Implantpilot Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09457859 (England and Wales)

Financial Statements for the Year Ended 31 March 2019

for

Implantpilot Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J A Buglass

REGISTERED OFFICE:

Siren House March Way

Battlefield Enterprise Park

Shrewsbury

Shropshire

SY1 3JE

REGISTERED NUMBER:

09457859 (England and Wales)

ACCOUNTANTS:

George Arthur Limited

Chartered Accountants

Suite 6B, Wentworth Lodge

Great North Road

Welwyn Garden City

Hertfordshire

AL8 7SR

FIXED ASSETS

Intangible assets

4

15,900

31,800

Tangible assets

5

-

-

15,900

31,800

CURRENT ASSETS

Stocks

31,634

38,583

Debtors

6

16,703

23,268

Cash at bank

-

354

48,337

62,205

CREDITORS

Amounts falling due within one year

7

247,015

252,341

NET CURRENT LIABILITIES

(198,678

)

(190,136

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(182,778

)

(158,336

)

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

8

(182,788

)

(158,346

)

SHAREHOLDERS' FUNDS

(182,778

)

(158,336

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 2 December 2019 and were signed by:

J A Buglass - Director

1.	STATUTORY INFORMATION

Implantpilot 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.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and

the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;

- the Company retains neither continuing managerial involvement to the degree usually associated with

ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue 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 revenue can be measured reliably;

- it is probable that the Company 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Computer equipment

-

33% on 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 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2018

and 31 March 2019

79,500

AMORTISATION

At 1 April 2018

47,700

Charge for year

15,900

At 31 March 2019

63,600

NET BOOK VALUE

At 31 March 2019

15,900

At 31 March 2018

31,800

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2018

and 31 March 2019

200

DEPRECIATION

At 1 April 2018

and 31 March 2019

200

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

2,790

22,028

VAT

13,913

-

Prepayments and accrued income

-

1,240

16,703

23,268

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

35,201

54,238

Amounts owed to group undertakings

210,414

188,970

VAT

-

7,583

Accruals and deferred income

1,400

1,550

247,015

252,341

8.

RESERVES

Retained

earnings

£

At 1 April 2018

(158,346

)

Deficit for the year

(24,442

)

At 31 March 2019

(182,788

)