Registration number: 01681996

Martel Instruments Limited

(Registration number: 01681996)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	625,428	734,177
Current assets
Stocks		363,628	380,347
Debtors	5	5,796,037	5,554,954
Cash at bank and in hand		712,431	783,272
		6,872,096	6,718,573
Creditors: Amounts falling due within one year	6	(232,247)	(275,482)
Net current assets		6,639,849	6,443,091
Total assets less current liabilities		7,265,277	7,177,268
Creditors: Amounts falling due after more than one year	6	(73,944)	(102,975)
Provisions for liabilities		(8,593)	(25,951)
Net assets		7,182,740	7,048,342
Capital and reserves
Called up share capital		45,445	45,445
Share premium reserve		14,055	14,055
Revaluation reserve		216,752	216,752
Retained earnings		6,906,488	6,772,090
Shareholders' funds		7,182,740	7,048,342

These financial statements have been prepared and 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 Income Statement.

Approved and authorised by the Board on 29 April 2025 and signed on its behalf by:
 

......................................... Colin John Proudfoot Company secretary and director

Martel Instruments Limited

Notes to the 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.

The address of its registered office is:
Unit 9, Stanelaw Way
Tanfield Lea Industrial Estate South
Stanley
DH9 9XG
United Kingdom

These financial statements were authorised for issue by the Board on 29 April 2025.

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.

The financial statements are presented in Sterling and rounded to the nearest £.

Martel Instruments Limited

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

Going concern

The company meets its working capital requirements through its operating cash flows.

The directors have prepared financial forecasts which indicate that the company will maintain sufficient financial headroom to enable it to continue meeting its liabilities as they fall due in the normal course of business for at least the next twelve months following approval of these financial statements.

The company has maintained significant cash headroom throughout the year, with a cash balance of £712,431 (2023: £783,272) at the year end. The company has net assets of £7,182,740 (2023: £7,048,342) at the year end.

At the year end, the parent company, Martel Instruments Holdings Limited, has net liabilities of £6,389,800 (2023: £5,965,900). This includes loan notes, accrued interest, and other debt owed to funds under the management of Maven Capital Partners UK LLP totalling £6,299,605 (2023: £6,177,332). A group cross guarantee exists over £6,220,720 (2023: £6,101,447) of this debt. Maven Capital Partners UK LLP have confirmed that funding will not be withdrawn to the extent that the company's position as a going concern would be undermined for a period of 12 months following the approval of these financial statements.

After making enquiries, the directors have a reasonable expectation that the company has adequate financial and other resources to continue in operational existence for the forseeable future. Accordingly, they continue to prepare the financial statements on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 29 April 2025 was P. N. Newbold, BA, FCA, who signed for and on behalf of Torgersens Chartered Accountants.

.........................................

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.

Martel Instruments Limited

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

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.

All foreign exchange gains and losses are recognised in the profit and loss account.

Martel Instruments Limited

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

Tax

The tax expense for the period comprises current and deferred 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.

Current tax is the amount of income tax payable in respect of the taxable profit for the current or past reporting periods. It is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Land and Buildings	2% straight line or 25% reducing balance
Plant and machinery	15% - 25% reducing balance or straight line
Office equipment	15% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all direct costs and, for manufactures stocks and work in progress, an appropriate proportion of fixed and variable overheads (based on normal operating capacity). Cost is determined using the average cost method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, damaged or obsolete, or slow-moving, 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.

Martel Instruments Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Share based payments

The parent company provides share-based payment arrangements to certain employees of the company. The shares to which these options relate are currently held in an Employee Benefit Trust.

Equity-settled arrangements are measured at fair value (excluding the effect of non-marked based vesting conditions) at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.

There are no cash-settled arrangements.

Financial instruments

Recognition and measurement
The company's basic debt instruments, including trade and other accounts receivable and payable, cash and bank balances, and loans to or from related parties, including fellow group companies, are all due within one year and are measured, initially and subsequently, at the transaction price.

At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.
 

Martel Instruments Limited

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

Derivative financial instruments and hedging

Derivatives
Derivative financial instruments, comprising forward currency contracts, are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to their fair value at each reporting date. Changes in fair value are recognised in the profit and loss account within administrative expenses.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2023 - 27).

4	Tangible assets

	Land and buildings £	Plant and machinery £	Office equipment £	Total £
Cost or valuation
At 1 January 2024	565,142	1,442,696	371,903	2,379,741
Additions	3,836	2,675	26,054	32,565
At 31 December 2024	568,978	1,445,371	397,957	2,412,306
Depreciation
At 1 January 2024	185,530	1,175,110	284,924	1,645,564
Charge for the year	40,788	69,323	31,203	141,314
At 31 December 2024	226,318	1,244,433	316,127	1,786,878
Carrying amount
At 31 December 2024	342,660	200,938	81,830	625,428
At 31 December 2023	379,612	267,586	86,979	734,177

Included within the net book value of land and buildings above is £342,661 (2023 - £379,612) in respect of freehold land and buildings.
 

5

Debtors

Current	Note	2024 £	2023 £
Trade debtors		257,085	266,977
Amounts owed by related parties	8	5,490,436	5,252,185
Prepayments		27,166	35,792
Other debtors		21,350	-
		5,796,037	5,554,954

Martel Instruments Limited

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

6

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings		29,031	26,673
Trade creditors		123,228	179,055
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	777	777
Taxation and social security		20,065	25,996
Accruals and deferred income		50,989	40,996
Other creditors		8,157	1,985
		232,247	275,482

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £29,031 (2023 - £26,673).

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings		73,944	102,975

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £73,944 (2023 - £102,975).

7	Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of contingencies not included in the statement of financial position is £7,568,715 (2023 - £7,386,067). The company has given guarantees in respect of some of the borrowings of the parent company, Martel Instruments Holdings Limited. The guarantees are secured by charges on the company's assets.

8	Related party transactions

Martel Instruments Limited

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

Summary of transactions with parent

Martel Instruments Holdings Limited Martel Instruments Holdings Limited is the parent of Martel Instruments Limited. During the year Martel Instruments Limited paid other interest of £238,251 on behalf of Martel Instruments Holdings Limited (2023: £237,600) of which £nil was repaid (2023: £1,949). This resulted in £5,490,436 being owed to Martel Instruments Limited by Martel Instruments Holdings Limited at the year end date (2023: £5,252,185).

Summary of transactions with subsidiaries

Martel Instruments EBT Limited The directors of the company are also directors of Martel Instruments EBT Limited (a fellow subsidiary undertaking). EMI share options are in issue with Martel Instruments Holdings Limited (the immediate and ultimate parent undertaking), of which an option to apply to acquire 50,145 £0.10 ordinary shares was granted to one director, and an option to apply to acquire 75,460 £0.10 ordinary shares was granted to another director on 14 June 2018 (subject to the sale of assets and undertakings of the business of Martel Instruments Holdings Limited). No charge has been made in the financial statements as in the opinion of the directors these are not material to the users of the financial statements.

Summary of transactions with other related parties

Non-executive directors services received The company received £20,000 (2023: £20,000) of non-executive directors services from other related parties during the year.

Services received The company received £20,000 (2023: £20,000) of services from other related parties during the year. Other related parties relate to entities with joint directorship.