Smart Cells International Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04031730 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

Smart Cells International Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

S Ahmed

SECRETARY:

F Kamal-Ahmed

REGISTERED OFFICE:

Bury House

31 Bury Street

London

EC3A 5AR

REGISTERED NUMBER:

04031730 (England and Wales)

ACCOUNTANTS:

Elliotts Shah

Chartered Accountants

Ground Floor, Bury House

31 Bury Street

London

EC3A 5AR

FIXED ASSETS

Tangible assets

4

769,398

816,567

Investments

5

38,926

38,926

808,324

855,493

CURRENT ASSETS

Stocks

23,352

49,889

Debtors

6

2,274,945

2,140,889

Cash at bank

523,463

723,845

2,821,760

2,914,623

CREDITORS

Amounts falling due within one year

7

400,389

527,597

NET CURRENT ASSETS

2,421,371

2,387,026

TOTAL ASSETS LESS CURRENT LIABILITIES

3,229,695

3,242,519

PROVISIONS FOR LIABILITIES

8

2,929,035

2,941,443

NET ASSETS

300,660

301,076

CAPITAL AND RESERVES

Called up share capital

9

5,500

5,500

Share premium

10

198,927

198,927

Retained earnings

10

96,233

96,649

SHAREHOLDERS' FUNDS

300,660

301,076

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director on 30 September 2019 and were signed by:

S Ahmed - Director

1.	STATUTORY INFORMATION

Smart Cells International 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going concern

After considering the company's prospects, the director has a reasonable expectation that the company has

adequate resources to continue in operational existence for the foreseeable future. The company therefore

continues to adopt the going concern basis in preparing its financial statements.

Turnover

Turnover represents net amounts receivable for sales of kits distributed, processing and for successful storage,

net of provisions for future storage costs together with management fees receivable from fellow group

companies, all excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Short leasehold

-

over 20 years

Laboratory and equipment

-

between 4% to 20% straight line

Office equipment

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Provision for storage liability

The provision relates to future liabilities for storage costs in relation to stem cell preservation, based on expected

cash outflows over the next 24 years.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2017 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Laboratory

Fixtures

Short

and

Office

and

leasehold

equipment

equipment

fittings

Totals

£

£

£

£

£

COST

At 1 January 2018

197,364

941,932

173,384

86,745

1,399,425

Additions

-

11,767

1,695

-

13,462

At 31 December 2018

197,364

953,699

175,079

86,745

1,412,887

DEPRECIATION

At 1 January 2018

50,970

305,966

156,947

68,975

582,858

Charge for year

9,868

41,786

4,534

4,443

60,631

At 31 December 2018

60,838

347,752

161,481

73,418

643,489

NET BOOK VALUE

At 31 December 2018

136,526

605,947

13,598

13,327

769,398

At 31 December 2017

146,394

635,966

16,437

17,770

816,567

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2018

and 31 December 2018

38,926

NET BOOK VALUE

At 31 December 2018

38,926

At 31 December 2017

38,926

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

297,750

243,567

Amounts owed by group undertakings

1,428,562

1,062,808

Other debtors

33,304

82,977

Prepayments and accrued income

515,329

751,537

2,274,945

2,140,889

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

191,715

137,385

Amounts owed to group undertakings

-

18,684

Corporation tax

38,732

716

Social security and other taxes

21,906

16,925

VAT

24,470

214,761

Other creditors

791

332

Provision for storage

liability

88,100

84,486

Director's current account

-

12,508

Accruals and deferred income

34,675

41,800

400,389

527,597

8.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

70,114

72,432

Provision for storage

liability

2,858,921

2,869,011

2,929,035

2,941,443

Storage

Deferred

liability

tax

provision

£

£

Balance at 1 January 2018

72,432

2,953,497

Provided during year

-

77,998

Credit to Income Statement during year

(2,318

)

-

Utilised during year

-

(84,474

)

Balance at 31 December 2018

70,114

2,947,021

2018

2017

£

£

Storage liability

Storage liability due within 1 year

88,100

84,486

Storage liability due after more than 1 year

2,858,921

2,869,011

2,947,021

2,953,497

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

5,500

Ordinary

£1

5,500

5,500

10.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2018

96,649

198,927

295,576

Deficit for the year

(416

)

(416

)

At 31 December 2018

96,233

198,927

295,160

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

The company has advanced sums amounting to £161,694 to Qlu Health Limited, a company which was under the

control of the director during the year but subsequently sold to a third party after the year end. In light of the

financial position of Qlu Health Limited, the company has provided in full against this balance.

12.	ULTIMATE CONTROLLING PARTY

Smart Cells International Limited is a wholly owned subsidiary of Smart Cells Holdings Limited, a company

registered in England and Wales. Smart Cells Holdings Limited is under the control of the director, S Ahmed, by

virtue of his beneficial interest in the company.