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Registered number: 13366126










PRECISION CARDIOVASCULAR LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
PRECISION CARDIOVASCULAR LTD
REGISTERED NUMBER: 13366126

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
59,277
67,444

Tangible assets
 5 
216
476

  
59,493
67,920

Current assets
  

Debtors: amounts falling due within one year
 6 
53,133
22,871

Cash at bank and in hand
 7 
1,759
2,402

  
54,892
25,273

Creditors: amounts falling due within one year
 8 
(35,675)
(94,407)

Net current assets/(liabilities)
  
 
 
19,217
 
 
(69,134)

Total assets less current liabilities
  
78,710
(1,214)

Creditors: amounts falling due after more than one year
 9 
(419,471)
(85,000)

  

Net liabilities
  
(340,761)
(86,214)


Capital and reserves
  

Called up share capital 
 10 
5
4

Share premium account
  
455,040
455,040

Profit and loss account
  
(795,806)
(541,258)

  
(340,761)
(86,214)


Page 1

 
PRECISION CARDIOVASCULAR LTD
REGISTERED NUMBER: 13366126

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 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 comprehensive income 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 by: 




Mohamed Sabry Abou-Alam
Director

Date: 6 March 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PRECISION CARDIOVASCULAR LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Precision Cardiovascular Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 13366126 and registered office address is The Magdi Yacoub Institute, Heart Science Centre, Hill End Road, Harefield, England, UB9 6JH.

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

Going concern

The Directors have committed to providing sufficient support to the company to enable it to continue for a period of at least twelve months from when the financial statements are signed.

 
2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.4

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 intangible assets 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.

 The estimated useful lives range as follows:

Intellectual property
-
Not yet in use
Software
-
3
years

Page 3

 
PRECISION CARDIOVASCULAR LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Development costs

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

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 equipment
-
3 year straight line

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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

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.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
PRECISION CARDIOVASCULAR LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 5).


4.


Intangible assets




Intellectual Property
Software
Total

£
£
£



Cost


At 1 May 2023
50,000
24,500
74,500



At 30 April 2024

50,000
24,500
74,500



Amortisation


At 1 May 2023
-
7,056
7,056


Charge for the year
-
8,167
8,167



At 30 April 2024

-
15,223
15,223



Net book value



At 30 April 2024
50,000
9,277
59,277



At 30 April 2023
50,000
17,444
67,444



Page 5

 
PRECISION CARDIOVASCULAR LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 May 2023
779



At 30 April 2024

779



Depreciation


At 1 May 2023
303


Charge for the year
260



At 30 April 2024

563



Net book value



At 30 April 2024
216



At 30 April 2023
476


6.


Debtors

2024
2023
£
£


Other debtors
51,667
22,815

Prepayments and accrued income
1,466
56

53,133
22,871



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,759
2,402


Page 6

 
PRECISION CARDIOVASCULAR LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
31,519
88,506

Other taxation and social security
-
1,545

Other creditors
6
6

Accruals and deferred income
4,150
4,350

35,675
94,407



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
419,471
85,000


Included in other creditors is an amount of £253,471 (2023: £14,000) owed to a director. The loan is interest free and repayable on demand. 


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



39,533 (2023 - 36,276) Ordinary shares of £0.0001 each
4
3
6,977 (2023 - 6,402) A Ordinary shares of £0.0001 each
1
1

5

4


During the year 575 A Ordinary shares and 3,583 Ordinary shares with a nominal value of £0.0001 per share were issued and fully paid at par value, and 326 Ordinary shares were repurchased by the Company and subsequently cancelled.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,946 (2023 - £10,985). Contributions totalling £nil (2023 - £nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 7

 
PRECISION CARDIOVASCULAR LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Post balance sheet events

The Company raised £1,680,000 in an ASA subscription round between the period 24 September 2024 to 10 February 2025. The financial effect of this is an increase to equity and a corresponding increase to cash at bank. 
The Company has entered into a Written Resolution to capitalise and settle the directors loan of £275,000, owing by the Company to Mohamed Sabry Abou-Alam, such that the director shall be issued 3,639 A Ordinary Shares at the valuation cap of the most recently converted advance subscription agreements relating to the Company, namely £75.56.


Page 8