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Registered number: 12766132










Cerca Magnetics Limited










Financial statements

Information for filing with the registrar

For the year ended 31 December 2024

 
Cerca Magnetics Limited
Registered number: 12766132

Balance sheet
As at 31 December 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
480,782
168,902

Tangible assets
 6 
829,241
501,522

  
1,310,023
670,424

Current assets
  

Stocks
 7 
2,160,148
2,037,375

Debtors: amounts falling due within one year
 8 
1,143,729
1,715,025

Cash at bank and in hand
 9 
1,080,684
878,269

  
4,384,561
4,630,669

Creditors: amounts falling due within one year
 10 
(4,855,190)
(4,353,172)

Net current (liabilities)/assets
  
 
 
(470,629)
 
 
277,497

Total assets less current liabilities
  
839,394
947,921

Creditors: amounts falling due after more than one year
 11 
(595,101)
(713,849)

Provisions for liabilities
  

Deferred tax
 12 
(190,453)
(78,525)

  
 
 
(190,453)
 
 
(78,525)

Net assets
  
53,840
155,547


Capital and reserves
  

Called up share capital 
 13 
14
12

Profit and loss account
  
53,826
155,535

  
53,840
155,547

Page 1

 
Cerca Magnetics Limited
Registered number: 12766132

Balance sheet (continued)
As at 31 December 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

D  Woolger
M Brookes
Director
Date:
Director
Date:
Dr E Boto Barriga
Director
Date: 3 June 2025

The notes on pages 3 to 13 form part of these financial statements.
Page 2

 
Cerca Magnetics Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

1.


General information

Cerca Magnetics Limited is a limited liability company incorporated in England. The address of the  registered office is C/O Magnetic Shields Limited, Headcorn Road, Staplehurst, Kent, TN12 0DS. The principal activity of the company is to develop and sell brain imaging systems.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

Despite the limited net asset position of £53,840 as at the balance sheet date, the directors still consider the company to be a going concern. Included within creditors is an amount of £359,400 due to the shareholders and they continue to support Cerca Magnetics Limited for the foreseeable future. The directors consider it appropriate to prepare the financial statements on the going concern basis for the following reasons:

There was significant system development in 2024 and despite this the company has a positive cashflow and EBITDA
Whilst system development is set to continue, the company has a strong pipeline and initial prototype installations have proved the system’s viability
The company’s product is unique and market share is projected to be less than 5% of the market for traditional MEG scanners
Key shareholders have supported the company and if further funding was needed the Board view it as feasible to raise
Budget forecasts include validated costs with key suppliers and allow for inflation

Page 3

 
Cerca Magnetics Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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, which range from 3 to 6 years.
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.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 4

 
Cerca Magnetics Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Development expenditure relates to intangibles that are not yet complete. As such amortisation is not being charged until the point that the project is complete.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Patents
-
10%
straight line

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
straight line
Fixtures and fittings
-
33%
straight line
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 5

 
Cerca Magnetics Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.11

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Page 6

 
Cerca Magnetics Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.14

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.15

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 7

 
Cerca Magnetics Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 8

 
Cerca Magnetics Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgments, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year.
The nature of estimation is such though that actual outcomes could differ significantly from those
estimates.
The directors do not consider there to be any judgments that had a significant impact on amounts
recognised in the financial statements. The following are the company's key sources of estimation
uncertainty:
Valuation on intangible assets
The company holds intangible assets including development costs and patents. As a result it is necessary to include an estimate of the valuation at the balance sheet date and the estimate of the useful economic life. Uncertainties in these estimates include the future economic life and the intrinsic link with the operating results of the business.
Valuation of tangible fixed assets
The company has recognised tangible fixed assets with a carrying value of £829,241 at the reporting date (see note 6). These assets are stated at their cost less provision for depreciation and impairment. The company’s accounting policy sets out the approach to calculating depreciation for immaterial assets acquired. For material assets such as plant and machinery the company determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. 
At subsequent reporting dates the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used. Where there are indicators that the carrying value of tangible assets may be impaired the company undertakes tests to determine the recoverable amount of assets. These tests require estimates of the fair value of assets less the cost to sell and of their value in use. Wherever possible the estimate of the fair value of assets is based upon observable market prices less the incremental cost for disposing of the asset. 
The value in use calculation is based upon a discounted cash flow model, based upon the company’s forecasts for the foreseeable future which do not include any restructuring activities that the company is not yet committed to or significant future investments that will enhance the asset’s performance. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as expected future cash flows and the growth rate used for extrapolation purposes.
Deferred tax
Provision has been made in the financial statements for deferred tax amounting to £190,453 at the reporting date (see note 12).  This provision is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the asset is based and the tax rates that will be in force at that time together with an assessment of the impact of future tax planning strategies.


4.


Employees

The average monthly number of employees, including directors, during the year was 18 (2023 - 16).

Page 9

 
Cerca Magnetics Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

5.


Intangible assets




Patents
Development expenditure
Total

£
£
£



Cost


At 1 January 2024
79,364
104,079
183,443


Additions
45,367
-
45,367


Additions - internal
-
277,995
277,995



At 31 December 2024

124,731
382,074
506,805



Amortisation


At 1 January 2024
14,541
-
14,541


Charge for the year on owned assets
11,482
-
11,482



At 31 December 2024

26,023
-
26,023



Net book value



At 31 December 2024
98,708
382,074
480,782



At 31 December 2023
64,823
104,079
168,902



Page 10

 
Cerca Magnetics Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

6.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
553,659
1,256
31,329
586,244


Additions
553,502
5,007
7,845
566,354


Disposals
-
-
(4,836)
(4,836)



At 31 December 2024

1,107,161
6,263
34,338
1,147,762



Depreciation


At 1 January 2024
66,212
767
17,743
84,722


Charge for the year on owned assets
227,046
1,237
10,352
238,635


Disposals
-
-
(4,836)
(4,836)



At 31 December 2024

293,258
2,004
23,259
318,521



Net book value



At 31 December 2024
813,903
4,259
11,079
829,241



At 31 December 2023
487,447
489
13,586
501,522


7.


Stocks

2024
2023
£
£

Raw materials
30,651
125,286

Work in progress
2,129,497
1,912,089

2,160,148
2,037,375



8.


Debtors

2024
2023
£
£


Trade debtors
157,914
225,158

Other debtors
355,321
290,424

Called up share capital not paid
2
-

Prepayments and accrued income
630,492
1,199,443

1,143,729
1,715,025


Page 11

 
Cerca Magnetics Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,080,684
878,269



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
359,400
300,000

Trade creditors
221,167
101,934

Other taxation and social security
21,370
18,517

Accruals and deferred income
4,253,253
3,932,721

4,855,190
4,353,172


Other loans relates to loans from associated entities on which interest of £59,400 (2023: £nil) has been accrued in the year. 
The loan has preferential interest rate of 2% per annum plus the BOE base rate and the loan notes are convertible upon notice. 


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
595,101
713,849

595,101
713,849



12.


Deferred taxation




2024


£






At beginning of year
(78,525)


Charged to profit or loss
(111,928)



At end of year
(190,453)

Page 12

 
Cerca Magnetics Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024
 
12.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(327,506)
(167,606)

Tax losses carried forward
136,438
88,721

Other short term timing differences
615
360

(190,453)
(78,525)


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



139,500 (2023 - 120,000) Ordinary shares of £0.0001 each
14
12


On the 2nd September 2024 19,500 £.0001 ordinary shares were issued for a total of £1.95.


14.


Share-based payments

On the 16th February 2024 the company granted options to certain employees over 18,700 Ordinary shares of £0.0001 each in the capital of the company under EMI option agreements. The exercise price is £0.0001 per share and they may only be exercised upon an exit. The options have a market value of £0.0001 as the valuation of the business is negligible due to historic losses. 


15.


Controlling party

There is no ultimate controlling party.


16.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 3 June 2025 by Andrew Griggs (Senior statutory auditor) on behalf of Kreston Reeves LLP.


Page 13