Highland Biosciences Ltd - Period Ending 2015-12-31

Registration number: SC296459

Highland Biosciences Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

A9 Accountancy Limited
Chartered Accountants
Elm House
Cradlehall Business Park
Inverness
IV2 5GH

Highland Biosciences Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

Highland Biosciences Ltd
(Registration number: SC296459)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					36,279			38,413
Tangible fixed assets					6,067			4,488
					42,346			42,901
Current assets
Debtors					27,199			41,442
Cash at bank and in hand					45,912			19,419
					73,111			60,861
Creditors: Amounts falling due within one year					(64,050)			(65,073)
Net current assets/(liabilities)					9,061			(4,212)
Net assets					51,407			38,689
Capital and reserves
Called up share capital		3			1,438			1,438
Share premium account					249,562			249,562
Profit and loss account					(199,593)			(212,311)
Shareholders' funds					51,407			38,689

For the year ending 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 27 July 2016 and signed on its behalf by:

.........................................
Mrs Emma Day
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

Highland Biosciences Ltd
(Registration number: SC296459)
Abbreviated Balance Sheet at 31 December 2015
......... continued

.........................................
Dr Richard Michael Day
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Highland Biosciences Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Amortisation

Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost, less any estimated residual value, over their expected useful economic life.

Asset class	Amortisation method and rate
Patents	straight line over 20 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% straight line
Fixtures & fittings	20% straight line
Office equipment	20% straight line

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Highland Biosciences Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2015		42,681			41,984			84,665
Additions		-			4,893			4,893
At 31 December 2015		42,681			46,877			89,558
Depreciation
At 1 January 2015		4,268			37,496			41,764
Charge for the year		2,134			3,314			5,448
At 31 December 2015		6,402			40,810			47,212
Net book value
At 31 December 2015		36,279			6,067			42,346
At 31 December 2014		38,413			4,488			42,901

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		1,000			1,000			1,000			1,000
Ordinary 'A' of £1 each		438			438			438			438
		1,438			1,438			1,438			1,438

Page 4