Smart Cells International Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04031730 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

Smart Cells International Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

S Ahmed

SECRETARY:

F Kamal-Ahmed

REGISTERED OFFICE:

Bury House

31 Bury Street

London

EC3A 5AR

REGISTERED NUMBER:

04031730 (England and Wales)

ACCOUNTANTS:

Elliotts Shah

Chartered Accountants

Ground Floor, Bury House

31 Bury Street

London

EC3A 5AR

FIXED ASSETS

Tangible assets

4

832,141

740,313

Investments

5

38,926

46,798

871,067

787,111

CURRENT ASSETS

Stocks

109,552

91,009

Debtors

6

2,364,230

2,363,881

Cash at bank

639,883

612,545

3,113,665

3,067,435

CREDITORS

Amounts falling due within one year

7

665,002

651,852

NET CURRENT ASSETS

2,448,663

2,415,583

TOTAL ASSETS LESS CURRENT LIABILITIES

3,319,730

3,202,694

PROVISIONS FOR LIABILITIES

8

2,900,907

2,842,813

NET ASSETS

418,823

359,881

CAPITAL AND RESERVES

Called up share capital

9

5,500

5,500

Share premium

10

198,927

198,927

Retained earnings

10

214,396

155,454

SHAREHOLDERS' FUNDS

418,823

359,881

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 28 September 2017 and were signed by:

S Ahmed - Director

1.	STATUTORY INFORMATION

Smart Cells International Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 31 December 2016 are the first financial statements that comply

with FRS 102. The director has considered the requirements of FRS 102 and there are no adjustments which

have an impact on the financial statements.

Going concern

After considering the company's prospects, the director has a reasonable expectation that the company has

adequate resources to continue in operational existence for the foreseeable future. The company therefore

continues to adopt the going concern basis in preparing its financial statements.

Preparation of consolidated financial statements

The financial statements contain information about Smart Cells International Limited as an individual company

and do not contain consolidated financial information as the parent of a group. The company has taken the option

under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents net amounts receivable for sales of kits distributed, processing and for successful storage,

net of provisions for future storage costs together with management fees receivable from fellow group

companies, all excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Short leasehold

-

over 20 years

Laboratory and equipment

-

between 4% to 20% straight line

Office equipment

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

Provision for storage liability

The provision relates to future liabilities for storage costs in relation to stem cell preservation, based on expected

cash outflows over the next 24 years.

Comparative figures

The comparative figures have been restated to reflect a deferred tax provision on accelerated capital allowances

which was not previously provided for.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 .

4.	TANGIBLE FIXED ASSETS

Laboratory

Fixtures

Short

and

Office

and

leasehold

equipment

equipment

fittings

Totals

£

£

£

£

£

COST

At 1 January 2016

108,388

853,227

169,298

64,775

1,195,688

Additions

88,976

43,595

2,835

21,320

156,726

At 31 December 2016

197,364

896,822

172,133

86,095

1,352,414

DEPRECIATION

At 1 January 2016

31,306

225,064

143,634

55,371

455,375

Charge for year

9,796

39,587

7,834

7,681

64,898

At 31 December 2016

41,102

264,651

151,468

63,052

520,273

NET BOOK VALUE

At 31 December 2016

156,262

632,171

20,665

23,043

832,141

At 31 December 2015

77,082

628,163

25,664

9,404

740,313

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2016

46,798

Disposals

(7,872

)

At 31 December 2016

38,926

NET BOOK VALUE

At 31 December 2016

38,926

At 31 December 2015

46,798

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

310,510

276,268

Amounts owed by group undertakings

1,110,777

1,172,228

Other debtors

23,422

23,422

Prepayments and accrued income

919,521

891,963

2,364,230

2,363,881

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

241,956

268,604

Amounts owed to group undertakings

76,798

-

Corporation tax

3,204

18,847

Social security and other taxes

15,333

16,072

VAT

188,335

214,028

Other creditors

-

12,674

Provision for storage

liability

80,245

74,349

Accruals and deferred income

59,131

47,278

665,002

651,852

8.	PROVISIONS FOR LIABILITIES

2016

2015

£

£

Deferred tax

68,519

63,157

Provision for storage

liability

2,832,388

2,779,656

2,900,907

2,842,813

Storage

Deferred

liability

tax

provision

£

£

Balance at 1 January 2016

63,157

2,854,005

Provided during year

5,362

132,977

Utilised during year

-

(74,349

)

Balance at 31 December 2016

68,519

2,912,633

2016

2015

£

£

Storage liability

Storage liability due within 1 year

80,245

74,349

Storage liability due after more than 1 year

2,832,388

2,779,656

2,912,633

2,854,005

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

5,500

Ordinary

£1

5,500

5,500

10.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2016

155,454

198,927

354,381

Profit for the year

58,942

58,942

At 31 December 2016

214,396

198,927

413,323

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

12.	ULTIMATE CONTROLLING PARTY

Smart Cells International Limited is a wholly owned subsidiary of Smart Cells Holdings Limited, a company

registered in England and Wales. Smart Cells Holdings Limited is under the control of the director, S Ahmed, by

virtue of his beneficial interest in the company.