| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 May 2024 |
| for |
| Surescreen Diagnostics Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 May 2024 |
| for |
| Surescreen Diagnostics Limited |
| Surescreen Diagnostics Limited (Registered number: 03235601) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 4 |
| Profit and Loss Account | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 |
| Surescreen Diagnostics Limited |
| Company Information |
| for the Year Ended 31 May 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants |
| The Mills |
| Canal Street |
| Derby |
| DE1 2RJ |
| Surescreen Diagnostics Limited (Registered number: 03235601) |
| Strategic Report |
| for the Year Ended 31 May 2024 |
| The directors present their strategic report for the year ended 31 May 2024. |
| REVIEW OF BUSINESS |
| The period has seen a significant decrease in demand within the market for Covid-19 related products. As a result, turnover has decreased by £282k and the loss on ordinary activities before taxation was £11.1m for the period (2023: £19.9m). The loss before tax is partly as a result of irrecoverable intercompany loans and impairment for losses for tangible fixed assets. The group is considering an exercise to write off intercompany balances following this exceptional period, which will reduce debts in the company. Once these are cleared, such adjustments will not be included in subsequent years. |
| The company had high operating costs for part of the year to maintain capacity in manufacture due to sales expectations from customers, however when these didn't materialise the business started a restructuring process to control costs. The company has systematically been through the business to reduce costs to the correct level required for the business to thrive and grow into the future which will be seen in subsequent periods. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Significant market shifts have made conditions challenging which has generated losses in 2024 due to the high cost base from building up unprecedented manufacturing capacity, and this has continued into 2025 whilst the business adapted and restructured. |
| This process has been completed during subsequent periods and sales, budgets and cashflow predictions for 2025 and 2026 show that the company can continue to meet any debts as they fall due moving forward, though the timing of transactions creates possible uncertainty around liquidity. Should any shortfalls in cash arise, the directors would inject funds as necessary. In addition to this, the sale of business assets including properties across the group in line with the restructure, help reduce running costs further across all companies whilst also generating additional funds which can be allocated as required. |
| KEY PERFORMANCE INDICATORS |
| Performance is measured on an ongoing basis by KPIs such as turnover, gross margins, overheads, and cash levels. |
| ON BEHALF OF THE BOARD: |
| Surescreen Diagnostics Limited (Registered number: 03235601) |
| Report of the Directors |
| for the Year Ended 31 May 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 May 2024. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 May 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report. |
| DISCLOSURE IN THE STRATEGIC REPORT |
| The matters required to be disclosed under SI (2008) 410 Sch 7 relating to suppliers, customers and others are contained within the Strategic Report as applicable in accordance with s414C(11) of the Companies Act 2006. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company 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; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Surescreen Diagnostics Limited |
| Qualified opinion |
| We have audited the financial statements of Surescreen Diagnostics Limited (the 'company') for the year ended 31 May 2024 which comprise the Profit and Loss Account, Balance Sheet and Notes to the Financial Statements, including a summary of 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profits 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. |
| Basis for qualified opinion |
| Tangible fixed assets are carried at a net book value of £1,277,308 on the Balance Sheet at 31 May 2024 and £9,635,288 at 31 May 2023. We were unable to obtain sufficient appropriate audit evidence regarding the carrying value of these assets at either 31 May 2024 or 31 May 2023 as the directors were unable to provide satisfactory evidence regarding the valuation of some of these assets. Consequently, we were unable to determine whether any adjustments to the amounts at either period end were necessary, or whether there was any consequential effect at 31 May 2024 as a result of the prior year opinion. In addition, were any adjustment to the tangible fixed assets balance to be required, the Strategic Report would also need to be amended. |
| Stock is carried at £624,443 on the Balance Sheet and within cost of sales in the Profit and Loss Account. We were unable to obtain sufficient appropriate audit evidence about the carrying value of stock at 31 May 2024 because of a lack of documentary evidence to support the recoverable amount. Consequently, we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustment to the stock balance to be required, the Strategic Report would also need to be amended. |
| 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 qualified opinion. |
| Material uncertainty related to going concern |
| We draw attention to Note 2 in the financial statements, which indicates that the company incurred a net loss of £9,573,637 during the year ended 31 May 2024 and, as of that date, the company's current liabilities exceeded its total assets by £16,842,034. As stated in Note 2, these events or conditions, along with other matters as set forth in Note 2 but specifically the reliance on cash injections from directors, 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 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. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Key audit matters |
| Except for the matters described in the basis for qualified opinion section and the material uncertainty related to going concern section, we have determined that there are no other key audit matter to be communicated in our report. |
| Report of the Independent Auditors to the Members of |
| Surescreen Diagnostics Limited |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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. |
| As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the tangible fixed asset valuation of £1,277,308 and stock valuation of £624,443 held at 31 May 2024. We have concluded that where the other information refers to the tangible fixed assets, stock or related balances such as loss before taxation, it may be materially misstated for the same reason. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| Except for the possible effects of the matter described in the basis for qualified opinion section of our report, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements, and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
| Arising solely from the limitation on the scope of our work relating to tangible fixed assets and stock, referred to above: |
| - | we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
| - | we were unable to determine whether adequate accounting records have been kept. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Surescreen Diagnostics Limited |
| Auditors' 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 a Report of the Auditors 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. |
| Based on our understanding of the company and industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the healthcare industry and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. Audit procedures performed by the engagement team included: |
| - | Enquiry of management around actual and potential litigation and claims; |
| - | Reviewing financial statement disclosures and testing to supporting documentation to assess |
| compliance with applicable laws and regulations; |
| - | Performing audit work over the risk of management override of controls, including testing of |
| journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Use of our 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 a Report of the Auditors 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. |
| for and on behalf of |
| Statutory Auditors |
| Chartered Accountants |
| The Mills |
| Canal Street |
| Derby |
| DE1 2RJ |
| Surescreen Diagnostics Limited (Registered number: 03235601) |
| Profit and Loss Account |
| for the Year Ended 31 May 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT/(LOSS) | ( |
) |
| Administrative expenses |
| (13,701,069 | ) | (24,458,354 | ) |
| Other operating income |
| OPERATING LOSS | 4 | ( |
) | ( |
) |
| Interest payable and similar expenses | 6 |
| LOSS BEFORE TAXATION | ( |
) | ( |
) |
| Tax on loss | 7 | ( |
) | ( |
) |
| LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
| Retained earnings at beginning of year as previously reported |
( |
) |
| Prior year adjustment - corrections of material errors |
- |
10,644,615 |
| RETAINED EARNINGS AT END OF YEAR |
( |
) |
( |
) |
| Surescreen Diagnostics Limited (Registered number: 03235601) |
| Balance Sheet |
| 31 May 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 8 |
| Tangible assets | 9 |
| Investments | 10 |
| CURRENT ASSETS |
| Stocks | 11 |
| Debtors | 12 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
14 |
( |
) |
| PROVISIONS FOR LIABILITIES | 17 | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Retained earnings | 19 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Surescreen Diagnostics Limited (Registered number: 03235601) |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2024 |
| 1. | STATUTORY INFORMATION |
| Surescreen Diagnostics Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Surescreen Diagnostics Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Related party exemption |
| The company is a wholly owned subsidiary undertaking of Surescreen Holdings Limited and therefore Surescreen Holdings (2022) Limited. The company has taken advantage of the exemption contained within Financial Reporting Standard 102 and has therefore not disclosed transactions with entities which form part of the group, other than as normally disclosed in the notes to the financial statements. |
| Turnover |
| Turnover represents the value of goods and services, excluding value added tax. Turnover is recognised in the period in which the goods and services were provided. |
| Intangible assets |
| Intangible fixed assets are stated at historical cost less accumulated amortisation and impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Amortisation is provided at the following annual rate in order to write off each asset over its estimated useful life :- |
| Patents | - 10% | on cost |
| The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the profit and loss account. |
| Surescreen Diagnostics Limited (Registered number: 03235601) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment loss. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
| Freehold property | - | 2% straight line on cost |
| Leasehold | - | 10% on cost |
| Plant and machinery | - | 25% on reducing balance |
| Fixtures and fittings | - | 25% on reducing balance |
| Motor vehicles | - | 25% on reducing balance |
| Computer equipment | - | 25% on reducing balance |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the profit and loss account. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on purchase price on a first in first out basis. |
| Net realisable value is based on the estimated selling price less further costs expected to be incurred to completion and disposal. |
| At each reporting date, stock is assessed for impairment. If impaired, the carrying amount is reduced and the impairment loss is recognised immediately in the profit and loss account. |
| Deferred tax |
| Deferred tax arises from timing differences between taxable total profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. |
| A deferred tax asset is recognised only when it is more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences and losses can be deducted. |
| Provision is made at current rates for taxation deferred in respect of all material timing differences. |
| 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. |
| Leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Surescreen Diagnostics Limited (Registered number: 03235601) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company operates defined contribution plans for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as an expense when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
| Fixed asset investments |
| Fixed asset investments are stated at cost less provisions for permanent diminution in valuations. Cost includes attributable expenses associated with the purchase of the investment. |
| Grants |
| Revenue grants are recognised in the profit and loss account so as to match them with the expenditure which they are intended to contribute towards. Capital grants are recognised systematically in the profit and loss account over the useful economic life of the asset to which the grant relates. |
| Judgements in applying accounting policies and key sources of estimation uncertainty |
| In the application of the company's accounting policies the directors are required to make judgement estimates and assumptions about the carrying amounts of the company's assets and liabilities. These are based on historical experience and other factors that are considered relevant and are reviewed on a regular basis and recognised in the period in which the estimate is revised. Actual results may differ from these estimates. |
| The following are the critical judgements and where relevant the key sources of estimation uncertainty: |
| Tangible fixed assets are depreciated over their useful economic lives taking into account their residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values. |
| The intangible fixed assets relate to patents and are amortised over their useful economic life. It is probable that future economic benefits attributable to the asset will flow to the company and this is based on management's assessment of future cost savings. |
| The carrying value of fixed asset investments is assessed annually and reviewed for any indications of impairment. |
| The recoverability of debtors is assessed on the likelihood and circumstances of the particular cost. |
| The value of stock is assessed for impairment. In re-assessing the stock value, factors such as slow movement and obsolescence are taken into account. |
| Surescreen Diagnostics Limited (Registered number: 03235601) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| The financial statements for the year ended 31 May 2024 have been prepared on the going concern basis. |
| For the year ended 31 May 2024, the company generated a loss of £9,573,637 and as at the balance sheet date, the company's current liabilities exceeded its total assets by £16,842,034. The largest liabilities are intercompany loans from the other group companies. The group is seeking legal and tax advice on writing off these intercompany loans of circa £17.0m to completely rectify the insolvent position of Surescreen Diagnostics Limited. |
| The directors have prepared a cashflow forecast which demonstrates that the company will have sufficient funds to meet its liabilities as they fall due for the twelve months following the date of signing of these financial statements. Sale of surplus assets, including properties, throughout the group is being actively pursued and will generate additional cash and further reduce running costs throughout the group. |
| It is acknowledged that it is possible that the sales and expenses assumptions that underpin the budget may not be achieved, and the directors have reviewed a plausible downside scenario whereby the timing of payments and receipts differ from the forecasts, which indicate there may be a material uncertainty around liquidity. In this scenario, the directors would inject funds as required to fund short-term cash flow issues. |
| The directors believe that the company will have adequate resources to continue to operate for the next twelve months and as such, the directors continue to adopt the going concern basis in preparing the financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Directors | 3 | 3 |
| Production staff | 15 | 70 |
| Admin staff | 26 | 27 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| No agency costs are included within wages this year (2023: £128,415). |
| Surescreen Diagnostics Limited (Registered number: 03235601) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 4. | OPERATING LOSS |
| The operating loss is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| Loss on disposal of fixed assets |
| Patents and licences amortisation |
| Auditors' remuneration |
| Foreign exchange differences | ( |
) |
| Auditors remuneration - non audit work |
| Research and development |
| 5. | EXCEPTIONAL ITEMS |
| 2024 | 2023 |
| £ | £ |
| Irrecoverable intercompany loan | (2,798,831 | ) | (4,400,731 | ) |
| Impairment of investment in subsidiary | - | (100 | ) |
| (2,798,831 | ) | (4,400,831 | ) |
| Irrecoverable intercompany loan represents amounts irrecoverable from fellow group companies. |
| The investment in subsidiary was impaired in the prior year due to the net liabilities position of the most up to date financial information. |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest |
| Interest on taxation |
| Hire purchase |
| 7. | TAXATION |
| Analysis of the tax credit |
| The tax credit on the loss for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | ( |
) |
| Prior year adjustment | 6,708 | (22,587 | ) |
| Total current tax | ( |
) |
| Deferred tax | ( |
) | ( |
) |
| Tax on loss | ( |
) | ( |
) |
| Surescreen Diagnostics Limited (Registered number: 03235601) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 7. | TAXATION - continued |
| Reconciliation of total tax credit included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Loss before tax | ( |
) | ( |
) |
| Loss multiplied by the standard rate of corporation tax in the UK of |
( |
) |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes | ( |
) |
| Utilisation of tax losses |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| Other timing differences | 509,690 | 1,632,047 |
| Research and development | - | (76,462 | ) |
| Group relief | 17,741 | - |
| Total tax credit | (1,560,156 | ) | (986,065 | ) |
| 8. | INTANGIBLE FIXED ASSETS |
| Patents |
| and |
| licences |
| £ |
| COST |
| At 1 June 2023 |
| Additions |
| At 31 May 2024 |
| AMORTISATION |
| At 1 June 2023 |
| Amortisation for year |
| At 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| Surescreen Diagnostics Limited (Registered number: 03235601) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 9. | TANGIBLE FIXED ASSETS |
| Freehold | Plant and |
| property | Leasehold | machinery |
| £ | £ | £ |
| COST |
| At 1 June 2023 |
| Additions |
| Disposals | ( |
) |
| At 31 May 2024 |
| DEPRECIATION |
| At 1 June 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| Impairments | ( |
) |
| At 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 June 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 May 2024 |
| DEPRECIATION |
| At 1 June 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| Impairments |
| At 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| Surescreen Diagnostics Limited (Registered number: 03235601) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 10. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 June 2023 |
| and 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: 17 Eagle Park, Alfreton Road, Derby, DE21 4BF |
| Nature of business: |
| % |
| Class of shares: | holding |
| Nutrivitality is currently in liquidation. |
| Registered office: 17 Eagle Park, Alfreton Road, Derby, DE21 4BF |
| Nature of business: |
| % |
| Class of shares: | holding |
| 11. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Tax |
| Prepayments and accrued income |
| Surescreen Diagnostics Limited (Registered number: 03235601) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 15) |
| Trade creditors |
| Amounts owed to group undertakings | 16,980,637 | 17,844,116 |
| Tax |
| Social security and other taxes |
| Other creditors |
| Owed to related parties | 631,816 | 690,000 |
| Accrued expenses |
| Deferred government grants |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Deferred government grants |
| 15. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| 16. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts | - | 5,658 |
| Hire purchase balances are secured on the assets to which they relate. |
| 17. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | - | 1,566,864 |
| Deferred |
| tax |
| £ |
| Balance at 1 June 2023 |
| Utilised during year | ( |
) |
| Balance at 31 May 2024 |
| Surescreen Diagnostics Limited (Registered number: 03235601) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 19. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 June 2023 | ( |
) |
| Deficit for the year | ( |
) |
| At 31 May 2024 | ( |
) |
| 20. | RELATED PARTY DISCLOSURES |
| During the year, the company traded with another company which is an associate of the parent company. At the year end, £1,248 (2023: £29) is included within trade debtors of which £1,248 (2023: £Nil) has been provided for as a bad debt. |
| The company also traded with companies which share a common director. At the year end, the amounts owed to these companies is included within the creditors note. |
| 21. | ULTIMATE CONTROLLING PARTY |
| The company's immediate parent undertaking is Surescreen Holdings Limited, and ultimate parent undertaking is Surescreen Holdings (2022) Limited, which prepares group financial statements. The registered office of both Surescreen Holdings Limited and Surescreen Holdings (2022) Limited is 17 Eagle Park, Alfreton Road, Derby, DE21 4BF. Copies of the consolidated financial statements of Surescreen Holdings (2022) Limited are available from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ. |