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 2019

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:

4th Floor

167 Fleet Street

London

EC4A 2EA

REGISTERED NUMBER:

04031730 (England and Wales)

ACCOUNTANTS:

Elliotts Shah

Chartered Accountants

4th Floor

167 Fleet Street

London

EC4A 2EA

FIXED ASSETS

Tangible assets

4

724,325

769,398

Investments

5

38,926

38,926

763,251

808,324

CURRENT ASSETS

Stocks

32,454

23,352

Debtors

6

2,244,644

2,274,945

Cash at bank

523,940

523,463

2,801,038

2,821,760

CREDITORS

Amounts falling due within one year

7

354,719

400,389

NET CURRENT ASSETS

2,446,319

2,421,371

TOTAL ASSETS LESS CURRENT LIABILITIES

3,209,570

3,229,695

PROVISIONS FOR LIABILITIES

8

2,907,554

2,929,035

NET ASSETS

302,016

300,660

CAPITAL AND RESERVES

Called up share capital

9

5,500

5,500

Share premium

10

198,927

198,927

Retained earnings

10

97,589

96,233

SHAREHOLDERS' FUNDS

302,016

300,660

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 and authorised for issue on 10 December 2020 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 14 (2018 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Laboratory

Fixtures

Short

and

Office

and

leasehold

equipment

equipment

fittings

Totals

£

£

£

£

£

COST

At 1 January 2019

197,364

953,699

175,079

86,745

1,412,887

Additions

-

8,873

465

-

9,338

At 31 December 2019

197,364

962,572

175,544

86,745

1,422,225

DEPRECIATION

At 1 January 2019

60,838

347,752

161,481

73,418

643,489

Charge for year

9,868

37,696

3,516

3,331

54,411

At 31 December 2019

70,706

385,448

164,997

76,749

697,900

NET BOOK VALUE

At 31 December 2019

126,658

577,124

10,547

9,996

724,325

At 31 December 2018

136,526

605,947

13,598

13,327

769,398

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2019

and 31 December 2019

38,926

NET BOOK VALUE

At 31 December 2019

38,926

At 31 December 2018

38,926

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

218,907

297,750

Amounts owed by group undertakings

1,374,097

1,428,562

Other debtors

23,422

33,304

Prepayments and accrued income

628,218

515,329

2,244,644

2,274,945

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

187,657

191,715

Corporation tax

19,149

38,732

Social security and other taxes

12,481

21,906

VAT

14,093

24,470

Other creditors

826

791

Provision for storage

liability

91,932

88,100

Accruals and deferred income

28,581

34,675

354,719

400,389

8.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

67,200

70,114

Provision for storage

liability

2,840,354

2,858,921

2,907,554

2,929,035

Storage

Deferred

liability

tax

provision

£

£

Balance at 1 January 2019

70,114

2,947,021

Provided during year

-

73,365

Credit to Income Statement during year

(2,914

)

-

Utilised during year

-

(88,100

)

Balance at 31 December 2019

67,200

2,932,286

2019

2018

£

£

Storage liability

Storage liability due within 1 year

91,932

88,100

Storage liability due after more than 1 year

2,840,354

2,858,921

2,932,286

2,947,021

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

5,500

Ordinary

£1

5,500

5,500

10.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2019

96,233

198,927

295,160

Profit for the year

1,356

1,356

At 31 December 2019

97,589

198,927

296,516

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.

A provision of £38,883 (2018: £161,694) has been made against amounts advanced to Qlu Health Limited, a company which was under the control of the director for part of the year until it was sold to a third party. In light of the financial position of Qlu Health Limited, the company has provided in full against these advances.

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.