Company No:
Contents
Note | 2022 | 2021 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Intangible assets | 4 |
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Tangible assets | 5 |
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384,179 | 209,723 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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1,422,487 | 447,287 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 258,900 | 130,234 | ||
Total assets less current liabilities | 643,079 | 339,957 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Share premium account |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Ultramed Limited (registered number:
P M Upton
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Ultramed Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ultramed Ltd, Tremough Innovation Centre, Penryn, TR10 9TA, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
An error was made in the disclosure of the Share Incentive Plan and the EMI scheme in the prior year. Issued shares had been recognised at nominal value in the Statement of Comprehensive Income, however these should have been recognised at fair value as set out in note 11, with the corresponding Balance Sheet entry creating a Share Options Reserve. As these shares were granted and issued in the same period, the amount in the Share Options Reserve has been moved back to the Profit and Loss Account on the Statement of Changes in Equity.
An adjustment to the comparative period has been made to reflect the above, with the numerical differences being shown in note 2.
Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.
Fair value is measured by the directors using the Black-Scholes model which is considered by management to be the most appropriate method of valuation.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
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 financial statements. 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.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Development costs |
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Office equipment |
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Computer equipment |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.
As previously reported | Adjustment | As restated | ||||
Year ended 30 September 2021 | £ | £ | £ | |||
Wages and salaries | 55,162 | 11,692 | 66,854 |
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Development costs | Total | ||
£ | £ | ||
Cost | |||
At 01 October 2021 |
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Additions |
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At 30 September 2022 |
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Accumulated amortisation | |||
At 01 October 2021 |
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Charge for the financial year |
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At 30 September 2022 |
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Net book value | |||
At 30 September 2022 |
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At 30 September 2021 |
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Office equipment | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 October 2021 |
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Additions |
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At 30 September 2022 |
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Accumulated depreciation | |||||
At 01 October 2021 |
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Charge for the financial year |
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At 30 September 2022 |
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Net book value | |||||
At 30 September 2022 |
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At 30 September 2021 |
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2022 | 2021 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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Deferred tax asset |
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Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Accruals and deferred income |
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Other taxation and social security |
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Other creditors |
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2022 | 2021 | ||
£ | £ | ||
At the beginning of financial year |
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Credited to the Profit and Loss Account |
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At the end of financial year |
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The deferred taxation balance is made up as follows:
2022 | 2021 | ||
£ | £ | ||
Accelerated capital allowances | (
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Tax losses carry forward |
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Other timing differences |
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2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
2022 | 2021 | ||
£ | £ | ||
Owed by the company to the Directors | 5,002 | 10,002 |
The loan is interest free and repayable on demand.
Share incentive scheme
The company operated an Employee Share Plan in 2021 and 2022.
During the year, the Company granted 27,400 (2021: 15,800) non-transferable Share Purchase Rights over ordinary £0.01 shares to a total of 11 (2021: 8) employees. This led to 27,400 (2021: 15,800) non-transferable Ordinary shares being issued to the employees at market value of £28,050 (2021: £11,850) which has been recognised as staff remuneration in the Profit and Loss.
Nil (2021: nil) shares ceased to be part of the scheme during the year.
The exercise price is set to market value.
EMI scheme
The company operated an EMI scheme for one of its employees in 2021 and 2022.
If the options have not been exercised, they will lapse on the 10th anniversary of the grant of the options or the date the optionee ceases to be an employee of the company.
The company granted no new share (2021: 146,318) options, and at the year-end 23,947 (2021: 29,386) non-transferable options with an exercise price of £0.75 had vested, but not exercised. The fair value of these share options is £nil (2021: £nil), therefore no charge has been recognised in the Profit & Loss. The shares must be fully paid up on exercise.
The exercise price is set to market value and agreed with HMRC.