REGISTERED NUMBER: 06629770 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PORTAL MEDICAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr P R Stevenson

Mr D C Bromley - Davenport

Mr D C Bromley-Davenport

Dr P R Stevenson

REGISTERED OFFICE:

Pinnacle Building

2 Prospect Place

Pride Park

Derby

Derbyshire

DE24 8HG

REGISTERED NUMBER:

06629770 (England and Wales)

ACCOUNTANTS:

Sowerby

Chartered Accountants

Beckside Court

Annie Reed Road

Beverley

East Yorkshire

HU17 0LF

FIXED ASSETS

Intangible assets

4

393,826

414,771

Tangible assets

5

1,219

1,348

395,045

416,119

CURRENT ASSETS

Debtors

6

62,204

19,461

Cash at bank

146,417

244,572

208,621

264,033

CREDITORS

Amounts falling due within one year

7

66,275

72,162

NET CURRENT ASSETS

142,346

191,871

TOTAL ASSETS LESS CURRENT LIABILITIES

537,391

607,990

PROVISIONS FOR LIABILITIES

97,405

103,774

NET ASSETS

439,986

504,216

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Share premium

330,300

330,300

Retained earnings

108,686

172,916

SHAREHOLDERS' FUNDS

439,986

504,216

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:

Dr P R Stevenson - Director

1.	STATUTORY INFORMATION

Portal Medical Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principle place of business at St Michael's Court, St Michael's Lane, Derby, Derbyshire, DE1 3HQ.

The principal activity of the Company is research & development of medical devices and associated technology.

The presentational currency of the financial statements is 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.

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Turnover

Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences - 10% on cost

Patent & licence development costs

Costs incurred by the company on patent & licence development are being written off over the life of the asset.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Plant and machinery etc - 25% on cost and 20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Taxation

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 January 2024

1,230,718

Additions

12,895

At 31 December 2024

1,243,613

AMORTISATION

At 1 January 2024

815,947

Amortisation for year

33,840

At 31 December 2024

849,787

NET BOOK VALUE

At 31 December 2024

393,826

At 31 December 2023

414,771

Intangible fixed assets are patent and licence development costs.The aggregate of capitalised development costs is reasonably expected to be exceeded by anticipated future revenues arising therefrom.

5.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

44,056

4,421

48,477

DEPRECIATION

At 1 January 2024

43,916

3,213

47,129

Charge for year

36

93

129

At 31 December 2024

43,952

3,306

47,258

NET BOOK VALUE

At 31 December 2024

104

1,115

1,219

At 31 December 2023

140

1,208

1,348

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

61,775

18,425

Prepayments

429

1,036

62,204

19,461

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors & accruals

7,238

9,955

Tax

20,241

21,367

Social security and other taxes

11,390

13,263

VAT

27,406

27,577

66,275

72,162

8.	ULTIMATE CONTROLLING PARTY

There is no overall controlling party.