Merad Pharmaceuticals Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04024112 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2018

for

Merad Pharmaceuticals Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs N Kumar

Dr R Kumar

REGISTERED OFFICE:

Lewis House

Great Chesterford Court

Great Chesterford

Essex

CB10 1PF

REGISTERED NUMBER:

04024112 (England and Wales)

FIXED ASSETS

Tangible assets

5

51,840

53,298

CURRENT ASSETS

Debtors

6

29,613

6,174

Cash at bank

312,999

24,136

342,612

30,310

CREDITORS

Amounts falling due within one year

7

(411,377

)

(71,001

)

NET CURRENT LIABILITIES

(68,765

)

(40,691

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(16,925

)

12,607

PROVISIONS FOR LIABILITIES

-

(76

)

NET (LIABILITIES)/ASSETS

(16,925

)

12,531

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(17,025

)

12,431

SHAREHOLDERS' FUNDS

(16,925

)

12,531

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 March 2019 and were signed on its behalf by:

Mrs N Kumar - Director

Dr R Kumar - Director

1.	STATUTORY INFORMATION

Merad Pharmaceuticals Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is charged at the following annual rates in order to write off the cost less estimated residual value

of each asset over its estimated useful life.

Improvements to property - 2% on cost

Plant and machinery - 25% on reducing balance

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual

provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in

effect, 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.

Debt instruments are subsequently measured at amortised cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

property

machinery

Totals

£

£

£

COST

At 1 July 2017

and 30 June 2018

72,134

24,841

96,975

DEPRECIATION

At 1 July 2017

20,539

23,138

43,677

Charge for year

1,032

426

1,458

At 30 June 2018

21,571

23,564

45,135

NET BOOK VALUE

At 30 June 2018

50,563

1,277

51,840

At 30 June 2017

51,595

1,703

53,298

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

17,499

-

Other debtors

12,114

6,174

29,613

6,174

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Taxation and social security

13

24,482

Other creditors

411,364

46,519

411,377

71,001

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2018 and

30 June 2017:

2018

2017

£

£

Dr R Kumar

Balance outstanding at start of year

-

-

Amounts advanced

23,577

-

Amounts repaid

(23,577

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The advances made to the directors in the year had no fixed repayment terms and were repayable on demand.

Interest was charged on advances to the directors at a rate of 4%.

9.	GOING CONCERN

In determining the appropriate basis of preparation of the financial statements, the directors are required to

consider whether the Company can continue in operational existence for at least the next 12 months.

During the period the company made a net loss of £29,456 and, at the balance sheet date, the company's total

liabilities exceeded its total assets by £17,025.

Having made requisite enquires, the Directors are confident that the company has adequate resources to continue

its operations for the foreseeable future. Part of the company's liabilities are monies due to the directors

amounting to £322,728. The Directors have confirmed that they will not call on these outstanding monies and

will continue the support of the business.

In conclusion, and considering the areas described above, the Directors are confident that the Company has

adequate resources to continue in operational existence for the foreseeable future. For these reasons, the

Directors consider it appropriate they continue to prepare the financial statements on a going concern basis.

These financial statements do not include any adjustments that would result from the going concern basis of

preparation being inappropriate.