Company Registration No. 01866803 (England and Wales)
MOLECULAR DISCOVERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
Sobell Rhodes LLP
Unit 501 Centennial Park
Centennial Avenue
Elstree
Borehamwood
WD6 3FG
MOLECULAR DISCOVERY LIMITED
COMPANY INFORMATION
Director
Mr F Cruciani
Company number
01866803
Registered office
Ground Floor
Unit 501 Centennial Park
Centennial Avenue
Elstree, Borehamwood
Hertfordshire
WD6 3FG
Accountants
Sobell Rhodes LLP
Unit 501 Centennial Park
Centennial Avenue
Elstree
Borehamwood
United Kingdom
WD6 3FG
MOLECULAR DISCOVERY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MOLECULAR DISCOVERY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
166,079
197,106
Current assets
Debtors
4
665,977
743,774
Cash at bank and in hand
2,602,622
2,239,257
3,268,599
2,983,031
Creditors: amounts falling due within one year
5
(209,221)
(145,834)
Net current assets
3,059,378
2,837,197
Total assets less current liabilities
3,225,457
3,034,303
Creditors: amounts falling due after more than one year
6
(105,617)
(106,699)
Net assets
3,119,840
2,927,604
Capital and reserves
Called up share capital
8
5
5
Profit and loss reserves
3,119,835
2,927,599
Total equity
3,119,840
2,927,604
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MOLECULAR DISCOVERY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 March 2020
Mr F Cruciani
Director
Company Registration No. 01866803
MOLECULAR DISCOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Molecular Discovery Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Ground Floor, Unit 501 Centennial Park, Centennial Avenue, Elstree, Borehamwood, Hertfordshire, WD6 3FG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents licence fees invoiced during the year, exclusive of Value Added Tax.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Written off over a period of 10 years
Fixtures and fittings
25% on cost
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MOLECULAR DISCOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 2).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2018 and 31 March 2019
310,270
653,834
964,104
Depreciation and impairment
At 1 April 2018
113,164
653,834
766,998
Depreciation charged in the year
31,027
-
31,027
At 31 March 2019
144,191
653,834
798,025
Carrying amount
At 31 March 2019
166,079
-
166,079
At 31 March 2018
197,106
-
197,106
MOLECULAR DISCOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
495,057
582,891
Amounts owed by group undertakings
51,363
51,020
Other debtors
86,779
79,709
633,199
713,620
Deferred tax asset
32,778
30,154
665,977
743,774
5
Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
39,492
76,129
Other taxation and social security
12,470
9,577
Other creditors
157,259
60,128
209,221
145,834
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
105,617
106,699
7
Parent and ultimate parent undertaking
The company's immediate parent is Diplema 463 Limited, incorporated in England and Wales.
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
5 of £1 each
5
5
MOLECULAR DISCOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
9
Related party transactions
Description
Opening balance
Amounts advanced
Closing balance
£
£
£
Key management
-
1,665
4,589
6,254
1,665
4,589
6,254