Enterobiotix Limited Filleted accounts for Companies House (small and micro)

Enterobiotix Limited Filleted accounts for Companies House (small and micro)

ENTEROBIOTIX LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC559230
Enterobiotix Limited
Filleted Financial Statements
31 March 2019
Enterobiotix Limited
Financial Statements
Year ended 31 March 2019
Contents
Page
Officers and professional advisers
1
Directors' responsibilities statement
2
Statement of financial position
3
Notes to the financial statements
4
Enterobiotix Limited
Officers and Professional Advisers
The board of directors
Mr C Bennett (Resigned 30 December 2019)
Mr G Clark (Resigned 13 June 2019)
Mr J McIlroy
Dr J Clark (Resigned 31 July 2019)
Prof. Sir L Ritchie (Resigned 30 December 2019)
Mrs C Scambler (Served from 5 October 2018 to 30 December 2019)
Mr A Coleman (Resigned 5 October 2018)
Mr M Butler (Appointed 11 September 2019)
Mr I Baird (Appointed 30 December 2019)
Mr M Bamforth (Appointed 30 December 2019)
Mr D Thomson (Appointed 30 December 2019)
Registered office
Aberdeen & N.E. Scotland Blood Transfusion Centre
Foresterhill Road
Aberdeen
Scotland
AB25 2ZW
Auditor
FourM Limited
Chartered Accountants & Statutory Auditor
Stannergate House
41 Dundee Road West
Broughty Ferry
Dundee
DD5 1NB
Enterobiotix Limited
Directors' Responsibilities Statement
Year ended 31 March 2019
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Enterobiotix Limited
Statement of Financial Position
31 March 2019
2019
2018
(restated)
Note
£
£
£
Fixed assets
Tangible assets
6
49,100
51,273
Current assets
Stocks
10,255
–
Debtors
7
49,656
36,000
Cash at bank and in hand
1,178,613
135,245
------------
---------
1,238,524
171,245
Creditors: amounts falling due within one year
8
148,961
164,359
------------
---------
Net current assets
1,089,563
6,886
------------
--------
Total assets less current liabilities
1,138,663
58,159
------------
--------
Net assets
1,138,663
58,159
------------
--------
Capital and reserves
Called up share capital
10
913
627
Share premium account
11
1,973,138
354,269
Profit and loss account
11
( 835,388)
( 296,737)
------------
---------
Shareholders funds
1,138,663
58,159
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 7 February 2020 , and are signed on behalf of the board by:
Mr M Butler Director
Company registration number: SC559230
Enterobiotix Limited
Notes to the Financial Statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Aberdeen & N.E. Scotland Blood Transfusion Centre, Foresterhill Road, Aberdeen, AB25 2ZW, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company made a loss for the year of £538,651 (2018 - loss of £296,737) The Board of Directors confirms that, after making appropriate enquiries, it has reasonable expectation that the company has adequate cash resources primarily from share issues to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing these financial statements.
Changes in accounting estimates
As of 1 April 2018 the company changed its accounting policy for the depreciation of lab and office equipment. Previously these asset classes were depreciated over 4 years however after consideration by the board of directors, the useful life of these assets are believed to be 5 and 3 years respectively. The directors believe that this is a fairer reflection of the life cycle of the assets resulting in a decreased depreciation charge for the year and an increased net book value for tangible assets of of £2,543 compared to the previous depreciation policy.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Research and development Research expenditure is written off in the period in which it is incurred.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Lab equipment
-
20% straight line
Office equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2018: 6 ).
5. Tax on loss
Major components of tax income
Period from
Year to
2 Mar 17 to
31 Mar 19
31 Mar 18
(restated)
£
£
Current tax:
R&D tax credit refundable
( 31,486)
( 28,825)
--------
--------
Tax on loss
( 31,486)
( 28,825)
--------
--------
6. Tangible assets
Lab equipment
Office equipment
Total
£
£
£
Cost
At 1 April 2018 (as restated)
56,634
3,914
60,548
Additions
5,185
7,215
12,400
Disposals
–
( 1,032)
( 1,032)
--------
--------
--------
At 31 March 2019
61,819
10,097
71,916
--------
--------
--------
Depreciation
At 1 April 2018
8,673
602
9,275
Charge for the year
11,907
1,978
13,885
Disposals
–
( 344)
( 344)
--------
--------
--------
At 31 March 2019
20,580
2,236
22,816
--------
--------
--------
Carrying amount
At 31 March 2019
41,239
7,861
49,100
--------
--------
--------
At 31 March 2018
47,961
3,312
51,273
--------
--------
--------
7. Debtors
2019
2018
(restated)
£
£
Trade debtors
1,003
180
Other debtors
48,653
35,820
--------
--------
49,656
36,000
--------
--------
The debtors above include the following amounts falling due after more than one year:
2019
2018
(restated)
£
£
Other debtors
1,963
620
-------
----
8. Creditors: amounts falling due within one year
2019
2018
(restated)
£
£
Trade creditors
22,869
40,293
Social security and other taxes
11,327
9,653
Other creditors
114,765
114,413
---------
---------
148,961
164,359
---------
---------
9. Prior period adjustment
The directors of the company have made a restatement within the comparative balances for the period ended 31 March 2018. The directors believed it would be more appropriate to recognise development expenditure in the profit and loss account as it arises rather than recognise as an intangible asset. This change resulted in an amount of £52,053 released to the profit and loss from capitalised development costs previously held within intangible assets. The restatement has resulted in a restated loss in the comparative year of £296,737.
10. Called up share capital
Issued, called up and fully paid
2019
2018
(restated)
No.
£
No.
£
Ordinary shares of £ 0.001 each
912,543
913
627,107
627
---------
----
---------
----
The number of shares outstanding at the year end date for all other classes of shares is consistent with the prior period.
11. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2019
2018
(restated)
£
£
Not later than 1 year
10,594
–
--------
----
13. Events after the end of the reporting period
On the 23 May 2019 50,333 £0.001 ordinary shares were issued at a price of £5.98 per share. The additional share capital and share premium amounted to £300,991 less arrangement fees. A second allotment of £0.001 ordinary shares was made on 30 December 2019 with 1,235,512 shares issued at £6.25 per share. The total amount raised from the issue was £7,721,950 less arrangement fees. A third allotment of £0.001 ordinary shares since the reporting date was made on 31 January 2020 with 46,151 shares issued at £6.25 per share. The total amount raised from the issue was £288,444 less arrangement fees.
14. Summary audit opinion
The auditor's report for the year dated 7 February 2020 was unqualified.
The senior statutory auditor was Karen Henderson MCIBS, BA(Hons), CA , for and on behalf of FourM Limited .
15. Related party transactions
The company was under the control of the directors throughout the current and previous year.