REGISTERED NUMBER: NI038167 (Northern Ireland)

Financial Statements for the Year Ended 31 December 2024

for

Fortress Diagnostics Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Dr M Afrasiabi

Dr Z Zolnourian

SECRETARIES:

Dr Z Zolnourian

F G O'Neill

REGISTERED OFFICE:

9a The Technology Park

Antrim

BT41 1QS

REGISTERED NUMBER:

NI038167 (Northern Ireland)

AUDITORS:

Cleaver Black

Chartered Accountants

Registered Auditors

Suite 5 Ormeau House

91-97 Ormeau Road

Belfast

Co. Antrim

BT7 1SH

SOLICITORS:

Conway Todd & Co

Mirtna Buildings

22 Market Square

Antrim

BT41 4DT

FIXED ASSETS

Tangible assets

4

4,787,330

5,142,034

CURRENT ASSETS

Stocks

5

1,935,294

2,391,548

Debtors

6

8,542,598

6,420,134

Cash at bank

598,404

693,885

11,076,296

9,505,567

CREDITORS

Amounts falling due within one year

7

(2,242,455

)

(1,570,193

)

NET CURRENT ASSETS

8,833,841

7,935,374

TOTAL ASSETS LESS CURRENT LIABILITIES

13,621,171

13,077,408

CREDITORS

Amounts falling due after more than one year

8

(550,095

)

(898,341

)

PROVISIONS FOR LIABILITIES

(1,062,463

)

(1,147,232

)

NET ASSETS

12,008,613

11,031,835

CAPITAL AND RESERVES

Called up share capital

9

9

Capital redemption reserve

81,500

81,500

Retained earnings

11,927,104

10,950,326

12,008,613

11,031,835

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

Dr M Afrasiabi - Director

Dr Z Zolnourian - Director

1.	STATUTORY INFORMATION

Fortress Diagnostics Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Revenue

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

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the

Company and the revenue can be reliably measured. Revenue is measured as the fair value of the

consideration received or receivable, excluding discounts, rebates, value added tax and other sales

taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

1.

The Company has transferred the significant risks and rewards of ownership to the buyer;

2.

associated with ownership nor effective control over the goods sold;The Company retains neither continuing managerial involvement to the degree usually

3.

The amount of revenue can be measured reliably;

4.

It is probable that the Company will receive the consideration due under the transaction; and

5.

The costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

25% on cost

Long leasehold

-

2% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% 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 Statement of Income and Retained Earnings, 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.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are

recognised when paid. Final equity dividends are recognised when approved by the shareholders at

an annual general meeting.

Going concern

The directors of Fortress Diagnostics Limited have reviewed the resources available and believe that

the company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, Fortress Diagnostics Limited continues to adopt the going concern basis in preparing

the financial statements.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to

expenditure on tangible fixed assets are credited to profit or loss at the same rate as the

depreciation on the assets to which the grant relates. The deferred element of grants is included in

creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same

period as the related expenditure.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 60 (2023 - 48 ) .

4.	TANGIBLE FIXED ASSETS

Short

Long

Plant and

leasehold

leasehold

machinery

£

£

£

COST

At 1 January 2024

58,357

4,395,275

1,829,581

Additions

-

-

36,333

At 31 December 2024

58,357

4,395,275

1,865,914

DEPRECIATION

At 1 January 2024

51,777

545,060

810,656

Charge for year

581

167,125

169,729

At 31 December 2024

52,358

712,185

980,385

NET BOOK VALUE

At 31 December 2024

5,999

3,683,090

885,529

At 31 December 2023

6,580

3,850,215

1,018,925

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 January 2024

513,500

69,858

6,866,571

Additions

8,606

-

44,939

At 31 December 2024

522,106

69,858

6,911,510

DEPRECIATION

At 1 January 2024

303,946

13,098

1,724,537

Charge for year

44,743

17,465

399,643

At 31 December 2024

348,689

30,563

2,124,180

NET BOOK VALUE

At 31 December 2024

173,417

39,295

4,787,330

At 31 December 2023

209,554

56,760

5,142,034

5.

STOCKS

2024

2023

£

£

Raw materials

1,351,239

417,104

Work-in-progress

373,277

781,851

Finished goods

210,778

1,192,593

1,935,294

2,391,548

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

428,110

1,497,383

Amounts owed by group undertakings

4,703,524

2,825,996

Amounts owed by participating interests

2,377,124

1,617,660

VAT

-

13,785

Prepayments and accrued income

1,033,840

465,310

8,542,598

6,420,134

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

266,157

236,838

Other loans

33,470

33,470

Hire purchase contracts

7,851

7,851

Trade creditors

1,157,016

1,466,810

Tax

(552,264

)

(694,987

)

Social security and other taxes

22,031

26,385

VAT

72,545

-

Other creditors

257,788

357,837

Directors' current accounts

225,237

135,977

Accruals and deferred income

752,624

12

2,242,455

1,570,193

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

433,788

739,784

Other loans - 1-2 years

89,253

122,723

Hire purchase contracts

27,054

35,834

550,095

898,341

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

699,612

-

The bank loans are secured on premises at Antrim Technology Park, Antrim, County Antrim, together

with a fixed and floating charge over the assets of the company and a company guarantee in favour of

Biorex Diagnostics Limited. The directors have also provided a joint and several guarantee in the amount

of £250,000, and the assignment of a life insurance policy.

The other loan is secured on certain assets identified in the loan agreement.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Anthony Bradley FCA (Senior Statutory Auditor)

for and on behalf of Cleaver Black

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption in FRS102 Section 33 "Related party disclosures" from disclosing transactions with related parties that are wholly owned by Fortress Group Holdings Limited.

The Company trades with other related parties as noted below:

2024

2023

£

£

Sales to related undertakings

1,695,899

2,755,067

Purchases from related undertakings

951,000

1,066,220

Amounts owed by related undertakings

2,377,124

1,871,660

Amounts owed to related undertakings

-

156,193

12.	POST BALANCE SHEET EVENTS

There were no events since the balance sheet date that would require adjustment or disclosure in the

financial statements.

13.	PARENT UNDERTAKING

The ultimate parent undertaking continues to be Fortress Group Holdings Limited, a company incorporated in Northern Ireland.