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Registered number: 06432593










URETHROTECH LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
URETHROTECH LTD
REGISTERED NUMBER: 06432593

BALANCE SHEET
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,541
8,131

Investments
 5 
80
80

  
4,621
8,211

Current assets
  

Stocks
  
2,336
2,617

Debtors: amounts falling due within one year
 6 
18,671
35,834

Cash at bank and in hand
 7 
21,837
17,058

  
42,844
55,509

Creditors: amounts falling due within one year
 8 
(670,175)
(589,828)

Net current liabilities
  
 
 
(627,331)
 
 
(534,319)

Total assets less current liabilities
  
(622,710)
(526,108)

Creditors: amounts falling due after more than one year
 9 
(1,299)
(4,425)

Net liabilities
  
(624,009)
(530,533)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(624,109)
(530,633)

  
(624,009)
(530,533)


Page 1

 
URETHROTECH LTD
REGISTERED NUMBER: 06432593
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 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 income and retained earnings 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: 




................................................
Dr Daniela Erna Andrich
Director

Date: 22 August 2025

Page 2

 
URETHROTECH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

Urethrotech Ltd 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

 
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

The financial statements have been prepared on a going concern basis. The company incurred profit of £11,032  (2021 - loss of £21,519) during the year - which includes R&D tax credit received of £10,601, relating to financial year ended November 2020.The directors are aware that the statement of financial position shows a net liabilities position of £534,500 (2021 - £545,532). However the directors will continue to support the company to meet its obligations, if and when, they become due. The directors are therefore of the opinion that the company should continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

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 income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
URETHROTECH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
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
-
20%
straight line
Fixtures and fittings
-
10%
straight line
Office equipment
-
25%
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.

Page 4

 
URETHROTECH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
URETHROTECH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 December 2023
58
35,725
7,553
43,336


Additions
-
-
327
327



At 30 November 2024

58
35,725
7,880
43,663



Depreciation


At 1 December 2023
58
28,583
6,564
35,205


Charge for the year on owned assets
-
3,573
344
3,917



At 30 November 2024

58
32,156
6,908
39,122



Net book value



At 30 November 2024
-
3,569
972
4,541



At 30 November 2023
-
7,142
989
8,131


5.


Investment





Investments in subsidiary companies

£





At 1 December 2023
80



At 30 November 2024
80




Urethrotech Ltd has invested in the shares of its fully owned subsidiary Urethrotech Inc. 


6.


Debtors

2024
2023
£
£

Page 6

 
URETHROTECH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

6.Debtors (continued)


Trade debtors
4,159
23,265

Amounts owed by group undertakings
7,980
7,980

Other debtors
1,979
325

Prepayments and accrued income
4,553
4,264

18,671
35,834



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
21,837
17,058

21,837
17,058



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
3,300
3,047

Trade creditors
23,891
2,400

Other creditors
633,784
581,021

Accruals and deferred income
9,200
3,360

670,175
589,828



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,299
4,425

1,299
4,425


Page 7

 
URETHROTECH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
3,300
3,047


3,300
3,047

Amounts falling due 1-2 years

Bank loans
1,299
4,425


1,299
4,425



4,599
7,472



11.


Related party transactions

At the date of the financial statements, the company owed £543,851 (2023 - £543,851) to its directors. The loans are interest free and repayable on demand.
At the balance sheet date, the company owed £89,115 (2023 - £36,000) to Andrich Urology Limited, a company under common control. This loan is interest free and repayable upon demand.

 
Page 8