Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-302022-10-01truefalseNo description of principal activity23trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03835910 2022-10-01 2023-09-30 03835910 2021-10-01 2022-09-30 03835910 2023-09-30 03835910 2022-09-30 03835910 c:CompanySecretary1 2022-10-01 2023-09-30 03835910 c:Director2 2022-10-01 2023-09-30 03835910 c:Director6 2022-10-01 2023-09-30 03835910 c:RegisteredOffice 2022-10-01 2023-09-30 03835910 c:Agent1 2022-10-01 2023-09-30 03835910 d:ComputerEquipment 2022-10-01 2023-09-30 03835910 d:ComputerEquipment 2023-09-30 03835910 d:ComputerEquipment 2022-09-30 03835910 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 03835910 d:PatentsTrademarksLicencesConcessionsSimilar 2023-09-30 03835910 d:PatentsTrademarksLicencesConcessionsSimilar 2022-09-30 03835910 d:CurrentFinancialInstruments 2023-09-30 03835910 d:CurrentFinancialInstruments 2022-09-30 03835910 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 03835910 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 03835910 d:ShareCapital 2023-09-30 03835910 d:ShareCapital 2022-09-30 03835910 d:CapitalRedemptionReserve 2023-09-30 03835910 d:CapitalRedemptionReserve 2022-09-30 03835910 d:RetainedEarningsAccumulatedLosses 2023-09-30 03835910 d:RetainedEarningsAccumulatedLosses 2022-09-30 03835910 c:FRS102 2022-10-01 2023-09-30 03835910 c:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 03835910 c:FullAccounts 2022-10-01 2023-09-30 03835910 c:CompanyLimitedByGuarantee 2022-10-01 2023-09-30 03835910 d:WithinOneYear 2023-09-30 03835910 d:WithinOneYear 2022-09-30 03835910 d:BetweenOneFiveYears 2023-09-30 03835910 d:BetweenOneFiveYears 2022-09-30 03835910 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 03835910 d:AcceleratedTaxDepreciationDeferredTax 2022-09-30 03835910 2 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Registered number: 03835910









MOTAC NEUROSCIENCE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
MOTAC NEUROSCIENCE LIMITED
 
 
COMPANY INFORMATION


Directors
E Bezard 
R J D Varmen 




Company secretary
R J D Varmen



Registered number
03835910



Registered office
Alderley Park
Congelton Road

Macclesfield

Cheshire

England

SK10 4TF




Accountants
Grant Thornton UK LLP

Landmark

St Peter's Square

1 Oxford Street

Manchester

M1 4PB




Bankers
HSBC Bank plc
2-4 St Ann's Square

Manchester

M2 7HD





 
MOTAC NEUROSCIENCE LIMITED
 

CONTENTS



Page
Accountants' Report
1
Statement of Financial Position
2 - 3
Notes to the Financial Statements
4 - 10


  
  img36bb.png
Report to the directors on the preparation of the unaudited statutory financial statements of Motac Neuroscience Limited for the year ended 30 September 2023 

We have compiled the accompanying financial statements of Motac Neuroscience Limited (the ‘company’)  based on the information you have provided. These financial statements comprise the Statement of Financial Position of Motac Neuroscience Limited as at 30 September 2023, and a summary of significant accounting policies and other explanatory information. 

We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), 'Compilation Engagements'.

We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with applicable law and United Kingdom Accounting Standardsincluding Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). As a member firm of the Institute of Chartered Accountants in England and Waleswe are subject to its ethical and other professional requirements which are detailed at www.icaew.com

These financial statements and the accuracy and completeness of the information used to compile them are your responsibility.

Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

This report is made solely to the Company's directors, as a body,  in accordance with the terms of our engagement letter dated 5 December 2023Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the Company's directors, as a body,  in this report in accordance with our engagement letter dated 5 December 2023. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its directors, as a body,  for our work or for this report.




Grant Thornton UK LLP
 
Chartered Accountants
 
Manchester

1 March 2024
Page 1

 
MOTAC NEUROSCIENCE LIMITED
REGISTERED NUMBER:03835910

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 6 
1
1

Tangible assets
 7 
4,431
3,206

  
4,432
3,207

Current assets
  

Debtors: amounts falling due within one year
 8 
635,789
761,876

Cash at bank and in hand
  
1,145,404
857,853

  
1,781,193
1,619,729

Creditors: amounts falling due within one year
 9 
(569,192)
(255,936)

Net current assets
  
 
 
1,212,001
 
 
1,363,793

Total assets less current liabilities
  
1,216,433
1,367,000

Provisions for liabilities
  

Deferred tax
 10 
(1,108)
-

  
 
 
(1,108)
 
 
-

Net assets
  
1,215,325
1,367,000


Capital and reserves
  

Called up share capital 
  
100
100

Capital redemption reserve
  
16
16

Profit and loss account
  
1,215,209
1,366,884

  
1,215,325
1,367,000


Page 2

 
MOTAC NEUROSCIENCE LIMITED
REGISTERED NUMBER:03835910
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 March 2024.




R J D Varmen
E Bezard
Director
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
MOTAC NEUROSCIENCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

The company is a private limited company and is registered in England and Wales.
Registered number: 03835910.
Registered office: Alderley Park, Congleton Road, Macclesfield, Cheshire, England, SK10 4TF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes. Revenue is recognised in stages based on the stage of completion of the study.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the
lease term.

Page 4

 
MOTAC NEUROSCIENCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.5

Research and development

Research and development expenditure is charged to profit or loss in the period in which it is
incurred.
Credit is taken in the accounting period for research and development tax credits which will be
claimed from His Majesty’s Revenue & Customs (HMRC) in respect of qualifying research and
development costs incurred in the same accounting period. The resultant amount is measured at the
amount expected to be recovered from HMRC.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge 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.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All patents are considered to have a finite useful life. If a reliable estimate of the useful life cannot be
made, the useful life shall not exceed ten years. Renewals are written off in the year that they are incurred.

Page 5

 
MOTAC NEUROSCIENCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer and office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

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.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term 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.

Page 6

 
MOTAC NEUROSCIENCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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.

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.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022: 3).


4.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
341,745
309,494

341,745
309,494



5.


Dividends

2023
2022
£
£


Dividends paid - £600 per share (£8.50 per share)
600,000
8,500

600,000
8,500

Page 7

 
MOTAC NEUROSCIENCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Intangible assets




Patents

£



Cost


At 1 October 2022
1



At 30 September 2023

1






Net book value



At 30 September 2023
1



At 30 September 2022
1




7.


Tangible fixed assets





Computer and office equipment

£



Cost


At 1 October 2022
5,352


Additions
3,221



At 30 September 2023

8,573



Depreciation


At 1 October 2022
2,146


Charge for the year on owned assets
1,996



At 30 September 2023

4,142



Net book value



At 30 September 2023
4,431



At 30 September 2022
3,206

Page 8

 
MOTAC NEUROSCIENCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Debtors

2023
2022
£
£


Trade debtors
5,737
183,848

Amounts owed by group undertakings
98,166
134,022

Other debtors
1,603
54,006

Prepayments and accrued income
530,283
390,000

635,789
761,876



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
122,022
-

Other taxation and social security
3,170
7,787

Accruals and deferred income
444,000
248,149

569,192
255,936



10.


Deferred taxation




2023


£






Charged to profit or loss
(1,108)



At end of year
(1,108)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,108)
-

(1,108)
-

Page 9

 
MOTAC NEUROSCIENCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


Commitments under operating leases

At 30 September 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
163,256
242,880

Later than 1 year and not later than 5 year
7,532
421,333

170,788
664,213


12.


Related party transactions

The company has taken advantage of the exemption conferred by section 1A of FRS 102 not to disclose transactions with wholly owned members of the group headed by Motac Holdings Limited.  
Included within accrual and deferred income as at 30 September 2023, is £13,100 (2022: £14,000) relating to unpaid directors' emoluments. 


13.


Ultimate parent undertaking and controlling party

The company is a wholly owned subsidiary of Motac Holdings Limited, a company registered in England and Wales and this is its ultimate parent undertaking. 

 
Page 10