Cytoseek Limited - Period Ending 2019-07-31

Registration number: 11076788

Cytoseek Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2019

Pages for filing with Registrar

Cytoseek Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 8

Cytoseek Limited

Company Information

Directors

Dr A W Perriman A Wilson Mr Keith Macdonald Dr Clive Stanway Dr Timonthy Eugene Allsopp

Registered office

Unit Dx St Phillips Central Albert Road Bristol BS2 0XJ

Registered number

11076788

Accountants

Corrigan Accountants Limited The Tramshed 25 Lower Park Row Bristol BS1 5BN

Page 1

Cytoseek Limited

(Registration number: 11076788)
Balance Sheet as at 31 July 2019

	Note	2019 £	2018 £
Current assets
Debtors	4	27,633	100
Cash at bank and in hand		206,026	-
		233,659	100
Creditors: Amounts falling due within one year	5	(12,726)	-
Net assets		220,933	100
Capital and reserves
Called up share capital		1,298	100
Share premium reserve		346,640	-
Profit and loss account		(127,005)	-
Total equity		220,933	100

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 2

Cytoseek Limited

(Registration number: 11076788)
Balance Sheet as at 31 July 2019

For the financial year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 28 January 2020 and signed on its behalf by:
 

.........................................

A Wilson
Director

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 3

Cytoseek Limited

Statement of Changes in Equity for the Year Ended 31 July 2019

	Share capital £	Share premium £	Profit and loss account £	Total £
At 1 August 2018	100	-	-	100
Loss for the year	-	-	(127,005)	(127,005)
Total comprehensive income	-	-	(127,005)	(127,005)
New share capital subscribed	1,198	346,640	-	347,838
At 31 July 2019	1,298	346,640	(127,005)	220,933

	Share capital £	Share premium £	Profit and loss account £	Total £
New share capital subscribed	100	-	-	100
At 31 July 2018	100	-	-	100

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 4

Cytoseek Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

1	Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit Dx
St Phillips Central
Albert Road
Bristol
BS2 0XJ
United Kingdom

2	Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention.

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

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered the forecasted cashflows for the company for the twelve months from the date of approval of these financial statements and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Government grants

Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Page 5

Cytoseek Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the
contractual arrangements entered into. An equity instrument is any contract that gives a residual interest in the the assets of the company after deducting all of its liabilities. Instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Compound financial instruments include liability and equity components. The equity component is assigned the residual of the proceeds of issue after deducting the fair value of the liability component. All premiums or fees, paid or received, in respect of a financial instrument are accounted for over the life of the matched underlying asset, liability or cost.
 
 

Page 6

Cytoseek Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2018 - 3).

4	Debtors: amounts falling due within one year

	2019 £	2018 £
Other debtors	100	100
Prepayments	271	-
Accrued income	27,262	-
	27,633	100

5

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Trade creditors	8,219	-
Taxation and social security	766	-
Other creditors	2,241	-
Accruals	1,500	-
	12,726	-

Page 7

Cytoseek Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

6	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £0.10 each	12,987	1,298.70	1,000	100.00

New shares allotted
During the year 490 shares with the agregate consideration of £47,099 were issued in respect of a convertible loan agreement entered into in the year. In addition to the convertible loan a further 2,497 shares were allotted for an aggregate consideration of £299,840.

Page 8