Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-302022-10-01falseNo description of principal activity23truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04148891 2022-10-01 2023-09-30 04148891 2021-10-01 2022-09-30 04148891 2023-09-30 04148891 2022-09-30 04148891 2021-10-01 04148891 c:CompanySecretary1 2022-10-01 2023-09-30 04148891 c:Director2 2022-10-01 2023-09-30 04148891 c:Director6 2022-10-01 2023-09-30 04148891 c:RegisteredOffice 2022-10-01 2023-09-30 04148891 c:Agent1 2022-10-01 2023-09-30 04148891 d:CurrentFinancialInstruments 2023-09-30 04148891 d:CurrentFinancialInstruments 2022-09-30 04148891 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 04148891 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 04148891 d:ShareCapital 2022-10-01 2023-09-30 04148891 d:ShareCapital 2023-09-30 04148891 d:ShareCapital 2022-09-30 04148891 d:ShareCapital 2021-10-01 04148891 d:CapitalRedemptionReserve 2023-09-30 04148891 d:CapitalRedemptionReserve 2022-09-30 04148891 d:CapitalRedemptionReserve 2021-10-01 04148891 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 04148891 d:RetainedEarningsAccumulatedLosses 2023-09-30 04148891 d:RetainedEarningsAccumulatedLosses 2021-10-01 2022-09-30 04148891 d:RetainedEarningsAccumulatedLosses 2022-09-30 04148891 d:RetainedEarningsAccumulatedLosses 2021-10-01 04148891 c:OrdinaryShareClass1 2022-10-01 2023-09-30 04148891 c:OrdinaryShareClass1 2023-09-30 04148891 c:OrdinaryShareClass1 2022-09-30 04148891 c:OrdinaryShareClass2 2022-10-01 2023-09-30 04148891 c:OrdinaryShareClass2 2023-09-30 04148891 c:OrdinaryShareClass2 2022-09-30 04148891 c:OrdinaryShareClass3 2022-10-01 2023-09-30 04148891 c:OrdinaryShareClass3 2023-09-30 04148891 c:FRS102 2022-10-01 2023-09-30 04148891 c:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 04148891 c:FullAccounts 2022-10-01 2023-09-30 04148891 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 04148891 d:Subsidiary1 2022-10-01 2023-09-30 04148891 d:Subsidiary1 1 2022-10-01 2023-09-30 04148891 d:Subsidiary2 2022-10-01 2023-09-30 04148891 d:Subsidiary2 1 2022-10-01 2023-09-30 04148891 d:Subsidiary3 2022-10-01 2023-09-30 04148891 d:Subsidiary3 1 2022-10-01 2023-09-30 04148891 6 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04148891









MOTAC HOLDINGS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
MOTAC HOLDINGS LTD
 
 
COMPANY INFORMATION


Directors
E Bezard 
R J D Varmen 




Company secretary
R J D Varmen



Registered number
04148891



Registered office
Alderley Park
Congleton Road

Macclesfield

Cheshire

SK10 4TF




Accountants
Grant Thornton UK LLP
Chartered Accountants

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 HOLDINGS LTD
 

CONTENTS



Page
Accountant's Report
1
Statement of Financial Position
2 - 3
Statement of Changes in Equity
4
Notes to the Financial Statements
5 - 8


  
  img28df.png
Report to the directors on the preparation of the unaudited statutory financial statements of Motac Holdings Ltd for the year ended 30 September 2023 

We have compiled the accompanying financial statements of Motac Holdings Ltd (the ‘company’)  based on the information you have provided. These financial statements comprise the Statement of Financial Position of Motac Holdings Ltd as at 30 September 2023, the Statement of Changes in Equity for the year then ended 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 HOLDINGS LTD
REGISTERED NUMBER:04148891

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
1,338,222
1,338,222

  
1,338,222
1,338,222

Current assets
  

Debtors: amounts falling due within one year
 6 
87,942
-

Cash at bank and in hand
  
1,088
324

  
89,030
324

Creditors: amounts falling due within one year
 7 
(98,166)
(9,460)

Net current liabilities
  
 
 
(9,136)
 
 
(9,136)

Total assets less current liabilities
  
1,329,086
1,329,086

  

Net assets
  
1,329,086
1,329,086


Capital and reserves
  

Called up share capital 
  
6,915
35,019

Capital redemption reserve
  
28,104
-

Profit and loss account
  
1,294,067
1,294,067

  
1,329,086
1,329,086


Page 2

 
MOTAC HOLDINGS LTD
REGISTERED NUMBER:04148891
    
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 comprehensive income 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 5 to 8 form part of these financial statements.

Page 3

 
MOTAC HOLDINGS LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 October 2021
35,019
-
534,067
569,086



Profit for the year
-
-
768,500
768,500

Dividends: Equity capital
-
-
(8,500)
(8,500)



At 1 October 2022
35,019
-
1,294,067
1,329,086



Profit for the year
-
-
600,000
600,000

Purchase of own shares
-
28,104
(600,000)
(571,896)

Shares cancelled during the year
(28,104)
-
-
(28,104)


At 30 September 2023
6,915
28,104
1,294,067
1,329,086


The notes on pages 5 to 8 form part of these financial statements.

Page 4

 
MOTAC HOLDINGS LTD
 
 
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: 04148891.
Registered office: Alderley Park, Congleton Road, Macclesfield, Cheshire, 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

Investment income

Dividends are included in profit or loss when receivable.

 
2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated 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.

 
2.4

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.

 
2.5

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.

 
2.6

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 5

 
MOTAC HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

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 cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

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.

 
2.8

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).
During the year, the directors received no remuneration (2022: £Nil).


4.


Dividends

2023
2022
£
£

Ordinary A


Dividends paid - £Nil per share (2022: £0.0019)
-
6,463

 
"B" Ordinary shares


Dividends paid - £Nil per share (2022: £0.0019)
-
2,037

-
8,500

Page 6

 
MOTAC HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2022
4,420,153



At 30 September 2023

4,420,153



Impairment


At 1 October 2022
3,081,931



At 30 September 2023

3,081,931



Net book value



At 30 September 2023
1,338,222



At 30 September 2022
1,338,222


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Country of incorporation

Principal activity

Class of shares

Holding

Motac Neuroscience Limited
England and Wales
Research and development of movement disorders
Ordinary
100%
Motac France SARL
France
Research and development of movement disorders
Ordinary
100%
Motac Bejing Services Limited
China
Research and development of movement disorders
Ordinary
100%


6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
87,942
-


Page 7

 
MOTAC HOLDINGS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
98,166
9,460



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



680,505 (2022: 3,490,951) Ordinary A shares of £0.01 each
6,805
34,909
1,100,000 (2022:1,100,000) Ordinary B shares of £0.0001 each
110
110
1 (2022: £Nil) Ordinary C share of £0.01
-
-

6,915

35,019

On 18 January 2023, the company purchased 2,810,445 Ordinary A shares held by A Crossman, for a consideration of £600,000. These shares were cancelled immediately upon purchase.
On 18 January 2023, 1 A Ordinary Share of £0.01 was reclassed to 1 C Ordinary Share of £0.01. The C Ordinary Share has no rights attached to it in respect of voting, income or capital returns save for a right to share in 30% of the proceeds of any sale or capital event which generates proceeds of £2,000,000 in the five years commencing from the date of issue.



9.


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 its group.

Page 8