Registration number: 10842089

Molendotech Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Molendotech Limited

Company Information

Directors

R P F Andres S Jackson R M Killen G Rees

Registered office

Brixham Laboratory Freshwater Quarry Brixham Devon TQ5 8BA

Accountants

Thompson Jenner LLP Chartered Accountants 28 Alexandra Terrace Exmouth Devon EX8 1BD

Molendotech Limited

(Registration number: 10842089)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	1,724,910	1,404,707
Tangible assets	5	21,359	12,759
		1,746,269	1,417,466
Current assets
Stocks	6	8,053	6,000
Debtors	7	243,609	126,623
Cash at bank and in hand		15,197	490,731
		266,859	623,354
Creditors: Amounts falling due within one year	8	(107,864)	(23,217)
Net current assets		158,995	600,137
Total assets less current liabilities		1,905,264	2,017,603
Provisions for liabilities		(6,750)	(7,950)
Net assets		1,898,514	2,009,653
Capital and reserves
Called up share capital		379	379
Share premium reserve		2,042,663	2,061,585
Retained earnings		(144,528)	(52,311)
Shareholders' funds		1,898,514	2,009,653

Molendotech Limited

(Registration number: 10842089)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 May 2025 and signed on its behalf by:
 

......................................... R P F Andres Director

Molendotech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Brixham Laboratory
Freshwater Quarry
Brixham
Devon
TQ5 8BA
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Grants

Other grant income has been recognised under the accrual model and is credited to income over the periods in which the compensated costs have been recognised.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Molendotech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold improvements	20% Straight Line
Fixtures and fittings	20% Straight Line
Plant & machinery	20% Straight Line
Office equipment	20% Straight Line

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Molendotech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Development costs

Development expenditure is written off in the financial year in which it is incurred, unless it relates to the development of a new or substantially improved product, is incurred after the technical feasibility and economic viability of the product has been proven and the decision to complete the development has been taken, and can be measured reliably. Such expenditure is capitalised as an intangible asset in the Balance Sheet at cost and is amortised through the Profit and Loss account.

Subsequent expenditure is capitalised only where it either enhances the economic benefits of the development asset or replaces part of the existing development asset. Any remaining costs associated with the part replaced are expensed.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Patents	Straight line over term of patent when granted
Development costs	Straight line over 10 years upon successful development

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Molendotech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

Molendotech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Intangible assets

	Trademarks, patents and licenses  £	Development costs  £	Total £
Cost or valuation
At 1 January 2024	68,184	1,441,662	1,509,846
Additions acquired separately	16,290	441,870	458,160
At 31 December 2024	84,474	1,883,532	1,968,006
Amortisation
At 1 January 2024	5,197	99,942	105,139
Amortisation charge	3,785	134,172	137,957
At 31 December 2024	8,982	234,114	243,096
Carrying amount
At 31 December 2024	75,492	1,649,418	1,724,910
At 31 December 2023	62,987	1,341,720	1,404,707

Molendotech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5	Tangible assets

	Property improvements £	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2024	3,010	8,356	38,107	49,473
Additions	14,385	664	747	15,796
At 31 December 2024	17,395	9,020	38,854	65,269
Depreciation
At 1 January 2024	3,010	5,494	28,210	36,714
Charge for the year	1,439	1,413	4,344	7,196
At 31 December 2024	4,449	6,907	32,554	43,910
Carrying amount
At 31 December 2024	12,946	2,113	6,300	21,359
At 31 December 2023	-	2,862	9,897	12,759

6

Stocks

	2024 £	2023 £
Other stocks	8,053	6,000

7

Debtors

	2024 £	2023 £
Trade debtors	12,780	18,221
Other debtors	100,716	105,212
Prepayments and accrued income	130,113	3,190
Total current trade and other debtors	243,609	126,623

Molendotech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

	2024 £	2023 £
Due within one year
Trade creditors	47,786	1,620
Taxation and social security	37,802	12,066
Other creditors	12,739	837
Accrued expenses	9,537	8,694
	107,864	23,217