2024-01-012024-12-312024-12-31false09462661I.Q. ENDOSCOPES 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I.Q. ENDOSCOPES LTD

Registered Number
09462661
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

I.Q. ENDOSCOPES LTD
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

FROST, Martin John
GINN, Matthew John
GULLIFORD, Craig Jonathan
HERCEGFI, Timo
KAHAN, Thomas
REA, Tim
WARD-BOOTH, Ronald Patrick, Dr

Registered Address

Basepoint Business Centre Unit 32 Riverside Court
Beaufort Park Way
Chepstow
NP16 5UH

Registered Number

09462661 (England and Wales)
I.Q. ENDOSCOPES LTD
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3153,451127,221
153,451127,221
Current assets
Debtors41,096,508966,016
Cash at bank and on hand3,536,1732,126,086
4,632,6813,092,102
Creditors amounts falling due within one year5(517,961)(426,072)
Net current assets (liabilities)4,114,7202,666,030
Total assets less current liabilities4,268,1712,793,251
Creditors amounts falling due after one year6(5,177,905)(161,843)
Net assets(909,734)2,631,408
Capital and reserves
Called up share capital64,58164,581
Share premium11,057,90611,057,906
Other reserves761,811671,196
Profit and loss account(12,794,032)(9,162,275)
Shareholders' funds(909,734)2,631,408
The financial statements were approved and authorised for issue by the Board of Directors on 13 March 2025, and are signed on its behalf by:
KAHAN, Thomas
Director
Registered Company No. 09462661
I.Q. ENDOSCOPES LTD
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
The company is in its early stages and dependent upon raising investment to reach profitability. The development to date has proved successful and the company's shareholders have indicated their intention to provide further funding for continued development. A further funding round was completed in 2024 to continue the company’s objectives. Further funding will be required in late 2025 to scale commercial activities. This is progressing as planned with a number of options available for the company. The directors have prepared a detailed business plan and rolling cash flow forecasts. On this basis the Directors have concluded that the company will comfortably be able to meet its liabilities as they fall due and hence it is appropriate to continue to adopt the going concern basis in the preparation of these financial statements.
Turnover policy
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 sale of goods and from the rendering of services. The company has not yet commenced trading.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted based upon relevant recent company share transactions. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
Foreign currency translation
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.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Research and development
Research and development expenditure is written off in the period in which it has been incurred, except for higher value equipment remaining in the business which is capitalised as a fixed asset.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Computer Equipment: 3 years straight line R&D equipment: 3 years straight line Office Equipment: 4 years straight line Plant and Machinery: 4 years straight line
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. Operating leases are charged against income on a straight line basis over the lease term.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. 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. Grants relating to assets, including right-of-use assets, shall be recognised in income on a systematic basis over the expected useful life of the asset.
2.Average number of employees

20242023
Average number of employees during the year2623
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 January 2476,917108,686185,603
Additions88,01523,435111,450
Disposals(4,118)-(4,118)
At 31 December 24160,814132,121292,935
Depreciation and impairment
At 01 January 2411,42246,96058,382
Charge for year46,90534,54081,445
On disposals(343)-(343)
At 31 December 2457,98481,500139,484
Net book value
At 31 December 24102,83050,621153,451
At 31 December 2365,49561,726127,221
4.Debtors: amounts due within one year

2024

2023

££
Other debtors1,035,090901,363
Prepayments and accrued income61,41864,653
Total1,096,508966,016
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables255,077191,652
Accrued liabilities and deferred income262,884234,420
Total517,961426,072
6.Creditors: amounts due after one year

2024

2023

££
Convertible loans5,016,062-
Other creditors161,843161,843
Total5,177,905161,843
During the year the company issued £4,000,000 of convertible loan notes (to existing shareholders) and £1,001,000 of advanced subscriptions. Convertible loan notes accrue interest at 10% per annum. The convertible loan notes are secured by way of fixed and floating charges over the company’s assets.
7.Provisions for liabilities
Share Options During 2024 100,000 additional Options were added to the Share Option Pool 124,500 share options lapsed and 296,619 were granted with an exercise price of £0.45. As at 31 December 2024 a total number of 682,711 Ordinary shares have been allocated (2023: 510,592) with a weighted exercise price of £0.39 (2023 - £0.36). The Share Options granted vest over a 3-year period and are exercisable on an exit event. The fair value of an option granted in the year was determined by reference to recent equity transactions at £2.49. Liabilities and expenses During the year, the company recognised total share-based payment expenses of £90,615 ( 2023: £472,614) in the profit and loss account which related to equity settled share based payment transactions. A credit to equity for the same amount was included in Other reserves.
8.Other commitments
At 31 December 2024, the company had total commitments under non-cancellable operating leases over the remaining life of this lease of £165,708 (2023: £163,000).