Acorah Software Products - Accounts Production 16.3.350 false true true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 12146414 Mr Luis Rafael Ulloa Paredes Dr. Hon Lung Keith Tsui Mr Stephen Cardwell Mr Kevin Edward Martin McDonnell iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12146414 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2024-08-31 12146414 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears 2024-08-31 12146414 2023-08-31 12146414 2024-08-31 12146414 2023-09-01 2024-08-31 12146414 frs-core:CurrentFinancialInstruments 2024-08-31 12146414 frs-core:Non-currentFinancialInstruments 2024-08-31 12146414 frs-core:BetweenOneFiveYears 2024-08-31 12146414 frs-core:ComputerEquipment 2024-08-31 12146414 frs-core:ComputerEquipment 2023-09-01 2024-08-31 12146414 frs-core:ComputerEquipment 2023-08-31 12146414 frs-core:FurnitureFittings 2024-08-31 12146414 frs-core:FurnitureFittings 2023-09-01 2024-08-31 12146414 frs-core:FurnitureFittings 2023-08-31 12146414 frs-core:WithinOneYear 2024-08-31 12146414 frs-core:CapitalRedemptionReserve 2024-08-31 12146414 frs-core:OtherReservesSubtotal 2024-08-31 12146414 frs-core:SharePremium 2024-08-31 12146414 frs-core:ShareCapital 2024-08-31 12146414 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 12146414 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 12146414 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 12146414 frs-bus:SmallEntities 2023-09-01 2024-08-31 12146414 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 12146414 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 12146414 frs-bus:OrdinaryShareClass1 2023-09-01 2024-08-31 12146414 frs-bus:OrdinaryShareClass1 2024-08-31 12146414 frs-bus:OrdinaryShareClass2 2023-09-01 2024-08-31 12146414 frs-bus:OrdinaryShareClass2 2024-08-31 12146414 frs-bus:OrdinaryShareClass3 2023-09-01 2024-08-31 12146414 frs-bus:OrdinaryShareClass3 2024-08-31 12146414 frs-bus:OrdinaryShareClass4 2023-09-01 2024-08-31 12146414 frs-bus:OrdinaryShareClass4 2024-08-31 12146414 frs-bus:Director1 2023-09-01 2024-08-31 12146414 frs-bus:Director1 2023-08-31 12146414 frs-bus:Director1 2024-08-31 12146414 frs-bus:Director2 2023-09-01 2024-08-31 12146414 frs-bus:Director3 2023-09-01 2024-08-31 12146414 frs-bus:Director4 2023-09-01 2024-08-31 12146414 frs-countries:EnglandWales 2023-09-01 2024-08-31 12146414 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2023-08-31 12146414 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears 2023-08-31 12146414 2022-08-31 12146414 2023-08-31 12146414 2022-09-01 2023-08-31 12146414 frs-core:CurrentFinancialInstruments 2023-08-31 12146414 frs-core:Non-currentFinancialInstruments 2023-08-31 12146414 frs-core:BetweenOneFiveYears 2023-08-31 12146414 frs-core:WithinOneYear 2023-08-31 12146414 frs-core:CapitalRedemptionReserve 2023-08-31 12146414 frs-core:OtherReservesSubtotal 2023-08-31 12146414 frs-core:SharePremium 2023-08-31 12146414 frs-core:ShareCapital 2023-08-31 12146414 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31 12146414 frs-bus:OrdinaryShareClass1 2022-09-01 2023-08-31 12146414 frs-bus:OrdinaryShareClass2 2022-09-01 2023-08-31 12146414 frs-bus:OrdinaryShareClass3 2022-09-01 2023-08-31 12146414 frs-bus:OrdinaryShareClass4 2022-09-01 2023-08-31
Registered number: 12146414
Medwise AI Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Max Accountants Ltd
Ketton Suite
The King Centre
Oakham
Rutland
LE15 7WD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 12146414
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,657 2,596
5,657 2,596
CURRENT ASSETS
Debtors 5 137,169 106,256
Cash at bank and in hand 638,816 723,071
775,985 829,327
Creditors: Amounts Falling Due Within One Year 6 (92,695 ) (89,298 )
NET CURRENT ASSETS (LIABILITIES) 683,290 740,029
TOTAL ASSETS LESS CURRENT LIABILITIES 688,947 742,625
Creditors: Amounts Falling Due After More Than One Year 7 (25,313 ) -
NET ASSETS 663,634 742,625
CAPITAL AND RESERVES
Called up share capital 9 3,311 2,956
Share premium account 2,450,140 1,814,158
Capital redemption reserve 649 649
Other reserves 491,356 336,184
Profit and Loss Account (2,281,822 ) (1,411,322 )
SHAREHOLDERS' FUNDS 663,634 742,625
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For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr. Hon Lung Keith Tsui
Director
28 May 2025
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Medwise AI Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12146414 . The registered office is Nexus House, Discovery Way, Leeds, West Yorkshire, LS2 3AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
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 £.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future. 
The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.
2.3. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings Straight line, over 4 years
Computer Equipment Straight line, over 3 years
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
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, are recognised at transaction price including transaction costs.
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.
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2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the profit / loss before taxation.
2.8. Taxation
Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
2.9. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.11. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.12. Share Based Payments
The company operates an equity-settled, share-based compensation plan, under which the entity received services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. 
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. 
2.13. Research and Development
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. 
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 6)
8 6
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4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 September 2023 - 7,293 7,293
Additions 382 6,271 6,653
As at 31 August 2024 382 13,564 13,946
Depreciation
As at 1 September 2023 - 4,697 4,697
Provided during the period 93 3,499 3,592
As at 31 August 2024 93 8,196 8,289
Net Book Value
As at 31 August 2024 289 5,368 5,657
As at 1 September 2023 - 2,596 2,596
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 9,094 475
Corporation tax recoverable assets 115,194 98,563
VAT 12,881 7,131
Directors' loan accounts - 87
137,169 106,256
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 15,557 9,339
Bank loans and overdrafts 14,465 46,429
Other taxes and social security 19,988 15,494
Other creditors 1,476 1,010
Accruals and deferred income 41,209 17,026
92,695 89,298
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 25,313 -
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8. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 14,465 46,429
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 25,313 -
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
135,112 Ordinary Shares of £ 0.01 each 1,351 1,351
104,615 Ordinary A shares of £ 0.01 each 1,046 984
69,078 Ordinary B shares of £ 0.01 each 691 621
22,259 Ordinary C shares of £ 0.01 each 223 -
3,311 2,956
Shares issued during the period: £
6,199 Ordinary A shares of £ 0.01 each 62
6,953 Ordinary B shares of £ 0.01 each 70
22,259 Ordinary C shares of £ 0.01 each 223
355
On 5 April 2024, 4,729 Ordinary B Shares of £0.01 each were allotted as fully paid at a price per share of £17.97.
On 5 April 2024, 5,599 Ordinary A Shares of £0.01 each were allotted as fully paid at a price per share of £17.97.
On 5 July 2024 the following shares were allotted and fully paid at a price per share of £17.97:
- 600 Ordinary A Shares of £0.01 each 
- 2,224 Ordinary B Shares of £0.01 each
- 22,259 Ordinary C Shares of £0.01 each
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 2,340 -
Later than one year and not later than five years 4,290 -
6,630 -
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11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 September 2023 Amounts advanced Amounts repaid Amounts written off As at 31 August 2024
£ £ £ £ £
Dr. Hon Tsui (87 ) - - 87 -
The above loan is unsecured, interest free and repayable on demand.
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