State Mode Medical Limited 13979585 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Other professional, scientific and technical activities not elsewhere classified Digita Accounts Production Advanced 6.30.9574.0 true 13979585 2023-04-01 2024-03-31 13979585 2024-03-31 13979585 bus:OrdinaryShareClass1 bus:OtherShareType 2024-03-31 13979585 core:CurrentFinancialInstruments 2024-03-31 13979585 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 13979585 core:OtherResidualIntangibleAssets 2024-03-31 13979585 core:FurnitureFittings 2024-03-31 13979585 core:OfficeEquipment 2024-03-31 13979585 bus:SmallEntities 2023-04-01 2024-03-31 13979585 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13979585 bus:FilletedAccounts 2023-04-01 2024-03-31 13979585 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13979585 bus:RegisteredOffice 2023-04-01 2024-03-31 13979585 bus:Director1 2023-04-01 2024-03-31 13979585 bus:Director2 2023-04-01 2024-03-31 13979585 bus:Director3 2023-04-01 2024-03-31 13979585 bus:Director4 2023-04-01 2024-03-31 13979585 bus:OrdinaryShareClass1 bus:OtherShareType 2023-04-01 2024-03-31 13979585 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13979585 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 13979585 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 13979585 core:FurnitureFittings 2023-04-01 2024-03-31 13979585 core:OfficeEquipment 2023-04-01 2024-03-31 13979585 countries:EnglandWales 2023-04-01 2024-03-31 13979585 2023-03-31 13979585 core:FurnitureFittings 2023-03-31 13979585 core:OfficeEquipment 2023-03-31 13979585 2022-04-01 2023-03-31 13979585 2023-03-31 13979585 bus:OrdinaryShareClass1 bus:OtherShareType 2023-03-31 13979585 core:CurrentFinancialInstruments 2023-03-31 13979585 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13979585 core:FurnitureFittings 2023-03-31 13979585 core:OfficeEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13979585

State Mode Medical Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

State Mode Medical Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

State Mode Medical Limited

Company Information

Directors

Mr CA Butler

Mr S Zaphiriou Zarifi

Mr NJ Rose

Mr D E Henry

Registered office

Winslow House
Church Lane
Ascot
Berkshire
SL5 7DD

Registered number

13979585

Accountants

Ripe LLP
Chartered Accountants
9A Burroughs Gardens
London
NW4 4AU

 

State Mode Medical Limited

(Registration number: 13979585)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

107,746

-

Tangible assets

5

7,737

4,402

 

115,483

4,402

Current assets

 

Debtors

6

38,053

37,775

Cash at bank and in hand

 

491,026

195,646

 

529,079

233,421

Creditors: Amounts falling due within one year

7

(38,168)

(4,510)

Net current assets

 

490,911

228,911

Net assets

 

606,394

233,313

Capital and reserves

 

Called up share capital

8

1,580

1,174

Share premium reserve

1,367,943

498,967

Retained earnings

(763,129)

(266,828)

Shareholders' funds

 

606,394

233,313

 

State Mode Medical Limited

(Registration number: 13979585)
Balance Sheet as at 31 March 2024

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

Directors' responsibilities:

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

The directors acknowledge 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 January 2025 and signed on its behalf by:
 

.........................................
Mr S Zaphiriou Zarifi
Director

 

State Mode Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Winslow House
Church Lane
Ascot
Berkshire
SL5 7DD

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.

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 £.

Tax

The tax expense for the period comprises current tax. Tax is recognised in 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.

The current income 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.

 

State Mode Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Fixtures and fittings

25% reducing balance

Office equipments

25% reducing balance

Intangible assets

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

Costs associated with intellectual property are recognised as intangible assets at acquisition cost less accumulated amortisation.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intellectual property rights

25% on cost

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.

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.

 

State Mode Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 4 (2023 - 4).

4

Intangible assets

Intellectual property
 £

Total
£

Cost or valuation

Additions

143,661

143,661

At 31 March 2024

143,661

143,661

Amortisation

Amortisation charge

35,915

35,915

At 31 March 2024

35,915

35,915

Carrying amount

At 31 March 2024

107,746

107,746

 

State Mode Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

752

4,190

4,942

Additions

3,313

1,189

4,502

At 31 March 2024

4,065

5,379

9,444

Depreciation

At 1 April 2023

16

524

540

Charge for the year

184

983

1,167

At 31 March 2024

200

1,507

1,707

Carrying amount

At 31 March 2024

3,865

3,872

7,737

At 31 March 2023

736

3,666

4,402

6

Debtors

Current

2024
£

2023
£

Prepayments

1,605

-

Other debtors

36,448

37,775

 

38,053

37,775

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Trade creditors

 

35,316

998

Amounts due to related parties

9

1,254

12

Other creditors

 

1,598

3,500

 

38,168

4,510

 

State Mode Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.01 each

158,038

1,580.38

117,436

1,174.36

       


New shares allotted
During the year 40,602 Ordinary share having an aggregate nominal value of £406.02 were allotted for an aggregate consideration of £869,982.

9

Related party transactions

Io-Co IP Limited
A company with common directors.

As at the year-end, the company owed £1,254 (2023: £12) to Io-Co IP Limited.

Directors' loan account
As at the year-end, Nicholas Rose, a director of the company owed £457 (2023: £289) to the company.