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Registered number: 11669397










ECHOPOINT MEDICAL LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024



 
ECHOPOINT MEDICAL LTD
REGISTERED NUMBER: 11669397

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
27,633
559

  
27,633
559

Current assets
  

Debtors: amounts falling due within one year
 5 
183,986
23,398

Cash at bank and in hand
 6 
3,314,083
30,804

Current Liabilities
  
3,498,069
54,202

Creditors: amounts falling due within one year
 7 
(158,448)
(74,259)

Net current assets/(liabilities)
  
 
 
3,339,621
 
 
(20,057)

Total assets less current liabilities
  
3,367,254
(19,498)

Creditors: amounts falling due after more than one year
 8 
-
(601,007)

  

Net assets/(liabilities)
  
3,367,254
(620,505)


Capital and reserves
  

Called up share capital 
 9 
48
25

Share premium account
  
6,726,183
1,849,793

Profit and loss account
  
(3,358,977)
(2,470,323)

  
3,367,254
(620,505)


Page 1

 
ECHOPOINT MEDICAL LTD
REGISTERED NUMBER: 11669397

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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: 

A R Odell
Director

Date: 12 June 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
ECHOPOINT MEDICAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Echopoint Medical Ltd is a private company limited by share capital and incorporated in England and Wales. The registered office is 2nd Floor 65-69 East Road, London, England, N1 6AH.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

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.

Page 3

 
ECHOPOINT MEDICAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted for 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.

 
2.5

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.

 
2.6

Taxation

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.


 
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:

Leasehold improvements
-
33%
Office equipment
-
33%
Computer equipment
-
33%

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.

Page 4

 
ECHOPOINT MEDICAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 5).

Page 5

 
ECHOPOINT MEDICAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Leasehold Improvements
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
42,354
6,310
12,106
60,770


Additions
11,541
14,275
7,265
33,081


Disposals
(42,354)
-
-
(42,354)



At 31 December 2024

11,541
20,585
19,371
51,497



Depreciation


At 1 January 2024
42,354
6,260
11,597
60,211


Charge for the year on owned assets
1,511
2,430
2,066
6,007


Disposals
(42,354)
-
-
(42,354)



At 31 December 2024

1,511
8,690
13,663
23,864



Net book value



At 31 December 2024
10,030
11,895
5,708
27,633



At 31 December 2023
-
50
509
559


5.


Debtors

2024
2023
£
£


Other debtors
33,003
15,377

Prepayments and accrued income
19,148
8,021

Tax recoverable
131,835
-

183,986
23,398



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,314,083
30,804

3,314,083
30,804


Page 6

 
ECHOPOINT MEDICAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
68,139
25,373

Other taxation and social security
15,399
35,113

Other creditors
3,094
837

Accruals and deferred income
71,816
12,936

158,448
74,259



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
-
601,007

-
601,007


The loans in 2023 were unsecured and non-interest bearing and were converted into equity during February 2024.

Page 7

 
ECHOPOINT MEDICAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



250,349 (2023 - 175,355) Ordinary shares of £0.0001 each
25
18
Nil (2023 - 74,994) Ordinary A shares of £0.0001 each
-
7
233,800 (2023 - ) Ordinary B shares of £0.0001 each
23
-

48

25


During the year 233,800 B Ordinary shares of £0.0001 were issued for a consideration of £4,886,022. Costs of £9,609 directly attributable to the share issue have been posted to the share premium account.
During the year 74,994 Ordinary A shares of £0.0001 each were re-classified as 74,994 Ordinary shares of £0.0001 each.


10.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £4,229 (2023: £3,097).
Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date and are
included in creditors.


11.


Controlling party

The Company is controlled by its directors.


Page 8