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Registered number: 04626618
Radtest Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04626618
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 301,718 43,493
301,718 43,493
CURRENT ASSETS
Debtors 5 803,906 546,683
Cash at bank and in hand 682,380 153,870
1,486,286 700,553
Creditors: Amounts Falling Due Within One Year 6 (672,843 ) (499,756 )
NET CURRENT ASSETS (LIABILITIES) 813,443 200,797
TOTAL ASSETS LESS CURRENT LIABILITIES 1,115,161 244,290
PROVISIONS FOR LIABILITIES
Deferred Taxation (72,783 ) -
NET ASSETS 1,042,378 244,290
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account 1,042,376 244,288
SHAREHOLDERS' FUNDS 1,042,378 244,290
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For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors and authorised for issue on 15 August 2025 and were signed on its behalf by:
Dr. R Sharp
Director
15 August 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Radtest Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04626618 . The registered office is 82a James Carter Road, Mildenhall, Suffolk, IP28 7DE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover represents amounts receivable for radiation testing and support services.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 5-7 years straight line
Plant & Machinery 5-7 years straight line
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.6. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 8)
8 8
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4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Total
£ £ £
Cost
As at 1 January 2024 29,313 79,494 108,807
Additions 18,628 271,341 289,969
As at 31 December 2024 47,941 350,835 398,776
Depreciation
As at 1 January 2024 14,023 51,291 65,314
Provided during the period 2,841 28,903 31,744
As at 31 December 2024 16,864 80,194 97,058
Net Book Value
As at 31 December 2024 31,077 270,641 301,718
As at 1 January 2024 15,290 28,203 43,493
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 562,957 145,659
Prepayments and accrued income 175,361 284,929
Other debtors 65,588 65,588
Corporation tax recoverable assets - 19,052
Deferred tax current asset - 25,000
Other taxes and social security - 96
Amounts owed by group undertakings - 6,359
803,906 546,683
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 295,890 213,293
Corporation tax 98,771 -
Other taxes and social security 9,086 -
VAT 10,829 18,390
Other creditors 285 19
Pension liability 5,212 4,756
Accruals and deferred income 192,770 211,282
Directors' loan accounts 60,000 -
Amounts owed to related parties - 52,016
672,843 499,756
The director's loan was repaid in January 2025.
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
8. Controlling Parties
The company's immediate parent undertaking is Hiacre Group Limited .
The company's ultimate controlling party is Mr R Sharp by virtue of their interest in the share capital of the ultimate parent company.
9. Audit Information
The auditor's report on the accounts of Radtest Ltd for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by Statutory Auditor.
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