Company registration number 04292847 (England and Wales)
Molecular Vision Limited
Annual Report And Financial Statements
For The Year Ended 30 June 2024
MOLECULAR VISION LIMITED
Molecular Vision Limited
COMPANY INFORMATION
Director
Mr C H F Yates
Secretary
Mr C H F Yates
Company number
04292847
Registered office
York Biotech Campus
Sand Hutton
York
North Yorkshire
YO41 1LZ
Auditor
BDO LLP
Central Square
29 Wellington Street
Leeds
LS1 4DL
MOLECULAR VISION LIMITED
Molecular Vision Limited
CONTENTS
Page
Director's report
1
Director's responsibilities statement
2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 18
MOLECULAR VISION LIMITED
Molecular Vision Limited
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The director presents his annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of research and experimental development on natural sciences and engineering.

 

The company has taken the exemption conferred by S414(B) of the Companies Act 2006 which permits it to not present a strategic report on the grounds that it would qualify as small apart from being a member of an ineligible group.

 

The company has taken the exemption conferred by S415(A) of the Companies Act 2006 permitting it to prepare a directors report in accordance with the small companies regime on the grounds that it would qualify as small but for being a member of an ineligible group.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid (2023 - £nil). The director does not recommend payment of a final dividend.

No preference dividends were paid (2023 - £nil).

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mrs M Ross
(Resigned 18 October 2023)
Mr C H F Yates
Auditor

In accordance with the company's articles, a resolution proposing that BDO LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr C H F Yates
Director
21 November 2024
MOLECULAR VISION LIMITED
Molecular Vision Limited
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in UK and Republic on Ireland". Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MOLECULAR VISION LIMITED
Molecular Vision Limited
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MOLECULAR VISION LIMITED
- 3 -
Opinion

In our opinion, the financial statements:

 

 

We have audited the financial statements of Molecular Vision Limited (“the Company”) for the year ended 30 June 2024 which comprise Statement of comprehensive income, Statement of financial position, Statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

 

Independence

We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

 

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

 

Other information

The Directors are responsible for the other information. The other information comprises the information included in the Annual report and financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

MOLECULAR VISION LIMITED
Molecular Vision Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF MOLECULAR VISION LIMITED
- 4 -

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:

 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Directors

As explained more fully in the Director’s responsibilities statement, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Extent to which the audit was capable of detecting irregularities, including fraud

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Non-compliance with laws and regulations

Based on our understanding of the Company and the industry in which it operates; discussion with management and those charged with governance; and obtaining an understanding of the Company’s policies and procedures regarding compliance with laws and regulations; we identified that the principal risks of non-compliance with laws and regulations related to the reporting framework, FRS 102, UK tax legislation and the UK Companies Act 2006 and we have considered the extent to which non-compliance might have a direct impact and material effect on the Company’s Financial Statements on its continued operation.

MOLECULAR VISION LIMITED
Molecular Vision Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF MOLECULAR VISION LIMITED
- 5 -

Auditor's responsibility for the audit of the financial statements (continued)

Non-compliance with laws and regulations (continued)

Our procedures in respect of the above included:

 

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

o    Detecting and responding to the risks of fraud; and

o    Internal controls established to mitigate risks related to fraud.

 

Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls through journal postings.

Our procedures in respect of the above included:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at:

https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

MOLECULAR VISION LIMITED
Molecular Vision Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF MOLECULAR VISION LIMITED
- 6 -

Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Daniel Wilbourn (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
21 November 2024
Leeds
United Kingdom
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
MOLECULAR VISION LIMITED
Molecular Vision Limited
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
£
£
Administrative expenses
(19,704)
(11,994)
Exceptional item
3
(26,780)
-
Operating loss
4
(46,484)
(11,994)
Investment income
7
2,856
1,836
Finance costs
8
(90,247)
(90,000)
Loss before taxation
(133,875)
(100,158)
Tax on loss
9
-
0
-
0
Loss for the financial year
(133,875)
(100,158)

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 10 to 18 form part of these financial statements.

MOLECULAR VISION LIMITED
Molecular Vision Limited
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 8 -
2024
2023
Notes
£
£
£
£
Non-current assets
Intangible assets
10
3,751
13,609
Property, plant and equipment
-
0
-
0
3,751
13,609
Current assets
Trade and other receivables
11
-
0
31,875
Cash and cash equivalents
70,828
68,170
70,828
100,045
Current liabilities
12
(239,506)
(234,952)
Net current liabilities
(168,678)
(134,907)
Total assets less current liabilities
(164,927)
(121,298)
Non-current liabilities
13
(1,810,212)
(1,719,966)
Net liabilities
(1,975,139)
(1,841,264)
Equity
Called up share capital
14
574
574
Share premium account
4,662,966
4,662,966
Retained losses
(6,638,679)
(6,504,804)
Total equity
(1,975,139)
(1,841,264)

The notes on pages 10 to 18 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 21 November 2024 and are signed on its behalf by:
Mr C H F Yates
Director
Company Registration No. 04292847
MOLECULAR VISION LIMITED
Molecular Vision Limited
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
Share capital
Share premium account
Retained losses
Total equity
£
£
£
£
Balance at 1 July 2022
574
4,662,966
(6,404,646)
(1,741,106)
Year ended 30 June 2023:
Loss and total comprehensive loss for the year
-
-
(100,158)
(100,158)
Balance at 30 June 2023
574
4,662,966
(6,504,804)
(1,841,264)
Year ended 30 June 2024:
Loss and total comprehensive loss for the year
-
-
(133,875)
(133,875)
Balance at 30 June 2024
574
4,662,966
(6,638,679)
(1,975,139)

The notes on pages 10 to 18 form part of these financial statements.

MOLECULAR VISION LIMITED
Molecular Vision Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
1
Accounting policies
Company information

Molecular Vision Limited is a private company limited by shares incorporated in England and Wales. The registered office is York Biotech Campus, Sand Hutton, York, YO41 1LZ.

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.

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 £1.

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

Where required, equivalent disclosures are given in the group accounts of Abingdon Health Plc. The group accounts of Abingdon Health Plc are available to the public and can be obtained as set out in note 17.

1.2
Going concern

The financial statements show a balance sheet deficit of £1,975,139. true

 

The Directors have prepared cash flow forecasts for the Abingdon Health Plc under a number of scenarios, including plausible downside scenarios, for the foreseeable future, being a period of at least 12 months from the expected date of approval of the financial statements and continue to evaluate financial forecasts. The models are underpinned by a high percentage of forecast revenues up to December 2025 being based on committed milestone based contracts. The Group continues to focus on partnering with other Companies to develop products for manufacture and transition these in a timely manner and securing sales of existing and new products through its websites and distribution channels. At 30 June 2024 the Group cash bank balance was £1.4m. Cash burn on a monthly basis continues to reduce. Post-year end the Group completed a fundraise which raised gross proceeds of £5.6m (net proceeds of £5.1m).

 

Existing facilities provided by the company’s parent, Abingdon Health Plc, will provide sufficient funds for operations to continue at their current level for a minimum of 12 months from the date of the approval of these financial statements. There is a binding letter of support in place to evidence this.

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.

 

MOLECULAR VISION LIMITED
Molecular Vision Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 11 -
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.

 

Patents are capitalised in accordance with their probable future economic value. Given revenues have not commenced on the patents, this is considered to be an accounting estimate.

Patents & licences
10% Straight Line
Development costs
10 years
1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

MOLECULAR VISION LIMITED
Molecular Vision Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

MOLECULAR VISION LIMITED
Molecular Vision Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
1.7
Financial instruments (continued)
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
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.

1.9
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 loss for the year. Taxable loss differs from net loss as reported in the income statement 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.

MOLECULAR VISION LIMITED
Molecular Vision Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.9
Taxation (continued)
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 loss nor the accounting loss.

 

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 income statement, 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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Useful lives and impairment of intangible assets

The company has estimated the expected useful lives of intangible assets based on qualitative and quantitative data. Details of amortisation rates are set out in the accounting policies. Useful lives are regularly reviewed and should management's assessment of useful lives change then amortisation charges in the financial statements would be adjusted and carrying amounts of intangible assets would change accordingly.

3
Exceptional item
2024
2023
£
£
Expenditure
Provision for amounts owed by fellow group undertakings
26,780
-
26,780
-
MOLECULAR VISION LIMITED
Molecular Vision Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
4
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Provision for amounts owed by fellow group undertakings
26,780
-
0
Amortisation of intangible assets
6,466
9,830
Loss on disposal of intangible assets
6,454
-
5
Auditor's remuneration

In the current and prior year the company's audit fee has been borne by its parent, Abingdon Health Plc.

6
Employees

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

2024
2023
Number
Number
Directors
1
2
7
Investment income
2024
2023
£
£
Interest on bank deposits
2,856
1,836
8
Finance costs
2024
2023
£
£
Interest payable to group undertakings
90,247
90,000
MOLECULAR VISION LIMITED
Molecular Vision Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
9
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(133,875)
(100,158)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
(33,469)
(20,532)
Tax effect of expenses that are not deductible in determining taxable profit
6,695
-
0
Unutilised tax losses carried forward
26,774
20,532
Taxation charge for the year
-
-

The UK corporation tax rate rose from 19% to 25% on 1 April 2023. The tax rate shown in the prior year of 20.5% is a composite figure and reflects that two different rates were applied during the year.

 

The company has estimated tax losses of £4,112,000 (2023 - £4,015,000) which have not been recognised as a deferred tax asset due to uncertainty over the timing and extent of the company's ability to utilise these against future taxable profits. If a deferred tax asset was recognised in full in respect of this, the company's liabilities would decrease by approximately £1,028,000 (2023 - £1,000,000).

10
Intangible fixed assets
Patents & licences
Development costs
Total
£
£
£
Cost
At 1 July 2023
23,692
230,204
253,896
Additions
3,062
-
0
3,062
Disposals
(12,894)
-
0
(12,894)
At 30 June 2024
13,860
230,204
244,064
Amortisation and impairment
At 1 July 2023
10,083
230,204
240,287
Amortisation charged for the year
6,466
-
0
6,466
Disposals
(6,440)
-
0
(6,440)
At 30 June 2024
10,109
230,204
240,313
Carrying amount
At 30 June 2024
3,751
-
0
3,751
At 30 June 2023
13,609
-
0
13,609
MOLECULAR VISION LIMITED
Molecular Vision Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
11
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by fellow group undertakings
-
0
26,780
Prepayments and accrued income
-
0
5,095
-
0
31,875

Amounts owed by fellow group undertakings of £26,780 have been provided for in full in the current year following an assessment of their recoverability given they are due from loss making entities within the Group.

 

 

12
Current liabilities
2024
2023
£
£
Amounts owed to parent undertakings
169,545
166,575
Other payables
67,308
67,308
Accruals and deferred income
2,653
1,069
239,506
234,952

The amounts owed to parent undertakings are interest free and repayable on demand.

13
Non-current liabilities
2024
2023
Notes
£
£
Amounts owed to parent undertakings
1,810,212
1,719,966

The interest rate on the loan with Abingdon Health Plc, the company's ultimate parent, is 8% per annum.

14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.1p each
448,676
448,676
449
449
MOLECULAR VISION LIMITED
Molecular Vision Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14
Share capital
(Continued)
- 18 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference A shares of 0.01p each
447,360
447,360
45
45
Preference A1 shares of 0.01p each
803,489
803,489
80
80
1,250,849
1,250,849
125
125
Preference shares classified as equity
125
125
Total equity share capital
574
574
15
Financial commitments, guarantees and contingent liabilities

The company is not party to any contingent liabilities, capital commitments, or guarantees as at the current or comparative year end.

16
Related party transactions

The company has taken advantage of the disclosure exemptions of Section 33.1A of FRS102 which permit it to not present the details of its transactions with members of the group headed by Abingdon Health Plc where relevant group companies are wholly owned. Details of the outstanding balances at the year end are given in notes 11 to 13.

17
Ultimate controlling party

The company's immediate parent company is Abingdon Health Plc, a company registered in England and Wales.

 

The ultimate parent company and controlling party is Abingdon Health Plc, a company incorporated in the England and Wales with registered office York Biotech Campus, Sand Hutton, York, YO41 1LZ. Abingdon Health Plc is the smallest and largest group into which Molecular Vision Limited is consolidated.

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