Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-30true12023-10-01falseResearch and experimental development on biotechnology2falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03835910 2023-10-01 2024-09-30 03835910 2022-10-31 2023-09-30 03835910 2024-09-30 03835910 2023-09-30 03835910 1 2023-10-01 2024-09-30 03835910 d:Director1 2023-10-01 2024-09-30 03835910 d:RegisteredOffice 2023-10-01 2024-09-30 03835910 d:Agent1 2023-10-01 2024-09-30 03835910 c:ComputerEquipment 2023-10-01 2024-09-30 03835910 c:ComputerEquipment 2024-09-30 03835910 c:ComputerEquipment 2023-09-30 03835910 c:PatentsTrademarksLicencesConcessionsSimilar 2024-09-30 03835910 c:PatentsTrademarksLicencesConcessionsSimilar 2023-09-30 03835910 c:CurrentFinancialInstruments 2024-09-30 03835910 c:CurrentFinancialInstruments 2023-09-30 03835910 c:CurrentFinancialInstruments c:WithinOneYear 2024-09-30 03835910 c:CurrentFinancialInstruments c:WithinOneYear 2023-09-30 03835910 c:ShareCapital 2024-09-30 03835910 c:ShareCapital 2023-09-30 03835910 c:CapitalRedemptionReserve 2024-09-30 03835910 c:CapitalRedemptionReserve 2023-09-30 03835910 c:RetainedEarningsAccumulatedLosses 2024-09-30 03835910 c:RetainedEarningsAccumulatedLosses 2023-09-30 03835910 c:AcceleratedTaxDepreciationDeferredTax 2024-09-30 03835910 c:AcceleratedTaxDepreciationDeferredTax 2023-09-30 03835910 d:FRS102 2023-10-01 2024-09-30 03835910 d:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 03835910 d:FullAccounts 2023-10-01 2024-09-30 03835910 d:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 03835910 2 2023-10-01 2024-09-30 03835910 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 03835910









MOTAC NEUROSCIENCE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
MOTAC NEUROSCIENCE LIMITED
 
 
COMPANY INFORMATION


Director
E Bezard 




Registered number
03835910



Registered office
Alderley Park
Congleton Road

Macclesfield

Cheshire

SK10 4TF




Accountants
Grant Thornton UK LLP
Chartered Accountants

Landmark St Peter's Square

1 Oxford Street

Manchester

M1 4PB




Bankers
HSBC Bank plc
2-4 St Ann's Square

Manchester

M2 7HD





 
MOTAC NEUROSCIENCE LIMITED
 

CONTENTS



Page
Accountants' Report
 
1
Statement of Financial Position
 
2 - 3
Notes to the Financial Statements
 
4 - 11


  
  img1ceb.png
Report to the directors on the preparation of the unaudited statutory financial statements of Motac Neuroscience Limited for the year ended 30 September 2024 

We have compiled the accompanying financial statements of Motac Neuroscience Limited (the ‘company’)  based on the information you have provided. These financial statements comprise the Statement of Financial Position of Motac Neuroscience Limited as at 30 September 2024, and a summary of significant accounting policies and other explanatory information. 

We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), 'Compilation Engagements'.

We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with applicable law and United Kingdom Accounting Standardsincluding Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). As a member firm of the Institute of Chartered Accountants in England and Waleswe are subject to its ethical and other professional requirements which are detailed at www.icaew.com.

These financial statements and the accuracy and completeness of the information used to compile them are your responsibility.

Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

This report is made solely to the Company's directors, as a body,  in accordance with the terms of our engagement letter dated 3 December 2024Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the Company's directors, as a body,  in this report in accordance with our engagement letter dated 3 December 2024. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its directors, as a body,  for our work or for this report.




Grant Thornton UK LLP
 
Chartered Accountants
  
Manchester

25 February 2025
Page 1

 
MOTAC NEUROSCIENCE LIMITED
REGISTERED NUMBER:03835910

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
1
1

Tangible assets
 5 
4,431
4,431

  
4,432
4,432

Current assets
  

Debtors: amounts falling due within one year
 6 
903,858
635,789

Cash at bank and in hand
  
74,900
1,145,404

  
978,758
1,781,193

Creditors: amounts falling due within one year
 7 
(59,354)
(569,192)

Net current assets
  
 
 
919,404
 
 
1,212,001

Total assets less current liabilities
  
923,836
1,216,433

Provisions for liabilities
  

Deferred tax
 8 
(609)
(1,108)

Net assets
  
923,227
1,215,325


Capital and reserves
  

Called up share capital 
  
100
100

Capital redemption reserve
  
16
16

Profit and loss account
  
923,111
1,215,209

Total equity
  
923,227
1,215,325


Page 2

 
MOTAC NEUROSCIENCE LIMITED
REGISTERED NUMBER:03835910
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 February 2025.




E Bezard
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
MOTAC NEUROSCIENCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Motac Neuroscience Limited is a private company limited by shares, incorporated in England and Wales. Registered number: 03835910. 
Registered office: Alderley Park, Congleton Road, Macclesfield, Cheshire, England, SK10 4TF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised in stages based on the stage of completion of the study.

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Page 4

 
MOTAC NEUROSCIENCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Research and development

Research and development expenditure is charged to profit or loss in the period in which it is incurred.
Credit is taken in the accounting period for research and development tax credits which will be claimed from His Majesty’s Revenue & Customs (HMRC) in respect of qualifying research and development costs incurred in the same accounting period. The resultant amount is measured at the amount expected to be recovered from HMRC.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All patents are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Renewals are written off in the year that they are incurred.

Page 5

 
MOTAC NEUROSCIENCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer and office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due within the operating cycle fall into this category of financial instruments.
 

Page 6

 
MOTAC NEUROSCIENCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

Page 7

 
MOTAC NEUROSCIENCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023: 2).


4.


Intangible assets




Patents

£



Cost


At 1 October 2023
1



At 30 September 2024

1



Net book value



At 30 September 2024
1



At 30 September 2023
1



Page 8

 
MOTAC NEUROSCIENCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Tangible fixed assets





Computer and office equipment

£



Cost or valuation


At 1 October 2023
8,573



At 30 September 2024

8,573



Depreciation


At 1 October 2023
4,142



At 30 September 2024

4,142



Net book value



At 30 September 2024
4,431



At 30 September 2023
4,431

The value of tangible fixed assets in the transfer of trade to Motac France SARL was agreed at the net book value of tangible fixed assets as at 30 September 2023, therefore no depreciation has been charged in the year.

Page 9

 
MOTAC NEUROSCIENCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Debtors

2024
2023
£
£

Trade debtors
-
5,737

Amounts owed by group undertakings
899,871
98,166

Other debtors
3,987
1,603

Prepayments and accrued income
-
530,283

903,858
635,789


Amounts owed by group undertakings are unsecured, interest-free and repayable on demand.


7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
-
122,022

Corporation tax
7,216
-

Other taxation and social security
-
3,170

Accruals and deferred income
52,138
444,000

59,354
569,192


Amounts owed to group undertakings are unsecured, interest-free and payable on demand.


8.


Deferred taxation




2024


£






At beginning of year
(1,108)


Charged to profit or loss
499



At end of year
(609)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(609)
(1,108)

Page 10

 
MOTAC NEUROSCIENCE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Related party transactions

The company has taken advantage of the exemption conferred by section 1A of FRS 102 not to disclose transactions with wholly owned members of the group headed by Motac Holdings Limited.
Included within accruals and deferred income as at 30 September 2024, is £Nil 
(2023: £13,100) relating to unpaid directors' emoluments.


10.


Post balance sheet events

Post year end the assets in Motac Neuroscience Limited were sold to Motac France SARL. The intercompany balance was assigned from Motac Neuroscience Limited to Motac Holdings Limited by way of distribution in specie. 


11.


Ultimate parent undertaking and controlling party

The company is a wholly owned subsidiary of Motac Holdings Limited, a company registered in England and Wales and this is its ultimate parent undertaking.

 
Page 11