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Company registration number: 02209367
Moor Instruments Limited
Unaudited filleted financial statements
30 April 2023
MOOR INSTRUMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
30 APRIL 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 6 14,752 16,653
Tangible assets 7 48,849 46,051
_______ _______
63,601 62,704
Current assets
Stocks 893,739 658,032
Debtors 8 804,619 447,397
Cash at bank and in hand 1,994,361 2,280,105
_______ _______
3,692,719 3,385,534
Creditors: amounts falling due
within one year 9 ( 251,142) ( 186,956)
_______ _______
Net current assets 3,441,577 3,198,578
_______ _______
Total assets less current liabilities 3,505,178 3,261,282
_______ _______
Net assets 3,505,178 3,261,282
_______ _______
Capital and reserves
Called up share capital 584,789 584,789
Share premium account 10 ( 24,561) ( 24,561)
Other reserves 10 29 29
Profit and loss account 10 2,944,921 2,701,025
_______ _______
Shareholders funds 3,505,178 3,261,282
_______ _______
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 October 2023 , and are signed on behalf of the board by:
Dr X Huang
Director
Company registration number: 02209367
MOOR INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Moor Instruments Limited , Millwey Industrial Estate, Millwey Rise, Axminster, Devon.
Principal activity
The principal activity of the company continued to be that of the development, manufacture and sale of biomedical electronic equipment.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 a revalued amount, 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 only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Patents - 10 % 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Leasehold properties - Straight line over the life of the lease
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Website - Straight line over 3 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Operating profit
Operating profit is stated after charging/(crediting):
2023 2022
£ £
Amortisation of intangible assets 2,457 2,402
Depreciation of tangible assets 12,611 10,456
(Gain)/loss on disposal of tangible assets - 422
Foreign exchange differences ( 47,062) ( 5,859)
_______ _______
5. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 21 ).
6. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 May 2022 151,991 151,991
Additions 556 556
_______ _______
At 30 April 2023 152,547 152,547
_______ _______
Amortisation
At 1 May 2022 135,338 135,338
Charge for the year 2,457 2,457
_______ _______
At 30 April 2023 137,795 137,795
_______ _______
Carrying amount
At 30 April 2023 14,752 14,752
_______ _______
At 30 April 2022 16,653 16,653
_______ _______
7. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Website Total
£ £ £ £ £
Cost
At 1 May 2022 133,772 234,269 16,835 14,470 399,346
Additions - 15,409 - - 15,409
_______ _______ _______ _______ _______
At 30 April 2023 133,772 249,678 16,835 14,470 414,755
_______ _______ _______ _______ _______
Depreciation
At 1 May 2022 123,950 199,409 15,467 14,469 353,295
Charge for the year 1,001 11,351 259 - 12,611
_______ _______ _______ _______ _______
At 30 April 2023 124,951 210,760 15,726 14,469 365,906
_______ _______ _______ _______ _______
Carrying amount
At 30 April 2023 8,821 38,918 1,109 1 48,849
_______ _______ _______ _______ _______
At 30 April 2022 9,822 34,860 1,368 1 46,051
_______ _______ _______ _______ _______
8. Debtors
2023 2022
£ £
Trade debtors 766,261 382,016
Other debtors 38,358 65,381
_______ _______
804,619 447,397
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 183,038 78,682
Accruals and deferred income 8,947 13,558
Social security and other taxes 59,157 44,569
Other creditors (-) 50,147
_______ _______
251,142 186,956
_______ _______
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Related party transactions
During the year the company entered into the following transactions with related parties:The leasehold premises occupied by the company are rented from a director and main shareholder, rent of £22,080 (2022 - £22,080) was paid during the year. The company is also responsible for the maintenance of the fabric of the buildings.At 30 April 2023 a company controlled by the directors of Moor Instruments Limited owed to the company £264,869 (2022 - £165,536) this is included in trade debtors.Two connected companies assist in the promotion of the business of Moor Instruments Limited .