ACCOUNTS - Final Accounts preparation

CYBERMED (U.K.) LIMITED - Company Information

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Registered number: 01128997

CYBERMED (U.K.) LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2021

CYBERMED (U.K.) LIMITED

REGISTERED NUMBER: 01128997

BALANCE SHEET

AS AT 31 AUGUST 2021

		2021		2020
Note		£		£

Fixed assets
Intangible assets	5		39,671		50,996
			39,671		50,996

Creditors: amounts falling due within one year	6	(128,633)		(117,775)
Net current liabilities			(128,633)		(117,775)
Total assets less current liabilities			(88,962)		(66,779)

Net liabilities			(88,962)		(66,779)

Capital and reserves
Called up share capital	7	100	100
Profit and loss account		(89,062)	(66,879)
		(88,962)	(66,779)

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CYBERMED (U.K.) LIMITED

REGISTERED NUMBER: 01128997

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2021

The director considers 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 the Companies Act 2006.

The director acknowledges his 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 statement of income and retained earnings 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 16 February 2022.

M B Hughes

Director

The notes on pages 3 to 5 form part of these financial statements.

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CYBERMED (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

1.	General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 01128997. The Company's registered office is 18 Hartford Close, Harborne, Birmingham, B17 8AU.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

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.

Cash flow
Under Financial Reporting Standard 102, the company is exempt from the requirement to prepare a cash flow statement on the grounds that it qualifies as a small company.

The following principal accounting policies have been applied:

2.2

Going concern

The company has made losses and as such has net liabilities at the balance sheet date. The main creditors of the company are the director and shareholders who intend to continue to support the company for the foreseeable future and the director therefore considers it appropriate to prepare the accounts on a going concern basis.

2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.4

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.

2.5

Financial instruments

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that

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CYBERMED (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

2.Accounting policies (continued)

2.5

Financial instruments (continued)

are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 1).

Taxation

The company has trading tax losses of £84,207 (2020 - £62,024) available to offset against future trading profits.

5.	Intangible assets

		Patents
		£
	Cost
	At 1 September 2020	50,996
	At 31 August 2021	50,996
	Amortisation
	Charge for the year on owned assets	11,325
	At 31 August 2021	11,325
	Net book value
	At 31 August 2021	39,671
	At 31 August 2020	50,996

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CYBERMED (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Other creditors	127,913	117,775
Accruals and deferred income	720	-
	128,633	117,775

7.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

100 (2020 - 100) Ordinary shares of £1.00 each	100	100

8.	Related party transactions
	As at 31 August 2021 amounts due to the director was £67,641 (2020 - £57,503) and amounts due to shareholders were £60,272 (2020 - £60,272). All loans are interest free and repayable on demand.

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