REGISTERED NUMBER: NI048247 (Northern Ireland)

Financial Statements for the Year Ended 31 December 2024

for

Biorex Diagnostics Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Dr M Afrasiabi

M C Hall

M R Russell

SECRETARY:

M C Hall

REGISTERED OFFICE:

9a The Technology Park

Antrim

BT41 1QS

REGISTERED NUMBER:

NI048247 (Northern Ireland)

AUDITORS:

Cleaver Black

Chartered Accountants

Registered Auditors

Suite 5 Ormeau House

91-97 Ormeau Road

Belfast

Co. Antrim

BT7 1SH

FIXED ASSETS

Tangible assets

4

715,919

1,073,878

CURRENT ASSETS

Debtors

5

3,904,779

694,159

Cash at bank

669,537

1,214,156

4,574,316

1,908,315

CREDITORS

Amounts falling due within one year

6

(5,099,634

)

(2,866,191

)

NET CURRENT LIABILITIES

(525,318

)

(957,876

)

TOTAL ASSETS LESS CURRENT LIABILITIES

190,601

116,002

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

190,599

116,000

190,601

116,002

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 17 September 2025 and were signed on its behalf by:

Dr M Afrasiabi - Director

1.	STATUTORY INFORMATION

Biorex 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.

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.

Turnover

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

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

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

Tangible fixed assets under the cost model are stated at historical cost less accumulated

depreciation and any accumulated 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their

estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Contract specific assets - over the period of the contract

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 in profit or loss.

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.

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.

Going concern

The directors of Biorex Diagnostics Limited have reviewed the resources available, both at a

company level and as part of the wider Fortress Group, and believe that the company has adequate

resources to continue in operational existence for the foreseeable future.

Accordingly, Biorex Diagnostics Limited continue to adopt the going concern basis in preparing the

financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2024

and 31 December 2024

1,789,796

DEPRECIATION

At 1 January 2024

715,918

Charge for year

357,959

At 31 December 2024

1,073,877

NET BOOK VALUE

At 31 December 2024

715,919

At 31 December 2023

1,073,878

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

3,797,946

562,459

Deferred tax asset

106,833

131,700

3,904,779

694,159

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

159,134

-

Amounts owed to group undertakings

4,235,613

2,405,984

VAT

12

-

Other creditors

-

185,417

Accruals

704,875

274,790

5,099,634

2,866,191

7.	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

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption in FRS 102 Section 33 "Related party disclosures"

from disclosing transactions with related parties that are wholly owned subsidiaries of Fortress Group

Holdings Limited.

9.	ULTIMATE PARENT UNDERTAKING

During the year the company continued to be a wholly owned subsidiary of Fortress Group Holdings

Limited, a company incorporated in Northern Ireland.