Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Dr S M Brown 17/05/2018 Mr S Cooke 05/02/2021 Mr A Wynne 05/06/2023 02 December 2024 The principal activity of the company during the financial year was the development and manufacture of medical devices. 11368872 2024-05-31 11368872 bus:Director1 2024-05-31 11368872 bus:Director2 2024-05-31 11368872 bus:Director3 2024-05-31 11368872 2023-05-31 11368872 core:CurrentFinancialInstruments 2024-05-31 11368872 core:CurrentFinancialInstruments 2023-05-31 11368872 core:Non-currentFinancialInstruments 2024-05-31 11368872 core:Non-currentFinancialInstruments 2023-05-31 11368872 core:ShareCapital 2024-05-31 11368872 core:ShareCapital 2023-05-31 11368872 core:SharePremium 2024-05-31 11368872 core:SharePremium 2023-05-31 11368872 core:RetainedEarningsAccumulatedLosses 2024-05-31 11368872 core:RetainedEarningsAccumulatedLosses 2023-05-31 11368872 core:PatentsTrademarksLicencesConcessionsSimilar 2023-05-31 11368872 core:PatentsTrademarksLicencesConcessionsSimilar 2024-05-31 11368872 core:PlantMachinery 2023-05-31 11368872 core:ComputerEquipment 2023-05-31 11368872 core:PlantMachinery 2024-05-31 11368872 core:ComputerEquipment 2024-05-31 11368872 core:RemainingRelatedParties core:Non-currentFinancialInstruments 2024-05-31 11368872 core:RemainingRelatedParties core:Non-currentFinancialInstruments 2023-05-31 11368872 bus:OrdinaryShareClass1 2024-05-31 11368872 bus:OrdinaryShareClass2 2024-05-31 11368872 2023-06-01 2024-05-31 11368872 bus:FilletedAccounts 2023-06-01 2024-05-31 11368872 bus:SmallEntities 2023-06-01 2024-05-31 11368872 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 11368872 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11368872 bus:Director1 2023-06-01 2024-05-31 11368872 bus:Director2 2023-06-01 2024-05-31 11368872 bus:Director3 2023-06-01 2024-05-31 11368872 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-06-01 2024-05-31 11368872 core:PlantMachinery 2023-06-01 2024-05-31 11368872 core:ComputerEquipment core:TopRangeValue 2023-06-01 2024-05-31 11368872 2022-06-01 2023-05-31 11368872 core:PatentsTrademarksLicencesConcessionsSimilar 2023-06-01 2024-05-31 11368872 core:ComputerEquipment 2023-06-01 2024-05-31 11368872 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 11368872 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 11368872 bus:OrdinaryShareClass2 2023-06-01 2024-05-31 11368872 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11368872 (England and Wales)

PENINSULA MEDICAL TECHNOLOGIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

PENINSULA MEDICAL TECHNOLOGIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

PENINSULA MEDICAL TECHNOLOGIES LIMITED

BALANCE SHEET

As at 31 May 2024
PENINSULA MEDICAL TECHNOLOGIES LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 21,682 15,484
Tangible assets 4 7,539 10,418
29,221 25,902
Current assets
Debtors 5 12,358 17,903
Cash at bank and in hand 147,004 124,530
159,362 142,433
Creditors: amounts falling due within one year 6 ( 58,613) ( 52,921)
Net current assets 100,749 89,512
Total assets less current liabilities 129,970 115,414
Creditors: amounts falling due after more than one year 7 ( 120,000) ( 120,000)
Provision for liabilities 49,605 13,875
Net assets 59,575 9,289
Capital and reserves
Called-up share capital 8 18 16
Share premium account 406,611 106,613
Profit and loss account ( 347,054 ) ( 97,340 )
Total shareholders' funds 59,575 9,289

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Peninsula Medical Technologies Limited (registered number: 11368872) were approved and authorised for issue by the Board of Directors on 02 December 2024. They were signed on its behalf by:

Dr S M Brown
Director
PENINSULA MEDICAL TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
PENINSULA MEDICAL TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Peninsula Medical Technologies Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom. The principal place of business is The Croft, Bridgetown Hill, Totnes, TQ9 5BN.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Other financial liabilities
Other financial liabilities are measured at amortised cost.

Government grants

Government grants are recognised based on the performance model.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 2

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 June 2023 15,553 15,553
Additions 7,125 7,125
At 31 May 2024 22,678 22,678
Accumulated amortisation
At 01 June 2023 69 69
Charge for the financial year 927 927
At 31 May 2024 996 996
Net book value
At 31 May 2024 21,682 21,682
At 31 May 2023 15,484 15,484

4. Tangible assets

Plant and machinery Computer equipment Total
£ £ £
Cost
At 01 June 2023 19,195 3,222 22,417
Additions 0 349 349
At 31 May 2024 19,195 3,571 22,766
Accumulated depreciation
At 01 June 2023 9,561 2,438 11,999
Charge for the financial year 2,409 819 3,228
At 31 May 2024 11,970 3,257 15,227
Net book value
At 31 May 2024 7,225 314 7,539
At 31 May 2023 9,634 784 10,418

5. Debtors

2024 2023
£ £
Prepayments 9,053 12,524
VAT recoverable 3,101 5,379
Other debtors 204 0
12,358 17,903

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,549 0
Amounts owed to directors 42,199 48,533
Accruals 2,075 1,700
Other taxation and social security 10,403 2,105
Other creditors 1,387 583
58,613 52,921

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Amounts owed to related parties 100,000 120,000
Amounts owed to directors 20,000 0
120,000 120,000

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
163 Ordinary shares of £ 0.10 each (2023: 155 shares of £ 0.10 each) 16 16
16 Ordinary A shares of £ 0.10 each (2023: nil shares) 2 0
18 16

In the financial year 2024, 8 Ordinary shares were allotted with an aggregate nominal value of £0.8 and consideration of £100,000 was received.

In the financial year 2024, 16 Ordinary A shares were allotted with an aggregate nominal value of £1.6 and consideration of £200,000 was received.