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Registration number: 04959034

Navigate Medical Limited

Unaudited Filleted Financial Statements

for the Period from 1 June 2023 to 10 September 2024

 

Navigate Medical Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Navigate Medical Limited

Company Information

Director

T D Paget

Company secretary

J Paget

Registered office

Frost Group Limited Court House
The Old Police Station
South Street
Ashby-De-La-Zouch
LE65 1BR

Accountants

Smart Accounting & Tax Solutions LLP
74A Station Road East
Oxted
Surrey
RH8 0PG

 

Navigate Medical Limited

(Registration number: 04959034)
Balance Sheet as at 10 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

6

50

-

Current assets

 

Debtors

7

376,085

448,513

Cash at bank and in hand

 

1,035,047

849,214

 

1,411,132

1,297,727

Creditors: Amounts falling due within one year

8

(46,665)

(54,532)

Net current assets

 

1,364,467

1,243,195

Net assets

 

1,364,517

1,243,195

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,364,417

1,243,095

Shareholders' funds

 

1,364,517

1,243,195

 

Navigate Medical Limited

(Registration number: 04959034)
Balance Sheet as at 10 September 2024

For the financial period ending 10 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 October 2024
 

.........................................
T D Paget
Director

   
     
 

Navigate Medical Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 10 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Frost Group Limited Court House
The Old Police Station
South Street
Ashby-De-La-Zouch
LE65 1BR

These financial statements were authorised for issue by the director on 21 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises Corporation Tax, based on the Company's taxable profit and chargeable gains. Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Navigate Medical Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 10 September 2024

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% Straight line

Motor vehicles

33% Reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Navigate Medical Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 10 September 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2023 - 1).

 

Navigate Medical Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 10 September 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

-

500

 

Navigate Medical Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 10 September 2024

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

5,983

-

5,983

Additions

-

25,654

25,654

Disposals

(5,983)

(25,654)

(31,637)

At 10 September 2024

-

-

-

Depreciation

At 1 June 2023

5,983

-

5,983

Eliminated on disposal

(5,983)

-

(5,983)

At 10 September 2024

-

-

-

Carrying amount

At 10 September 2024

-

-

-

6

Investments

2024
£

2023
£

Investments in associates

50

-

Associates

£

Cost

Additions

50

Provision

Carrying amount

At 10 September 2024

50

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Navigate Medical Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 10 September 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Associates

Element Property Limited

Xeinadin Corporate Recovery Limited
100 Barbirolli Square
Manchester M2 3BD

Ordinary shares

50%

0%

England & Wales

Associates

Element Property Limited

The principal activity of Element Property Limited is property development.

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

-

38,802

Amounts owed by related parties

10

314,233

409,711

Other debtors

 

61,852

-

 

376,085

448,513

 

Navigate Medical Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 10 September 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

4,656

21,864

Taxation and social security

39,609

19,173

Accruals and deferred income

2,400

1,800

Other creditors

-

11,695

46,665

54,532

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Related party transactions

Director's remuneration

The director's remuneration for the period was as follows:

2024
£

2023
£

Remuneration

13,500

10,800

 

Navigate Medical Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 10 September 2024

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

409,711

409,711

Repaid

(95,478)

(95,478)

At end of period

314,233

314,233

2023

Entities with joint control or significant influence
£

Total
£

At start of period

1,107,019

1,107,019

Repaid

(697,308)

(697,308)

At end of period

409,711

409,711

Terms of loans to related parties

As at the year end, the Company was owed £314,233 (2023: £409,711) by two related entities based in the UK, in which the Director has a controlling interest. These loans are interest free and repayable on demand.