Silverfin false false 31/12/2024 01/01/2024 31/12/2024 H A Bartlett 21/08/2024 P E David 15/03/2022 M Fowler 21/12/2015 A D Hall 10/01/2024 25/06/2019 C Joly 19/01/2022 D Murphy 29/08/2023 K Willemite 21/06/2024 05 March 2025 The principal activity of the company during the year was the design and manufacture of chain drive technologies. 09924540 2024-12-31 09924540 bus:Director1 2024-12-31 09924540 bus:Director2 2024-12-31 09924540 bus:Director3 2024-12-31 09924540 bus:Director4 2024-12-31 09924540 bus:Director5 2024-12-31 09924540 bus:Director6 2024-12-31 09924540 bus:Director7 2024-12-31 09924540 2023-12-31 09924540 core:CurrentFinancialInstruments 2024-12-31 09924540 core:CurrentFinancialInstruments 2023-12-31 09924540 core:Non-currentFinancialInstruments 2024-12-31 09924540 core:Non-currentFinancialInstruments 2023-12-31 09924540 core:ShareCapital 2024-12-31 09924540 core:ShareCapital 2023-12-31 09924540 core:SharePremium 2024-12-31 09924540 core:SharePremium 2023-12-31 09924540 core:RetainedEarningsAccumulatedLosses 2024-12-31 09924540 core:RetainedEarningsAccumulatedLosses 2023-12-31 09924540 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 09924540 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 09924540 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-12-31 09924540 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 09924540 core:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 09924540 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-12-31 09924540 core:ComputerEquipment 2023-12-31 09924540 core:ComputerEquipment 2024-12-31 09924540 core:CostValuation 2023-12-31 09924540 core:AdditionsToInvestments 2024-12-31 09924540 core:CostValuation 2024-12-31 09924540 bus:OrdinaryShareClass1 2024-12-31 09924540 bus:OrdinaryShareClass2 2024-12-31 09924540 core:WithinOneYear 2024-12-31 09924540 core:WithinOneYear 2023-12-31 09924540 core:BetweenOneFiveYears 2024-12-31 09924540 core:BetweenOneFiveYears 2023-12-31 09924540 2024-01-01 2024-12-31 09924540 bus:FilletedAccounts 2024-01-01 2024-12-31 09924540 bus:SmallEntities 2024-01-01 2024-12-31 09924540 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 09924540 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 09924540 bus:Director1 2024-01-01 2024-12-31 09924540 bus:Director2 2024-01-01 2024-12-31 09924540 bus:Director3 2024-01-01 2024-12-31 09924540 bus:Director4 2024-01-01 2024-12-31 09924540 bus:Director5 2024-01-01 2024-12-31 09924540 bus:Director6 2024-01-01 2024-12-31 09924540 bus:Director7 2024-01-01 2024-12-31 09924540 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2024-01-01 2024-12-31 09924540 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2024-01-01 2024-12-31 09924540 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2024-01-01 2024-12-31 09924540 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 09924540 core:ComputerEquipment core:TopRangeValue 2024-01-01 2024-12-31 09924540 2023-01-01 2023-12-31 09924540 core:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 09924540 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-01-01 2024-12-31 09924540 core:ComputerEquipment 2024-01-01 2024-12-31 09924540 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 09924540 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 09924540 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 09924540 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 09924540 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09924540 (England and Wales)

NEW MOTION LABS LIMITED

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

NEW MOTION LABS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

NEW MOTION LABS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
NEW MOTION LABS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS H A Bartlett (Appointed 21 August 2024)
P E David
M Fowler
A D Hall (Resigned 10 January 2024)
C Joly
D Murphy
K Willemite (Appointed 21 June 2024)
REGISTERED OFFICE Quay House The Gallery
Kings Wharf
Exeter
Devon
EX2 4AN
United Kingdom
COMPANY NUMBER 09924540 (England and Wales)
ACCOUNTANT Evelyn Partners LLP
Portwall Place
Portwall Lane
Bristol
BS1 6NA
NEW MOTION LABS LIMITED

BALANCE SHEET

As at 31 December 2024
NEW MOTION LABS LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1,197,531 435,495
Tangible assets 4 3,379 13,226
Investments 5 21,395 0
1,222,305 448,721
Current assets
Stocks 6 173,237 0
Debtors 7 511,340 884,244
Cash at bank and in hand 155,465 61,893
840,042 946,137
Creditors: amounts falling due within one year 8 ( 227,957) ( 476,467)
Net current assets 612,085 469,670
Total assets less current liabilities 1,834,390 918,391
Creditors: amounts falling due after more than one year 9 ( 564,654) ( 19,327)
Net assets 1,269,736 899,064
Capital and reserves
Called-up share capital 10 282 219
Share premium account 4,571,865 2,830,103
Profit and loss account ( 3,302,411 ) ( 1,931,258 )
Total shareholders' funds 1,269,736 899,064

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of New Motion Labs Limited (registered number: 09924540) were approved and authorised for issue by the Board of Directors on 05 March 2025. They were signed on its behalf by:

K Willemite
Director
NEW MOTION LABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
NEW MOTION LABS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

New Motion Labs 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 Quay House The Gallery, Kings Wharf, Exeter, Devon, EX2 4AN, United Kingdom.

The financial statements have been prepared in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of New Motion Labs Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

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.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

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. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) 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 enacted or substantively enacted tax rates and laws. 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:

Development costs 5 years straight line
Trademarks, patents and licences 20 years straight line
Website costs 5 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is ten years. Provision is made for any impairment.

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 straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 4 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 14

3. Intangible assets

Development costs Trademarks, patents
and licences
Website costs Total
£ £ £ £
Cost
At 01 January 2024 351,797 124,778 8,363 484,938
Additions 779,057 6,480 2,400 787,937
At 31 December 2024 1,130,854 131,258 10,763 1,272,875
Accumulated amortisation
At 01 January 2024 35,180 11,002 3,261 49,443
Charge for the financial year 17,590 6,239 2,072 25,901
At 31 December 2024 52,770 17,241 5,333 75,344
Net book value
At 31 December 2024 1,078,084 114,017 5,430 1,197,531
At 31 December 2023 316,617 113,776 5,102 435,495

4. Tangible assets

Computer equipment Total
£ £
Cost
At 01 January 2024 21,958 21,958
Additions 767 767
Disposals ( 13,851) ( 13,851)
At 31 December 2024 8,874 8,874
Accumulated depreciation
At 01 January 2024 8,732 8,732
Charge for the financial year 3,964 3,964
Disposals ( 7,201) ( 7,201)
At 31 December 2024 5,495 5,495
Net book value
At 31 December 2024 3,379 3,379
At 31 December 2023 13,226 13,226

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 January 2024 0
Additions 21,395
At 31 December 2024 21,395
Carrying value at 31 December 2024 21,395
Carrying value at 31 December 2023 0

6. Stocks

2024 2023
£ £
Finished goods 173,237 0

7. Debtors

2024 2023
£ £
Trade debtors 0 47
Amounts owed by Group undertakings 271,038 796,693
Corporation tax 210,112 77,129
Other debtors 30,190 10,375
511,340 884,244

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,200 5,200
Trade creditors 52,490 57,628
Other taxation and social security 17,905 17,688
Other creditors 152,362 395,951
227,957 476,467

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

2024 2023
£ £
Bank loans 4,334 9,327
Other creditors 560,320 10,000
564,654 19,327

Other creditors falling due after more than one year of £560,320 (2023 - £nil) are secured by way of a fixed charge and a floating charge over all the property, assets, and rights of the company.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
218,666 Ordinary shares of £ 0.001 each 218.67 218.67
63,721 A Ordinary shares of £ 0.001 each (2023: nil shares) 63.72 0
282.39 218.67

During the year ended 31 December 2024, 63,721 A Ordinary shares were issued with a aggregate nominal value of £63.72 for consideration of £1,741,825.

During the year ended 31 December 2023, 40,210 Ordinary shares were issued with an aggregate nominal value of £40.21 for consideration of £1,588,296.

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 41,387 0
between one and five years 62,961 0
104,348 0

12. Related party transactions

During the year, the company purchased services totalling £77,214 from an entity related by virtue of a common director. At 31 December 2024 the amount outstanding to the related party was £8,307.

At 31 December 2024, £140,057 was payable to a director of the company, and has been included within other creditors due within one year. The interest rate is 20% and the total interest accrued and paid during the year was £24,294.

13. Change in accounting estimate

During the year management determined that the amortisation rate would be more appropriate as straight line over 5 years. The impact in the current year is that amortisation charge in the profit and loss and the balance sheet are £17,590 lower than previously expected.