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REGISTERED NUMBER: 06629770 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PORTAL MEDICAL LIMITED

PORTAL MEDICAL LIMITED (REGISTERED NUMBER: 06629770)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PORTAL MEDICAL LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: Dr P R Stevenson
D C Bromley - Davenport





REGISTERED OFFICE: Pinnacle Building
2 Prospect Place
Pride Park
Derby
Derbyshire
DE24 8HG





REGISTERED NUMBER: 06629770 (England and Wales)





ACCOUNTANTS: Sowerby
Chartered Accountants
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

PORTAL MEDICAL LIMITED (REGISTERED NUMBER: 06629770)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 414,771 384,518
Tangible assets 5 1,348 1,107
416,119 385,625

CURRENT ASSETS
Debtors 6 19,461 70,267
Cash at bank 244,572 108,143
264,033 178,410
CREDITORS
Amounts falling due within one year 7 72,162 48,495
NET CURRENT ASSETS 191,871 129,915
TOTAL ASSETS LESS CURRENT
LIABILITIES

607,990

515,540

PROVISIONS FOR LIABILITIES 103,774 61,397
NET ASSETS 504,216 454,143

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 330,300 330,300
Retained earnings 172,916 122,843
SHAREHOLDERS' FUNDS 504,216 454,143

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

PORTAL MEDICAL LIMITED (REGISTERED NUMBER: 06629770)

BALANCE SHEET - continued
31 December 2023


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 23 August 2024 and were signed on its behalf by:





Dr P R Stevenson - Director


PORTAL MEDICAL LIMITED (REGISTERED NUMBER: 06629770)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Portal Medical Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principle place of business at St Michael's Court, St Michael's Lane, Derby, Derbyshire, DE1 3HQ.

The principal activity of the Company is research & development of medical devices and associated technology.

The presentational currency of the financial statements is Pound Sterling (£).

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.

Having regard to liquidity risk, current market conditions and other factors affecting the company, including the impact of Covid-19, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.The company has suffered a period of difficult trade due to Covid-19 but has utilised the government support available and the directors are confident that the position of the company going forward will be positive.

Turnover
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date.

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.

Patents and licences - 10% on cost

Patent & licence development costs
Costs incurred by the company on patent & licence development are being written off over the life of the asset.

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Plant and machinery etc - 25% on cost and 20% on cost


PORTAL MEDICAL LIMITED (REGISTERED NUMBER: 06629770)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 4 ).

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023 1,167,739
Additions 62,979
At 31 December 2023 1,230,718
AMORTISATION
At 1 January 2023 783,221
Amortisation for year 32,726
At 31 December 2023 815,947
NET BOOK VALUE
At 31 December 2023 414,771
At 31 December 2022 384,518

Intangible fixed assets are patent and licence development costs.The aggregate of capitalised development costs is reasonably expected to be exceeded by anticipated future revenues arising therefrom.

PORTAL MEDICAL LIMITED (REGISTERED NUMBER: 06629770)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


5. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 January 2023 44,056 3,448 47,504
Additions - 973 973
At 31 December 2023 44,056 4,421 48,477
DEPRECIATION
At 1 January 2023 43,706 2,691 46,397
Charge for year 210 522 732
At 31 December 2023 43,916 3,213 47,129
NET BOOK VALUE
At 31 December 2023 140 1,208 1,348
At 31 December 2022 350 757 1,107

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 18,425 70,187
Prepayments 1,036 80
19,461 70,267

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors & accruals 9,955 15,402
Tax 21,367 5
Social security and other taxes 13,263 5,889
VAT 27,577 27,199
72,162 48,495

PORTAL MEDICAL LIMITED (REGISTERED NUMBER: 06629770)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
D C Bromley - Davenport
Balance outstanding at start of year - 9,500
Amounts repaid - (9,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

9. ULTIMATE CONTROLLING PARTY

There is no overall controlling party.