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No description of principal activity
2017-03-02
Sage Accounts Production Advanced 2017 Update 3 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
SC559230
2017-03-02
2018-03-31
SC559230
2018-03-31
SC559230
core:PlantMachinery
2017-03-02
2018-03-31
SC559230
bus:LeadAgentIfApplicable
2017-03-02
2018-03-31
SC559230
bus:Director5
2017-03-02
2018-03-31
SC559230
core:WithinOneYear
2018-03-31
SC559230
core:ShareCapital
2018-03-31
SC559230
core:SharePremium
2018-03-31
SC559230
core:RetainedEarningsAccumulatedLosses
2018-03-31
SC559230
bus:FRS102
2017-03-02
2018-03-31
SC559230
bus:AuditExemptWithAccountantsReport
2017-03-02
2018-03-31
SC559230
bus:AbridgedAccounts
2017-03-02
2018-03-31
SC559230
bus:SmallCompaniesRegimeForAccounts
2017-03-02
2018-03-31
SC559230
bus:PrivateLimitedCompanyLtd
2017-03-02
2018-03-31
SC559230
core:OfficeEquipment
2017-03-02
2018-03-31
|
Statement of Consent to Prepare Abridged Financial Statements |
|
All of the members of EnteroBiotix Limited have consented to the preparation of the abridged income statement and the abridged statement of financial position for the period ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
SC559230
|
Filleted Unaudited Abridged Financial Statements |
|
|
Abridged Financial Statements |
|
Period from 2 March 2017 to 31 March 2018
|
Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements |
1 |
|
|
|
Abridged Statement of Financial Position |
2 |
|
|
|
Notes to the Abridged Financial Statements |
4 |
|
|
|
Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of
EnteroBiotix Limited |
|
Period from 2 March 2017 to 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of EnteroBiotix Limited for the period ended 31 March 2018, which comprise the abridged 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of EnteroBiotix Limited, as a body, in accordance with the terms of our engagement letter dated 27 July 2017. Our work has been undertaken solely to prepare for your approval the abridged financial statements of EnteroBiotix Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than EnteroBiotix Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that EnteroBiotix Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and loss of EnteroBiotix Limited. You consider that EnteroBiotix Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the abridged financial statements of EnteroBiotix 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 abridged financial statements.
DC CONSULTING (WWW.DCCONSULT.CO.UK)
Chartered accountant
24 August 2018
|
Abridged Statement of Financial Position |
|
31 March 2018
Fixed Assets
|
Intangible assets |
5 |
52,053 |
|
Tangible assets |
6 |
51,273 |
|
--------- |
|
103,326 |
|
|
|
Current Assets
|
Debtors |
36,000 |
|
Cash at bank and in hand |
135,245 |
|
--------- |
|
171,245 |
|
|
|
Creditors: amounts falling due within one year |
164,358 |
|
--------- |
|
Net Current Assets |
6,887 |
|
--------- |
|
Total Assets Less Current Liabilities |
110,213 |
|
--------- |
|
Net Assets |
110,213 |
|
--------- |
|
|
Capital and Reserves
|
Called up share capital |
627 |
|
Share premium account |
354,269 |
|
Profit and loss account |
(
244,683) |
|
--------- |
|
Shareholders Funds |
110,213 |
|
--------- |
|
|
These abridged 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 abridged income statement has not been delivered.
For the period ending 31 March 2018 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 abridged financial statements for the period 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 abridged financial statements
.
|
Abridged Statement of Financial Position (continued) |
|
31 March 2018
These abridged financial statements were approved by the
board of directors
and authorised for issue on
24 August 2018
, and are signed on behalf of the board by:
Company registration number:
SC559230
|
Notes to the Abridged Financial Statements |
|
Period from 2 March 2017 to 31 March 2018
1.
General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Aberdeen & North East Scotland Blood Transfusion C, Foresterhill Road, Aberdeen, AB25 2ZW, United Kingdom.
2.
Statement of Compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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.
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:
|
Lab equipment |
- |
25% straight line |
|
Office equipment |
- |
25% straight line |
|
|
|
|
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.
Government Grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 are 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.
4.
Employee Numbers
The average number of persons employed by the company during the period amounted to
6
.
5.
Intangible Assets
|
£ |
|
Cost |
|
|
At 2 March 2017 |
– |
|
Additions |
52,053 |
|
-------- |
|
At 31 March 2018 |
52,053 |
|
-------- |
|
Amortisation |
|
|
At 2 March 2017 and 31 March 2018 |
– |
|
-------- |
|
Carrying amount |
|
|
At 31 March 2018 |
52,053 |
|
-------- |
|
|
6.
Tangible Assets
|
£ |
|
Cost |
|
|
At 2 March 2017 |
– |
|
Additions |
60,548 |
|
-------- |
|
At 31 March 2018 |
60,548 |
|
-------- |
|
Depreciation |
|
|
At 2 March 2017 |
– |
|
Charge for the period |
9,275 |
|
-------- |
|
At 31 March 2018 |
9,275 |
|
-------- |
|
Carrying amount |
|
|
At 31 March 2018 |
51,273 |
|
-------- |
|
|
7.
Related Party Transactions
There was no related party transactions to report on during the period.
