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Registration number: 10715390

Medusa Resources Limited
Unaudited Filleted Financial Statements
for the Year Ended 30 April 2025

Medusa Resources Limited

Contents

Statement of Financial Position | 1
Notes to the Unaudited Financial Statements | 2 to 8

Medusa Resources Limited

(Registration number: 10715390)
Statement of Financial Position as at 30 April 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 635 | 898
Other financial assets | 5 | 1,231 | -
|  | 1,866 | 898
Current assets |  |  |
Debtors | 6 | 497,065 | 590,891
Cash at bank and in hand |  | 27,830 | 17,907
|  | 524,895 | 608,798
Creditors: Amounts falling due within one year | 7 | (555,850) | (594,214)
Net current (liabilities)/assets |  | (30,955) | 14,584
Total assets less current liabilities |  | (29,089) | 15,482
Creditors: Amounts falling due after more than one year | 7 | (31,322) | (32,048)
Net liabilities |  | (60,411) | (16,566)
Capital and reserves |  |  |
Called up share capital |  | 1,000 | 1,000
Profit and loss account |  | (61,411) | (17,566)
Shareholders' deficit |  | (60,411) | (16,566)

For the financial year ending 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 5 January 2026 and signed on its behalf by:

Dr H J M Bladon Director

Medusa Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Tallford House
38 Walliscote Road
Weston-super-Mare
North Somerset
BS23 1LP

Principal activity

The principal activity of the company is making investments.

2 | 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 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 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.

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

Going concern

The financial statements have been prepared on a going concern basis.
At the year end the company had net current liabilities of £30,955 (2024 assets £14,584) and net liabilities of £60,411 (2024 £16,566) and made a loss for the year. The loss resulted from the company suffering a significant loss on a loan debtor. Going forward, the Directors believe the company will be profitable from its other existing investing activities.
In addition, the main creditor included in current liabilities is the loan from the Directors of £545,850 (2024 £575,929) and the Directors have confirmed their willingness to continue to support the company.
Based on the above reasons, the Directors consider that a going concern basis is appropriate.

Medusa Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

2 | Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tax

The tax expense for the period comprises 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.

Medusa Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

2 | Accounting policies (continued)

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.
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 statement of financial position 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:

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Medusa Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

2 | Accounting policies (continued)

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2024 - 4).

Medusa Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

4 | Tangible assets

| Office equipment £ | Total £
Cost or valuation
At 1 May 2024 | 2,521 | 2,521
At 30 April 2025 | 2,521 | 2,521
Depreciation
At 1 May 2024 | 1,623 | 1,623
Charge for the year | 263 | 263
At 30 April 2025 | 1,886 | 1,886
Carrying amount
At 30 April 2025 | 635 | 635
At 30 April 2024 | 898 | 898

5 | Other financial assets (current and non-current)

| Other fixed asset investment £ | Total £
Non-current financial assets
Cost or valuation
Additions | 1,231 | 1,231
At 30 April 2025 | 1,231 | 1,231
Impairment
Carrying amount
At 30 April 2025 | 1,231 | 1,231

Medusa Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

6 | Debtors

| Note | 2025 £ | 2024 £
Other debtors |  | 474,874 | 562,602
Prepayments |  | 3,067 | 19,299
Deferred tax assets |  | 19,124 | 8,990
|  | 497,065 | 590,891

Details of non-current trade and other debtors

£15,444 (2024 -£Nil) of Deferred tax is classified as non current.

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings |  | - | 6,203
Trade creditors |  | - | 66
Taxation and social security |  | 98 | 52
Accruals and deferred income |  | 3,472 | 5,964
Other creditors |  | 552,280 | 581,929
|  | 555,850 | 594,214

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings |  | 31,322 | 32,048

| 2025 £ | 2024 £
Due after more than five years |  |
After more than five years by instalments | - | 7,237

| £0.00 | £0.00

Creditors include bank loan repayable by instalments of £Nil (2024 - £7,237) due after more than five years. The loan relates to a Bounce Back Loan received and interest is due on the bank loan at a fixed rate of 2.5%.

Medusa Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

8 | Reserves

Profit and loss account:
This reserve records retained earnings and accumulated losses.

9 | Related party transactions

Transactions with directors

2025 | At 1 May 2024 £ | Advances to director £ | Repayments by director £ | At 30 April 2025 £
Directors' loan | (575,929) | 37,079 | (7,000) | (545,850)

2024 | At 1 May 2023 £ | Advances to director £ | Repayments by director £ | At 30 April 2024 £
Directors' loan | (579,158) | 93,229 | (90,000) | (575,929)

The Directors' loan is interest free and repayable on demand.