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Company registration number: 12700226
Enigma Medical Solutions Limited
Unaudited financial statements
For the year ended
30 June 2023
Enigma Medical Solutions Limited
Contents
Statement of financial position
Notes to the financial statements
Enigma Medical Solutions Limited
Statement of financial position
30 June 2023
Restated
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 3 1,039,990 704,862
Investments 4 1 1
________ ________
1,039,991 704,863
Current assets
Debtors 5 108,495 133,293
Cash at bank and in hand 90,327 24,536
________ ________
198,822 157,829
Creditors: amounts falling due
within one year 6 ( 48,371) ( 277,044)
________ ________
Net current assets/(liabilities) 150,451 ( 119,215)
________ ________
Total assets less current liabilities 1,190,442 585,648
Creditors: amounts falling due
after more than one year 7 ( 448,591) ( 106,756)
________ ________
Net assets 741,851 478,892
________ ________
Capital and reserves
Called up share capital 222 201
Share premium account 149,979 -
Profit and loss account 591,650 478,691
________ ________
Shareholders funds 741,851 478,892
________ ________
For the year ending 30 June 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 16 October 2023 , and are signed on behalf of the board by:
Dr R J Kelly
Director
Company registration number: 12700226
Enigma Medical Solutions Limited
Notes to the financial statements
Year ended 30 June 2023
1. Accounting policies
Statutory information
Enigma Medical Solutions Limited is a private company, limited by shares, domiciled in England and Wales, registration number 12700226 . The registered office is Oxford Chambers, New Oxford Street, Workington, CA14 2LR.
Basis of preparation
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 and the Companies Act 2006'. There were no material departures from that standard.The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same financial statements.
Transition to FRS 102
The entity transitioned from FRS105 to FRS 102 as at 1 July 2021. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Turnover
Turnover consists of the sales value, excluding VAT, of all work done in the period under contracts to supply goods and services to third parties. It includes the relevant proportion of contract values where work is partially performed in the period.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery - 5 % straight line
Fittings fixtures and equipment - 20 % straight line
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value, with changes recognised in the fair value reserve.
2. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 5 ).
3. Tangible assets
Plant and machinery Fixtures, fittings and equipment Assets under construction Total
£ £ £ £
Cost
At 1 July 2022 446,276 6,968 262,483 715,727
Additions - 2,692 356,683 359,375
________ ________ ________ ________
At 30 June 2023 446,276 9,660 619,166 1,075,102
________ ________ ________ ________
Depreciation
At 1 July 2022 9,297 1,568 - 10,865
Charge for the year 22,314 1,933 - 24,247
________ ________ ________ ________
At 30 June 2023 31,611 3,501 - 35,112
________ ________ ________ ________
Carrying amount
At 30 June 2023 414,665 6,159 619,166 1,039,990
________ ________ ________ ________
At 30 June 2022 436,979 5,400 262,483 704,862
________ ________ ________ ________
4. Investments
Other investments other than loans Total
£ £
Cost
At 1 July 2022 and 30 June 2023 1 1
________ ________
Impairment
At 1 July 2022 and 30 June 2023 - -
________ ________
Carrying amount
At 30 June 2023 1 1
________ ________
At 30 June 2022 1 1
________ ________
5. Debtors
2023 2022
£ £
Other debtors 108,495 133,293
________ ________
6. Creditors: amounts falling due within one year
2023 2022
£ £
Taxation and social security 2,844 845
Obligations under hire purchase contracts (secured) 30,907 28,318
Director loan accounts 1,072 10,386
Other creditors 14,620 247,881
________ ________
49,443 287,430
________ ________
The hire purchase contracts are secured on the assets to which they relate.
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Obligations under hire purchase contracts (secured) 343,591 106,756
Other creditors 105,000 -
________ ________
448,591 106,756
________ ________
The hire purchase contracts are secured on the assets to which they relate.
8. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2021.
Reconciliation of equity
At 1 July 2021 At 30 June 2022
Previously stated Effect of transition FRS 102 (restated) Previously stated Effect of transition FRS 102 (restated)
£ £ £ £ £ £
Fixed assets 446,973 - 446,973 704,863 - 704,863
Current assets 75,588 184,966 260,554 58,472 99,357 157,829
Creditors amounts falling due within 1 year ( 188,758) - ( 188,758) ( 277,044) - ( 277,044)
________ ________ ________ ________ ________ ________
Net current assets/(liabilities) ( 113,170) 184,966 71,796 ( 218,572) 99,357 ( 119,215)
________ ________ ________ ________ ________ ________
Total assets less current liabilities 333,803 184,966 518,769 486,291 99,357 585,648
Creditors amounts falling due after more than 1 year - - - ( 106,756) - ( 106,756)
________ ________ ________ ________ ________ ________
Net assets 333,803 184,966 518,769 379,535 99,357 478,892
________ ________ ________ ________ ________ ________
Equity 333,805 184,966 518,771 379,535 99,357 478,892
________ ________ ________ ________ ________ ________
Reconciliation of profit or loss for the year
At 30 June 2022
Previously stated Effect of transition FRS 102 (restated)
£ £ £
Turnover 166,598 - 166,598
Cost of sales ( 25,067) - ( 25,067)
________ ________ ________
Gross profit 141,531 - 141,531
Administrative expenses ( 124,504) - ( 124,504)
________ ________ ________
Operating profit 17,027 - 17,027
Income from other fixed asset investments 39,510 - 39,510
Interest payable and similar expenses ( 10,905) - ( 10,905)
Tax on Loss - ( 85,609) ( 85,609)
________ ________ ________
Loss after taxation 45,632 ( 85,609) ( 39,977)
________ ________ ________
Loss for the financial year 45,632 ( 85,609) ( 39,977)
________ ________ ________