Novarum DX Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08111241

Novarum DX Limited

Filleted Unaudited Financial Statements

31 December 2024

Novarum DX Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed Assets

Intangible assets	5	97,074	–
Tangible assets	6	2,270	5,884
		--------	-------
		99,344	5,884

Current Assets

Debtors	7	83,044	134,503
Cash at bank and in hand		3,683	215,312
		--------	---------
		86,727	349,815

Creditors: amounts falling due within one year	8	329,072	190,729
		---------	---------
Net Current (Liabilities)/Assets		( 242,345)	159,086
		---------	---------
Total Assets Less Current Liabilities		( 143,001)	164,970
		---------	---------
Net (Liabilities)/Assets		( 143,001)	164,970
		---------	---------

Capital and Reserves

Share premium account	1,100,000	1,100,000
Profit and loss account	( 1,243,001)	( 935,030)
	------------	------------
Shareholders (Deficit)/Funds	( 143,001)	164,970
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Novarum DX Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

Dr Neil Polwart

Director

Company registration number: 08111241

Novarum DX Limited

Notes to the Financial Statements

Year Ended 31 December 2024

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Berry Smith Corporate Haywood House, Dumfries Place, Cardiff, CF10 3GA, United Kingdom.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going Concern

These financial statements are prepared on the going concern basis. The directors have reviewed budgets and forecasts outlining expected business performance over a period beyond twelve months following the date of issue of these financial statements, cash balances as at the balance sheet date and investment funds expected to be available to the business and have concluded that the company will be sufficiently resourced to operate as a going concern for at least twelve months from the date of the issue of these financial statements.

Disclosure Exemptions

The company has taken advantage of the disclosure exemptions available under FRS 102 (Section 1A) for small entities. As permitted by the standard, the company has not provided the following disclosures: -A cash flow statement; -A statement of changes in equity; -Certain disclosures in respect of financial instruments; -Certain disclosures in relation to related party transactions. The financial statements have been prepared in accordance with the provisions applicable to small entities under the Financial Reporting Standard 102 – the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland, as issued by the Financial Reporting Council.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and Key Sources of Estimation Uncertainty

The preparation of these financial statements requires the use of certain judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. However, for the year ended 31 December 2024, the directors have concluded that there are no significant judgments or estimates that have a material impact on the financial statements.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign Currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible Assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and Development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% straight line

Financial Instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 14 (2023: 16 ).

5. Intangible Assets

	Development costs
	£
Cost
At 1 January 2024	1,265,000
Additions	97,074
	------------
At 31 December 2024	1,362,074
	------------
Amortisation
At 1 January 2024 and 31 December 2024	1,265,000
	------------
Carrying amount
At 31 December 2024	97,074
	------------
At 31 December 2023	–
	------------

6. Tangible Assets

	Computer Equipment
	£
Cost
At 1 January 2024 and 31 December 2024	16,662
	--------
Depreciation
At 1 January 2024	10,778
Charge for the year	3,614
	--------
At 31 December 2024	14,392
	--------
Carrying amount
At 31 December 2024	2,270
	--------
At 31 December 2023	5,884
	--------

7. Debtors

	2024	2023
	£	£
Trade debtors	68,593	121,860
Other debtors	14,451	12,643
	--------	---------
	83,044	134,503
	--------	---------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	59,253	29,445
Amounts owed to group undertakings	137,551	137,971
Social security and other taxes	117,753	18,944
Other creditors	14,515	4,369
	---------	---------
	329,072	190,729
	---------	---------

9. Directors' Advances, Credits and Guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Dr Neil Polwart	–	( 1,000)	( 1,000)
	----	-------	-------

	2023
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Dr Neil Polwart	–	–	–
	----	----	----

10. Related Party Transactions

At 31 December 2024, a balance of £137,551 was owed to the parent company, NDX Holdings Limited. There were no other balances or transactions with related parties during the year. During the year, Directors' fees of £7,650 were incurred with Director Dennis MacPhail. At 31 December 2024, a balance of £7,650 was owed to the Director. During the year, Directors' fees of £7,650 were incurred with Foxknowe Services Ltd, an entity controlled by Director Professor Steven Howell. At 31 December 2024, a balance of £7,650 was owed to this entity.

11. Controlling Party

The company is a wholly owned subsidiary of the parent company, NDX Holdings Limited, whose address is 163 Bath Street, Glasgow, Scotland, G2 4SQ. In the opinion of the directors, there is no ultimate controlling party.