Company registration number:
for the Year Ended
Living DNA Limited
(Registration number: 10221519)
Balance Sheet as at 31 December 2024
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Note |
2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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- |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
Approved and authorised by the
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Living DNA Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
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General information |
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Going concern
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Living DNA Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
Prior period errors
A prior year adjustment has been required to defer revenue in relation to DNA sample kits sent to customers but yet to be returned for processing at the balance sheet date.
As a result of the prior period adjustment accruals and deferred income at 31 December 2022 and 31 December 2023 have increased by £147,525, and the profit and loss reserve has reduced by the same amount. Net liabilities at both 31 December 2022 and 31 December 2023 have therefore increased by £147,525.
There has been no restatement of the profit previously reported for the year ending 31 December 2023 on the basis that any adjustment is not considered to be material.
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for ancestry DNA testing and reporting provided in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Living DNA Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
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Asset class |
Depreciation method and rate |
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Office equipment |
25% Straight line |
Research and development costs
Expenditure on research and development activities is recognised in the profit and loss account as an expense as incurred.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Living DNA Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
Defined contribution pension obligation
The company operates a defined contribution plan 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 in the profit and loss account when they fall due. Amounts not paid are shown as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Financial instruments
Classification
An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Living DNA Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
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Staff numbers |
The average number of persons employed by the company (including directors) during the year was
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 December 2024 |
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Depreciation |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Amounts owed by group undertakings |
73 |
73 |
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Living DNA Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
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Creditors |
Creditors: amounts falling due within one year
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2024 |
(As restated) |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Amounts owed to group undertakings |
814,363 |
1,108,363 |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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Ordinary shares of £1 each |
10,000 |
10,000 |
10,000 |
10,000 |
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A Ordinary shares of £1 each |
10,000 |
10,000 |
10,000 |
10,000 |
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B Ordinary shares of £1 each |
10,000 |
10,000 |
10,000 |
10,000 |
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C Ordinary shares of £1 each |
10,000 |
10,000 |
10,000 |
10,000 |
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D Ordinary shares of £1 each |
10,000 |
10,000 |
10,000 |
10,000 |
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E Ordinary shares of £1 each |
10,000 |
10,000 |
10,000 |
10,000 |
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F Ordinary shares of £1 each |
10,000 |
10,000 |
10,000 |
10,000 |
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G Ordinary shares of £1 each |
10,000 |
10,000 |
10,000 |
10,000 |
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H Ordinary shares of £1 each |
10,000 |
10,000 |
10,000 |
10,000 |
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I Ordinary shares of £1 each |
10,000 |
10,000 |
10,000 |
10,000 |
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Living DNA Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
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Related party transactions |
Summary of transactions with other related parties
Frome Business Park Limited is an associated company of Living DNA Limited by virtue of D Nicholson being the ultimate controlling shareholder. The associated company leases premises to Living DNA Limited and the total rental expenditure in the profit or loss for the year end 31 December 2024 relating to this is £4,000 (2023: £4,000). There is no income relating to this company reflected in the profit or loss for 2024 or 2023 and there are no balances in the balance sheet as at 31 December 2024 or 2023 relating to Frome Business Park Limited.
DNA Workplace Limited is an associated company of Living DNA Limited by virtue of D Nicholson being the ultimate controlling shareholder. Total expenditure paid to this associated company during the year to 31 December 2024 was £12,068 (2023: £16,135). There is no income relating to this company reflected in the profit or loss for 2024 or 2023. There is a balance of £2,493 (2023: £Nil) under trade creditors owed to DNA Workplace Limited as at the year end.
The Company has taken advantage of the exemption under FRS 102 from disclosing related party transactions with other wholly owned group Companies.
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Relationship beteween entity and parents |
The parent of the smallest group in which these financial statements are consolidated is
The address of DNA Worldwide Group Holdings Limited is:
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Audit Report |