Novarix Ltd Company Accounts

false false false false false false false false false true false false false false false false false No description of principal activity 2017-01-01 Sage Accounts Production Advanced 2017 Update 4 - FRS 106,450 57,670 5,771 63,441 43,009 48,780 82 82 82 xbrli:pure xbrli:shares iso4217:GBP 05077912 2017-01-01 2017-12-31 05077912 2017-12-31 05077912 2016-12-31 05077912 2016-04-01 2016-12-31 05077912 2016-12-31 05077912 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-01-01 2017-12-31 05077912 core:PlantMachinery 2017-01-01 2017-12-31 05077912 bus:LeadAgentIfApplicable 2017-01-01 2017-12-31 05077912 bus:Director2 2017-01-01 2017-12-31 05077912 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2016-12-31 05077912 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-12-31 05077912 core:PlantMachinery 2016-12-31 05077912 core:PlantMachinery 2017-12-31 05077912 core:WithinOneYear 2017-12-31 05077912 core:WithinOneYear 2016-12-31 05077912 core:AfterOneYear 2017-12-31 05077912 core:AfterOneYear 2016-12-31 05077912 core:ShareCapital 2017-12-31 05077912 core:ShareCapital 2016-12-31 05077912 core:SharePremium 2017-12-31 05077912 core:SharePremium 2016-12-31 05077912 core:RetainedEarningsAccumulatedLosses 2017-12-31 05077912 core:RetainedEarningsAccumulatedLosses 2016-12-31 05077912 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2016-12-31 05077912 core:CostValuation core:Non-currentFinancialInstruments 2017-12-31 05077912 core:Non-currentFinancialInstruments 2017-12-31 05077912 core:Non-currentFinancialInstruments 2016-12-31 05077912 core:PlantMachinery 2016-12-31 05077912 bus:FRS102 2017-01-01 2017-12-31 05077912 bus:AuditExemptWithAccountantsReport 2017-01-01 2017-12-31 05077912 bus:FullAccounts 2017-01-01 2017-12-31 05077912 bus:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 05077912 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 05077912 core:OfficeEquipment 2017-01-01 2017-12-31 05077912 core:OfficeEquipment 2016-12-31 05077912 core:OfficeEquipment 2017-12-31

COMPANY REGISTRATION NUMBER: 05077912

Novarix Ltd

Filleted Unaudited Financial Statements

31 December 2017

Novarix Ltd

Financial Statements

Year ended 31 December 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

The following pages do not form part of the financial statements

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	10

Novarix Ltd

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Intangible assets	5	43,009	48,780
Tangible assets	6	4,965	10,278
Investments	7	82	82
		--------	--------
		48,056	59,140

Current assets

Stocks		117,326	119,777
Debtors	8	23,881	49,234
Cash at bank and in hand		112,602	224,047
		---------	---------
		253,809	393,058

Creditors: amounts falling due within one year	9	24,049		26,181
		---------		---------
Net current assets			229,760		366,877
			---------		---------
Total assets less current liabilities			277,816		426,017

Creditors: amounts falling due after more than one year	10	791,100	427,300
		---------	---------
Net liabilities		( 513,284)	( 1,283)
		---------	---------

Capital and reserves

Called up share capital	407	407
Share premium account	2,244,869	2,244,869
Profit and loss account	( 2,758,560)	( 2,246,559)
	------------	------------
Shareholders deficit	( 513,284)	( 1,283)
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

Novarix Ltd

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 25 May 2018 , and are signed on behalf of the board by:

JE Scott

Director

Company registration number: 05077912

Novarix Ltd

Notes to the Financial Statements

Year ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 41 Cornmarket St, Oxford, OX1 3HA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% straight line
Equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2016: 5 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 January 2017 and 31 December 2017	106,450
	---------
Amortisation
At 1 January 2017	57,670
Charge for the year	5,771
	---------
At 31 December 2017	63,441
	---------
Carrying amount
At 31 December 2017	43,009
	---------
At 31 December 2016	48,780
	---------

6. Tangible assets

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 January 2017	107,143	21,812	128,955
Additions	–	336	336
	---------	--------	---------
At 31 December 2017	107,143	22,148	129,291
	---------	--------	---------
Depreciation
At 1 January 2017	98,463	20,214	118,677
Charge for the year	4,808	841	5,649
	---------	--------	---------
At 31 December 2017	103,271	21,055	124,326
	---------	--------	---------
Carrying amount
At 31 December 2017	3,872	1,093	4,965
	---------	--------	---------
At 31 December 2016	8,680	1,598	10,278
	---------	--------	---------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2017 and 31 December 2017	82
	----
Impairment
At 1 January 2017 and 31 December 2017	–
	----

Carrying amount
At 31 December 2017	82
	----
At 31 December 2016	82
	----

The company owns 100% of the issued share capital of Novarix Inc, a company Incorporated in the United States of America. The principal activity of the company is that of a medical devices distributor.

In the period ended 31 December 2017 the company made a trading loss of $187,674 and its aggregate capital and reserves at that date were $(207,260).

8. Debtors

	2017	2016
	£	£
Trade debtors	318	212
Amounts owed by group undertakings and undertakings in which the company has a participating interest	7,923	24,545
Other debtors	15,640	24,477
	--------	--------
	23,881	49,234
	--------	--------

9. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	8,379	11,542
Social security and other taxes	5,230	8,375
Other creditors	10,440	6,264
	--------	--------
	24,049	26,181
	--------	--------

10. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other loans	60,000	60,000
Convertible loan stock	576,300	212,500
Other creditors	154,800	154,800
	---------	---------
	791,100	427,300
	---------	---------

The other creditors above (£154,800) relates to 774 £1 preference shares which are redeemable or convertible at £200 each.

Novarix Ltd

Management Information

Year ended 31 December 2017

The following pages do not form part of the financial statements.

Novarix Ltd

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Novarix Ltd

Year ended 31 December 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Novarix Ltd for the year ended 31 December 2017, which comprise the statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

MERCER LEWIN LTD Chartered accountant

41 Cornmarket Street Oxford OX1 3HA

25 May 2018