MedChemica Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08162245 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2017

for

MedChemica Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

1,009

2,758

Investments

5

1

1

1,010

2,759

CURRENT ASSETS

Debtors

6

14,575

80,401

Cash at bank

33,620

66,262

48,195

146,663

CREDITORS

Amounts falling due within one year

7

58,704

37,557

NET CURRENT (LIABILITIES)/ASSETS

(10,509

)

109,106

TOTAL ASSETS LESS CURRENT LIABILITIES

(9,499

)

111,865

PROVISIONS FOR LIABILITIES

183

552

NET (LIABILITIES)/ASSETS

(9,682

)

111,313

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

(9,685

)

111,310

SHAREHOLDERS' FUNDS

(9,682

)

111,313

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 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 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 22 February 2018 and were signed on its behalf by:

Dr A G Dossetter - Director

1.	STATUTORY INFORMATION

MedChemica Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address are as below:

Registered number:

08162245

Registered office:

Ebenezer House

Ryecroft

Newcastle

Staffordshire

ST5 2BE

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements for the year ended 31 July 2017 are the first financial statements that comply with

Section 1A "Small Entities" of FRS102. The date of transition is 1 August 2015. There are no transition

adjustments.

Preparation of consolidated financial statements

The financial statements contain information about MedChemica 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Revenue is recognised as the company becomes entitled to consideration for the services supplied. Therefore,

turnover also includes the element of work completed but not yet invoiced.

Tangible fixed assets

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

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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 balance sheet date.

Deferred tax

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

balance sheet 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

balance sheet 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.

Hire purchase and leasing commitments

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

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2016 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 August 2016

2,030

13,801

15,831

Additions

-

110

110

At 31 July 2017

2,030

13,911

15,941

DEPRECIATION

At 1 August 2016

1,909

11,164

13,073

Charge for year

121

1,738

1,859

At 31 July 2017

2,030

12,902

14,932

NET BOOK VALUE

At 31 July 2017

-

1,009

1,009

At 31 July 2016

121

2,637

2,758

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 August 2016

and 31 July 2017

1

NET BOOK VALUE

At 31 July 2017

1

At 31 July 2016

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

5,021

4,800

Other debtors

9,554

75,601

14,575

80,401

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Taxation and social security

1,394

1,067

Other creditors

57,310

36,490

58,704

37,557

8.	ULTIMATE CONTROLLING PARTY