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Registered number: 11669397










ECHOPOINT MEDICAL LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023



 
ECHOPOINT MEDICAL LTD
REGISTERED NUMBER: 11669397

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
559
1,989

  
559
1,989

Current assets
  

Debtors: amounts falling due within one year
 5 
23,398
29,364

Cash at bank and in hand
 6 
30,804
500,235

Current Liabilities
  
54,202
529,599

Creditors: amounts falling due within one year
 7 
(74,259)
(131,511)

Net current (liabilities)/assets
  
 
 
(20,057)
 
 
398,088

Total assets less current liabilities
  
(19,498)
400,077

Creditors: amounts falling due after more than one year
 8 
(601,007)
(500,000)

  

Net liabilities
  
(620,505)
(99,923)


Capital and reserves
  

Called up share capital 
 9 
25
25

Share premium account
  
1,849,793
1,849,793

Profit and loss account
  
(2,470,323)
(1,949,741)

  
(620,505)
(99,923)


Page 1

 
ECHOPOINT MEDICAL LTD
REGISTERED NUMBER: 11669397

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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 by: 

A R Odell
Director

Date: 28 August 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
ECHOPOINT MEDICAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Echopoint Medical Ltd is a private company limited by share capital and incorporated in England and Wales. The registered office is 2nd Floor 65-69 East Road, London, England, N1 6AH.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Board of Echopoint Medical Limited remain confident that it can secure Series A funding and notes that the two main investors are supportive. University College London Technology Fund has provided interim funding via a convertible loan note on that basis.

 
2.3

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
ECHOPOINT MEDICAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

 
2.8

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.

Page 4

 
ECHOPOINT MEDICAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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:

Leasehold improvements
-
33%
Office equipment
-
33%
Computer equipment
-
33%

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Page 5

 
ECHOPOINT MEDICAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).


4.


Tangible fixed assets





Leasehold Improvement
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
42,354
6,310
12,106
60,770



At 31 December 2023

42,354
6,310
12,106
60,770



Depreciation


At 1 January 2023
42,354
5,910
10,517
58,781


Charge for the year on owned assets
-
350
1,080
1,430



At 31 December 2023

42,354
6,260
11,597
60,211



Net book value



At 31 December 2023
-
50
509
559



At 31 December 2022
-
400
1,589
1,989


5.


Debtors

2023
2022
£
£


Other debtors
15,377
20,929

Prepayments and accrued income
8,021
8,435

23,398
29,364


Page 6

 
ECHOPOINT MEDICAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
30,804
500,235

30,804
500,235



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
25,373
101,758

Other taxation and social security
35,113
9,619

Other creditors
837
2,847

Accruals and deferred income
12,936
17,287

74,259
131,511



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
601,007
500,000

601,007
500,000


During the year ended 31 December 2022, the Company entered into a loan agreement with a value of £500,000. The loan is unsecured and non-interest bearing and convertible to equity on a qualifying fundraising or non-qualifying fund prior to 12 months after the date of the agreement. The loan converted to equity during February 2024.
During the year, the Company verbally entered into an additional loan agreement with a value of £101,007. The loan is unsecured and non-interest bearing and was converted into equity during February 2024.


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



175,355 (2022 - 175,355) Ordinary shares of £0.0001 each
18
18
74,994 (2022 - 74,994) Ordinary A shares of £0.0001 each
7
7

25

25


Page 7

 
ECHOPOINT MEDICAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Post balance sheet events

In February 2024, 194,773 B Ordinary shares were issued for a total consideration of £4,285,006 and the loan referenced in note 8 converted into 39,027 B Ordinary shares.


11.


Controlling party

The Company is controlled by its directors.


Page 8