Pharmacells Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC339685 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2014

for

PHARMACELLS LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Dr N Fell

A Haas

Doctor A R Aldhous

SECRETARY:

A Haas

REGISTERED OFFICE:

Biocity Scotland

Newhouse Industrial Estate

Bo'ness Road

Motherwell

Strathclyde

ML1 5UH

REGISTERED NUMBER:

SC339685 (Scotland)

ACCOUNTANTS:

SD Business Management

Suite 411 Baltic Chambers

50 Wellington Street

Glasgow

Strathclyde

G2 6HJ

FIXED ASSETS

Intangible assets

2

154,561

140,734

Tangible assets

3

31,034

36,800

185,595

177,534

CURRENT ASSETS

Stocks

6,243

-

Debtors

17,248

23,144

Cash at bank

2,008

1

25,499

23,145

CREDITORS

Amounts falling due within one year

193,225

249,811

NET CURRENT LIABILITIES

(167,726

)

(226,666

)

TOTAL ASSETS LESS CURRENT LIABILITIES

17,869

(49,132

)

CREDITORS

Amounts falling due after more than one year

328,374

116,937

NET LIABILITIES

(310,505

)

(166,069

)

CAPITAL AND RESERVES

Called up share capital

4

1,715

1,604

Share premium

685,684

510,714

Profit and loss account

(997,904

)

(678,387

)

SHAREHOLDERS' FUNDS

(310,505

)

(166,069

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 23 December 2014 and were signed on its behalf by:

A Haas - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

In accordance with their responsibility as directors, the directors have considered the appropriateness of

the going concern basis for the preparation of the financial statements. In considering the appropriateness

of the going concern the directors have considered a period of no less then 12 months from the date of

signing these accounts.

The company relies on support from its parent company (see note 14).

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).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Intangible fixed assets

Deferred Development Costs are amortised for 10 years.

Patents are amortised over 17 - 20 years, depended on their expiry date.

Website

Initial Website development cost were capitalised in March 2010. The life expectancy of the Website is

considered to be 5 years. Therefore any addition Website development cost will be amortised in line with

the 5 year life of the Website so that all costs are fully amortised by February 2015.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance and 15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% 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 pure and applied research and development is written off in the year in which it is incurred.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the

shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

Grants

Government Grants have been recognised in the profit and loss account so as to match them with the

expenditure towards which they are intended to contribute

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

188,021

Additions

47,129

At 31 March 2014

235,150

AMORTISATION

At 1 April 2013

47,287

Amortisation for year

33,302

At 31 March 2014

80,589

NET BOOK VALUE

At 31 March 2014

154,561

At 31 March 2013

140,734

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

41,476

DEPRECIATION

At 1 April 2013

4,676

Charge for year

5,766

At 31 March 2014

10,442

NET BOOK VALUE

At 31 March 2014

31,034

At 31 March 2013

36,800

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class

Nominal

31.3.14

31.3.13

value:

£

£

160,456

Ordinary

1p

-

1,604

171,516

Ordinary

1p

1,715

-

1,604

1,532

The following shares were issued during the year:

11,060 ordinary 1p shares for a consideration of £175,080 in total.