| Lumora Limited |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
| 1 |
General Information |
|
Lumora Limited is a private company limited by shares and incorporated in England and Wales. Registered number 04569106. Its registered head office is located at 9 Park Place, Newdigate Road, Harefield, Middlesex, UB9 6EJ. |
|
| 2 |
Accounting policies |
|
| 2.1 |
Basis of preparation of financial statements |
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
|
|
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3). |
|
|
The company’s presentational and functional currency is Sterling and all values are rounded to the nearest pound (£) except when otherwise stated. |
|
|
The company is in the process of winding up its activities. As such, the financial statements have been prepared on a basis other than going concern. During the preparation of the financial statements, the directors have reviewed all assets to ensure they are measured at their recoverable amount and have not identified any additional liabilities other than those disclosed.
The directors have also confirmed that, other than for the write down of intercompany balances, the preparation of the financial statements on a basis other than going concern has not required any adjustments to the financial statements that would otherwise have been required if the going concern basis was applicable. |
|
|
The following principal accounting policies have been applied: |
|
| 2.2 |
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. |
|
| 2.3 |
Turnover |
|
Turnover represents the fair value of the amount received or receivable for goods and services provided, excluding value added tax. Turnover primarily reflects amounts earned under Licence and development agreements and typically include up-front payments (for technology access or exclusivity), development payments, milestone payments and royalties on future sales. Recognised turnover is dependent on specific terms of each agreement but outline: |
|
|
• non-refundable up-front payments may be recognised on the earlier invoice or receipt. |
|
• refundable up-front payments are deferred and recognised once amount become non
refundable. |
|
• development payments are recognised in line with the period of development, based on a cost plus model agreed with group companies. |
|
• milestone payments are recognised when the milestone is accomplished. |
|
• royalties are recognised when earned on the earlier notification, invoice or receipt. |
|
| 2 |
Accounting policies (continued) |
|
| 2.4 |
Leasing Commitments |
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. |
|
|
The company has one operating lease which is classified as an operating lease as it does not substantially carry the risks and rewards of ownership. |
|
| 2.5 |
Interest Income |
|
Interest income is recognised in profit or loss using the effective interest method. |
|
| 2.6 |
Finance costs |
|
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
|
| 2.7 |
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. |
|
| 2.8 |
Current and deferred 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. |
|
|
Research and development expenditure credits (RDEC) are recognised in the year to which the claim relates. The RDEC claim is recorded as other operating income. |
|
|
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. |
|
| 2.9 |
Research & Development Costs |
|
Expenditure on research is written off in the year in which it is incurred. |
|
|
Development costs for the period have been expensed given that the company will be ceasing operations and there are no commercialisation plans to generate revenue to support capitalisation of these costs. |
| 2 |
Accounting policies (continued) |
|
| 2.10 |
Intangible assets |
|
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
|
|
Development costs that are directly attributable to the design and testing of identifiable and unique technology products controlled by the company are recognised as intangible assets when the following criteria are met: |
|
• It is technically feasible to complete the asset so that it will be available for use |
|
• Management intends to complete the asset and use or sell it. |
|
• There is an ability to use or sell the asset. |
|
• It can be demonstrated how the asset will generate probable future economic benefits. |
|
• Adequate technical, financial and other resources to complete the development and to use or sell the asset are available. |
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• The expenditure attributable to the asset during its development can be reliably measured. |
|
|
Other development expenditures that do not meet these criteria are recognised as an expense as incurred. |
|
|
Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. |
|
|
The cost included in the capitalisation of intangible assets includes consumables, subcontractors, rent, rates and staff salaries. Management maintains records of laboratory hours spent on each project. Costs are apportioned to each project based on project time as management has determined in their judgement for this to be the most accurate reflection of directly attributable costs for each project. |
|
|
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. |
|
|
During the prior year, it was decided that commercialisation of the previously capitalised product would not occur due to changes in regulatory requirements and associated costs to bring the product to market. |
|
| 2.11 |
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: |
|
Plant and machinery |
33% |
|
Fixtures and Fittings |
33% |
|
Office Equipment |
33% |
|
|
|
|
| 2 |
Accounting policies (continued) |
|
| 2.11 |
Tangible fixed assets (continued) |
|
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. |
|
| 2.12 |
Impairment of fixed assets and goodwill |
|
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased. |
|
| 2.13 |
Debtors |
|
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
|
| 2.14 |
Cash and cash equivalents |
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
|
| 2.15 |
Creditors |
|
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
|
| 2.16 |
Provisions for liabilities |
|
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
|
|
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
|
|
When payments are eventually made, they are charged to the provision carried in the Balance Sheet. |
|
|
| 2 |
Accounting policies (continued) |
|
| 2.17 |
Financial Instruments |
|
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. |
|
|
Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument. |
|
|
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
|
|
Basic financial assets |
|
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. |
|
|
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due within the operating cycle fall into this category of financial instruments. |
|
|
Impairment of financial assets |
|
Financial assets are assessed for indicators of impairment at each reporting date. |
|
|
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. |
|
|
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. |
|
|
Financial liabilities |
|
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities. |
|
|
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. |
|
|
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. |
|
|
|
| 2 |
Accounting policies (continued) |
|
| 2.17 |
Financial Instruments (continued) |
|
Financial liabilities (continued) |
|
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. |
|
|
Other financial instruments |
|
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. |
|
|
Derecognition of financial assets |
|
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained. |
|
|
Derecognition of financial liabilities |
|
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
|
|
| 3 |
Judgements in applying accounting policies and key sources of estimation uncertainty |
|
|
In preparing the financial statements, management is required to make estimates and assumptions that affect the amounts represented in the financial statements and related disclosure. Use of available information and the application of judgements is inherent in the formation of estimate. |
|
|
The significant estimates and assumptions are as follows: |
|
|
1) Impairment of intangible assets |
|
Annually, the company considers whether intangible assets are impaired. Where an indication of impairment is identified the estimation of recoverable value is required. This requires estimation of the future cash flows from the asset and also the selection of an appropriate discount rate in order to calculate the net present value of those cash flows. |
|
|
2) Capitalisation of development costs |
|
The capitalisation of development costs, as set out in note 2.10, includes a significant level of judgement by management both over whether projects meet the criteria for capitalisation and the apportionment of costs included within the intangible value. Further detail regarding that apportionment is included in the aforementioned note. |
|
| 3 |
Judgements in applying accounting policies and key sources of estimation uncertainty (continued) |
|
|
3) Recoverability of amounts owed by group undertakings |
|
The estimates and assumptions used to assess the recoverability are:
- The financial position and performance of the group undertaking
- Future trade of the group undertaking
- Any financial guarantees from other parties
The carrying amount of balances owed by group undertakings is included in note 12. |
|
|
The company have carried out the above assessments and as a result have decided to write off the remaining balances as per instruction from the group as operation will not continue and the company is in the process of winding up. |
|
| 4 |
Turnover |
|
|
The turnover and profit before taxation are attributable to the one principal activity of the company. |
|
|
An analysis of turnover by class of business is as follows: |
|
|
|
|
|
|
|
|
15 month |
|
|
|
|
|
|
Year ended |
period ended |
| 31 March |
31 March |
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
|
Collaborative Research |
- |
|
1,883,760 |
|
Royalties |
- |
|
1,833,950 |
|
Commissions |
- |
|
- |
|
|
|
|
|
|
- |
|
3,717,710 |
|
|
|
|
|
|
|
|
|
|
By geographical market: |
|
|
Europe |
- |
|
1,883,760 |
|
North America |
- |
|
1,820,825 |
|
Rest of world |
- |
|
13,125 |
|
|
|
|
|
|
- |
|
3,717,710 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Operating loss |
15 month |
|
|
|
|
|
|
Year ended |
period ended |
| 31 March |
31 March |
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
This is stated after charging / (crediting): |
|
|
Depreciation of owned fixed assets |
21,397 |
|
93,014 |
|
Impairment charge of tangible and intangible assets |
909 |
|
467,949 |
|
Operating lease commitments |
76,900 |
|
96,125 |
|
Research and development expenditure |
- |
|
1,934,413 |
|
Foreign exchange differences |
|
(11,349) |
|
51,059 |
|
|
|
|
|
|
|
|
|
|
|
|
| 6 |
Auditor remuneration |
15 month |
|
|
|
|
|
|
Year ended |
period ended |
| 31 March |
31 March |
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
|
Fees payable to the company's auditor and its associates for the audit of the company's annual financial statements |
|
19,000 |
|
42,745 |
|
|
|
|
|
|
|
|
|
|
|
Fees payable to the company's auditor and its associates in respect of non - audit services |
|
- |
|
3,000 |
|
|
|
|
|
|
|
|
|
|
|
| 7 |
Directors' emoluments |
15 month |
|
|
|
|
|
|
Year ended |
period ended |
| 31 March |
31 March |
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
|
Emoluments |
105,053 |
|
205,837 |
|
Company contributions to defined contribution pension plans |
6,177 |
|
17,368 |
|
|
|
|
|
|
111,230 |
|
223,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of directors to whom retirement benefits accrued: |
2025 |
|
2024 |
| Number |
Number |
|
|
Defined contribution plans |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Staff costs |
15 month |
|
|
|
|
|
|
Year ended |
period ended |
| 31 March |
31 March |
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
|
Wages and salaries |
791,974 |
|
1,441,320 |
|
Social security costs |
50,965 |
|
174,076 |
|
Other pension costs |
43,551 |
|
122,942 |
|
|
|
|
|
|
886,490 |
|
1,738,338 |
|
|
|
|
|
|
|
|
|
|
The average number of employees, including directors, during the year was 12 (2024: 21). |
|
|
|
|
|
|
|
| 9 |
Taxation |
15 month |
|
|
|
|
|
|
Year ended |
period ended |
| 31 March |
31 March |
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
Analysis of charge in period |
|
Current tax: |
|
UK corporation tax on profits of the period |
- |
|
(121,248) |
|
Adjustments in respect of previous periods |
1,305 |
|
- |
|
|
|
|
|
|
1,305 |
|
(121,248) |
|
|
Tax on profit/(loss) on ordinary activities |
1,305 |
|
(121,248) |
|
|
|
|
|
|
|
|
|
|
|
Factors affecting tax charge for period |
|
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
|
|
|
|
|
|
|
|
15 month |
|
|
|
|
|
|
Year ended |
period ended |
| 31 March |
31 March |
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
Loss on ordinary activities before tax |
(269,361) |
|
(365,015) |
|
|
|
|
|
|
|
|
|
|
Standard rate of corporation tax in the UK |
19% |
|
25% |
|
| £ |
£ |
|
Profit on ordinary activities multiplied by the standard rate of corporation tax |
|
(51,179) |
|
(91,254) |
|
|
Effects of: |
|
Expenses not deductible for tax purposes |
4,307 |
|
282 |
|
Notional tax charge on R&D tax credit |
- |
|
74,515 |
|
Capital allowances for period in excess of depreciation |
- |
|
5,900 |
|
Tax losses not utilised |
46,872 |
|
91,254 |
|
Reversal of deferred tax |
- |
|
(116,987) |
|
Adjustments to tax charge in respect of previous periods |
1,305 |
|
(84,958) |
|
|
Current tax charge for period |
1,305 |
|
(121,248) |
|
|
|
|
|
|
|
|
|
|
|
Factors that may affect future tax charges |
|
The Finance Act 2021 was substantively enacted in May 2021 and increased the corporation tax rate from 19% to 25% with effect from 1 April 2023 on profits over £250,000. The rate for small profits under £50,000 is 19%. When the company's profits fall between £50,000 and £250,000, the lower and upper limits, it will be able to claim an amount of marginal relief providing a gradual increase in the corporation tax rate.
As the company has ceased its trading activites, no deferred tax asset has been recognised in respect of unutilised trading losses as no further trading profits are expected in the future for the asset to be recovered. |
|
|
| 10 |
Tangible fixed assets |
|
|
Plant and machinery |
|
Fixtures and fittings |
|
Office equipment |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2024 |
1,081,594 |
|
8,219 |
|
19,703 |
|
1,109,516 |
|
Additions |
3,828 |
|
- |
|
1,260 |
|
5,088 |
|
On disposal |
(1,085,422) |
|
- |
|
- |
|
(1,085,422) |
|
At 31 March 2025 |
- |
|
8,219 |
|
20,963 |
|
29,182 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2024 |
1,039,550 |
|
8,219 |
|
19,703 |
|
1,067,472 |
|
Charge for the year |
21,046 |
|
- |
|
351 |
|
21,397 |
|
Impairment charge |
- |
|
- |
|
909 |
|
909 |
|
On disposal |
(1,060,596) |
|
- |
|
- |
|
(1,060,596) |
|
At 31 March 2025 |
- |
|
8,219 |
|
20,963 |
|
29,182 |
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
At 31 March 2025 |
- |
|
- |
|
- |
|
- |
|
At 31 March 2024 |
42,044 |
|
- |
|
- |
|
42,044 |
|
|
|
|
|
|
|
|
|
|
During the period the company decided to impair a number of fixed assets that no longer represent any value to the company either due to dilapidation of obsoletion and have little or no resale value. |
|
|
The remaining plant and machinery assets were sold on 30 September 2024 to the ultimate parent company, Trans Bio-Medical Ltd, for a consideration of £101,977, plus a further sale to a third party for a consideration of £800, resulting in a profit on disposal of £77,951. |
|
|
| 11 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
508 |
|
- |
|
VAT recoverable |
3,132 |
|
29,507 |
|
Other debtors |
247,961 |
|
255,370 |
|
|
|
|
|
|
251,601 |
|
284,877 |
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings are interest free and repayable on demand. |
|
|
| 12 |
Cash and cash equivalents |
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
|
Cash at bank and in hand |
|
|
|
|
2,063 |
|
321,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 13 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade creditors |
20,067 |
|
86,651 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
142,353 |
|
- |
|
Other taxes and social security costs |
- |
|
32,184 |
|
Other creditors - pension liabilities |
- |
|
63,968 |
|
Accruals and deferred income |
18,999 |
|
122,551 |
|
|
|
|
|
|
181,419 |
|
305,354 |
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings are interest free and repayable on demand. |
|
|
| 14 |
Share capital |
Nominal |
|
2025 |
|
2025 |
|
2024 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£0.01 each |
|
29,458 |
|
295 |
|
295 |
|
Preferred A Shares |
£0.01 each |
|
16,194 |
|
162 |
|
162 |
|
Preferred B Shares |
£0.01 each |
|
35,147 |
|
351 |
|
351 |
|
Preferred C Shares |
£0.01 each |
|
32,531 |
|
325 |
|
325 |
|
|
|
|
|
|
|
1,133 |
|
1,133 |
|
|
|
|
|
|
|
|
|
|
Share Capital is the sum of the nominal value of the shares allotted at the balance sheet date. |
|
|
The Preferred A, Preferred B and Preferred C shares rank pari passu with the ordinary shares barring; |
|
|
The Preferred C shares have rights to a preferential dividend based on a fixed percentage of profits. The preference dividend has not been accrued for on the basis that the company did not have distributable reserves in accordance with the Companies Act 2006 and were therefore prohibited from paying a dividend. |
|
|
There are also preferential rights on liquidation attributable to the Preferred C shares, Preferred B shares and Preferred A shares. |
|
|
| 15 |
Reserves |
|
|
Share premium account |
|
|
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium. |
|
|
Profit and loss account |
|
|
Represents cumulative profits and losses net of dividends paid and other adjustments. |
|
|
|
|
|
| 16 |
Other financial commitments |
|
|
Total future minimum lease payments under non-cancellable operating leases: |
|
|
|
|
|
|
|
Land and buildings |
|
Land and buildings |
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
Falling due: |
|
within one year |
19,225 |
|
76,900 |
|
within two to five years |
- |
|
48,062 |
|
|
|
|
|
|
19,225 |
|
124,962 |
|
|
|
|
|
|
|
|
|
|
The lease detailed in this note relates to the occupation of the company premises in Ely and was renewed in November 2017. The period of the lease is 8 years from the beginning of the agreement. |
|
| 17 |
Contingent liabilities |
|
|
The company has received a claim for £25,000 from a former employee which is currently in dispute. The directors do not believe the company is liable for the claim but the formal outcome will be determined at a hearing to be held during the year ended 31 March 2026. |
|
|
| 18 |
Related party transactions |
|
|
As a wholly owned subsidiary of Transasia-Bio Medicals Ltd, the company is exempt from the requirements of FRS102 to disclose transactions with other members of the group headed by Transasia Bio Medicals Ltd. |
|
| 19 |
Controlling party |
|
|
The immediate parent company is Erba Diagnostics Ltd, a company registered in the Republic of Ireland. |
|
|
The Ultimate controlling Party is Transasia-Bio Medicals Ltd, Transasia House, 8 Chandivali Studio Road,Andheri(E) Mumbai-400072, Mumbai, Maharashtra 400059, Mumbai 400059. |