Orbona Pharma Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 07830248 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD 1 DECEMBER 2013 TO 31 MAY 2014

FOR

ORBONA PHARMA LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Mr S J Glass

Mr M Regan

Mr M W Franken

SECRETARY:

REGISTERED OFFICE:

Old Chambers

93-94 West Street

Farnham

Surrey

GU9 7EB

REGISTERED NUMBER:

07830248 (England and Wales)

ACCOUNTANTS:

Applewood LLP

St Mary's House

Church Street

Bentworth

Hampshire

GU34 5RD

CURRENT ASSETS

Debtors

16,915

161,887

Cash at bank

9,997

168,348

26,912

330,235

CREDITORS

Amounts falling due within one year

590,849

281,472

NET CURRENT (LIABILITIES)/ASSETS

(563,937

)

48,763

TOTAL ASSETS LESS CURRENT LIABILITIES

(563,937

)

48,763

CAPITAL AND RESERVES

Called up share capital

2

21,229

20,820

Share premium

1,930,420

1,880,829

Profit and loss account

(2,515,586

)

(1,852,886

)

SHAREHOLDERS' FUNDS

(563,937

)

48,763

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 May 2014.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 May 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 June 2014 and were signed on its behalf by:

Mr S J Glass - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Going concern: The accounts have been prepared on a going concern basis, despite the fact that liabilities exceed assets. The

directors have given an undertaking to support the company for the foreseeable future and until it returns to a net assets

position. They consider that it is appropriate to prepare the accounts on the going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective April 2008).

Deferred tax

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the

lease.

2.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

2,542,122

Ordinary

£0.00819

21,229

20,820

50,000 Ordinary shares of £0.00819 each were allotted as fully paid at a premium of .9918 per share during the period.