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Registered number: 13115958
Sierra Medical Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Max Accountants Ltd
Ketton Suite
The King Centre
Oakham
Rutland
LE15 7WD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13115958
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 83,574 83,170
Tangible Assets 5 23,702 9,491
107,276 92,661
CURRENT ASSETS
Debtors 6 236,396 285,828
Cash at bank and in hand 65,645 119,375
302,041 405,203
Creditors: Amounts Falling Due Within One Year 7 (21,797 ) (11,459 )
NET CURRENT ASSETS (LIABILITIES) 280,244 393,744
TOTAL ASSETS LESS CURRENT LIABILITIES 387,520 486,405
Creditors: Amounts Falling Due After More Than One Year 8 (891,851 ) (745,531 )
NET LIABILITIES (504,331 ) (259,126 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Other reserves 100,001 100,001
Profit and Loss Account (604,333 ) (359,128 )
SHAREHOLDERS' FUNDS (504,331) (259,126)
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Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Mr Robert Denton
Director
10 June 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Sierra Medical Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13115958 . The registered office is Ketton Suite, The King Centre Main Road, Barleythorpe, Oakham, Rutland, LE15 7WD.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future. 
The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Patents. They are amortised to profit and loss account over their estimated economic life of 7 years.
Separately acquired trademarks and licences are shown at historical cost. 
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
2.4. 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 Straight line over 3 years
Computer Equipment Straight line over 3 years
2.5. 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 profit / loss before taxation.
2.6. Taxation
Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive 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.
2.7. 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.
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2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.9. 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 cirteria 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.
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.
2.10. Convertible Debt
Compound financial instruments issued by the Company comprise convertible loan notes that can be converted to share capital at the option of the holder. The interest on the loan notes is compounding annually and as such the number of shares to be issued will vary with changes in the fair value. 
Due to the varying number of shares to be issued the loan notes are treated as liabilities and not split between equity and liabilities. The liability is initially and subsequently measured at fair value, with the fair value movements recognised in the Statement of Comprehensive Income. 
Transaction costs that relate to the issue of the instrument are expensed to the Statement of Comprehensive Income.  
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Other
£
Cost
As at 1 February 2023 98,466
Additions 15,283
As at 31 January 2024 113,749
Amortisation
As at 1 February 2023 15,296
Provided during the period 14,879
As at 31 January 2024 30,175
Net Book Value
As at 31 January 2024 83,574
As at 1 February 2023 83,170
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5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 February 2023 25,866 1,249 27,115
Additions 24,670 2,249 26,919
As at 31 January 2024 50,536 3,498 54,034
Depreciation
As at 1 February 2023 16,791 833 17,624
Provided during the period 11,848 860 12,708
As at 31 January 2024 28,639 1,693 30,332
Net Book Value
As at 31 January 2024 21,897 1,805 23,702
As at 1 February 2023 9,075 416 9,491
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 180,751 63,616
Other debtors - 202,344
Corporation tax recoverable 30,775 7,860
VAT 24,870 12,008
236,396 285,828
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 8,300 5,129
Other taxes and social security 5,329 3,730
Other creditors 600 600
Accruals and deferred income 7,568 2,000
21,797 11,459
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 886,851 740,531
Other creditors 5,000 5,000
891,851 745,531
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9. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due between one and five years:
Other loans 886,851 740,531
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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