LUAS DIAGNOSTICS LTD


Directors	FARRELL, Brendan Kevin
	PASSAS, Robert Peter Broumpton, Dr


Registered Address	1 Chancery Lane
	London
	WC2A 1LF


Registered Number	12650546 (England and Wales)

Statement of Financial Position
30 June 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		-		24
			-		24
Current assets
Debtors	4	8,178		8,297
Cash at bank and on hand		116		238
		8,294		8,535
Creditors amounts falling due within one year	5	(56,848)		(42,016)
Net current assets (liabilities)			(48,554)		(33,481)
Total assets less current liabilities			(48,554)		(33,457)
Net assets			(48,554)		(33,457)
Capital and reserves
Called up share capital			394,776		391,026
Profit and loss account			(443,330)		(424,483)
Shareholders' funds			(48,554)		(33,457)

The company was entitled to exemption from audit for this reporting period 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 in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 10 September 2025, and are signed on its behalf by:

FARRELL, Brendan Kevin
Director
Registered Company No. 12650546

LUAS DIAGNOSTICS LTD

Notes to the Financial Statements
for the year ended 30 June 2024

1.	Accounting policies

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

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Revenue from sale of goods
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

Revenue from sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Research and development
	Research and development expenditure is charged to the income statement in the period in which it is incurred.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Office Equipment	3

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

2.	Average number of employees


		2024		2023
	Average number of employees during the year	0		1

3.	Tangible fixed assets

		Total
		£
	Cost or valuation
	At 01 July 23	436
	At 30 June 24	436
	Depreciation and impairment
	At 01 July 23	412
	Charge for year	24
	At 30 June 24	436
	Net book value
	At 30 June 24	-
	At 30 June 23	24

4.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	1,517	875
Other debtors	6,661	6,743
Prepayments and accrued income	-	679
Total	8,178	8,297


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

5.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	55,848	39,002
Taxation and social security	200	1,612
Other creditors	-	5
Accrued liabilities and deferred income	800	1,397
Total	56,848	42,016


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.