ACCOUNTS - Final Accounts preparation

BIOTRONICS 3D LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312023-05-172022-12-312023-05-17The principal activity of the Company is that of research and development and medical engineering software.2022-01-01false2320truetrue 05029338 2022-01-01 2022-12-31 05029338 2021-02-01 2021-12-31 05029338 2022-12-31 05029338 2021-12-31 05029338 c:Director6 2022-01-01 2022-12-31 05029338 d:FurnitureFittings 2022-01-01 2022-12-31 05029338 d:FurnitureFittings 2022-12-31 05029338 d:FurnitureFittings 2021-12-31 05029338 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 05029338 d:OfficeEquipment 2022-01-01 2022-12-31 05029338 d:OfficeEquipment 2022-12-31 05029338 d:OfficeEquipment 2021-12-31 05029338 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 05029338 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 05029338 d:CurrentFinancialInstruments 2022-12-31 05029338 d:CurrentFinancialInstruments 2021-12-31 05029338 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05029338 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 05029338 d:ShareCapital 2022-12-31 05029338 d:ShareCapital 2021-12-31 05029338 d:SharePremium 2022-12-31 05029338 d:SharePremium 2021-12-31 05029338 d:RetainedEarningsAccumulatedLosses 2022-12-31 05029338 d:RetainedEarningsAccumulatedLosses 2021-12-31 05029338 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 05029338 d:TaxLossesCarry-forwardsDeferredTax 2021-12-31 05029338 c:OrdinaryShareClass1 2022-01-01 2022-12-31 05029338 c:OrdinaryShareClass1 2022-12-31 05029338 c:OrdinaryShareClass1 2021-12-31 05029338 c:OrdinaryShareClass2 2022-01-01 2022-12-31 05029338 c:OrdinaryShareClass2 2022-12-31 05029338 c:OrdinaryShareClass2 2021-12-31 05029338 c:FRS102 2022-01-01 2022-12-31 05029338 c:Audited 2022-01-01 2022-12-31 05029338 c:FullAccounts 2022-01-01 2022-12-31 05029338 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 05029338 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 05029338 2 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05029338

BIOTRONICS 3D LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2022

BIOTRONICS 3D LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BIOTRONICS 3D LIMITED

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Opinion

We have audited the financial statements of Biotronics 3D Limited (the 'Company') for the period ended 31 December 2022, which comprise the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its loss for the period then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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BIOTRONICS 3D LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BIOTRONICS 3D LIMITED (CONTINUED)

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

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BIOTRONICS 3D LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BIOTRONICS 3D LIMITED (CONTINUED)

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Obtain an understanding of the policies and procedures management has in place to detect and prevent fraud and non-compliance with laws and regulations.

∙Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.

∙Enquire of management and those charged with governance around actual and potential litigation and claims.

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

∙Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.

∙Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.

∙Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.

∙Review of after year end information to ensure expenditure have been accounted for in the correct period.

∙Perform analytical review procedures to identify any irregularities and investigation thereon.

∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

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BIOTRONICS 3D LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BIOTRONICS 3D LIMITED (CONTINUED)

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Hawksley FCA, MAAT, CTA (Senior Statutory Auditor)

for and on behalf of

TWP Accounting LLP

Chartered Accountants

Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE

17 May 2023

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BIOTRONICS 3D LIMITED

REGISTERED NUMBER: 05029338

BALANCE SHEET

AS AT 31 DECEMBER 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		46,908		15,718
			46,908		15,718
Current assets
Debtors: amounts falling due within one year	5	1,214,638		722,249
Cash at bank and in hand	6	1,403,007		1,457,636
		2,617,645		2,179,885
Creditors: amounts falling due within one year	7	(1,393,155)		(317,833)
Net current assets			1,224,490		1,862,052
Total assets less current liabilities			1,271,398		1,877,770

Net assets			1,271,398		1,877,770

Capital and reserves
Called up share capital	133,691	133,691
Share premium account	1,495,403	1,495,403
Profit and loss account	(357,696)	248,676
	1,271,398	1,877,770

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with 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 on 17 May 2023.

B R Cole

Director

The notes on pages 6 to 12 form part of these financial statements.

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BIOTRONICS 3D LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

1.	General information

Biotronics 3D Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Greenwich View Place, London, E14 9NN. The principal activity of the Company is that of research and development and medical engineering software.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 comparative amounts presented in the financial statements (including the related notes) are not entirely comparable as they relate to the period 1 February 2021 to 31 December 2021.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The financial statements are prepared in sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.

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. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.3

Revenue

Turnover comprises revenue in respect of medical imaging services and software rendered during the period, exclusive of trade discounts and Value Added Tax.
Turnover is recognised in the profit and loss account over the period to which it relates. Where invoiced in advance, the turnover is included at the stage of completion or services rendered in deferred income in the balance sheet.

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

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BIOTRONICS 3D LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.5

Research and development

The expenditure on research and development is recognised as an expense when it is incurred.
Research and development tax refunds received from tax authorities are recognised in other operating income in the year of receipt.

2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

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.

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

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BIOTRONICS 3D LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. 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 operates and generates 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; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

2.11

Tangible fixed assets

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:

				Fixtures and fittings	-	4 years straight line
				Office equipment	-	4 years straight line

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.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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BIOTRONICS 3D LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 23 (2021 - 20).

4.	Tangible fixed assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost or valuation
At 1 January 2022	7,495	258,057	265,552
Additions	-	49,259	49,259
At 31 December 2022	7,495	307,316	314,811
Depreciation
At 1 January 2022	7,200	242,634	249,834
Charge for the period on owned assets	263	17,806	18,069
At 31 December 2022	7,463	260,440	267,903
Net book value
At 31 December 2022	32	46,876	46,908
At 31 December 2021	295	15,423	15,718

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BIOTRONICS 3D LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

Debtors

					2022	2021
					£	£


Trade debtors	606,590	377,963
Amounts owed by group undertakings	57,879	-
Other debtors	18,263	14,474
Prepayments and accrued income	200,802	105,876
Deferred taxation asset	331,104	223,936
	1,214,638	722,249

6.	Cash and cash equivalents
		2022	2021
		£	£

Cash at bank and in hand	1,403,007	1,457,636
	1,403,007	1,457,636

7.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	38,100	4,499
Other taxation and social security	-	38,124
Other creditors	1,238	6,172
Accruals and deferred income	1,353,817	269,038
	1,393,155	317,833

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BIOTRONICS 3D LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

8.	Deferred taxation

		2022
		£

	At beginning of year	223,936
	Charged to profit or loss	107,168
	At end of year	331,104

The deferred tax asset is made up as follows:
	2022	2021
	£	£

	Tax losses carried forward	331,104	223,936
		331,104	223,936

9.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

150,000 (2021 - 150,000) Ordinary shares of £0.50 each	75,000	75,000
1,173,818 (2021 - 1,173,818) B Ordinary shares of £0.05 each	58,691	58,691

	133,691	133,691

10.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £25,158 (2021 - £24,956). At the balance sheet date, pension contributions of £nil (2021 - £4,934) were payable to the fund.

11.	Related party transactions
	The company is a wholly owned subsidiary and accordingly has taken the exemptions provided within paragraph 33.1A of FRS102 and therefore transactions with group companies have not been disclosed. At the balance sheet date, the company owed an amount of £1,238 (2021 - £1,238) to S Grimm, who was a director up until 17 December 2021.

Page 11

BIOTRONICS 3D LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

12.	Controlling party

The immediate parent undertaking is Openrad International S.A., a company incorporated in Luxembourg.
The ultimate parent undertaking is Medneo Global S.A., a company incorporated in Luxembourg. The address of their office is 17 Rue des Bains, 1212 Luxembourg.
There is no ultimate controlling party.

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