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REGISTERED NUMBER: SC655514 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

MONTOUX UK LIMITED

MONTOUX UK LIMITED (REGISTERED NUMBER: SC655514)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MONTOUX UK LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: S A van Dam
K J J Stijnen





REGISTERED OFFICE: 5 South Charlotte Street
Edinburgh
EH2 4AN





REGISTERED NUMBER: SC655514 (Scotland)





ACCOUNTANTS: Oury Clark Chartered Accountants
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

MONTOUX UK LIMITED (REGISTERED NUMBER: SC655514)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 176 351

CURRENT ASSETS
Debtors 5 204,351 146,913
Cash at bank 4,705 15,255
209,056 162,168
CREDITORS
Amounts falling due within one year 6 228,314 164,977
NET CURRENT LIABILITIES (19,258 ) (2,809 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(19,082

)

(2,458

)

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings (19,182 ) (2,558 )
SHAREHOLDERS' FUNDS (19,082 ) (2,458 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

MONTOUX UK LIMITED (REGISTERED NUMBER: SC655514)

BALANCE SHEET - continued
31 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





K J J Stijnen - Director


MONTOUX UK LIMITED (REGISTERED NUMBER: SC655514)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Montoux UK Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

The financial statements have been prepared on a going concern basis as Montoux Limited, the Parent Company, will continue to support the Company as required for a minimum of 12 months and 1 day from signing of the financial report.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax, and other sales taxes. Turnover is a cost recharge to Montoux Limited in accordance with their agreement. All revenue is derived in the UK and billed in GBP to Montoux Limited. Turnover is wholly attributable to the principal activity of the company. Turnover is recognised when costs are incurred.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 50% reducing balance

Basic financial instruments
Basic Financial Instruments are covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any other Financial Instruments as covered by Section 12 of FRS102.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


MONTOUX UK LIMITED (REGISTERED NUMBER: SC655514)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
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.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Share-based payments
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services.

The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Company receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

The arrangements are measured at fair value at the date of grant. The share based payment expense is recognised in the income statement as an expense with a corresponding credit to the intercompany loan.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

MONTOUX UK LIMITED (REGISTERED NUMBER: SC655514)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 1,296
DEPRECIATION
At 1 April 2023 945
Charge for year 175
At 31 March 2024 1,120
NET BOOK VALUE
At 31 March 2024 176
At 31 March 2023 351

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Amounts owed by group undertakings 203,720 142,610
Other debtors 631 4,303
204,351 146,913

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 2,046 2,244
Amounts owed to group undertakings 217,543 151,654
Taxation and social security - 3,673
Other creditors & accruals 8,725 7,406
228,314 164,977

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

8. ULTIMATE PARENT COMPANY

There is no ultimate controlling party.

MONTOUX UK LIMITED (REGISTERED NUMBER: SC655514)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

9. SHARE-BASED PAYMENT TRANSACTIONS

At the period end the company has equity settled share based payment options with its employee. The equity offered is that of the ultimate parent company Montoux Limited.

48,500 share options were granted to the UK employee in September 2022 with an exercise price of NZ$2.66179. The options vest on the vesting dates which are described in the share option scheme deed.

During the period no options (2023: nil) were granted to employees of the UK entity for shares in the parent company.

During the period no options (2023: nil) were exercised. A total of nil (2023: nil) share options were forfeited during the period.

During the period, the charge for the year relating to options is £12,255 (2023: £nil). The expense was recognised with a corresponding credit to the intercompany loan with Montoux Limited.