Silverfin false false 31/12/2024 09/10/2023 31/12/2024 Dr T A J Bacarese-Hamilton 05/07/2024 W T Blair 05/07/2024 Dr G Papageorgiou 09/10/2023 C J Roberts 05/07/2024 Dr V Sboros 07/11/2024 G Wheeler 05/07/2024 N Whittley 05/07/2024 27 May 2025 The principal activity of the company during the financial year was the research into the detection of prostate cancer through ultrasound scanning. SC785297 2024-12-31 SC785297 bus:Director1 2024-12-31 SC785297 bus:Director2 2024-12-31 SC785297 bus:Director3 2024-12-31 SC785297 bus:Director4 2024-12-31 SC785297 bus:Director5 2024-12-31 SC785297 bus:Director6 2024-12-31 SC785297 bus:Director7 2024-12-31 SC785297 core:CurrentFinancialInstruments 2024-12-31 SC785297 core:ShareCapital 2024-12-31 SC785297 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC785297 core:ComputerEquipment 2023-10-08 SC785297 2023-10-08 SC785297 core:ComputerEquipment 2024-12-31 SC785297 bus:OrdinaryShareClass1 2024-12-31 SC785297 2023-10-09 2024-12-31 SC785297 bus:FilletedAccounts 2023-10-09 2024-12-31 SC785297 bus:SmallEntities 2023-10-09 2024-12-31 SC785297 bus:AuditExemptWithAccountantsReport 2023-10-09 2024-12-31 SC785297 bus:PrivateLimitedCompanyLtd 2023-10-09 2024-12-31 SC785297 bus:Director1 2023-10-09 2024-12-31 SC785297 bus:Director2 2023-10-09 2024-12-31 SC785297 bus:Director3 2023-10-09 2024-12-31 SC785297 bus:Director4 2023-10-09 2024-12-31 SC785297 bus:Director5 2023-10-09 2024-12-31 SC785297 bus:Director6 2023-10-09 2024-12-31 SC785297 bus:Director7 2023-10-09 2024-12-31 SC785297 core:ComputerEquipment core:TopRangeValue 2023-10-09 2024-12-31 SC785297 core:ComputerEquipment 2023-10-09 2024-12-31 SC785297 bus:OrdinaryShareClass1 2023-10-09 2024-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC785297 (Scotland)

LESS GREY IMAGING LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 09 OCTOBER 2023 TO 31 DECEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

LESS GREY IMAGING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 09 OCTOBER 2023 TO 31 DECEMBER 2024

Contents

LESS GREY IMAGING LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2024
LESS GREY IMAGING LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2024
Note 31.12.2024
£
Fixed assets
Tangible assets 3 1,343
1,343
Current assets
Debtors 4 85,978
Cash at bank and in hand 6,719
92,697
Creditors: amounts falling due within one year 5 ( 122,698)
Net current liabilities (30,001)
Total assets less current liabilities (28,658)
Net liabilities ( 28,658)
Capital and reserves
Called-up share capital 6 1
Profit and loss account ( 28,659 )
Total shareholder's deficit ( 28,658)

For the financial period ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Less Grey Imaging Limited (registered number: SC785297) were approved and authorised for issue by the Board of Directors on 27 May 2025. They were signed on its behalf by:

Dr G Papageorgiou
Director
LESS GREY IMAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 09 OCTOBER 2023 TO 31 DECEMBER 2024
LESS GREY IMAGING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 09 OCTOBER 2023 TO 31 DECEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Less Grey Imaging Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 7-11 Melville Street, Edinburgh, EH3 7PE, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and at bank.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Convertible loan notes
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. On initial recognition, the financial liability component is recorded at its fair value. At the date of issue, in the case of a convertible bond denominated in the functional currency of the issuer that may be converted into a fixed number of equity shares, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. 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 the equity reserve within equity and is not subsequently remeasured.

Transaction costs are apportioned between the liability and equity components of the convertible instrument based on their relative fair values at the date of issue. The portion relating to the equity component is charged directly against equity.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

Period from
09.10.2023 to
31.12.2024
Number
Monthly average number of persons employed by the Company during the period, including directors not on the payroll 7

3. Tangible assets

Computer equipment Total
£ £
Cost
At 09 October 2023 0 0
Additions 1,860 1,860
At 31 December 2024 1,860 1,860
Accumulated depreciation
At 09 October 2023 0 0
Charge for the financial period 517 517
At 31 December 2024 517 517
Net book value
At 31 December 2024 1,343 1,343

4. Debtors

31.12.2024
£
Accrued income 80,676
VAT recoverable 5,302
85,978

5. Creditors: amounts falling due within one year

31.12.2024
£
Convertible loan notes 100,000
Accruals 20,343
Other taxation and social security 1,988
Other creditors 367
122,698

6. Called-up share capital

31.12.2024
£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1