Company Registration No. 15135533 (England and Wales)
Machnet Medical Robotics (UK) Limited
Unaudited accounts
for the period from 13 September 2023 to 31 December 2024
Machnet Medical Robotics (UK) Limited
Unaudited accounts
Contents
Machnet Medical Robotics (UK) Limited
Company Information
for the period from 13 September 2023 to 31 December 2024
Directors
M E M K Abdelaziz
R Patryluk
Y L Jethwani
Company Number
15135533 (England and Wales)
Registered Office
125 Wood Street
London
London
EC2V 7AW
England
Accountants
Q Accountants Ltd
411 Oxford Street
Office 1.01
London
W1C 2PE
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Machnet Medical Robotics (UK) Limited
for the period from 13 September 2023 to 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Machnet Medical Robotics (UK) Limited for the period from
13 September 2023 to
31 December 2024 as set out on pages
5 -
11 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
Q Accountants Ltd
Chartered Certified Accountants
411 Oxford Street
Office 1.01
London
W1C 2PE
12 December 2025
Machnet Medical Robotics (UK) Limited
Statement of financial position
as at 31 December 2024
Cash at bank and in hand
475,391
Creditors: amounts falling due within one year
(448,947)
Net current assets
190,953
Total assets less current liabilities
409,578
Creditors: amounts falling due after more than one year
(504,840)
Profit and loss account
(126,843)
Shareholders' funds
(95,262)
For the period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by
R Patryluk
Director
Company Registration No. 15135533
Machnet Medical Robotics (UK) Limited
Notes to the Accounts
for the period from 13 September 2023 to 31 December 2024
Machnet Medical Robotics (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 15135533. The registered office is 125 Wood Street, London, London, EC2V 7AW, England.
2
Compliance with accounting standards
The financial statements have been prepared in accordance with UK adopted International Financial Reporting Standards ("IFRS"). The financial statements have been prepared under the historical cost convention.
The principal activity of the Company is research and experimental development in the field of medical technology on behalf of other group companies. In the future, post the research and development stage, it is anticipated that the Company may manufacture medical devices and supplies.
The Company incurred a loss of £126,843 during the period ended 31 December 2024 and had net liabilities at 31 December 2024 of £95,262.
The directors have considered the Company’s cash position, funding plans, and projected operating requirements in assessing the basis of preparation for these financial statements. This assessment included a review of the Company’s financial forecasts, the expected timing of future capital needs and an official support letter from the Company’s parent company, Machnet SG Pte. Ltd, which states that the parent will keep financially supporting the Company and will not seek repayment of the intercompany loans that the Company has. After evaluating these factors, the directors are confident that the Company will be able to continue its activities and meet its financial commitments as they arise for at least the next twelve months from the date of approval. For this reason, the directors believe that preparing the financial statements on a going concern basis remains appropriate.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The principal accounting policies adopted in the preparation of the financial statements are set out in this note. These are the first financial statements prepared by the Company since incorporation and therefore comparative information is not presented.
The accounting policies have been applied consistently throughout the period presented, unless otherwise stated.
The financial statements have been prepared in accordance with UK adopted International Financial Reporting Standards ("IFRS"). The financial statements have been prepared under the historical cost convention.
The financial statements are presented in British Pounds ("GBP"), which is also the functional currency of the Company. Values
are rounded to the nearest pound, unless otherwise stated.
The preparation of financial statements in compliance with IFRS requires the use of certain critical accounting estimates. It also
requires management to exercise judgement in applying the Company's accounting policies.
Foreign currency
Items included in the financial statements are measured using the currency of the primary economic environment in which the Company operates (the functional currency).
Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the dates of the transactions. Foreign currency monetary assets and liabilities are translated at the rates ruling at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the reporting date are recognised in profit or loss.
Machnet Medical Robotics (UK) Limited
Notes to the Accounts
for the period from 13 September 2023 to 31 December 2024
Other operating income represents the value, net of value added tax and discounts, of work carried out on behalf of the parent company in respect of intercompany services generating a net margin in line with the respective intercompany agreement with the parent company.
Intercompany service revenue is recognised over time, as the related services are performed. Revenue is recorded periodically, typically on a monthly basis, consistent with the pattern of service delivery and invoicing.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
7 to 10 years straight line
Fixtures & fittings
7 to 10 years straight line
Computer equipment
5 years straight line
The Company accounts for a contract, or a portion of a contract, as a lease when it conveys the right of use an asset (recognised as Intangible asset) for a period of time in exchange for consideration. Leases are those contracts which satisfy the following criteria:
(a) There is an identified asset
(b) The Company obtains substantially all the economic benefits from the use of the asset; and
(c) The Company has the right to direct use of the asset.
The Company considers whether the supplier has substantive substitution rights. If the supplier does have those rights, the contract is not identified as giving rise to a lease.
During the period, the Company recognised a right of use asset as an Intangible Asset.
The accounts are presented in £ sterling.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Machnet Medical Robotics (UK) Limited
Notes to the Accounts
for the period from 13 September 2023 to 31 December 2024
Expenditure on research and development is written off in the year in which it is incurred.
Research activities include the initial investigation, concept formulation, feasibility assessment, and pre-clinical testing undertaken to gain new scientific or technical knowledge and understanding.
Development expenditure is capitalised if it can be demonstrated that:
- it is technically feasible to develop the product for it to be sold;
- adequate resources are available to complete the development;
- there is an intention to complete and sell the product;
- the Company is able to sell the product;
- sale of the product will generate future economic benefits, and
- expenditure on the project can be measured reliably.
The Company has not capitalised any development expenditure to date.
Development expenditure not satisfying the above criteria is recognised in profit or loss in the period in which it is incurred.
The Fair Value Reserve relates to equity-settled share-based payment awards granted to employees. The fair value of the options at the grant date is recognised as an expense on a straight-line basis over the applicable vesting period.
On 26 November 2024, the ultimate parent company adopted an equity-settled share option plan under which 81,493 share options had been granted as of 31 December 2024. The options are over ordinary shares and are subject to a service-based vesting condition requiring the employee to remain employed by the Company or its parent for a three-year vesting period. The valuation incorporates an assumed 10% forfeiture rate. As at the reporting date, no options had vested.
During the year, the Company recognised £31,580 in expenses related to equity-settled share-based payment transactions. The fair value of the options was estimated using the Black-Scholes valuation model, which is appropriate for non-complex option arrangements.
The options granted in December 2024 carry a contractual life of 10 years. Under the terms of the plan, the Company retains discretion to determine whether the options are settled on a cashless basis or settled in cash.
Principal Valuation Assumptions:
Expected volatility;
Expected volatility of 47% was derived from the annualised logarithmic returns of a selected group of high-growth, publicly traded MedTech peers over the preceding four years. Relevant peers include Intuitive Surgical, Inc., Shockwave Medical, Inc., Penumbra, Inc., Globus Medical, Inc., Nevro Corp., and Inspire Medical Systems, Inc., chosen for their sector leadership and above-industry revenue growth profiles. For Shockwave Medical, Inc., the analysis uses the acquisition price of USD 335 per share, rolled forward from the acquisition completion date of 31 May 2024.
Option life;
A contractual life of 10 years was applied.
Expected dividends;
The Company does not expect to pay dividends in the foreseeable future.
Risk-free interest rate;
A risk-free rate of 4.58% was used, corresponding to the 10-year U.S. Treasury yield as of 31 December 2024, reflecting the Company’s initial target market.
Machnet Medical Robotics (UK) Limited
Notes to the Accounts
for the period from 13 September 2023 to 31 December 2024
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Other
At 31 December 2024
44,335
Charge for the period
21,937
At 31 December 2024
21,937
At 31 December 2024
22,398
During the period, the Company recognised a right of use asset as an intangible asset, as per this note. The agreement includes a purchase option. The directors have currently assessed it is not reasonably certain that the purchase options will be exercised and as such any amounts payable for the purchase options have not been included within the right of use asset as an intangible asset. The impact on the right of use asset, were the purchase options to be taken, is currently unknown.
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 13 September 2023
-
-
-
-
Additions
29,097
71,517
125,001
225,615
At 31 December 2024
29,097
71,517
125,001
225,615
Charge for the period
4,267
8,068
17,053
29,388
At 31 December 2024
4,267
8,068
17,053
29,388
At 31 December 2024
24,830
63,449
107,948
196,227
Amounts falling due within one year
Amounts due from group undertakings etc.
58,499
Machnet Medical Robotics (UK) Limited
Notes to the Accounts
for the period from 13 September 2023 to 31 December 2024
7
Creditors: amounts falling due within one year
2024
Taxes and social security
39,797
8
Creditors: amounts falling due after more than one year
2024
Amounts owed to group undertakings and other participating interests
504,840
Accelerated capital allowances
(81,328)
Credited to the profit and loss account
(81,328)
Provision at end of period
(81,328)
In determining the deferred tax assets recognised, the directors have considered the likelihood of generating taxable profits in the foreseeable future against which losses and other timing differences can be offset.
Based on the directors' current estimates they have determined there is a likelihood that the Company will generate future taxable profits and therefore the deferred tax asset has been recognised within the Statement of Financial Position.
Deferred tax is calculated in full on temporary differences under the liability method using a tax rate of 25%.
Deferred tax assets have been recognised in respect of all tax losses and other temporary differences giving rise to deferred tax assets where the directors believe it is probable that these assets will be recovered.
The Company operates a defined contribution pension scheme. The pension cost for the period amounted to £20,514. Unpaid pension contributions at period end were £3,454.
11
Transactions with related parties
The Company received revenue of £1,486,351 from Machnet SG Pte. Ltd, the immediate parent company. At the period end £201,961 was owed by Machnet SG Pte. Ltd.
The Company incurred expenses of £674,552 payable to Machnet Medical Robotics B.V., a fellow subsidiary of the parent company. At the period end, £504,840 was owed to Machnet Medical Robotics B.V.
At the period end, £26,250 was owed to staff in relation to their compensation.
Machnet Medical Robotics (UK) Limited
Notes to the Accounts
for the period from 13 September 2023 to 31 December 2024
The immediate parent company is Machnet SG Pte. Ltd with the registered office address;
60 Paya Lebar Road, #05-16 Paya Lebar Square, Singapore 409051
The smallest and largest group in which the results of the Company are consolidated is that of Machnet SG Pte. Ltd.
The directors consider Y L Jethwani to be the ultimate controlling party.
13
Average number of employees
During the period the average number of employees was 12.