
Adjustments for:
Taxation credited
(105,209)
Investment income
(113,797)
(185,754)
Gain on disposal of tangible fixed assets
(2,018)
-
Depreciation and impairment of tangible fixed assets
454,955
529,322
R&D provision
(243,804)
(613,911)
Movements in working capital:
Increase in stocks
(96,442)
(77,312)
Increase in debtors
(571,838)
(36,191)
Decrease in creditors
(541,676)
(947,298)
Cash absorbed by operations
(5,644,962)
(7,430,185)
26
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
7,864,097
(5,053,359)
2,810,738
27
Analysis of changes in net funds - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
7,774,177
(5,016,711)
2,757,466
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