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REGISTERED NUMBER: 08416575 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 27 FEBRUARY 2023

FOR

INSTRUMENTIX LTD

INSTRUMENTIX LTD (REGISTERED NUMBER: 08416575)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 27 February 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INSTRUMENTIX LTD

COMPANY INFORMATION
for the year ended 27 February 2023







DIRECTORS: Z L Watt
S A Hicks
C Posselt





REGISTERED OFFICE: 20-22 Wenlock Road
London
N1 7GU





REGISTERED NUMBER: 08416575 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Magma House
16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

INSTRUMENTIX LTD (REGISTERED NUMBER: 08416575)

BALANCE SHEET
27 February 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 210,554 214,141
Tangible assets 5 - -
210,554 214,141

CURRENT ASSETS
Debtors 6 48,744 39,866
Cash at bank 1,283 16,807
50,027 56,673
CREDITORS
Amounts falling due within one year 7 (337,910 ) (394,189 )
NET CURRENT LIABILITIES (287,883 ) (337,516 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(77,329

)

(123,375

)

CREDITORS
Amounts falling due after more than one
year

8

(24,326

)

(32,500

)

PROVISIONS FOR LIABILITIES (52,638 ) (40,737 )
NET LIABILITIES (154,293 ) (196,612 )

INSTRUMENTIX LTD (REGISTERED NUMBER: 08416575)

BALANCE SHEET - continued
27 February 2023

2023 2022
Notes £    £   

CAPITAL AND RESERVES
Called up share capital 2 2
Share premium 612,860 612,860
Retained earnings (767,155 ) (809,474 )
SHAREHOLDERS' FUNDS (154,293 ) (196,612 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 27 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 27 February 2023 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:





S A Hicks - Director


INSTRUMENTIX LTD (REGISTERED NUMBER: 08416575)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 27 February 2023


1. STATUTORY INFORMATION

Instrumentix Ltd is a limited company, limited by shares, registered in England and Wales. Its registered office address is Instrumentix Ltd, 20-22 Wenlock Road, London, England, N1 7GU and the registered number is 08416575.

2. 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.

The presentational currency of the financial statements is Pound Sterling (£) and figures are rounded to the nearest £1.

Going concern
At the year, end the company had net current liabilities of £287,883 (2022: £337,516) and net liabilities of £154,293 (2022: £196,612) . The directors have reviewed the future cash flows of the business and are confident the business will be able to meet its liabilities as they fall due so they have prepared the financial statements on a going concern basis.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sale taxes. The following criteria must also be met before revenue is recognised:

Rendering of Services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following condition are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Research and development expenditure
Expenditure on research and development is charged to the profit and loss account in the year in which it is incurred with the exception of expenditure on the development of certain major new product projects. Such expenditure is only recognised where it is probable that future economic benefits that are attributable to the project will flow to the entity and that the cost of the project can be measured reliably. Such expenditure is capitalised and amortised over a period of five years commencing in the year sales of the product are first made.

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


INSTRUMENTIX LTD (REGISTERED NUMBER: 08416575)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 27 February 2023


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 28 February 2022 496,218
Additions 71,438
At 27 February 2023 567,656
AMORTISATION
At 28 February 2022 282,077
Charge for year 75,025
At 27 February 2023 357,102
NET BOOK VALUE
At 27 February 2023 210,554
At 27 February 2022 214,141

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 28 February 2022
and 27 February 2023 2,950
DEPRECIATION
At 28 February 2022
and 27 February 2023 2,950
NET BOOK VALUE
At 27 February 2023 -
At 27 February 2022 -

INSTRUMENTIX LTD (REGISTERED NUMBER: 08416575)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 27 February 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 30,449 9,245
Other debtors 18,295 30,621
48,744 39,866

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 24,028 62,940
Trade creditors 14,282 5,661
Taxation and social security 146,525 166,408
Other creditors 153,075 159,180
337,910 394,189

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 24,326 32,500

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other creditors - 28,214

The UK Exim loan was secured by a legal charge over the property.The charge was satisfied during the financial year and all secured debts have been paid.