3D Metal Printing Ltd 09033118 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is being a MedTech company delivering healthcare innovation.Our mission is to restore outstanding patient quality of life by developing to market custom-made implantable systems and integrated digital healthcare applications to deliver superior patient outcomes for truly personalised treatments and healthcare provders' benefits. Our vision is to responsibly grow as a custom-made orthopaedic devices business, establishing the company as a leading Med-Tech in the UK and creating a significant positive impact in healthcare and wider society. Digita Accounts Production Advanced 6.30.9574.0 true true 09033118 2023-04-01 2024-03-31 09033118 2024-03-31 09033118 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2024-03-31 09033118 core:CurrentFinancialInstruments 2024-03-31 09033118 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09033118 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09033118 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 09033118 core:FurnitureFittingsToolsEquipment 2024-03-31 09033118 core:OtherPropertyPlantEquipment 2024-03-31 09033118 bus:SmallEntities 2023-04-01 2024-03-31 09033118 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09033118 bus:FilletedAccounts 2023-04-01 2024-03-31 09033118 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09033118 bus:RegisteredOffice 2023-04-01 2024-03-31 09033118 bus:Director1 2023-04-01 2024-03-31 09033118 bus:HighestPaidDirector 2023-04-01 2024-03-31 09033118 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-04-01 2024-03-31 09033118 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09033118 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-03-31 09033118 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 09033118 core:OfficeEquipment 2023-04-01 2024-03-31 09033118 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 09033118 core:PlantMachinery 2023-04-01 2024-03-31 09033118 6 2023-04-01 2024-03-31 09033118 countries:England 2023-04-01 2024-03-31 09033118 2023-03-31 09033118 core:FurnitureFittingsToolsEquipment 2023-03-31 09033118 core:OtherPropertyPlantEquipment 2023-03-31 09033118 2022-04-01 2023-03-31 09033118 2023-03-31 09033118 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-03-31 09033118 core:CurrentFinancialInstruments 2023-03-31 09033118 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09033118 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09033118 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 09033118 core:FurnitureFittingsToolsEquipment 2023-03-31 09033118 core:OtherPropertyPlantEquipment 2023-03-31 09033118 bus:HighestPaidDirector 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09033118

3D Metal Printing Ltd

trading as Orthoscape

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

3D Metal Printing Ltd

trading as Orthoscape

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 12

 

3D Metal Printing Ltd

trading as Orthoscape

Company Information

Director

Mr A Casonato Longo

Registered office

Innovation Centre University Of Bath
Carpenter House
Broad Quay
Bath
BA1 1UD

Accountants

Baden-Lyle & Associates
39 Oolite Road
Bath
Somerset
BA2 2UU

 

3D Metal Printing Ltd

trading as Orthoscape

(Registration number: 09033118)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

5,757,239

5,710,811

Tangible assets

5

2,619

9,704

 

5,759,858

5,720,515

Current assets

 

Stocks

6

31,154

58,721

Debtors

7

21,563

108,730

Cash at bank and in hand

 

32,083

18,768

 

84,800

186,219

Prepayments and accrued income

 

4,083

19,144

Creditors: Amounts falling due within one year

(70,766)

(95,537)

Net current assets

 

18,117

109,826

Total assets less current liabilities

 

5,777,975

5,830,341

Creditors: Amounts falling due after more than one year

(385,183)

(387,664)

Provisions for liabilities

(479)

(1,844)

Accruals and deferred income

 

(10,417)

-

Net assets

 

5,381,896

5,440,833

Capital and reserves

 

Called up share capital

8

87,612

87,004

Share premium reserve

73,146

72,973

Revaluation reserve

5,570,030

5,570,030

Retained earnings

(348,892)

(289,174)

Shareholders' funds

 

5,381,896

5,440,833

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

3D Metal Printing Ltd

trading as Orthoscape

(Registration number: 09033118)
Abridged Balance Sheet as at 31 March 2024

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 March 2025
 

.........................................

Mr A Casonato Longo

Director

 

3D Metal Printing Ltd

trading as Orthoscape

Notes to the Unaudited Abridged 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.

The address of its registered office is:
Innovation Centre University Of Bath
Carpenter House
Broad Quay
Bath
BA1 1UD

These financial statements were authorised for issue by the director on 27 March 2025.

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 abridged 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 abridged 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.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grant income is recognised when receivable.

Other grants

Other grant income is recognised when receivable.

 

3D Metal Printing Ltd

trading as Orthoscape

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

Foreign currency transactions and balances

Foreign currency transactions are recorded at the rate prevailing on the date the relevant transactions clear through the bank account.

Foreign currency balances are translated at the rate prevailing on the balance sheet date.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

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

Office equipment

50% straight line basis

Other tangible assets

straight line basis over two to five years

Intangible assets

Separately acquired trademarks , patents and licences are shown at historical cost. Internally generated trademarks, patents and licenses are initially shown at historical cost and then periodically revalued.

Trademarks, patents, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, patents, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 

3D Metal Printing Ltd

trading as Orthoscape

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

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

Patents

Historic cost amortised on a straight line basis over two to five years

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

 

3D Metal Printing Ltd

trading as Orthoscape

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 7).

 

3D Metal Printing Ltd

trading as Orthoscape

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

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2023

5,813,101

Additions acquired separately

72,541

At 31 March 2024

5,885,642

Amortisation

At 1 April 2023

102,290

Amortisation charge

26,113

At 31 March 2024

128,403

Carrying amount

At 31 March 2024

5,757,239

At 31 March 2023

5,710,811

 

3D Metal Printing Ltd

trading as Orthoscape

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

Patents, Trademarks, Copyright and Designs

The aggregate amount of research and development expenditure recognised as an expense during the period is £- (2023 - £240,174).
 

Intangible assets carried at revalued amounts

The fair value of the company's patents, trademarks, copyright and designs was revalued on 31 March 2022 by an independent valuer. . The name and qualification of the independent valuer are Inngot Limited of Urban Village, 221 High Street, Swansea SA1 1NW, which was founded in 2007 by information industry professional Martin Brassell FRSA and international law expert Professor Iwan Davies, a qualified independent valuer specialising in IP and intangibles evaluation.
Had this class of asset been measured on a historical cost basis, their carrying amount would have been £315,612 (2023 - £243,071).

Aggregate cost
£

Aggregate accumulated depreciation
£

Aggregate carrying amount
£

Revalued assets for the year ended 31 March 2024

Patent

315,612

(128,403)

187,209

315,612

(128,403)

187,209

Aggregate cost
£

Aggregate accumulated depreciation
£

Aggregate carrying amount
£

Revalued assets for the year ended 31 March 2023

Patent

243,071

(102,290)

140,781

243,071

(102,290)

140,781

 

3D Metal Printing Ltd

trading as Orthoscape

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

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

19,132

30,540

49,672

Additions

-

100

100

At 31 March 2024

19,132

30,640

49,772

Depreciation

At 1 April 2023

17,862

22,106

39,968

Charge for the year

769

6,416

7,185

At 31 March 2024

18,631

28,522

47,153

Carrying amount

At 31 March 2024

501

2,118

2,619

At 31 March 2023

1,270

8,434

9,704

6

Stocks

2024
£

2023
£

Work in progress

31,154

58,721

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

87,612

87,612

87,004

87,004

       

Allotted, called up and not fully paid shares

 

3D Metal Printing Ltd

trading as Orthoscape

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

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

-

-

-

-

       

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

The amount credited to the revaluation reserve as a result of the increased revaluation of the company's IP in March 2022 is not treated as taxable. There is no calculated amortisation of the revalued element of the intangible asset in the current year. In future periods, any calculated amortisation debited to the revaluation reserve will not be treated as deductible for tax purposes.

10

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £362,664 (2023 - £362,664). The company entered into a loan agreeement with Innovate UK Loans Limited on 11th March 2021 and amounts totalling £362,664 were drawndown during the prior year. The amounts drawndown are repayable by 11th March 2026. The lender has a fixed charge and a floating charge over all the assets of the company.

11

Related party transactions

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

16,000

39,000

 

3D Metal Printing Ltd

trading as Orthoscape

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

16,000

39,000

In respect of the highest paid director:

2024
£

2023
£

Remuneration

16,000

39,000