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NEXT CLINICAL RESEARCH ORGANISATION LIMITED - Company Information

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Company Registration No. 09418105 (England and Wales)

NEXT CLINICAL RESEARCH ORGANISATION LIMITED

DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

NEXT CLINICAL RESEARCH ORGANISATION LIMITED

COMPANY INFORMATION

Directors

A Moschos

T Harvey

O Sismani

Company number

09418105

Registered office

47 The Ridgeway

Friern Barnet

London

Accountants

Cornel (Barnet) Limited

47 The Ridgeway

Friern Barnet

London

N11 3LG

Business address

47 The Ridgeway

Friern Barnet

London

N11 3LG

NEXT CLINICAL RESEARCH ORGANISATION LIMITED

CONTENTS

Page

Directors' report

Profit and loss account

Balance sheet

Notes to the financial statements

4 - 6

NEXT CLINICAL RESEARCH ORGANISATION LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2016

- 1 -

The directors present their report and financial statements for the year ended 31 December 2016.

Directors

The following directors have held office since 1 January 2016:

A Moschos

T Harvey

O Sismani

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

On behalf of the board

A Moschos

Director

22 September 2017

NEXT CLINICAL RESEARCH ORGANISATION LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2016

- 2 -

2016

2015

Notes

Turnover

20,810

3,485

Administrative expenses

(45,254)

(41,697)

Operating loss

(24,444)

(38,212)

Other interest receivable and similar income

Loss on ordinary activities before taxation

(24,441)

(38,212)

Tax on loss on ordinary activities

Loss for the year

(24,441)

(38,212)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

There are no recognised gains and losses other than those passing through the profit and loss account.

NEXT CLINICAL RESEARCH ORGANISATION LIMITED

BALANCE SHEET

AS AT

31 DECEMBER 2016

- 3 -

2016

2015

Notes

Fixed assets

Investments

150,663

Current assets

Debtors

17,873

8,526

Cash at bank and in hand

4,819

1,097

22,692

9,623

Creditors: amounts falling due within one year

(236,006)

(47,833)

Net current liabilities

(213,314)

(38,210)

Total assets less current liabilities

(62,651)

(38,210)

Capital and reserves

Called up share capital

Profit and loss account

(62,653)

(38,212)

Shareholders' funds

(62,651)

(38,210)

For the financial year ended 31 December 2016 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 have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board and authorised for issue on 22 September 2017

A Moschos

Director

Company Registration No. 09418105

NEXT CLINICAL RESEARCH ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

- 4 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention.

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 goods and services net of VAT and trade discounts.

1.4

Investments

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

1.5

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.6

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.

Investment income

2016

2015

Bank interest

NEXT CLINICAL RESEARCH ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2016

- 5 -

Taxation

2016

2015

Total current tax

Factors affecting the tax charge for the year

Loss on ordinary activities before taxation

(24,441)

(38,212)

Loss on ordinary activities before taxation multiplied by standard rate of UK corporation tax of 0% (2015 - 20.00%)

(7,642)

Effects of:

Tax losses utilised

7,642

Current tax charge for the year

The company has estimated losses of £ 61,685 (2015 - £ 37,842) available for carry forward against future trading profits.

Fixed asset investments

Shares in group undertakings and participating interests

Loans to group undertakings and participating interests

Total

Cost

At 1 January 2016

Additions

19,878

130,785

150,663

At 31 December 2016

19,878

130,785

150,663

Net book value

At 31 December 2016

19,878

130,785

150,663

Debtors

2016

2015

Trade debtors

11,394

4,244

Other debtors

6,479

4,282

17,873

8,526

NEXT CLINICAL RESEARCH ORGANISATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2016

- 6 -

Creditors: amounts falling due within one year

2016

2015

Trade creditors

24,309

11,389

Taxation and social security

1,693

187

Other creditors

210,004

36,257

236,006

47,833

Share capital

2016

2015

Allotted, called up and fully paid

2 Ordinary Shares of £1 each

Statement of movements on profit and loss account

Profit
and loss
account

Balance at 1 January 2016

(38,212)

Loss for the year

(24,441)

Balance at 31 December 2016

(62,653)

Reconciliation of movements in Shareholders' funds

2016

2015

Loss for the financial year

(24,441)

(38,212)

Proceeds from issue of shares

Net depletion in shareholders' funds

(24,441)

(38,210)

Opening Shareholders' funds

(38,210)

Closing Shareholders' funds

(62,651)

(38,210)

NEXT CLINICAL RESEARCH ORGANISATION LIMITED

MANAGEMENT INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2016

NEXT CLINICAL RESEARCH ORGANISATION LIMITED

SCHEDULE OF ADMINISTRATIVE EXPENSES

FOR THE YEAR ENDED 31 DECEMBER 2016

2016

2015

Administrative expenses

Staff training

4,162

2,260

Rent re licences and other

1,680

828

Insurance

5,764

1,361

Advertising

14,611

2,751

Telephone

108

189

Computer running costs

259

Travelling expenses

5,287

6,390

Entertaining - non allowable

598

370

Legal and prof fees - allowable

4,080

23,646

Accountancy

7,450

3,750

Bank charges

528

142

Profit/loss on foreign currency

727

(51)

45,254

41,697