Registered Number:10685965
SEVEN LIFE SCIENCES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
PAGES FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 OCTOBER 2020
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SEVEN LIFE SCIENCES LIMITED
REGISTERED NUMBER:10685965
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BALANCE SHEET
AS AT 31 OCTOBER 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 statement of comprehensive income 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 on 28 May 2021.
The notes on pages 2 to 5 form part of these financial statements.
- 1 -
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SEVEN LIFE SCIENCES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2020
Seven Life Sciences Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is 2nd Floor, Oberon House, (B67) Adastral Park, Martlesham Heath, Ipswich, IP5 3RE.
2.Accounting policies
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Basis of preparation of financial statements
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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 financial statements have been drawn up on a going concern basis.
The impact of COVID-19 will have a significant effect on the economy during 2021 however the operations of the business have been resilient to date with minimal impact to the business and this is expected to continue during 2021. The directors have prepared revised cashflow forecasts which anticipate that the company will be able continue to meet its liabilities as they fall due.
The directors have considered a period of twelve months following the date of approval of the financial statements when considering the appropriateness of the adoption of the going concern basis of preparation.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the supply of weekly workers is recognised on a weekly basis in arrears with each business week ending on a Sunday. Accrued income is recognised in respect of any locum workers supplied for which invoices have not been issued at each week end.
Turnover from permanent recruitment services is recognised when the workers commence their permanent employment with the company’s customers.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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SEVEN LIFE SCIENCES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2020
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
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SEVEN LIFE SCIENCES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2020
2.Accounting policies (continued)
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Financial instruments (continued)
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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The average monthly number of employees, including directors, during the period was 12 (2019 - 11).
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Amounts owed by group undertakings
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Called up share capital not paid
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Prepayments and accrued income
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- 4 -
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SEVEN LIFE SCIENCES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2020
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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6.Other financial commitments
At the year end the company had future minimum lease payments under non-cancellable operating leases of £123,000 (2019 - £159,750).
The immediate parent company is Seven One (Investments) Limited. The ultimate parent company is Seven Resourcing Limited which draws up consolidated financial statements of which the company is a member. The address of the ultimate parent company's registered office is 2nd Floor, Oberon House, (B67) Adastral Park, Martlesham Heath, Ipswich, IP5 3RE.
The auditor's report on the financial statements for the period ended 31 October 2020 was unqualified.
The audit report was signed on 28 May 2021 by Sharon Gravener (Senior Statutory Auditor) on behalf of Scrutton Bland LLP.
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