MEDIVIE_UK_LIMITED - Accounts

MEDIVIE UK LIMITED - Company Information

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Company Registration No. 08189870 (England and Wales)

MEDIVIE UK LIMITED

FORMERLY KNOWN AS OPRO MOTHER & BABY LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

MEDIVIE UK LIMITED

FORMERLY KNOWN AS OPRO MOTHER & BABY LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

MEDIVIE UK LIMITED

FORMERLY KNOWN AS OPRO MOTHER & BABY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

985

Tangible assets

130

522

Investments

163,908

164,038

1,507

Current assets

Debtors

1,323

Cash at bank and in hand

280

604

291

1,927

Creditors: amounts falling due within one year

(425,668)

(220,438)

Net current liabilities

(425,377)

(218,511)

Total assets less current liabilities

(261,339)

(217,004)

Capital and reserves

Called up share capital

1,600

Share premium account

152,178

Other reserves

161,133

Profit and loss account

(576,250)

(531,915)

Shareholders' funds

(261,339)

(217,004)

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 30 January 2017

Mr J Rurka

Director

Company Registration No. 08189870

MEDIVIE UK LIMITED

FORMERLY KNOWN AS OPRO MOTHER & BABY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of the assumption depends upon the continued financial support of the parent company.

If the company were unable to continue in existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts and to provide for any further liabilities that might arise.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for royalty fees for grant of license for the use of IP to produce, further development and sell, and market products worldwide.

1.4

Research and development

Development costs is written off in equal annual instalments over its estimated useful economic life.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

33.33% straight line

1.6

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.7

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

MEDIVIE UK LIMITED

FORMERLY KNOWN AS OPRO MOTHER & BABY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Fixed assets

Intangible assets

Tangible assets

Investments

Total

Cost

At 1 April 2015

3,225

1,175

4,400

Additions

163,908

At 31 March 2016

3,225

1,175

163,908

168,308

Depreciation

At 1 April 2015

2,240

653

2,893

Charge for the year

985

392

1,377

At 31 March 2016

3,225

1,045

4,270

Net book value

At 31 March 2016

130

163,908

164,038

At 31 March 2015

985

522

1,507

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

Medivie USA Inc.

USA

Ordinary

90.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2016

Principal activity

Medivie USA Inc.

Commercialising the licensed products in Canada and the USA

177,399

(1,397)

Share capital

2016

2015

Allotted, called up and fully paid

1,600 Ordinary of £1 each

1,600