Company registration number 09927043 (England and Wales)
AGFA IJC LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
AGFA IJC LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
AGFA IJC LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
31 December 2024
31 March 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
143,388
197,044
Current assets
Stocks
668,293
1,249,393
Debtors
4
11,049,347
4,410,144
Cash at bank and in hand
6,537
160,475
11,724,177
5,820,012
Creditors: amounts falling due within one year
5
(10,412,777)
(3,287,740)
Net current assets
1,311,400
2,532,272
Net assets
1,454,788
2,729,316
Capital and reserves
Called up share capital
6
1,000,000
1,000,000
Share premium account
3,000,000
3,000,000
Profit and loss reserves
(2,545,212)
(1,270,684)
Total equity
1,454,788
2,729,316

The notes on pages 2 to 7 form part of these financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 March 2026 and are signed on its behalf by:
Mr V Wille
Mr C Dewit
Director
Director
Company registration number 09927043 (England and Wales)
AGFA IJC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Agfa IJC Limited is a private company limited by shares incorporated in England and Wales. The registered office is 515 Coldhams Lane, Cambridge, CB1 3JS.

1.1
Reporting period

During the period the year end date was changed to align with it's group undertaking, as such, these financial statements cover the 9 month period to 31 December 2024. The comparative financial statements cover the 12 month period to 31 March 2024 and therefore are not entirely comparable.

1.2
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

At the balance sheet date, the company reported negative profit and loss reserves of £2,545,212 but maintained a positive total equity balance of £1,454,788. The company operates under a joint commercialisation agreement with its parent company and primarily acts as a vehicle to facilitate the terms of that agreement.true

The ultimate parent company has formally confirmed its intention to continue providing financial support to the company for the foreseeable future. In light of this support, and having considered the company’s current financial position and projected cash flows, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements.

Accordingly, the directors have adopted the going concern basis in preparing these financial statements.

1.4
Revenue

The Company’s turnover comprises amounts arising from the sale of goods and services under contractual arrangements with customers. Turnover is measured at the fair value of the consideration received or receivable, net of value added tax, rebates, discounts, and returns.

The Company enters into long-term contracts with customers for the manufacture and supply of products. Turnover is recognised upon delivery to the customer in accordance with the terms of the contract.

Any amounts invoiced or received from customers prior to the delivery of goods are not recognised as turnover. Such amounts are recorded as deferred income in the statement of financial position and are recognised as turnover only upon delivery of the goods to the customer.

Where turnover is earned but not yet invoiced or received, such amounts are recognised as accrued income in the statement of financial position at the reporting date.

AGFA IJC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

Turnover from services is recognised as turnover when the conditions in the contract for services have been satisfied and no further obligations remain. Service turnover billed, or collected, but unearned is included on the balance sheet as deferred income.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
3 & 5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Stocks

Stocks comprise work in progress relating to long-term manufacturing and development contracts. Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Cost includes all direct costs of production and an appropriate proportion of attributable overheads incurred in bringing inventories to their present location and condition, including direct materials, direct labour and production overheads allocated based on normal operating capacity. Where a standard costing system is used, standard costs are reviewed regularly and updated to ensure they approximate actual costs.

In the current period, all inventory is classified as work in progress, reflecting the nature of the company’s activities in developing and manufacturing bespoke products under contract. Work in progress is recognised based on costs incurred to date on individual projects. In the prior period, stocks also included raw materials, which were measured at standard cost.

At each reporting date, stocks are assessed for impairment. Where the carrying amount exceeds the estimated selling price less costs to complete and sell, an impairment loss is recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

AGFA IJC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 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.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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 paymen ts 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. A m ounts 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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

AGFA IJC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.13
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

Dec 2024
March 2024
Number
Number
Total
10
9
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024
4,634,226
Disposals
(3,596,985)
At 31 December 2024
1,037,241
Depreciation and impairment
At 1 April 2024
4,437,182
Depreciation charged in the period
53,656
Eliminated in respect of disposals
(3,596,985)
At 31 December 2024
893,853
Carrying amount
At 31 December 2024
143,388
At 31 March 2024
197,044
AGFA IJC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 6 -
4
Debtors
Dec 2024
March 2024
Amounts falling due within one year:
£
£
Trade debtors
1,148,886
456,834
Amounts owed by group undertakings
8,483,200
2,852,399
Other debtors
1,417,261
1,100,911
11,049,347
4,410,144
5
Creditors: amounts falling due within one year
Dec 2024
March 2024
£
£
Amounts owed to group undertakings
6,793,662
2,868,797
Taxation and social security
-
0
8
Other creditors
3,619,115
418,935
10,412,777
3,287,740
6
Called up share capital
Dec 2024
March 2024
Dec 2024
March 2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report was qualified and the auditor reported as follows:

Qualified opinion

We have audited the financial statements of Agfa IJC Limited (the 'company') for the period ended 31 December 2024 which comprise , the balance sheet and notes to the financial statements, including material accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

AGFA IJC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
7
Audit report information
(Continued)
- 7 -

Basis for qualified opinion

As described in our auditor’s report on the financial statements for the year ended 31 March 2024, we were unable to obtain sufficient appropriate audit evidence regarding the valuation of stock as at 31 March 2024 and 31 March 2023, which was stated in the balance sheet at £1,249,393 and £751,693 respectively. The company valued stock using a standard costing system. However, due to limitations in the company’s records arising from updates to standard costs not being made regularly, we were unable to assess whether the standard costs used were a reasonable approximation of actual costs over the financial year, despite performing alternative procedures.

In addition, the company decided to change its financial year end to align with its group undertaking and, as a result, we did not observe the counting of physical stock at the year end of 31 March 2024. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at that date. Consequently, we were unable to determine whether any adjustment to these balances was necessary, which would also have impacted cost of sales.

Accordingly, we were unable to determine whether any adjustments might be necessary to the stock balance, cost of sales, or related disclosures in the financial statements. As a result, we were unable to obtain sufficient appropriate audit evidence concerning this matter.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Matters on which we are required to report by exception

In respect solely of the limitation on our work relating to cost of sales and opening stock, described above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records had been maintained.

Senior Statutory Auditor:
Jack Steer BA(Hons) FCA
Statutory Auditor:
MHA
Date of audit report:
20 March 2026
8
Related party transactions

In accordance with paragraph 33.1A of FRS 102 the company has claimed exemption from disclosing transactions and balances with fellow group companies.

9
Parent company

The ultimate parent undertaking is Agfa Gevaert NV, a company incorporated in Belgium. The results of Agfa IJC Limited are included in the consolidated financial statements. Copies of the group financial statements for Agfa Gevaert NV are available from the registered office (Septestraat 27, B-2640 Mortsel, Belgium).

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