| Eolas Medical Limited |
| Notes to the Accounts |
| for the year ended 31 January 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
over 50 years |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
over 5 years |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
12 |
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17 |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 1 February 2024 |
50,057 |
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Additions |
7,425 |
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At 31 January 2025 |
57,482 |
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Depreciation |
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At 1 February 2024 |
19,010 |
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Charge for the year |
10,685 |
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At 31 January 2025 |
29,695 |
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Net book value |
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At 31 January 2025 |
27,787 |
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At 31 January 2024 |
31,047 |
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| 4 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
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Cost |
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Additions |
1,206,025 |
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At 31 January 2025 |
1,206,025 |
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| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
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Trade debtors |
161,527 |
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- |
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Other debtors |
146,823 |
|
170,630 |
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308,350 |
|
170,630 |
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| 6 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
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Trade creditors |
11,842 |
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- |
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Taxation and social security costs |
75,339 |
|
18,639 |
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Other creditors |
411,766 |
|
4,757 |
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|
498,947 |
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23,396 |
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| 7 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
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Other creditors |
1,200,000 |
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- |
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| 8 |
Share-based payment |
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During the year the company issued employee share option agreements. These options vest over four years from the date of employment, in equal monthly tranches during years 2-4, and will lapse after ten years from grant date. 6,400 (2023: 5,895) share options vested during the period. A total of 7,193 share options were exercisable at the end of the period. The fair value of these options was measured using the value of the latest transaction in the share capital of the company, and the total expense recognised in the profit and loss account is £508,819 (2024: £527,999). |
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| 9 |
Events after the reporting date |
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After the balance sheet date but before the accounts were signed, vested share options which are accounted for on the balance sheet totalling £571,835, granted to employees and exercisable at period end, have lapsed. The employees chose not to exercise these options within the contractually defined window and are now deemed to be lapsed. This is a non-adjusting event in accordance with the relevant accounting standards and as such no adjustments have been made to the accounts. |
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| 10 |
Contingent liabilities |
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A contingent liability exists to repay government grants should certain conditions under which they were awarded, as stated in the Letter of Offer, cease to be met. |
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| 11 |
Related party transactions |
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The Key Management Personnel received total remuneration of £80,683 (2024: £77,250). |
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| 12 |
Other information |
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Eolas Medical Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is: |
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26 Greenwood Hill |
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Belfast |
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Northern Ireland |
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BT8 7WF |