Micro Image Biotech Limited - Period Ending 2018-01-31

Registration number: 09408477

Micro Image Biotech Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2018

Pages for filing with Registrar

Micro Image Biotech Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Micro Image Biotech Limited

Company Information

Director

W Wang

Registered office

c/o Veale Wasbrough Vizards Narrow Quay House Narrow Quay Bristol BS1 4QA

Registered number

09408477

Accountants

Corrigan Associates Bristol LLP The Tramshed 25 Lower Park Row Bristol BS1 5BN

Page 1

Micro Image Biotech Limited

(Registration number: 09408477)
Balance Sheet as at 31 January 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	4	119,799	72,959
Tangible assets	5	922	-
		120,721	72,959
Current assets
Cash at bank and in hand		26,976	40,732
Creditors: Amounts falling due within one year	6	(224,307)	(153,780)
Net current liabilities		(197,331)	(113,048)
Net liabilities		(76,610)	(40,089)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(76,710)	(40,189)
Total equity		(76,610)	(40,089)

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Micro Image Biotech Limited

(Registration number: 09408477)
Balance Sheet as at 31 January 2018

For the financial year ending 31 January 2018 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 30 November 2018
 

.........................................

W Wang

Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Micro Image Biotech Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

1	Statutory information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
c/o Veale Wasbrough Vizards
Narrow Quay House
Narrow Quay
Bristol
BS1 4QA

2	Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 4

Micro Image Biotech Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

2	Accounting policies (continued)

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, as follows:

Asset class	Depreciation method and rate
Computer equipment	4 years straight line

Intangible assets

Separately acquired patents are capitalised at cost.

Subsequent to initial recognition, intangible assets are stated at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Patents	10 years straight line

Impairment of non-financial assets

The company assesses at each reporting date whether an asset may be impaired. If any such indication exists the company estimates the recoverable amount of the asset. If it is not possible to estimate the recoverable amount of the individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss unless the asset is carried at a revalued amount where the impairment loss of a revalued asset is a revalued decrease.

An impairment loss recognised for all assets is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Page 5

Micro Image Biotech Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

2	Accounting policies (continued)

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

3	Staff numbers

There were no employees directly employed by the company during the period.

Page 6

Micro Image Biotech Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

4	Intangible assets

	Patents  £	Total £
Cost or valuation
At 1 February 2017	83,201	83,201
Additions acquired separately	57,548	57,548
At 31 January 2018	140,749	140,749
Amortisation
At 1 February 2017	10,242	10,242
Amortisation charge	10,708	10,708
At 31 January 2018	20,950	20,950
Carrying amount
At 31 January 2018	119,799	119,799
At 31 January 2017	72,959	72,959

5	Tangible assets

	Computer equipment  £	Total £
Cost or valuation
Additions	962	962
At 31 January 2018	962	962
Depreciation
Charge for the year	40	40
At 31 January 2018	40	40
Carrying amount
At 31 January 2018	922	922

Page 7

Micro Image Biotech Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

6	Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Trade creditors		2,880	-
Accruals		1,200	2,400
Director's loan account	8	220,227	151,380
		224,307	153,780

7	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

8	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Director's loan account	220,227	151,380

Page 8