MDX Solutions Limited Small abridged accounts

MD PROJECTS DATA LTD - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of MDX Solutions Limited have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 31 May 2018 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 06896900

MDX Solutions Limited

Unaudited Abridged Financial Statements

31 May 2018

MDX Solutions Limited

Abridged Financial Statements

Year ended 31 May 2018

Contents	Page

Director's report	1

Statement of income and retained earnings	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

MDX Solutions Limited

Director's Report

Year ended 31 May 2018

The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 May 2018 .

Director

The director who served the company during the year was as follows:

Mr McKie

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 14 February 2019 and signed on behalf of the board by:

Mr McKie
Director

Registered office:

MDX Solutions Limited

Statement of Income and Retained Earnings

Year ended 31 May 2018

	2018	2017
Note	£	£
Gross profit	2,218,280	1,840,521

Administrative expenses	1,812,357	1,372,008
	------------	------------
Operating profit	405,923	468,513

Interest payable and similar expenses		5,323	1,786
		------------	------------
Profit before taxation	5	400,600	466,727

Tax on profit	50,000	65,000
	---------	---------
Profit for the financial year and total comprehensive income	350,600	401,727
	---------	---------

Dividends paid and payable	( 100,000)	–

Retained earnings at the start of the year	549,237	147,510
	---------	---------
Retained earnings at the end of the year	799,837	549,237
	---------	---------

All the activities of the company are from continuing operations.

MDX Solutions Limited

Abridged Statement of Financial Position

31 May 2018

	2018	2017
Note	£	£

Fixed assets

Intangible assets	6	401,613	313,642
Tangible assets	7	25,483	41,323
		---------	---------
		427,096	354,965

Current assets

Debtors	926,138	507,512
Cash at bank and in hand	135,140	434,795
	------------	---------
	1,061,278	942,307

Creditors: amounts falling due within one year	338,537	298,035
	------------	---------
Net current assets	722,741	644,272
	------------	---------
Total assets less current liabilities	1,149,837	999,237

Creditors: amounts falling due after more than one year	100,000	200,000
	------------	---------
Net assets	1,049,837	799,237
	------------	---------

Capital and reserves

Called up share capital	250,000	250,000
Profit and loss account	799,837	549,237
	------------	---------
Member funds	1,049,837	799,237
	------------	---------

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

For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

MDX Solutions Limited

Abridged Statement of Financial Position (continued)

31 May 2018

These abridged financial statements were approved by the board of directors and authorised for issue on 14 February 2019 , and are signed on behalf of the board by:

Mr McKie
Director

Company registration number: 06896900

MDX Solutions Limited

Notes to the Abridged Financial Statements

Year ended 31 May 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is .

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

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

Judgements and key sources of estimation uncertainty

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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 recorded at the fair value at the acquisition date.

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:

Short leasehold property	-	20% straight line
Fixtures and fittings	-	15% straight line
Computer Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to 16 (2017: 8).

5. Profit before taxation

Profit before taxation is stated after charging:

	2018	2017
	£	£
Amortisation of intangible assets	117,529	77,530
Depreciation of tangible assets	17,476	17,579
	---------	--------

6. Intangible assets

	£
Cost
At 1 June 2017	587,647
Additions	205,500
	---------
At 31 May 2018	793,147
	---------
Amortisation
At 1 June 2017	274,005
Charge for the year	117,529
	---------
At 31 May 2018	391,534
	---------
Carrying amount
At 31 May 2018	401,613
	---------
At 31 May 2017	313,642
	---------

7. Tangible assets

	£
Cost
At 1 June 2017	91,934
Additions	1,636
	--------
At 31 May 2018	93,570
	--------
Depreciation
At 1 June 2017	50,611
Charge for the year	17,476
	--------
At 31 May 2018	68,087
	--------
Carrying amount
At 31 May 2018	25,483
	--------
At 31 May 2017	41,323
	--------