Medchip Solutions Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 07934697 (England and Wales)

Abbreviated Accounts for the Year Ended 31st March 2014

for

Medchip Solutions Ltd

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

C P Lawson

A F Sadler

A Harris

D Forster

REGISTERED OFFICE:

16 Garden Road

Bromley

Kent

BR1 3LX

REGISTERED NUMBER:

07934697 (England and Wales)

ACCOUNTANTS:

Beak Kemmenoe

Chartered Accountants

1-3 Manor Road

Chatham

Kent

ME4 6AE

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages three to six)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Medchip Solutions Ltd for the year ended 31st March 2014 which comprise the Profit and Loss

Account, the Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject

to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Medchip Solutions Ltd, as a body, in accordance with our terms

of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Medchip

Solutions Ltd and state those matters that we have agreed to state to the Board of Directors of Medchip Solutions Ltd, as

a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted

by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a

body, for our work or for this report.

It is your duty to ensure that Medchip Solutions Ltd has kept adequate accounting records and to prepare statutory

financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Medchip

Solutions Ltd. You consider that Medchip Solutions Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Medchip Solutions Ltd. For

this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations

you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Beak Kemmenoe

Chartered Accountants

1-3 Manor Road

Chatham

Kent

ME4 6AE

18th December 2014

FIXED ASSETS

Intangible assets

2

3,257

1,971

Tangible assets

3

8,490

8,964

11,747

10,935

CURRENT ASSETS

Stocks

12,013

-

Debtors

88,675

51,471

Cash at bank

22,188

17,538

122,876

69,009

CREDITORS

Amounts falling due within one year

842

11,888

NET CURRENT ASSETS

122,034

57,121

TOTAL ASSETS LESS CURRENT LIABILITIES

133,781

68,056

CREDITORS

Amounts falling due after more than one year

278,104

118,875

NET LIABILITIES

(144,323

)

(50,819

)

CAPITAL AND RESERVES

Called up share capital

4

130

100

Profit and loss account

(144,453

)

(50,919

)

SHAREHOLDERS' FUNDS

(144,323

)

(50,819

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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 18th December 2014 and were signed on its behalf by:

C P Lawson - Director

1.	ACCOUNTING POLICIES

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).

Intangible fixed assets

Amortisation is provided at 33.33% on cost in order to write off the asset over its useful life.

Tangible fixed assets

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

Plant and machinery etc

-

20% on reducing balance

Stocks

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

moving items.

Deferred tax

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

sheet date.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Going concern

The company has been set up to create medical instruments that provide solutions to outdated clinical

measurement procedures. Funding has been received from the shareholders which has facilitated the research and

development necessary. This funding will not be withdrawn and further funding to finalise the commercial

opportunity will be available. The directors therefore believe that the going concern basis is applicable and has

therefore been adopted.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1st April 2013

2,956

Additions

2,272

At 31st March 2014

5,228

AMORTISATION

At 1st April 2013

985

Amortisation for year

986

At 31st March 2014

1,971

NET BOOK VALUE

At 31st March 2014

3,257

At 31st March 2013

1,971

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st April 2013

11,205

Additions

1,649

At 31st March 2014

12,854

DEPRECIATION

At 1st April 2013

2,241

Charge for year

2,123

At 31st March 2014

4,364

NET BOOK VALUE

At 31st March 2014

8,490

At 31st March 2013

8,964

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

130

Ordinary

£1

130

100

30 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.