Company Registration No. 14116031 (England and Wales)
PL Diagnostics Ltd
Unaudited accounts
for the period from 18 May 2022 to 31 May 2023
PL Diagnostics Ltd
Unaudited accounts
Contents
PL Diagnostics Ltd
Company Information
for the period from 18 May 2022 to 31 May 2023
Director
Luis Alejandro Pedraza Gutierrez
Company Number
14116031 (England and Wales)
Registered Office
64 Gloucester Road
London
SW7 4QT
England
Accountants
M A Khan
78 York Street
London
W1H 1DP
PL Diagnostics Ltd
Statement of financial position
as at 31 May 2023
Cash at bank and in hand
7,814
Creditors: amounts falling due within one year
(41,897)
Net current assets
176,609
Total assets less current liabilities
176,609
Creditors: amounts falling due after more than one year
(969,825)
Called up share capital
100
Profit and loss account
(793,316)
Shareholders' funds
(793,216)
For the period ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 17 November 2023 and were signed on its behalf by
Luis Alejandro Pedraza Gutierrez
Director
Company Registration No. 14116031
PL Diagnostics Ltd
Notes to the Accounts
for the period from 18 May 2022 to 31 May 2023
PL Diagnostics Ltd is a private company, limited by shares, registered in England and Wales, registration number 14116031. The registered office is 64 Gloucester Road, London, SW7 4QT, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities, ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (‘FRS 102’) and the Companies Act 2006.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (‘FRS 102’) and the Companies Act 2006.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable services rendered, stated net of discounts and of Value Added Tax. When the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes in effect a financing transaction, the fair value of the consideration is measured as the present value of all future receipts determined using an imputed rate of interest, normally the rate that discounts the nominal amount of consideration to the cash sales price.
The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company’s activities.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares. During the year interest free loans were advanced by the shareholder.
The accounting for these financing transactions is given in note 7.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.
PL Diagnostics Ltd
Notes to the Accounts
for the period from 18 May 2022 to 31 May 2023
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method.
The carrying amount of Inventories sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Short term trade 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.
Expenditure on research and development is written off in the year in which it is incurred.
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Amounts falling due within one year
PL Diagnostics Ltd
Notes to the Accounts
for the period from 18 May 2022 to 31 May 2023
6
Creditors: amounts falling due within one year
2023
Taxes and social security
14,587
7
Creditors: amounts falling due after more than one year
2023
The shareholder advanced loans of £969,825 to the company during the period ending 31st May 2023. These loans carry no interest and are repayable in full on 31 May 2025. The company has taken advantage of a change made to FRS 102 in May 2017 which permits, but does not require, the recording the loans at £969,825 rather than discounting the loan at a market rate of interest.
8
Average number of employees
During the period the average number of employees was 6.
