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REGISTERED NUMBER: 14027191 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 March 2025

for

iFast Diagnostics Limited

iFast Diagnostics Limited (Registered number: 14027191)






Contents of the Financial Statements
for the year ended 31 March 2025




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6


iFast Diagnostics Limited

Company Information
for the year ended 31 March 2025







DIRECTORS: Dr T King
Prof. H Morgan
Mr R Haycock
Mr T N Irish





REGISTERED OFFICE: Ground Floor, 1500 Parkway Village
Solent Business Park
Whiteley
Fareham
PO15 7AF





REGISTERED NUMBER: 14027191 (England and Wales)





ACCOUNTANTS: Clifford Roberts
Chartered Accountants
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL

iFast Diagnostics Limited (Registered number: 14027191)

Balance Sheet
31 March 2025

2025 2024
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 102,312 26,192
Tangible assets 5 241,778 70,920
344,090 97,112

CURRENT ASSETS
Stocks 175,219 -
Debtors 6 630,352 245,559
Cash at bank and in hand 3,539,474 830,185
4,345,045 1,075,744
CREDITORS
Amounts falling due within one year 7 384,193 96,312
NET CURRENT ASSETS 3,960,852 979,432
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,304,942

1,076,544

CAPITAL AND RESERVES
Called up share capital 10 4 2
Share premium 6,939,973 1,939,878
Retained earnings (2,635,035 ) (863,336 )
SHAREHOLDERS' FUNDS 4,304,942 1,076,544

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2025 and were signed on its behalf by:



Dr T King - Director


iFast Diagnostics Limited (Registered number: 14027191)

Notes to the Financial Statements
for the year ended 31 March 2025

1. STATUTORY INFORMATION

iFast Diagnostics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£) and cover the period to 31st March each year.

Going Concern
At 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of fifteen years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 50% on cost

Stocks
Stocks 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 stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


iFast Diagnostics Limited (Registered number: 14027191)

Notes to the Financial Statements - continued
for the year ended 31 March 2025

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2024 - 8 ) .

iFast Diagnostics Limited (Registered number: 14027191)

Notes to the Financial Statements - continued
for the year ended 31 March 2025

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2024 26,537
Additions 79,378
At 31 March 2025 105,915
AMORTISATION
At 1 April 2024 345
Charge for year 3,258
At 31 March 2025 3,603
NET BOOK VALUE
At 31 March 2025 102,312
At 31 March 2024 26,192

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2024 - 82,270 - 4,010 86,280
Additions 147,019 41,588 6,904 8,804 204,315
At 31 March 2025 147,019 123,858 6,904 12,814 290,595
DEPRECIATION
At 1 April 2024 - 14,042 - 1,318 15,360
Charge for year 3,675 25,054 431 4,297 33,457
At 31 March 2025 3,675 39,096 431 5,615 48,817
NET BOOK VALUE
At 31 March 2025 143,344 84,762 6,473 7,199 241,778
At 31 March 2024 - 68,228 - 2,692 70,920

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 106,478 -
Other debtors 523,874 245,559
630,352 245,559

iFast Diagnostics Limited (Registered number: 14027191)

Notes to the Financial Statements - continued
for the year ended 31 March 2025

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade creditors 259,623 36,716
Taxation and social security 23,117 11,945
Other creditors 101,453 47,651
384,193 96,312

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2025 2024
£    £   
Within one year 44,873 -
Between one and five years 336,548 -
In more than five years 44,873 -
426,294 -

9. FINANCIAL RISK MANAGEMENT

The company has exposure to foreign currency, liquidity and market risk. These risks are limited by the company's financial management policies and practices described below.

Foreign currency risk
The company maintains foreign currency accounts for currencies in which it transacts in, that way it is able to manage the foreign currency risk by moving funds at an appropriate time.

Liquidity risk
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities, at the balance sheet date the liquidity of the business is strong and enough to sustain it for the foreseeable future. There are no significant non-derivative financial liability remaining at the reporting date.

Market risk
The company has identified an area of market development and is currently undergoing significant research and development. There is a market risk associated with the field, but the directors have undertaken extensive planning on, to understand the need for the products and services to be offered.

The company holds no derivative financial instruments at the year end.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
228,450 Ordinary £0.00001 2 2
149,318 Seed Preferred £0.00001 2 -
4 2

149,318 Seed Preferred shares of £0.00001 each were allotted as fully paid at a premium of 33.4863 per share during the year.