ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

CAMBRIDGE SCIENTIFIC INNOVATIONS LIMITED - Company Information

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Caseware UK (AP4) 2019.0.227 2019.0.227 2019-09-302019-09-302018-10-01falseThe principal activity of the Company during the period was that of a holding company.truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07806887 2018-10-01 2019-09-30 07806887 2017-10-01 2018-09-30 07806887 2019-09-30 07806887 2018-09-30 07806887 2017-10-01 07806887 1 2018-10-01 2019-09-30 07806887 d:Director1 2018-10-01 2019-09-30 07806887 c:CurrentFinancialInstruments 2019-09-30 07806887 c:CurrentFinancialInstruments 2018-09-30 07806887 c:Non-currentFinancialInstruments 2019-09-30 07806887 c:Non-currentFinancialInstruments 2018-09-30 07806887 c:Non-currentFinancialInstruments 1 2019-09-30 07806887 c:Non-currentFinancialInstruments 1 2018-09-30 07806887 c:CurrentFinancialInstruments c:WithinOneYear 2019-09-30 07806887 c:CurrentFinancialInstruments c:WithinOneYear 2018-09-30 07806887 c:Non-currentFinancialInstruments c:AfterOneYear 2019-09-30 07806887 c:Non-currentFinancialInstruments c:AfterOneYear 2018-09-30 07806887 c:ShareCapital 2019-09-30 07806887 c:ShareCapital 2017-10-01 2018-09-30 07806887 c:ShareCapital 2018-09-30 07806887 c:ShareCapital 2017-10-01 07806887 c:SharePremium 2019-09-30 07806887 c:SharePremium 2017-10-01 2018-09-30 07806887 c:SharePremium 2018-09-30 07806887 c:SharePremium 2017-10-01 07806887 c:RetainedEarningsAccumulatedLosses 2018-10-01 2019-09-30 07806887 c:RetainedEarningsAccumulatedLosses 2019-09-30 07806887 c:RetainedEarningsAccumulatedLosses 2017-10-01 2018-09-30 07806887 c:RetainedEarningsAccumulatedLosses 2018-09-30 07806887 c:RetainedEarningsAccumulatedLosses 2017-10-01 07806887 d:OrdinaryShareClass1 2018-10-01 2019-09-30 07806887 d:OrdinaryShareClass1 2018-09-30 07806887 d:OrdinaryShareClass2 2018-10-01 2019-09-30 07806887 d:OrdinaryShareClass2 2019-09-30 07806887 d:PreferenceShareClass1 2018-10-01 2019-09-30 07806887 d:PreferenceShareClass1 2019-09-30 07806887 d:PreferenceShareClass1 2018-09-30 07806887 d:FRS102 2018-10-01 2019-09-30 07806887 d:AuditExempt-NoAccountantsReport 2018-10-01 2019-09-30 07806887 d:FullAccounts 2018-10-01 2019-09-30 07806887 d:PrivateLimitedCompanyLtd 2018-10-01 2019-09-30 07806887 d:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2018-10-01 2019-09-30 07806887 6 2018-10-01 2019-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07806887









CAMBRIDGE SCIENTIFIC INNOVATIONS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2019
 
CAMBRIDGE SCIENTIFIC INNOVATIONS LIMITED
REGISTERED NUMBER: 07806887

BALANCE SHEET
AS AT 30 SEPTEMBER 2019

As restated
2019
2018
Note
£
£

FIXED ASSETS
  

Investments
 4 
476
476

  
476
476

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
4,956,727
4,300,504

Cash at bank and in hand
  
2,096
415,972

  
4,958,823
4,716,476

Creditors: amounts falling due within one year
 6 
(12,338)
(6,114)

NET CURRENT ASSETS
  
 
 
4,946,485
 
 
4,710,362

TOTAL ASSETS LESS CURRENT LIABILITIES
  
4,946,961
4,710,838

Creditors: amounts falling due after more than one year
 7 
(5,959,367)
(5,489,613)

  

NET LIABILITIES
  
(1,012,406)
(778,775)


CAPITAL AND RESERVES
  

Called up share capital 
 8 
1,337
1,337

Share premium account
  
100
100

Profit and loss account
  
(1,013,843)
(780,212)

  
(1,012,406)
(778,775)


Page 1
 
CAMBRIDGE SCIENTIFIC INNOVATIONS LIMITED
REGISTERED NUMBER: 07806887
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2019

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Dr H Malkin
Director

Date: 8 January 2020

The notes on pages 4 to 7 form part of these financial statements.

Page 2
 
CAMBRIDGE SCIENTIFIC INNOVATIONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2019


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 October 2017 (as restated)
1,281
100
(577,228)
(575,847)



Loss for the year (as restated)
-
-
(202,984)
(202,984)

Shares issued during the year
56
-
-
56



At 1 October 2018
1,337
100
(780,212)
(778,775)



Loss for the year
-
-
(233,631)
(233,631)


AT 30 SEPTEMBER 2019
1,337
100
(1,013,843)
(1,012,406)


The notes on pages 4 to 7 form part of these financial statements.

Page 3
 
CAMBRIDGE SCIENTIFIC INNOVATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019

1.


GENERAL INFORMATION

Cambridge Scientific Innovations Limited is a private company limited by shares and incorporated in England and Wales. The Company's registered office is Stirling House, Denny End Road, Waterbeach, Cambridge, CB25 9QE.
The Company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The directors believe that the cash held by the group at the date of approving these financial statements following additional investment within the group being made, together with anticipated receipts from new product sales which the Directors have a reasonable expectation will be secured during the next 12 months, will provide sufficient resources for the company to meet its liabilities as they fall due for the foreseeable future. The directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.

 
2.3

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.4

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

 
2.5

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4
 
CAMBRIDGE SCIENTIFIC INNOVATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019

2.ACCOUNTING POLICIES (CONTINUED)

  
2.7

FINANCIAL INSTRUMENTS

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. A financial liability exists where there is a contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or financial liabilities under potentailly unfavourable conditions. Shares containing such obligations are classified as financial liabilities. Finance costs and gains or losses relating to financial liabilities are included in the profit or loss account. The carrying amount of the liability is increased by the finance cost and reduced by payments made in respect of that liability. Dividends and distributions relating to equity instruments are debited directly to reserves.

 
2.8

FINANCE COSTS

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

DIVIDENDS

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


3.


EMPLOYEES

The Company has no employees other than the directors. One director received remuneration during the year, consistent with the prior year, this was fully recharged to other group companies.


4.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST OR VALUATION


At 1 October 2018
476



At 30 September 2019
476




Page 5
 
CAMBRIDGE SCIENTIFIC INNOVATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019

5.


DEBTORS

2019
2018
£
£


Amounts owed by group undertakings
4,951,040
4,297,338

Other debtors
-
100

Prepayments and accrued income
5,687
3,066

4,956,727
4,300,504



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019
2018
£
£

Trade creditors
6,480
-

Other taxation and social security
3,843
4,148

Accruals and deferred income
2,015
1,966

12,338
6,114



7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

As restated
2019
2018
£
£

Other loans
250,000
-

Accrued finance costs
955,043
735,289

Share capital treated as debt
4,754,324
4,754,324

5,959,367
5,489,613


The Company issued loan notes of £250,000 during the year. These loans have an interest rate of 12% which has been accrued.
The Company has issued 4,754,324 Preference shares of £1.00 which carry an entitlement to a fixed dividend of 4.5% of the par value. The dividends are cumulative and accrue on a daily basis.

Page 6
 
CAMBRIDGE SCIENTIFIC INNOVATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019

8.


SHARE CAPITAL

2019
2018
£
£
SHARES CLASSIFIED AS EQUITY

ALLOTTED, CALLED UP AND FULLY PAID



1,337 Ordinary shares of £1.00 each
-
1,337
133,700 Ordinary shares of £0.01 each
1,337
-

1,337

1,337
 
2019
2018
£
£
SHARES CLASSIFIED AS DEBT

ALLOTTED, CALLED UP AND FULLY PAID



4,754,324 (2018 - 4,754,324) Preference shares of £1.00 each
4,754,324
4,754,324


During the year the £1 Ordinary shares were subdivided into £0.01 Ordinary shares.
The Preference shares may be redeemed at a rate of £1 for every £1 that is paid by the Company to the Ordinary shareholders by way of a dividend and the Company may redeem them at any time.


9.


PRIOR YEAR ADJUSTMENT

A prior year adjustment has been made to reflect the cumulative fixed dividend accruing on the Preference shares which should be treated as a finance cost. An adjustment has been made to correctly accrue the amounts at each reporting date. 
The impact of this correction in the year ended 30 September 2018 is an decrease in the profit and loss account of £194,930, reflecting the interest charge incurred in the year; with a corresponding increase in creditors falling due after more than one year. The adjustment has also increased net liabilities brought forward at 1 October 2017 by £540,359. 


10.


POST BALANCE SHEET EVENTS

In October 2019 additional investment was raised through the issue of loan notes of £250,000. These loan notes are unsecured and carry an interest rate of 12% per annum. 

 
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