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Registration number: 13115958

Sierra Medical Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Sierra Medical Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Sierra Medical Ltd

Company Information

Directors

Robert Denton

Dr Liberty Foreman

Registered office

Ketton Suite, The King Centre
Main Road
Barleythorpe
Oakham
Rutland
LE15 7WD

Accountants

Max Accountants Ltd
Ketton Suite
The King Centre
Barleythorpe
Rutland
LE15 7WD

 

Sierra Medical Ltd

(Registration number: 13115958)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

83,170

45,297

Tangible assets

6

9,491

18,275

 

92,661

63,572

Current assets

 

Debtors

7

285,828

40,618

Cash at bank and in hand

 

119,375

11,830

 

405,203

52,448

Creditors: Amounts falling due within one year

8

(11,459)

(12,916)

Net current assets

 

393,744

39,532

Total assets less current liabilities

 

486,405

103,104

Creditors: Amounts falling due after more than one year

8

(745,531)

(176,913)

Net liabilities

 

(259,126)

(73,809)

Capital and reserves

 

Called up share capital

9

1

1

Other reserves

100,001

100,001

Retained earnings

(359,128)

(173,811)

Shareholders' deficit

 

(259,126)

(73,809)

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 April 2023 and signed on its behalf by:
 

 

Sierra Medical Ltd

(Registration number: 13115958)
Balance Sheet as at 31 January 2023

.........................................
Robert Denton
Director

 

Sierra Medical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Ketton Suite, The King Centre
Main Road
Barleythorpe
Oakham
Rutland
LE15 7WD

These financial statements were authorised for issue by the Board on 26 April 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The Directors have assessed the company’s ability to continue as a going concern and have reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future. On this basis they have adopted the going concern basis of accounting in preparing these financial statements. During the year the Company incurred a loss after tax of £185,317 (2022: £173,811).

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Sierra Medical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

Straight line over 3 years

Plant and machinery

Straight line over 3 years

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

Straight line over 7 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Sierra Medical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Research and Development

 

Sierra Medical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific cirteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 3).

4

Taxation

Tax charged/(credited) in the income statement

Year ended 31 January 2023
 £

6 January 2021 to 31 January 2022
 £

Current taxation

UK corporation tax

(5,853)

(31,863)

 

Sierra Medical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

5

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 February 2022

50,528

50,528

Additions acquired separately

47,938

47,938

At 31 January 2023

98,466

98,466

Amortisation

At 1 February 2022

5,231

5,231

Amortisation charge

10,065

10,065

At 31 January 2023

15,296

15,296

Carrying amount

At 31 January 2023

83,170

83,170

At 31 January 2022

45,297

45,297

6

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2022

1,249

25,616

26,865

Additions

-

250

250

At 31 January 2023

1,249

25,866

27,115

Depreciation

At 1 February 2022

416

8,174

8,590

Charge for the year

417

8,617

9,034

At 31 January 2023

833

16,791

17,624

Carrying amount

At 31 January 2023

416

9,075

9,491

At 31 January 2022

833

17,442

18,275

 

Sierra Medical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

7

Debtors

2023
£

2022
£

Prepayments

25,395

4,750

Other debtors

260,433

35,868

285,828

40,618

 

Sierra Medical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

1,447

Trade creditors

 

5,129

9,969

Taxation and social security

 

3,730

-

Accruals and deferred income

 

2,000

1,500

Other creditors

 

600

-

 

11,459

12,916

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

745,531

176,913

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.000001 (2022 - £0.01) each

1,130,000

1

110

1

         

On 18th September 2022, 110 shares of £0.01 each were subdivided into 1,100,000 shares of £0.000001 each.

On 18th September 2022, 30,000 Ordinary shares of £0.000001 each were allotted and fully paid at a price of £0.000001 per share.

 

10

Loans and borrowings

 

Sierra Medical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

2023
£

2022
£

Non-current loans and borrowings

Convertible debt

740,531

170,000

Other borrowings

5,000

6,913

745,531

176,913

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

-

1,447

Loans and borrowings

-

1,447