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Registered number: 07327556
Optasia Medical Limited
Unaudited
Directors' Report and Consolidated Financial Statements
For the year ended 30 September 2022
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Optasia Medical Limited
Company Information
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Hurst Accountants Limited
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Optasia Medical Limited
Contents
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Consolidated Statement of Comprehensive Income
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Consolidated Balance Sheet
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Notes to the Financial Statements
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Optasia Medical Limited
Directors' Report
For the year ended 30 September 2022
The directors present their report and the financial statements for the year ended 30 September 2022.
The group's and company's principal activity during the period was the development of a software-powered service offering to help hospital sites identify previously undiagnosed vertebral fractures.
The group has conducted research and development of medical image understanding software with a view to further commercial exploitation of such software. Research and development costs amounting to £353,608 (2021 - £249,527) have been incurred in the year.
The loss for the year, after taxation, amounted to £416,618 (2021 - loss £390,844).
The directors who served during the year were:
During the year to 30 September 2022 the group reported losses of £416,618.
The Covid-19 virus outbreak continued to have a significant impact on the business given that the primary target market for the company is the NHS.
The directors have prepared detailed cashflow forecasts for the next 12 months to 31 December 2023, which demonstrate that the company will require funding of approximately £75,000, depending on the receipt of monies for the Government’s Research and Development Tax Relief scheme. During the year, individual investors, through the investment vehicle Saffron Hill Ventures 2 Limited partnership, have lent £729,973 to the company. The directors, after consultation with these individual investors, believe that they are both willing and able to make additional funds available to enable the company to meet its financial obligations as they fall due.
In view of the above, the directors believe that, for the foreseeable future due to the continued support from individual investors through Saffron Hill Ventures 2 Limited Partnership, the company will be able to meet all of its obligations as they fall due and accordingly continue to prepare financial statements on the going concern basis.
However, there is no certainty that additional funding will be available to the company for the forecast period, as this is dependent on individual investors being willing and having sufficient and available resources to continue their investment through Saffron Hill Ventures 2 Limited Partnership. Should the company fail to obtain monies from the Government’s Research and Development Tax Relief scheme and individual investors either not be willing or able to make additional investments as required by the company and alternative sources of finance not be available, the company is unlikely to be able to continue in operational existence.
In such circumstances the company’s assets may not be realised at their carrying value and additional liabilities might arise.
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Optasia Medical Limited
Directors' Report (continued)
For the year ended 30 September 2022
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Optasia Medical Limited
Consolidated Statement of Comprehensive Income
For the year ended 30 September 2022
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Interest receivable and similar income
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Interest payable and similar expenses
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Loss for the financial year
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Total comprehensive income for the year
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(Loss) for the year attributable to:
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Owners of the parent company
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Total comprehensive income for the year attributable to:
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Owners of the parent company
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Optasia Medical Limited
Registered number: 07327556
Consolidated Balance Sheet
As at 30 September 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Equity attributable to owners of the parent company
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Optasia Medical Limited
Registered number: 07327556
Consolidated Balance Sheet (continued)
As at 30 September 2022
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared 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 financial statements were approved and authorised for issue by the board and were signed on its behalf:
The notes on pages 8 to 17 form part of these financial statements.
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Optasia Medical Limited
Registered number: 07327556
Company Balance Sheet
As at 30 September 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Profit and loss account brought forward
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Profit and loss account carried forward
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Optasia Medical Limited
Registered number: 07327556
Company Balance Sheet (continued)
As at 30 September 2022
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf byby:
The notes on pages 8 to 17 form part of these financial statements.
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Optasia Medical Limited
Notes to the Financial Statements
For the year ended 30 September 2022
Optasia Medical Limited is a private company limited by share capital incorporated in England, company number 07327556. The registered office address is Mellor House, Mellor Road, Cheadle Hulme, Cheadle, Cheshire, SK8 5AU.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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Cash flow and related parties
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The financial statements do not include a consolidated cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under FRS 102 1A.7.
The company is also exempt under FRS 102 1AC.35 from disclosing related party transactions with entities which are wholly owned by the group.
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Optasia Medical Limited
Notes to the Financial Statements
For the year ended 30 September 2022
2.Accounting policies (continued)
During the year to 30 September 2022 the group reported losses of £416,618.
The Covid-19 virus outbreak continued to have a significant impact on the business given that the primary target market for the company is the NHS.
The directors have prepared detailed cashflow forecasts for the next 12 months to 31 December 2023, which demonstrate that the company will require funding of approximately £75,000, depending on the receipt of monies for the Government’s Research and Development Tax Relief scheme. During the year, individual investors, through the investment vehicle Saffron Hill Ventures 2 Limited partnership, have lent £729,973 to the company. The directors, after consultation with these individual investors, believe that they are both willing and able to make additional funds available to enable the company to meet its financial obligations as they fall due.
In view of the above, the directors believe that, for the foreseeable future due to the continued support from individual investors through Saffron Hill Ventures 2 Limited Partnership, the company will be able to meet all of its obligations as they fall due and accordingly continue to prepare financial statements on the going concern basis.
However, there is no certainty that additional funding will be available to the company for the forecast period, as this is dependent on individual investors being willing and having sufficient and available resources to continue their investment through Saffron Hill Ventures 2 Limited Partnership. Should the company fail to obtain monies from the Government’s Research and Development Tax Relief scheme and individual investors either not be willing or able to make additional investments as required by the company and alternative sources of finance not be available, the company is unlikely to be able to continue in operational existence.
In such circumstances the company’s assets may not be realised at their carrying value and additional liabilities might arise.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Group will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Optasia Medical Limited
Notes to the Financial Statements
For the year ended 30 September 2022
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Grants of a revenue nature are recognised in the consolidated statement of comprehensive income in the same period as the related expenditure.
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Optasia Medical Limited
Notes to the Financial Statements
For the year ended 30 September 2022
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Operating leases: the Group as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Defined contribution pension plan
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.
The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the group in independently administered funds.
Interest income is recognised in profit or loss using the effective interest method.
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Optasia Medical Limited
Notes to the Financial Statements
For the year ended 30 September 2022
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
The costs of research and development expenditure are expensed to the profit and loss account when incurred.
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The average monthly number of employees, including directors, during the year was 7 (2021 - 6).
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Optasia Medical Limited
Notes to the Financial Statements
For the year ended 30 September 2022
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Foreign exchange movement
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Charge for the year on owned assets
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Foreign exchange movement
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Optasia Medical Limited
Notes to the Financial Statements
For the year ended 30 September 2022
4.Intangible assets (continued)
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Optasia Medical Limited
Notes to the Financial Statements
For the year ended 30 September 2022
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Optasia Medical Limited
Notes to the Financial Statements
For the year ended 30 September 2022
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Commitments under operating leases
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The Group and the company had no commitments under non-cancellable operating leases at the balance sheet date.
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Related party transactions
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During the year the group loaned funds amounting to £729,973 (2021 - £298,637) interest free from Saffron Hill Ventures 2 Limited Partnership. At the balance sheet date the group owed £5,041,546 (2021 - £4,311,573) in respect of this loan.
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Optasia Medical Limited
Notes to the Financial Statements
For the year ended 30 September 2022
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Analysis of the maturity of the loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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