ACCOUNTS - Final Accounts

NHS INNOVATIONS SOUTH WEST LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-03-312017-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetrueHelping NHS to commercialise ideasfalse2016-04-01 05836015 2016-04-01 2017-03-31 05836015 2015-04-01 2016-03-31 05836015 2017-03-31 05836015 2016-03-31 05836015 c:Director1 2016-04-01 2017-03-31 05836015 d:OfficeEquipment 2017-03-31 05836015 d:OfficeEquipment 2016-03-31 05836015 d:OfficeEquipment d:OwnedOrFreeholdAssets 2016-04-01 2017-03-31 05836015 d:ComputerEquipment 2016-04-01 2017-03-31 05836015 d:CurrentFinancialInstruments 2017-03-31 05836015 d:CurrentFinancialInstruments 2016-03-31 05836015 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 05836015 d:CurrentFinancialInstruments d:WithinOneYear 2016-03-31 05836015 d:RetainedEarningsAccumulatedLosses 2017-03-31 05836015 d:RetainedEarningsAccumulatedLosses 2016-03-31 05836015 c:FRS102 2016-04-01 2017-03-31 05836015 c:AuditExempt-NoAccountantsReport 2016-04-01 2017-03-31 05836015 c:FullAccounts 2016-04-01 2017-03-31 05836015 c:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 iso4217:GBP xbrli:pure

Registered number: 05836015

NHS INNOVATIONS SOUTH WEST LIMITED

(A company limited by guarantee)

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2017

NHS INNOVATIONS SOUTH WEST LIMITED

(A company limited by guarantee)

REGISTERED NUMBER: 05836015

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	4		-		408
			-		408
Current assets
Debtors: amounts falling due within one year	5	6,197		53,728
Cash at bank and in hand	6	27,790		51,395
		33,987		105,123
Creditors: amounts falling due within one year	7	(46,894)		(121,022)
Net current liabilities			(12,907)		(15,899)
Total assets less current liabilities			(12,907)		(15,491)

Net liabilities			(12,907)		(15,491)

Capital and reserves
Profit and loss account	(12,907)	(15,491)
	(12,907)	(15,491)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 December 2017.

Lisa Hayes

Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

NHS INNOVATIONS SOUTH WEST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

1.	General information

The company is a private company limited by guarantee. its registered office is Salisbury District Hospital, Finance Department, Salisbury, Wiltshire, SP2 8BJ. The financial statements are prepared in £ sterling, which is the functional currency of the company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The company experienced a significant reduction in income in the year. The directors took action to reduce the company expenditure, as well as actively seeking alternate sources of income.
However ultimately the directors considered that the company could no longer trade as a going concern. The financial statements include adjustments for the costs of making the employees of the company redundant. The directors anticipate that a small level of royalties may be receivable in the future but at present the company is not actively trading and is incurring minimal additional costs.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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NHS INNOVATIONS SOUTH WEST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment

33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

NHS INNOVATIONS SOUTH WEST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.10

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.11

Taxation

Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

3.	Employees
	Staff costs, including directors' remuneration, were as follows:

The average monthly number of employees, including directors, during the year was 3 (2016 - 3).

4.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	At 1 April 2016	29,505
	At 31 March 2017	29,505
	Depreciation
	At 1 April 2016	29,097
	Charge for the year on owned assets	408
	At 31 March 2017	29,505
	Net book value
	At 31 March 2017	-
	At 31 March 2016	408

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NHS INNOVATIONS SOUTH WEST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

Debtors

					2017	2016
					£	£


Trade debtors	(4,000)	-
Other debtors	10,197	52,770
Prepayments and accrued income	-	958
	6,197	53,728

6.	Cash and cash equivalents
		2017	2016
		£	£

Cash at bank and in hand	27,790	51,395
	27,790	51,395

7.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Trade creditors	4,115	15,754
Corporation tax	3	12
Other taxation and social security	9,900	17,060
Other creditors	14,852	13,746
Accruals and deferred income	18,024	74,450
	46,894	121,022


8.	Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

Page 5

NHS INNOVATIONS SOUTH WEST LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

9.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £10,298 (2016 - £11,113). Contributions totalling £925 (2016 - £nil) were payable to the fund at the reporting date and are included in creditors

10.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

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