Company Registration No. 09189635 (England and Wales)
CLINICAL DESIGN TECHNOLOGIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CLINICAL DESIGN TECHNOLOGIES LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 13
CLINICAL DESIGN TECHNOLOGIES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr O Blackwell
Mr N S Sprague
Mr J M Tiley
Mr D D Severn
Mr D J Bee
Company number
09189635
Registered office
Wessex House
Teign Road
Newton Abbot
Devon
TQ12 4AA
Accountants
Darnells Chartered Accountants
Quay House
Quay Road
Newton Abbot
Devon
TQ12 2BU
Business address
Unit 6
Treloggan Trade Park
Newquay
Cornwall
TR7 2QL
CLINICAL DESIGN TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
6
218,653
245,276
Tangible assets
5
563,011
621,667
781,664
866,943
Current assets
Stocks
36,571
73,656
Debtors
7
62,699
117,550
Cash at bank and in hand
165,125
512,489
264,395
703,695
Creditors: amounts falling due within one year
8
(138,549)
(232,171)
Net current assets
125,846
471,524
Total assets less current liabilities
907,510
1,338,467
Creditors: amounts falling due after more than one year
9
(1,062,558)
(808,784)
Net (liabilities)/assets
(155,048)
529,683
Capital and reserves
Called up share capital
13
2,998
2,870
Share premium account
14
4,377,636
3,854,706
Equity reserve
12
108,732
-
0
Profit and loss reserves
(4,644,414)
(3,327,893)
Total equity
(155,048)
529,683

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

CLINICAL DESIGN TECHNOLOGIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
Mr O Blackwell
Director
Company Registration No. 09189635
CLINICAL DESIGN TECHNOLOGIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
1,966
808,185
(145,638)
(664,513)
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
-
(830,421)
(830,421)
Issue of share capital
13
-
479,090
-
-
Balance at 30 June 2023
2,870
3,854,706
(3,327,893)
529,683
Year ended 30 June 2024:
Loss and total comprehensive income for the year
-
-
(1,316,521)
(1,316,521)
Issue of share capital
13
128
522,930
-
523,058
Issue of convertible loan
10
-
-
-
108,732
Balance at 30 June 2024
2,998
4,377,636
(4,644,414)
(155,048)
CLINICAL DESIGN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
1
Accounting policies
Company information

Clinical Design Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Teign Road, Newton Abbot, Devon, TQ12 4AA. The business address is Unit 6, Treloggan Trade Park, Newquay, Cornwall TR7 2QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on a going concern basis. As note 15 explains, since the year end the company has had a further injection of share capital, and more importantly has signed a long term distribution agreement for the company's products.true

The company is now moving into the critical stage of commercial production & sales.

Given the historical support that the company has enjoyed to date and the progress achieved in research and development; in setting up a production facility; in prototyping and testing of its core products, the directors are confident they will navigate the successful commercial launch of the company. However, they do recognise that there are no certainties in such matters.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Where development expenditure is capitalised in accordance with the accounting policy on Research & Development expenditure, the expenditure is recognised at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development Costs
10% straight-line basis
Patents
10% straight-line basis
CLINICAL DESIGN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the length of the lease
Plant and machinery
Straight-line basis over 5 to 10 years
Fixtures, fittings & equipment
20% straight-line basis
Computer equipment
33% straight-line basis

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.

During the year the directors reviewed the useful economic lives of plant & machinery and reduced the depreciation basis to between 5 and 10 years. Prior to this reduction a number of machines had a useful economic life estimated to be between 20 and 50 years.

The reduction in useful economic lives has resulted in an increased depreciation charge of £69,035.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

CLINICAL DESIGN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Compound instruments

The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

R&D expenditure credits are treated as a deduction from the current period tax charge or, if there is no tax charge, as a credit in the current reporting period

1.14
Employee benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CLINICAL DESIGN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 8 -
1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

 

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Other operating income

Other operating income includes amounts received by way of government grants which have been credited to income in the year.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 9 (2023 - 8).

2024
2023
Number
Number
Total
9
8
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax recoverable as R&D expenditure credit
-
0
(78,003)
Adjustments in respect of R&D expenditure credit for prior period
-
0
(72,173)
Total current tax
-
0
(150,176)
CLINICAL DESIGN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
23,485
773,318
796,803
Additions
-
0
54,581
54,581
Disposals
-
0
(17,205)
(17,205)
At 30 June 2024
23,485
810,694
834,179
Depreciation and impairment
At 1 July 2023
11,298
163,838
175,136
Depreciation charged in the year
7,828
105,409
113,237
Eliminated in respect of disposals
-
0
(17,205)
(17,205)
At 30 June 2024
19,126
252,042
271,168
Carrying amount
At 30 June 2024
4,359
558,652
563,011
At 30 June 2023
12,187
609,480
621,667
6
Intangible fixed assets
Development Costs
Patents
Total
£
£
£
Cost
At 1 July 2023
300,493
7,907
308,400
Additions
-
0
997
997
At 30 June 2024
300,493
8,904
309,397
Amortisation and impairment
At 1 July 2023
59,780
3,344
63,124
Amortisation charged for the year
26,746
874
27,620
At 30 June 2024
86,526
4,218
90,744
Carrying amount
At 30 June 2024
213,967
4,686
218,653
At 30 June 2023
240,713
4,563
245,276
CLINICAL DESIGN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
495
Corporation tax recoverable
-
0
78,003
Other debtors
26,823
25,026
Prepayments and accrued income
35,876
14,026
62,699
117,550
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
44,786
65,315
Taxation and social security
12,350
27,086
Government grants
11
20,533
112,403
Other creditors
4,365
15,474
Accruals and deferred income
56,515
11,893
138,549
232,171

Included in other creditors are loans from the directors to the company of £Nil (2023: £11,180) which are unsecured, interest free and repayable on demand.

9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Convertible loans
10
682,437
500,000
Government grants
380,121
308,784
1,062,558
808,784

During the year the company issued £250,000 (2023: £500,000) 6% fixed rate unsecured convertible loan notes redeemable by 31 January 2026.

CLINICAL DESIGN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
10
Convertible loan notes
2024
2023
£
£
Liability component of convertible loan notes
682,437
500,000

During the year the company issued £250,000 (2023: £500,000) 6% fixed rate unsecured convertible loan notes.

Outstanding loan notes together with accrued interest shall automatically convert into fully paid "A" ordinary shares on the next relevant fund raising or at 30 January 2026 if no relevant fund raising has occurred. Conversion is at £300 per share.

 

The net proceeds received from the issue of the convertible loan notes have been split between the financial liability element and an equity component, representing the fair value of the embedded option to convert the financial liability into equity.

The liability component is measured at amortised cost, and the difference between the carrying amount of the liability at the date of issue and the amount reported in the Balance Sheet represents the effective interest rate less interest paid to that date.

The effective rate of interest is 10%.

The equity component of the convertible loan notes has been credited to the equity reserve.

11
Deferred grants
2024
2023
£
£
Arising from government grants
400,654
421,187

Deferred income is included in the financial statements as follows:

Current liabilities
20,533
112,403
Non-current liabilities
380,121
308,784
400,654
421,187

Government grants received in respect of capital expenditure are treated as deferred income and are released to the profit and loss account in equal instalments over the expected useful lives of the related assets.

12
Equity reserve
2024
2023
£
£
At the beginning of the year
-
0
-
0
Arising in the year
108,732
-
At the end of the year
108,732
-
0
CLINICAL DESIGN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
13
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
21,010 Ordinary Shares of 10p each
2,320
2,250
2,830 A Ordinary shares of 10p each
668
610
100 Deferred shares of 1p each
10
10
2,998
2,870

The Ordinary shares and "A" Ordinary shares carry an equal right to vote and to a dividend. In the event of a capital distribution the "A" Ordinary shares have a right to a distribution before Ordinary shares and Deferred shares.

 

The Deferred shares do not carry a right to vote, nor an entitlement to a dividend. In the event of a capital distribution they rank behind the "A" Ordinary shares and behind the Ordinary shares.

 

No shares are redeemable.

 

14
Share premium account
2024
2023
£
£
At the beginning of the year
3,854,706
3,375,616
Issue of new shares
522,930
479,090
At the end of the year
4,377,636
3,854,706

The share premium account reflects the excess amount above the nominal value received for shares issued, less transaction costs.

15
Events after the reporting date

Since the year end the company has signed commercial agreements that include an injection of share capital funding of £1,500,000, of which £500,000 was received in September 2024, and a long term distribution agreement for the sale of the company's products.

16
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
13,163
37,714
CLINICAL DESIGN TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
17
Directors' transactions

During the year directors were paid consultancy fees totalling £116,460 (2023: £35,836).

 

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