OLM Diagnostics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08956760 (England and Wales)

Unaudited Financial Statements

for the Period 1 April 2021 to 31 December 2021

for

OLM Diagnostics Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G McGonnell

G Johnson

REGISTERED OFFICE:

21 Sherburn Terrace

Consett

Co. Durham

DH8 6ND

REGISTERED NUMBER:

08956760 (England and Wales)

ACCOUNTANTS:

SKS Bailey Group Limited

21 Sherburn Terrace

Consett

Co. Durham

DH8 6ND

FIXED ASSETS

Property, plant and equipment

3

32,741

34,023

CURRENT ASSETS

Inventories

14,908

12,278

Debtors

4

115,639

93,716

Cash at bank and in hand

114,973

122,254

245,520

228,248

CREDITORS

Amounts falling due within one year

5

(168,028

)

(345,964

)

NET CURRENT ASSETS/(LIABILITIES)

77,492

(117,716

)

TOTAL ASSETS LESS CURRENT LIABILITIES

110,233

(83,693

)

CREDITORS

Amounts falling due after more than one year

6

(181,858

)

(42,500

)

NET LIABILITIES

(71,625

)

(126,193

)

CAPITAL AND RESERVES

Called up share capital

7

10

10

Retained earnings

(71,635

)

(126,203

)

SHAREHOLDERS' FUNDS

(71,625

)

(126,193

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 March 2022 and were signed on its behalf by:

G McGonnell - Director

1.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

10% on cost

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

15% on cost

Computer equipment

-

33% on cost

GOVERNMENT GRANTS

Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute. Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.

STOCKS

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 period 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.

RESEARCH AND DEVELOPMENT

Expenditure on research and development is written off in the year in which it is incurred.

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.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

GOING CONCERN

The company is now generating profit and able to manage it's own immediate cash flow needs to cover day-to-day operations and service the bank bounce back loan.

At the year end the company had more liabilities than assets however there are balances owed to a group company and individuals with an interest in the company who will not require repayment until the company is in a position to do so without detrimentally impacting on day-to-day working capital. The directors anticipate continued and improved future profits will be generated in order to return the company to a solvent state.

The accounts have therefore been prepared on a going concern basis. Should this basis become inappropriate adjustments would be made to write down assets to their recoverable amounts.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 4 (2021 - 2 ) .

3.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 April 2021

18,490

13,957

6,333

702

39,482

Additions

-

1,152

-

1,713

2,865

At 31 December 2021

18,490

15,109

6,333

2,415

42,347

DEPRECIATION

At 1 April 2021

770

3,084

1,445

160

5,459

Charge for period

1,387

1,664

712

384

4,147

At 31 December 2021

2,157

4,748

2,157

544

9,606

NET BOOK VALUE

At 31 December 2021

16,333

10,361

4,176

1,871

32,741

At 31 March 2021

17,720

10,873

4,888

542

34,023

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2021

£

£

Trade debtors

64,499

37,079

Amounts owed by group undertakings

71

71

Other debtors

51,069

56,566

115,639

93,716

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2021

£

£

Bank loans and overdrafts

10,000

7,500

Trade creditors

62,744

90,667

Amounts owed to group undertakings

-

41,839

Taxation and social security

10,663

15,354

Other creditors

84,621

190,604

168,028

345,964

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2021

£

£

Bank loans

35,000

42,500

Amounts owed to group undertakings

41,839

-

Other creditors

105,019

-

181,858

42,500

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2021

value:

£

£

10

Ordinary

1

10

10

8.	RELATED PARTY DISCLOSURES

Transactions with the parent company:

At the period end the company was owed £71 (31/03/2021: £71) from OLM DX Limited.

Transactions with another group company:

At the period end the company owed £41,839 (31/03/2021: £41,839) to OLM Innovations Limited.

9.	ULTIMATE CONTROLLING PARTY

The company's immediate and ultimate parent undertaking is OLM DX Limited, a company incorporated in England & Wales.