Alternative Urological Catheter Systems Limited Company Accounts

ALTERNATIVE UROLOGICAL CATHETER SYSTEMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07091830

Alternative Urological Catheter Systems Limited

Unaudited Financial Statements

31 March 2017

HOLLINGDALE POOLEY

Chartered accountant

Bramford House

23 Westfield Park

Clifton

Bristol

BS6 6LT

Alternative Urological Catheter Systems Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Statement of changes in equity	2

Notes to the financial statements	3

Alternative Urological Catheter Systems Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Current assets

Cash at bank and in hand	59,155		65,697

Creditors: amounts falling due within one year	5	85,592		92,984
		--------		--------
Net current liabilities			26,437	27,287
			--------	--------
Total assets less current liabilities			( 26,437)	( 27,287)
			--------	--------
Net liabilities			( 26,437)	( 27,287)
			--------	--------

Capital and reserves

Called up share capital	45,830	43,330
Profit and loss account	( 72,267)	( 70,617)
	--------	--------
Members deficit	( 26,437)	( 27,287)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 12 July 2017 , and are signed on behalf of the board by:

Professor R C L Feneley

Director

Company registration number: 07091830

Alternative Urological Catheter Systems Limited

Statement of Changes in Equity

Year ended 31 March 2017

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 April 2015	43,330	( 57,880)	( 14,550)

Loss for the year		( 12,737)	( 12,737)
	--------	--------	--------
Total comprehensive income for the year	–	( 12,737)	( 12,737)

At 31 March 2016	43,330	( 70,617)	( 27,287)

Loss for the year		( 1,650)	( 1,650)
	--------	--------	--------
Total comprehensive income for the year	–	( 1,650)	( 1,650)

Issue of shares	2,500	–	2,500
	-------	----	-------
Total investments by and distributions to owners	2,500	–	2,500

	--------	--------	--------
At 31 March 2017	45,830	( 72,267)	( 26,437)
	--------	--------	--------

Alternative Urological Catheter Systems Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bramford House,, 23 Westfield Park,, Clifton,, Bristol, BS6 6LT.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Grant income is credited to turnover as it is spent. Unspent grant income is treated as deferred income.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to Nil (2016: Nil).

5. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	2,115	3,098
Other creditors	83,477	89,886
	--------	--------
	85,592	92,984
	--------	--------

6. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Professor R C L Feneley	( 35,272)	2,500	( 2,000)	( 34,772)
	--------	-------	-------	--------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Professor R C L Feneley	( 23,972)	–	( 11,300)	( 35,272)
	--------	----	--------	--------

7. Related party transactions

The company was under the control of Mr Roger Feneley, a director and members of his close family throughout the current year. Mr Roger Feneley is personally interested in 41.5% (2015-41.5%) of the company's share capital. In addition, his adult children control in aggregate a further 15.1%(2015-15.1%) of the company's issued share capital. During the year Mr Roger Feneley loaned money to the company totalling £11,300 (2015- £23,972). No interest is being charged on this loan and there is no fixed date for repayment. No transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard for Smaller Entities.

8. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.