EXETER ANALYTICAL (UK) LIMITED 31/12/2017 iXBRL

EXETER ANALYTICAL (UK) LIMITED - Company Information

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Statement of consent to prepare abridged financial statements

All of the members of EXETER ANALYTICAL (UK) LIMITED have consented to the preparation of the abridged statement of financial position for the current year ending 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

Company registration number: 02964988

EXETER ANALYTICAL (UK) LIMITED

Unaudited filleted abridged financial statements

31 December 2017

The Westbury Partnership LLP

Chartered Certified Accountants

98 Westbury Lane

Buckhurst Hill

Essex IG9 5PW

EXETER ANALYTICAL (UK) LIMITED

Contents

Directors and other information

Accountants report

Abridged statement of financial position

Notes to the financial statements

EXETER ANALYTICAL (UK) LIMITED

Directors and other information


	Director	Dr. Paul Brockman


	Secretary	Paul Hemming


	Company number	02964988


	Registered office	98 Westbury Lane
		Buckhurst Hill
		Essex
		IG9 5PW


	Accountants	The Westbury Partnership LLP
		98 Westbury Lane
		Buckhurst Hill
		Essex
		IG9 5PW




	Bankers	National Westminster Bank plc
		PO Box 137
		9 The Town
		Enfield
		Middlesex EN2 6LH

EXETER ANALYTICAL (UK) LIMITED

Report to the director on the preparation of the

unaudited statutory financial statements of EXETER ANALYTICAL (UK) LIMITED

Year ended 31st 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 EXETER ANALYTICAL (UK) LIMITED for the year ended 31st December 2017 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.

This report is made solely to the director of EXETER ANALYTICAL (UK) LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of EXETER ANALYTICAL (UK) LIMITED and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than EXETER ANALYTICAL (UK) LIMITED and its director as a body for our work or for this report.

It is your duty to ensure that EXETER ANALYTICAL (UK) LIMITED 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 EXETER ANALYTICAL (UK) LIMITED. You consider that EXETER ANALYTICAL (UK) LIMITED 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 EXETER ANALYTICAL (UK) LIMITED. 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.

The Westbury Partnership LLP

Chartered Certified Accountants

98 Westbury Lane

Buckhurst Hill

Essex

IG9 5PW

EXETER ANALYTICAL (UK) LIMITED

Abridged statement of financial position

31st December 2017

		2017		2016
	Note	£	£	£	£

Fixed assets
Tangible assets	6	36,007		52,032
		_______		_______
			36,007		52,032

Current assets
Stocks	7	58,733		88,675
Debtors	8	108,952		169,808
Cash at bank and in hand		482,285		465,468
		_______		_______
		649,970		723,951
Creditors: amounts falling due
within one year	9	( 504,309)		( 564,088)
		_______		_______
Net current assets			145,661		159,863
			_______		_______
Total assets less current liabilities			181,668		211,895


Provisions for liabilities			( 754)		( 3,600)

			_______		_______
Net assets			180,914		208,295
			_______		_______

Capital and reserves
Called up share capital	11		5,000		5,000
Profit and loss account			175,914		203,295
			_______		_______
Shareholders funds			180,914		208,295
			_______		_______

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.

Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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 income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 19 September 2018 , and are signed on behalf of the board by:

Dr. Paul Brockman

Director

Company registration number: 02964988

EXETER ANALYTICAL (UK) LIMITED

Notes to the financial statements

Year ended 31st December 2017

1. General information

The company is a private company limited by shares, registered in . The address of the registered office is 98 Westbury Lane, Buckhurst Hill, Essex, IG9 5PW.

2. Statement of compliance

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

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:


Fittings fixtures and equipment	-	25 %	reducing balance
Motor vehicles	-	25 %	reducing balance
Office Equipment	-	25 %	straight line

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

Impairment

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. 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 are largely independent of the cash inflows from other assets or groups of assets.

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 stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 in finance costs in profit or loss in the period in which it arises.

4. Operating loss

Operating loss is stated after charging/(crediting):

	2017	2016
	£	£
Depreciation of tangible assets	16,833	19,712
Cost of stocks recognised as an expense	154,991	170,352
Foreign exchange differences	( 27,515)	72,465
	_______	_______

5. Employee numbers

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

6. Tangible assets


		£
	Cost
	At 1st January 2017	282,762
	Additions	808
		_______
	At 31st December 2017	283,570
		_______
	Depreciation
	At 1st January 2017	230,729
	Charge for the year	16,834
		_______
	At 31st December 2017	247,563
		_______
	Carrying amount
	At 31st December 2017	36,007
		_______
	At 31st December 2016	52,033
		_______

7. Stocks

	2017	2016
	£	£
Finished goods	58,733	88,675
	_______	_______

8. Debtors

	2017	2016
	£	£
Trade debtors	97,646	161,084
Other debtors	7,993	5,411
	_______	_______
	105,639	166,495
	_______	_______

9. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	475,737	521,843
Social security and other taxes	23,326	23,098
Other creditors	91,504	5,654
	_______	_______
	590,567	550,595
	_______	_______

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2017	2016
	£	£
Included in provisions (note )	754	3,600
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

			2017	2016
			£	£

11. Called up share capital

12. Related party transactions

13. Ethical standards

14. Controlling party

The company is controlled by Dr. Paul Brockman .

15. Ultimate parent undertaking

The company is 100% owned by Exeter Analytical Inc., a company incorporated in the USA.