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Registered number: 13888591
Multimedix Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Finerva
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13888591
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 8,966 6,309
Tangible Assets 5 8,198 8,371
17,164 14,680
CURRENT ASSETS
Debtors 6 99,783 79,253
Cash at bank and in hand 5,930 371
105,713 79,624
Creditors: Amounts Falling Due Within One Year 7 (133,447 ) (67,227 )
NET CURRENT ASSETS (LIABILITIES) (27,734 ) 12,397
TOTAL ASSETS LESS CURRENT LIABILITIES (10,570 ) 27,077
NET (LIABILITIES)/ASSETS (10,570 ) 27,077
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (10,670 ) 26,977
SHAREHOLDERS' FUNDS (10,570) 27,077
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Maryla Stevenson
Director
9 September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Multimedix Limited is a private company,  limited by shares, incorporated in England & Wales, registered number 13888591 . The registered office is Pera Business Park, Nottingham Road, Melton Mowbray, LE13 0PB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in  accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The company’s financial statements have been prepared on a going concern basis on the grounds  that current and future sources of funding or support will be more than adequate for the company’s needs. 
The business has diversified its risk by offering Quality Assurance (QA) checks with a growing number of long term contracts alongside its R&D work. Ultrasound is a growing imaging modality driven by the rising interest in portable ultrasound in particular, necessitating annual QA checks. Cashflow is monitored regularly with the parent company offering short term financial support. The parent company has agreed to support the company for the forseeable future.
Based on the above and in assessing going concern, the director has a reasonable expectation that the company will continue as a going concern and is able to meet all of its obligations as they fall due for a minimum of 12 months from the date of approval of these financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated  contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are costs of patents. 
Patents are initially measures at cost. After intial recognition, patents are measure at cost less any accumulated amortisation and any accumulated impairment losses. 
They are amortised to the profit and loss account over their estimated economic life of 10 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.  Depreciation  is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% straight line
Fixtures & Fittings 20% straight line
Computer Equipment 20% straight line
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2.6. Financial Instruments
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Impairment of financial assets
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 within profit or loss.
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.   Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow  all or  part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable  in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2023: 2)
1 2
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4. Intangible Assets
Trademarks & patents
£
Cost
As at 1 April 2023 7,010
Additions 3,731
As at 31 March 2024 10,741
Amortisation
As at 1 April 2023 701
Provided during the period 1,074
As at 31 March 2024 1,775
Net Book Value
As at 31 March 2024 8,966
As at 1 April 2023 6,309
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 6,942 1,548 1,974 10,464
Additions 70 - 2,253 2,323
As at 31 March 2024 7,012 1,548 4,227 12,787
Depreciation
As at 1 April 2023 1,388 310 395 2,093
Provided during the period 1,341 310 845 2,496
As at 31 March 2024 2,729 620 1,240 4,589
Net Book Value
As at 31 March 2024 4,283 928 2,987 8,198
As at 1 April 2023 5,554 1,238 1,579 8,371
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 96,990 77,203
Other debtors 2,793 2,050
99,783 79,253
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 3,560
Amounts owed to group undertakings 31,000 -
Other creditors 82,309 57,392
Taxation and social security 20,138 6,275
133,447 67,227
8. Share Capital
2024 2023
£ £
Called Up Share Capital not Paid 100 100
Amount of Allotted, Called Up Share Capital 100 100
9. Pension Commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £129 (2023: £121) were due to the fund.  They are included in other creditors.
10. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Multimedix Holdings Limited . Multimedix Holdings Limited was incorporated in England & Wales and its registered office is Unit 56, Hayhill Industrial Estate, 47 Hayhill, Barrow Upon Soar, Leicestershire, LE12 8LD. Group accounts are not drawn up.
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