Registration number: 12113061

Xenon Medical Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Xenon Medical Limited

Company Information

Directors

Matthew Allen Dr Pamela Allen

Registered office

9 Hare & Billet Road Blackheath SE3 0RB

Accountants

Field Sullivan Limited 9 Hare & Billet Road Blackheath SE3 0RB

Xenon Medical Limited

(Registration number: 12113061)
Balance Sheet as at 31 July 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	23,040	28,957
Current assets
Debtors	7	33,425	67,707
Other financial assets	6	482,742	372,902
Cash at bank and in hand		55,675	58,712
		571,842	499,321
Creditors: Amounts falling due within one year	8	(27,383)	(33,716)
Net current assets		544,459	465,605
Total assets less current liabilities		567,499	494,562
Provisions for liabilities		(6,106)	(7,673)
Net assets		561,393	486,889
Capital and reserves
Called up share capital	10	200	200
Retained earnings		561,193	486,689
Shareholders' funds		561,393	486,889

For the financial year ending 31 July 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 Profit and Loss Account.

Xenon Medical Limited

(Registration number: 12113061)
Balance Sheet as at 31 July 2025

Approved and authorised by the Board on 22 May 2026 and signed on its behalf by:
 

......................................... Matthew Allen Director

Xenon Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
9 Hare & Billet Road
Blackheath
SE3 0RB

These financial statements were authorised for issue by the Board on 22 May 2026.

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.

Judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the periods in which the estimate is revised where revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.

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 when the service is performed, if the service straddles more than one accounting period, income is
recognised on a pro rata basis.

Xenon Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

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.

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
Fixtures, fittings & equipment	straight line over 5 years
Other assets	straight line over 10 years
Motor vehicles	reducing balance over 4 to 7 years

Investments

Investments comprise investments in unquoted equity instruments which are measured at fair value. Changes in fair value are recognised in profit or loss.

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.

Xenon Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

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

Xenon Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

4

Taxation

Tax charged/(credited) in the income statement

	2025 £	2024 £
Current taxation
UK corporation tax	23,386	20,726
Deferred taxation
Arising from origination and reversal of timing differences	(1,568)	(1,316)
Tax expense in the income statement	21,818	19,410

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 August 2024	10,157	52,990	560	63,707
Additions	3,636	-	-	3,636
Disposals	(3,946)	-	-	(3,946)
At 31 July 2025	9,847	52,990	560	63,397
Depreciation
At 1 August 2024	4,035	30,635	80	34,750
Charge for the year	1,969	5,589	80	7,638
Eliminated on disposal	(2,031)	-	-	(2,031)
At 31 July 2025	3,973	36,224	160	40,357
Carrying amount
At 31 July 2025	5,874	16,766	400	23,040
At 31 July 2024	6,122	22,355	480	28,957

Xenon Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

6	Other financial assets (current and non-current)

	Financial assets at fair value £	Total £
Current financial assets
Cost or valuation
At 1 August 2024	372,902	372,902
Fair value adjustments	29,840	29,840
Additions	80,000	80,000
At 31 July 2025	482,742	482,742
Carrying amount
At 31 July 2025	482,742	482,742

7

Debtors

Current	2025 £	2024 £
Trade debtors	10,579	13,105
Other debtors	22,846	54,602
	33,425	67,707

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	11	1,894	247
Social security and other taxes		354	609
Accruals		1,749	2,009
Income tax liability		23,386	30,851
		27,383	33,716

Xenon Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

9	Deferred tax and other provisions

	Deferred tax £	Total £
At 1 August 2024	7,673	7,673
Increase (decrease) in existing provisions	(1,567)	(1,567)
At 31 July 2025	6,106	6,106

10	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
A ordinary of £1 each	100	100	100	100
B ordinary of £1 each	100	100	100	100
	200	200	200	200

11	Loans and borrowings

Current loans and borrowings

	2025 £	2024 £
Other borrowings	1,894	247

12

Dividends

Interim dividends paid

		2025 £		2024 £
Interim dividend of £30.00 (2024 - £150.00) per each A ordinary		30,000		15,000
Interim dividend of £Nil (2024 - £150.00) per each B ordinary		-		15,000
		30,000		30,000

Xenon Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

13	Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	15,467	11,226

Summary of transactions with other related parties

Mr Matthew Allen and Mrs Pamela Allen
(directors and shareholders)
 
During the year Mr and Mrs Allen received dividends totalling £30,000 (2024: £30,000) and paid £12,388 (2024: £3,282) for business expense privately. At the balance sheet date the amount owed to the company from the directors was £12,722 (2024: £44,477) which was cleared post year end.