ACCOUNTS - Final Accounts preparation

Company registration number: 02698578

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	MICROMODE MEDICAL LIMITED


MICROMODE MEDICAL LIMITED

COMPANY INFORMATION

Directors	S Thakker
	D Nathanson


Company secretary	SThakker


Registered number	02698578


Registered office	Unit 514 Centennial Avenue
	Centennial Park
	Elstree
	Hertfordshire
	WD6 3FG


Trading Address	Unit 514 Centennial Avenue
	Centennial Park
	Elstree
	Hertfordshire
	WD6 3FG



Accountants	Menzies LLP
	Chartered Accountants
	4th Floor
	95 Gresham Street
	London
	EC2V 7AB


MICROMODE MEDICAL LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 6


MICROMODE MEDICAL LIMITED REGISTERED NUMBER:02698578

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		6,100		8,229
			6,100		8,229
Current assets
Stocks		267,013		355,657
Debtors: amounts falling due after more than one year	5	23,750		23,750
Debtors: amounts falling due within one year	5	192,000		125,624
Cash at bank and in hand		2,809,220		2,948,302
		3,291,983		3,453,333
Creditors: amounts falling due within one year	6	(1,470,294)		(741,234)
Net current assets			1,821,689		2,712,099
Total assets less current liabilities			1,827,789		2,720,328
Provisions for liabilities
Other provisions		(100,000)		(100,000)
			(100,000)		(100,000)
Net assets			1,727,789		2,620,328

Capital and reserves
Called up share capital	136	136
Share premium account	22,860	22,860
Capital redemption reserve	200	200
Profit and loss account	1,704,593	2,597,132
	1,727,789	2,620,328

Page 1


MICROMODE MEDICAL LIMITED REGISTERED NUMBER:02698578

STATEMENT OF FINANCIAL POSITION (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 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:

S Thakker

Director

Date: 9 September 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2


MICROMODE MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Micromode Medical Limited is a private company, limited by shares, registered in England and Wales, company registration number 02698578. The registered office and principal place of business is Unit 514 Centennial Avenue, Centennial Park, Elstree, Herts, WD6 3FG.

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

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Revenue is recognised when delivery of goods/services is accepted by the customer.

2.3

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.4

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 reporting date in the countries where the Company operates and generates income.

2.5

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.

Page 3


MICROMODE MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

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:

Long-term leasehold property	-		straight line over the life of the lease
Fixtures and fittings	-	25%	on cost
Computer equipment	-	25%	on cost

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.

2.6

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.

At each reporting 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.

2.7

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 23 (2023 - 23).

Page 4


MICROMODE MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Tangible fixed assets

	Long-term leasehold property	Fixtures and fittings	Computer equipment	Total
	£	£	£	£
Cost or valuation
At 1 January 2024	17,106	73,596	16,906	107,608
Additions	-	-	647	647
At 31 December 2024	17,106	73,596	17,553	108,255
Depreciation
At 1 January 2024	11,974	72,198	15,207	99,379
Charge for the year on owned assets	856	1,207	713	2,776
At 31 December 2024	12,830	73,405	15,920	102,155
Net book value
At 31 December 2024	4,276	191	1,633	6,100
At 31 December 2023	5,132	1,398	1,699	8,229

5.	Debtors
		2024	2023
		£	£

Due after more than one year
Other debtors	23,750	23,750
	23,750	23,750

					2024	2023
					£	£

Due within one year
Trade debtors	13,551	37,554
Other debtors	86,652	-
Prepayments and accrued income	91,797	88,070
	192,000	125,624

Page 5


MICROMODE MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	485,189	590,426
Corporation tax	-	47,633
Other taxation and social security	124,841	76,370
Other creditors	804,522	7,184
Accruals and deferred income	55,742	19,621
	1,470,294	741,234

7.	Contingent liabilities

The company has guaranteed a bank loan on behalf of Shield Property Holdings LLP, an entity in which the directors are members. The loan outstanding as at the balance sheet date was £587,613 (2023: £640,512).

8.	Related party transactions
	The company paid rent of £114,000 to Shield Property Holdings LLP (2023: £109,250) an entity in which the directors are members. The rent was paid under normal commercial terms. The amount owed to Shield Property Holdings LLP at the balance sheet date was £Nil. (2023: Nil)

Page 6