Company Registration No. 13159366 (England and Wales)
SPOKE MEDICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
SPOKE MEDICAL LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
SPOKE MEDICAL LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr T Javed
Mr P R Axon
Mr N P Donnelly
Mr A E Axon
Company number
13159366
Registered office
43 Park Place
Leeds
West Yorkshire
LS1 2RY
Accountants
TC Group
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
SPOKE MEDICAL LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
65,813
46,115
Current assets
Debtors
4
3,198
-
0
Cash at bank and in hand
48,126
64,361
51,324
64,361
Creditors: amounts falling due within one year
5
(56,457)
(38,401)
Net current (liabilities)/assets
(5,133)
25,960
Net assets
60,680
72,075
Capital and reserves
Called up share capital
150,300
150,000
Share premium account
81,711
-
0
Profit and loss reserves
(171,331)
(77,925)
Total equity
60,680
72,075

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SPOKE MEDICAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 16 October 2024 and are signed on its behalf by:
Mr T Javed
Director
Company registration number 13159366 (England and Wales)
SPOKE MEDICAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2022
150,000
-
0
(101,108)
48,892
Year ended 31 January 2023:
Profit and total comprehensive income
-
-
23,183
23,183
Balance at 31 January 2023
150,000
-
0
(77,925)
72,075
Year ended 31 January 2024:
Loss and total comprehensive income
-
-
(93,406)
(93,406)
Issue of share capital
300
81,711
-
82,011
Balance at 31 January 2024
150,300
81,711
(171,331)
60,680
SPOKE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
1
Accounting policies
Company information

Spoke Medical Limited is a private company limited by shares incorporated in England and Wales. The registered office is 43 Park Place, Leeds, West Yorkshire, LS1 2RY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
10% Straight line
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SPOKE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

SPOKE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
3
Intangible fixed assets
Patents & licences
£
Cost
At 1 February 2023
52,569
Additions
25,949
At 31 January 2024
78,518
Amortisation and impairment
At 1 February 2023
6,454
Amortisation charged for the year
6,251
At 31 January 2024
12,705
Carrying amount
At 31 January 2024
65,813
At 31 January 2023
46,115
SPOKE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
3,198
-
0
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,160
-
0
Taxation and social security
4,745
-
0
Other creditors
39,552
38,401
56,457
38,401
6
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Mr P R Axon

(Director and Shareholder)

At the balance sheet date the company owed Mr P R Axon £20,785 (2023 - £20,785).

The loan is interest free and repayable on demand.

 

Mr T Javed

(Director and Shareholder)

At the balance sheet date the company owed Mr T Javed £15,117 (2023 - £15,117).

The loan is interest free and repayable on demand.

 

Mr N P Donnelly

(Director and Shareholder)

At the balance sheet date the company owed Mr N P Donnelly £nil (2023 - £nil).

The loan is interest free and repayable on demand.

 

Mr A E Axon

(Director and Shareholder)

At the balance sheet date the company owed Mr P R Axon £899 (2023 - £nil).

The loan is interest free and repayable on demand.

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