Registration number:
3D Metal Printing Ltd
trading as
for the Year Ended 31 March 2025
3D Metal Printing Ltd
trading as Orthoscape
Contents
|
Company Information |
|
|
Director's Report |
|
|
Accountants' Report |
|
|
Abridged Profit and Loss Account |
|
|
Statement of Comprehensive Income |
|
|
Abridged Balance Sheet |
|
|
Statement of Changes in Equity |
|
|
Notes to the Unaudited Abridged Financial Statements |
3D Metal Printing Ltd
trading as Orthoscape
Company Information
|
Director |
Mr A Casonato Longo |
|
Registered office |
|
|
Accountants |
|
3D Metal Printing Ltd
trading as Orthoscape
Director's Report for the Year Ended 31 March 2025
The director presents his report and the abridged financial statements for the year ended 31 March 2025.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is being a MedTech company delivering healthcare innovation.Our mission is to restore outstanding patient quality of life by developing to market custom-made implantable systems and integrated digital healthcare applications to deliver superior patient outcomes for truly personalised treatments and healthcare provders' benefits. Our vision is to responsibly grow as a custom-made orthopaedic devices business, establishing the company as a leading Med-Tech in the UK and creating a significant positive impact in healthcare and wider society.
Going concern
The director has assessed the company's ability to continue as a going concern for the foreseeable future and concluded that the going concern basis remains appropriate for these financial statements.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
|
......................................... |
Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
3D Metal Printing Ltd
trading as Orthoscape
for the Year Ended 31 March 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of 3D Metal Printing Ltd for the year ended 31 March 2025 as set out on pages 4 to 17 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of 3D Metal Printing Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of 3D Metal Printing Ltd and state those matters that we have agreed to state to the Board of Directors of 3D Metal Printing Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 3D Metal Printing Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that 3D Metal Printing Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of 3D Metal Printing Ltd. You consider that 3D Metal Printing Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of 3D Metal Printing Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Bath
Somerset
BA2 2UU
3D Metal Printing Ltd
trading as Orthoscape
Abridged Profit and Loss Account for the Year Ended 31 March 2025
|
Note |
2025 |
2024 |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Interest payable and similar expenses |
( |
( |
|
|
Loss before tax |
( |
( |
|
|
Tax on loss |
|
|
|
|
Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
3D Metal Printing Ltd
trading as Orthoscape
Statement of Comprehensive Income for the Year Ended 31 March 2025
|
2025 |
2024 |
|
|
Loss for the year |
( |
( |
|
Total comprehensive income for the year |
( |
( |
3D Metal Printing Ltd
trading as Orthoscape
(Registration number: 09033118)
Abridged Balance Sheet as at 31 March 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Prepayments and accrued income |
|
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current (liabilities)/assets |
( |
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Accruals and deferred income |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
87,612 |
87,612 |
|
|
Share premium reserve |
73,146 |
73,146 |
|
|
Revaluation reserve |
5,570,030 |
5,570,030 |
|
|
Retained earnings |
(397,848) |
(348,892) |
|
|
Shareholders' funds |
5,332,940 |
5,381,896 |
For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
|
• |
|
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
3D Metal Printing Ltd
trading as Orthoscape
(Registration number: 09033118)
Abridged Balance Sheet as at 31 March 2025
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
.........................................
Mr A Casonato Longo
Director
3D Metal Printing Ltd
trading as Orthoscape
Statement of Changes in Equity for the Year Ended 31 March 2025
|
Share capital |
Share premium |
Revaluation reserve |
Retained earnings |
|
|
At 1 April 2024 |
|
|
|
( |
|
Loss for the year |
- |
- |
- |
( |
|
At 31 March 2025 |
|
|
|
( |
|
Total |
|
|
At 1 April 2024 |
|
|
Loss for the year |
( |
|
At 31 March 2025 |
|
|
Share capital |
Share premium |
Revaluation reserve |
Retained earnings |
|
|
At 1 April 2023 |
|
|
|
( |
|
Loss for the year |
- |
- |
- |
( |
|
New share capital subscribed |
|
|
- |
- |
|
At 31 March 2024 |
87,612 |
73,146 |
5,570,030 |
(348,892) |
|
Total |
|
|
At 1 April 2023 |
|
|
Loss for the year |
( |
|
New share capital subscribed |
|
|
At 31 March 2024 |
5,381,896 |
3D Metal Printing Ltd
trading as Orthoscape
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025
|
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
|
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 abridged 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 abridged 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.
Departure from requirements of FRS 102
In the current period the director has determined that adhering strictly to paragraph 18 of FRS102, which requires amortisation of intangible assets, would be misleading given the unique circumstances of the business where a finite life would misrepresent the asset's value. Therefore, to provide a true and fair view of the financial position and performance of the company, the director has chosen not to amortise the asset, but instead test it annually for impairment. The financial effect of this departure is that the intangible asset is carried at £5,745,267 instead of £3,410,523, and the loss for the year is £597,145 lower than it would have been. |
Going concern
The financial statements have been prepared on a going concern basis.
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.
3D Metal Printing Ltd
trading as Orthoscape
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025
Government grants
Government grant income is recognised when receivable.
Other grants
Foreign currency transactions and balances
Foreign currency balances are translated at the rate prevailing on the balance sheet date.
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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements with the exception of amounts relating to intangible assets.
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 balance sheet 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 |
|
Office equipment |
50% straight line basis |
|
Other tangible assets |
straight line basis over two to five years |
3D Metal Printing Ltd
trading as Orthoscape
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025
Intangible assets
Separately acquired trademarks , patents and licences are shown at historical cost. Internally generated trademarks, patents and licenses are initially shown at historical cost and then periodically revalued.
Trademarks, patents, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, patents, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Patents |
Historic cost amortised on a straight line basis over two to five years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, 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.
3D Metal Printing Ltd
trading as Orthoscape
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
|
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
|
Loss before tax |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
3D Metal Printing Ltd
trading as Orthoscape
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025
|
Intangible assets |
|
Total |
|
|
Cost or valuation |
|
|
At 1 April 2024 |
|
|
Additions acquired separately |
|
|
At 31 March 2025 |
|
|
Amortisation |
|
|
At 1 April 2024 |
|
|
Amortisation charge |
|
|
At 31 March 2025 |
|
|
Carrying amount |
|
|
At 31 March 2025 |
|
|
At 31 March 2024 |
|
3D Metal Printing Ltd
trading as Orthoscape
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025
Patents, Trademarks, Copyright and Designs
Intangible assets carried at revalued amounts
The fair value of the company's patents, trademarks, copyright and designs was revalued on
Had this class of asset been measured on a historical cost basis, their carrying amount would have been £
|
Aggregate cost |
Aggregate accumulated depreciation |
Aggregate carrying amount |
|
|
Revalued assets for the year ended 31 March 2025 |
|||
|
Patent |
5,897,607 |
(152,340) |
5,745,267 |
|
5,897,607 |
(152,340) |
5,745,267 |
|
Aggregate cost |
Aggregate accumulated depreciation |
Aggregate carrying amount |
|
|
Revalued assets for the year ended 31 March 2024 |
|||
|
Patent |
5,885,642 |
(128,403) |
5,757,239 |
|
5,885,642 |
(128,403) |
5,757,239 |
3D Metal Printing Ltd
trading as Orthoscape
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025
|
Tangible assets |
|
Furniture, fittings and equipment |
Other tangible assets |
Total |
|
|
Cost or valuation |
|||
|
At 1 April 2024 |
|
|
|
|
Additions |
|
- |
|
|
At 31 March 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 April 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 March 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 March 2025 |
|
|
|
|
At 31 March 2024 |
|
|
|
|
Stocks |
|
2025 |
2024 |
|
|
Work in progress |
|
|
|
Debtors |
Debtors includes £Nil (2024 - £Nil) due after more than one year.
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
87,612 |
|
87,612 |
3D Metal Printing Ltd
trading as Orthoscape
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025
|
Reserves |
The amount credited to the revaluation reserve as a result of the increased revaluation of the company's IP in March 2022 is not treated as taxable. There is no calculated amortisation of the revalued element of the intangible asset in the current year. In future periods, any calculated amortisation debited to the revaluation reserve will not be treated as deductible for tax purposes.
|
Financial commitments, guarantees and contingencies |
Amounts disclosed in the balance sheet
Included in the balance sheet are financial commitments of £362,664 (2024 - £362,664). The company entered into a loan agreeement with Innovate UK Loans Limited on 11th March 2021 and amounts totalling £362,664 were drawndown. Quarterly repayments of capital and deferred interest commence in July 2025 with the final repayment being due in July 2030. The lender has a fixed charge and a floating charge over all the assets of the company.
|
Related party transactions |
Key management compensation
|
2025 |
2024 |
|
|
Salaries and other short term employee benefits |
|
|
3D Metal Printing Ltd
trading as Orthoscape
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2025
Director's remuneration
The director's remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|