Registered number
13767770
MEOMICS PRECISION MEDICINE LTD
Filleted Accounts
30 November 2024
MEOMICS PRECISION MEDICINE LTD
Registered number: 13767770
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 12,183 11,093
Current assets
Debtors 4 6,509 20,493
Cash at bank and in hand 28,996 8,496
35,505 28,989
Creditors: amounts falling due within one year 5 (39,893) (54,746)
Net current liabilities (4,388) (25,757)
Total assets less current liabilities 7,795 (14,664)
Creditors: amounts falling due after more than one year 6 (50,000) -
Net liabilities (42,205) (14,664)
Capital and reserves
Called up share capital 1,150 1,150
Share premium 149,850 149,850
Profit and loss account (193,205) (165,664)
Shareholders' funds (42,205) (14,664)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Alasdair Pettigrew
Director
Approved by the board on 16 December 2024
MEOMICS PRECISION MEDICINE LTD
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Going concern
The company is reliant on grant funding currently provided by Innovate UK and the amount available is sufficient to enable the company to meet its obligations in the 12 months following the signing of these accounts. The directors are also actively looking for additional funding from external sources and are optimistic that these efforts will be successful during 2025. The going concern basis of accounting has therefore been adopted.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 -
3 Tangible fixed assets
Plant and machinery
£
Cost
At 1 December 2023 16,639
Additions 9,954
At 30 November 2024 26,593
Depreciation
At 1 December 2023 5,546
Charge for the year 8,864
At 30 November 2024 14,410
Net book value
At 30 November 2024 12,183
At 30 November 2023 11,093
4 Debtors 2024 2023
£ £
Other debtors 6,509 20,493
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 32,229 12,564
Taxation and social security costs 6,997 -
Other creditors 667 42,182
39,893 54,746
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 50,000 -
7 Other information
MEOMICS PRECISION MEDICINE LTD is a private company limited by shares and incorporated in England. Its registered office is:
International House
Churchill Way
Cardiff
CF10 2HE
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