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REGISTERED NUMBER: 07400323 (England and Wales)















INOV8 MEDICAL SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 OCTOBER 2024






INOV8 MEDICAL SOLUTIONS LIMITED (REGISTERED NUMBER: 07400323)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INOV8 MEDICAL SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTOR: P Ramsey





REGISTERED OFFICE: C/O Smith Craven
Tapton Park Innovation Centre
Brimington Road
Chesterfield
Derbyshire
S41 0TZ





REGISTERED NUMBER: 07400323 (England and Wales)





ACCOUNTANTS: Xeinadin
Tapton Park Innovation Centre
Brimington Road
Tapton
Chesterfield
Derbyshire
S41 0TZ

INOV8 MEDICAL SOLUTIONS LIMITED (REGISTERED NUMBER: 07400323)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 25,000 85,000
Tangible assets 5 581 2,501
25,581 87,501

CURRENT ASSETS
Stocks 3,980 4,267
Debtors 6 424,726 355,689
Cash at bank 4,512 28,995
433,218 388,951
CREDITORS
Amounts falling due within one year 7 145,760 108,398
NET CURRENT ASSETS 287,458 280,553
TOTAL ASSETS LESS CURRENT
LIABILITIES

313,039

368,054

CREDITORS
Amounts falling due after more than one year 8 1,627,952 1,431,643
NET LIABILITIES (1,314,913 ) (1,063,589 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (1,315,013 ) (1,063,689 )
SHAREHOLDERS' FUNDS (1,314,913 ) (1,063,589 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

INOV8 MEDICAL SOLUTIONS LIMITED (REGISTERED NUMBER: 07400323)

BALANCE SHEET - continued
31 OCTOBER 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 July 2025 and were signed by:





P Ramsey - Director


INOV8 MEDICAL SOLUTIONS LIMITED (REGISTERED NUMBER: 07400323)

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


1. STATUTORY INFORMATION

Inov8 Medical Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

INOV8 MEDICAL SOLUTIONS LIMITED (REGISTERED NUMBER: 07400323)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The financial statements are prepared on a going concern basis as the Directors believe there will be sufficient cash available to meet liabilities as and when they fall due. Inov8 Medical Solutions holds the sole global licence for the Valvesafe product. This product continues to sell strongly in the UK. We are in talks with a large UK distributer, and we believe additional strong sales growth will appear in the second half of 2024 and unless the company has the facilities to repay them.The Directors also confirmed that Meditech Endoscopy Ltd does not have any plans or intentions to demand repayment of the outstanding loan unless the company has the facilities to repay them.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 November 2023
and 31 October 2024 600,000
AMORTISATION
At 1 November 2023 515,000
Charge for year 60,000
At 31 October 2024 575,000
NET BOOK VALUE
At 31 October 2024 25,000
At 31 October 2023 85,000

INOV8 MEDICAL SOLUTIONS LIMITED (REGISTERED NUMBER: 07400323)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2023
and 31 October 2024 88,492
DEPRECIATION
At 1 November 2023 85,991
Charge for year 1,920
At 31 October 2024 87,911
NET BOOK VALUE
At 31 October 2024 581
At 31 October 2023 2,501

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 10,590 5,139
Other debtors 414,136 350,550
424,726 355,689

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 22,659 10,000
Trade creditors 28,674 23,180
Taxation and social security 83,705 43,816
Other creditors 10,722 31,402
145,760 108,398

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 6,667 16,667
Other creditors 1,621,285 1,414,976
1,627,952 1,431,643

INOV8 MEDICAL SOLUTIONS LIMITED (REGISTERED NUMBER: 07400323)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
£    £   
P Ramsey
Balance outstanding at start of year 201,338 189,015
Amounts advanced 47,404 12,323
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 248,742 201,338

10. RELATED PARTY DISCLOSURES

The company is under common control with Meditech Endoscopy Ltd

During the year the company provided management services and recharges to Meditech Endoscopy Limited which were charged at £213,166 (2023 : £386,599) for the year.

Also during the year the company received loans from Meditech Endoscopy Limited and at the balance sheet date the amount outstanding to Meditech Endoscopy Limited was£1,621,285 (2023 £1,387,274).