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SPECIALTY SCANNERS LIMITED - Company Information

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Specialty Scanners Limited

Registered Number:04056406

For the year ended 28 February 2018

England and Wales

Unaudited Financial Statements

For the year ended 28 February 2018

Specialty Scanners Limited

Contents Page

Statement of Financial Position

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Notes to the Financial Statements

As at 28 February 2018

Specialty Scanners Limited

Statement of Financial Position

Registered Number :

04056406

2017

2018

Notes

Fixed assets

Financial assets

260,000

Current assets

Trade and other receivables

859,899

885,719

28,168

Cash and cash equivalents

13,673

899,392

888,067

Trade and other payables: amounts falling due within one

year

(55,021)

(76,781)

833,046

822,611

Net current assets

Total assets less current liabilities

1,082,611

1,093,046

1,082,611

Net assets

1,093,046

Capital and reserves

Called up share capital

427,695

Share premium account

1,056,863

Retained earnings

(401,947)

(391,512)

1,082,611

1,093,046

Shareholders' funds

For the year ended 28 February 2018 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2018 in accordance with Section 476 of the Companies Act 2006

The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section

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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Dr A Akgun Director

These financial statements were approved and authorised for issue by the Board on 26 November 2018 and were signed by:

The notes form part of these financial statements

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For the year ended 28 February 2018

Specialty Scanners Limited

Notes to the Financial Statements

Statutory Information

Specialty Scanners Limited is a private limited company, limited by shares, domiciled in England and Wales,

registration number 04056406.

Registered address:

8 Peterborough Road

Harrow

Middlesex

HA1 2BQ

The presentation currency is £ sterling.

1. Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A of Financial

Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the

Companies Act 2006. The financial statements have been prepared under the historical costs convention as

modified by the revaluation of certain assets.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.

Research and development

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

Property, plant and equipment

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Magnet R&D Prototype

0% Straight line

50% Straight line

Fixtures and fittings

Government grants

Government grants received are credited to the profit and loss account in the year in which they arise.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Hire purchase and leasing commitments

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

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For the year ended 28 February 2018

Specialty Scanners Limited

Notes to the Financial Statements Continued

2. Property, plant and equipment

Fixtures and

fittings

Cost or

valuation

At 01 March 2017

292

At 28 February 2018

292

Provision for depreciation and impairment

At 01 March 2017

292

At 28 February 2018

292

At 28 February 2018

Net book value

At 28 February 2017

3. Investments held as fixed assets

Shares in group and participating interests

Total

At 01 March 2017

260,000

Cost

At 28 February 2018

260,000

At 28 February 2018

Net book value

260,000

At 01 March 2017

260,000

4. Trade and other receivables

2017

2018

Amounts owed by group undertakings and participating interests

842,732

858,865

Other debtors

42,987

1,034

859,899

885,719

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For the year ended 28 February 2018

Specialty Scanners Limited

Notes to the Financial Statements Continued

5. Trade and other payables: amounts falling due within one year

2017

2018

Bank loans and overdraft

Other creditors

76,781

55,018

76,781

55,021

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