| CARDIOVASCULAR IMAGING SOLUTIONS LIMITED |
| Registered number: |
04822008 |
| Directors' Report |
|
| The directors present their report and accounts for the year ended 31 July 2016. |
|
| Principal activities |
| The company's principal activity during the year continued to be the development and commercial exploitation of computer software for analysing and manipulating cardiovascular magnetic resonance scanner images and data. |
|
| Going concern |
| The accounts have been prepared using the going concern basis. The directors consider that the company will be able to generate sufficient income to fund its operations for the foreseeable future and to meet its liabilities as they fall due. |
|
| Directors |
| The following persons served as directors during the year: |
|
|
Mr B.C. Graves |
|
Prof. D.J. Pennell |
|
Prof. G.Z. Yang |
|
| Small company provisions |
| This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
| This report was approved by the board on 28 April 2017 and signed on its behalf. |
|
|
|
|
|
| G.Z. Yang |
| Director |
|
| CARDIOVASCULAR IMAGING SOLUTIONS LIMITED |
| Balance Sheet |
04822008 |
| as at 31 July 2016 |
|
|
Notes |
|
2016 |
|
|
2015 |
|
|
|
£ |
£ |
|
£ |
£ |
| Fixed assets |
| Tangible assets |
4 |
|
|
142 |
|
|
190 |
|
| Current assets |
| Debtors |
5 |
|
46,280 |
|
|
61,203 |
| Cash at bank and in hand |
|
|
291,629 |
|
|
263,331 |
|
|
|
337,909 |
|
|
324,534 |
|
| Creditors: amounts falling due within one year |
6 |
|
(77,975) |
|
|
(25,086) |
|
| Net current assets |
|
|
|
259,934 |
|
|
299,448 |
|
| Net assets |
|
|
|
260,076 |
|
|
299,638 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
7 |
|
|
381 |
|
|
381 |
| Profit and loss account |
8 |
|
|
259,695 |
|
|
299,257 |
|
| Shareholders' funds |
|
|
|
260,076 |
|
|
299,638 |
|
|
|
|
|
|
|
|
| Directors' Statement |
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime and with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
|
|
|
|
| G.Z. Yang |
| Director |
| Approved by the board on 28 April 2017 |
|
| CARDIOVASCULAR IMAGING SOLUTIONS LIMITED |
| Notes to the Accounts |
| for the year ended 31 July 2016 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
|
|
Going concern |
|
The accounts have been prepared using the going concern basis. The directors consider that the company will be able to generate sufficient income to fund its operations for the foreseeable future and to meet its liabilities as they fall due. |
|
|
Turnover |
|
Turnover represents the value of sales invoiced, exclusive of VAT. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Computer Equipment |
25% reducing balance |
|
|
Deferred taxation |
|
The company has adopted FRS 19, "Deferred tax" which, in general, requires provision to be made in respect of all material timing differences. Deferred tax assets are recognised to the extent that they are regarded as recoverable. |
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
|
| 2 |
Operating profit |
2016 |
|
2015 |
|
|
|
|
|
|
£ |
|
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
48 |
|
60 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Taxation |
2016 |
|
2015 |
|
|
|
|
|
|
£ |
|
£ |
|
|
UK corporation tax |
(4,814) |
|
11 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Computer Equipment |
|
|
|
|
|
|
|
|
£ |
|
Cost |
|
At 1 August 2015 |
1,955 |
|
At 31 July 2016 |
1,955 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 August 2015 |
1,765 |
|
Charge for the year |
48 |
|
At 31 July 2016 |
1,813 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2016 |
142 |
|
At 31 July 2015 |
190 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Debtors |
2016 |
|
2015 |
|
|
|
|
|
|
£ |
|
£ |
|
|
Trade debtors |
37,325 |
|
51,535 |
|
Other debtors |
8,955 |
|
9,668 |
|
|
|
|
|
|
46,280 |
|
61,203 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2016 |
|
2015 |
|
|
|
|
|
|
£ |
|
£ |
|
|
Trade creditors |
48,585 |
|
- |
|
Corporation tax |
- |
|
11 |
|
Other creditors |
29,390 |
|
25,075 |
|
|
|
|
|
|
77,975 |
|
25,086 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
|
|
value |
|
Number |
|
£ |
|
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£0.0001 each |
|
3,808,256 |
|
381 |
|
381 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Profit and loss account |
2016 |
|
|
|
|
|
|
£ |
|
|
At 1 August 2015 |
299,257 |
|
Loss for the year |
(39,562) |
|
|
At 31 July 2016 |
259,695 |
|
|
|
|
|
|
|
|
| 9 |
Share Options |
|
|
As at 31 July 2009 the company had issued options over 321,744 Ordinary £0.0001 shares. These are outstanding at 31 July 2016 and may be exercised in full or part at any time within 15 years of the date of grant for cash at par. |
|
On 19 March 2010 the company granted options over a further 87,499 Ordinary £0.0001 shares. These are also outstanding at 31 July 2016 and may be exercised at any time within 10 years of the date of grant for cash at par. |
|
| 10 |
Ultimate controlling party |
|
|
During the year the company was not under the control of any one individual or organisation. |
