Medical Innovation Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05123828

MEDICAL INNOVATION LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2024

MEDICAL INNOVATION LTD

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£

Current assets

Debtors	4	384,774	424,136
Cash at bank and in hand		67,533	35,114
		----------	----------
		452,307	459,250

Creditors: amounts falling due within one year	5	123,592		136,642
		----------		----------
Net current assets			328,715	322,608
			----------	----------
Total assets less current liabilities			328,715	322,608

Creditors: amounts falling due after more than one year	6	5,000	15,000
		----------	----------
Net assets		323,715	307,608
		----------	----------

MEDICAL INNOVATION LTD

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

	2024		2023
Note	£	£	£

Capital and reserves

Called up share capital	1	1
Profit and loss account	323,714	307,607
	----------	----------
Shareholders funds	323,715	307,608
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 23 September 2025 , and are signed on behalf of the board by:

P A Rae
Director

Company registration number: 05123828

MEDICAL INNOVATION LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mabrook House, Bocking End, Braintree, Essex, CM7 9AA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.

4. Debtors

	2024	2023
	£	£
Trade debtors	108,572	100,566
Other debtors	276,202	323,570
	----------	----------
	384,774	424,136
	----------	----------

5. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	10,000	10,000
Trade creditors	–	2,040
Corporation tax	7,930	4,290
Social security and other taxes	13,078	7,491
Other creditors	92,584	112,821
	----------	----------
	123,592	136,642
	----------	----------

6. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	5,000	15,000
	-------	---------

7. Related party transactions

P A Rae , sole director and shareholder, is also the sole director and shareholder in Incus Surgical Limited, a company registered in England and Wales number 02267621. At the year end the company was owed by Incus Surgical Limited £276,202 (2023 - £323,423). No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

8. Controlling party

The company was under the control of the director throughout the current and previous year.