REGISTERED NUMBER: 10894990 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MEDOVATE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P J Mehta

REGISTERED OFFICE:

96 Hampstead Avenue

Mildenhall

Suffolk

IP28 7AS

REGISTERED NUMBER:

10894990 (England and Wales)

AUDITORS:

Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

FIXED ASSETS

Intangible assets

4

22,552

45,103

Tangible assets

5

2,124

1,846

24,676

46,949

CURRENT ASSETS

Stocks

264,161

334,376

Debtors

6

71,422

87,929

Cash at bank and in hand

24,052

212,995

359,635

635,300

CREDITORS

Amounts falling due within one year

7

634,565

38,014

NET CURRENT (LIABILITIES)/ASSETS

(274,930

)

597,286

TOTAL ASSETS LESS CURRENT LIABILITIES

(250,254

)

644,235

CAPITAL AND RESERVES

Called up share capital

230

230

Share premium

8,919,900

8,919,900

Retained earnings

(9,170,384

)

(8,275,895

)

(250,254

)

644,235

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 September 2025 and were signed by:

P J Mehta - Director

1.	STATUTORY INFORMATION

Medovate Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible fixed assets under the cost model are stated at historical cost less accumulated amortisation and any accumulated impairment losses.

Purchased IP is recognised as an intangible asset when all of the following criteria are demonstrated:

- The product is technically feasible and marketable;

- The company has adequate resources to complete the development of the product;

- It is probable that the asset created will generate future economic benefits.

The purchased IP is amortised on a straight line basis over a useful economic life of 5 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements

-

33% on cost

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Purchased

IP

£

COST

At 1 January 2024

and 31 December 2024

112,756

AMORTISATION

At 1 January 2024

67,653

Amortisation for year

22,551

At 31 December 2024

90,204

NET BOOK VALUE

At 31 December 2024

22,552

At 31 December 2023

45,103

5.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

Computer

improvements

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

7,529

-

9,726

22,910

40,165

Additions

-

2,321

-

-

2,321

Disposals

(7,529

)

-

-

-

(7,529

)

At 31 December 2024

-

2,321

9,726

22,910

34,957

DEPRECIATION

At 1 January 2024

7,529

-

8,689

22,101

38,319

Charge for year

-

580

655

808

2,043

Eliminated on disposal

(7,529

)

-

-

-

(7,529

)

At 31 December 2024

-

580

9,344

22,909

32,833

NET BOOK VALUE

At 31 December 2024

-

1,741

382

1

2,124

At 31 December 2023

-

-

1,037

809

1,846

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

33,129

20,699

Other debtors

-

22,200

VAT

9,452

-

Prepayments and accrued income

28,841

45,030

71,422

87,929

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

9,715

3,291

Amounts owed to group undertakings

577,512

-

Social security and other taxes

13,602

7,307

VAT

-

2,424

Accruals and deferred income

33,736

24,992

634,565

38,014

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Clifford (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

9.	ULTIMATE CONTROLLING PARTY

The parent undertaking of the smallest and largest group within which the company belongs and for which group accounts are prepared is Lunovi Limited, a company registered in England. A copy of the group accounts can be obtained from its registered office: C/O JEB Technologies, Hampstead Avenue, Mildenhall, Suffolk, IP28 7AS.

The ultimate holding company is Lunovi LLC, a company registered in the USA.