Everest Biotech Limited
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Notes to the Accounts |
for the period from 1 June 2019 to 31 December 2019
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Freehold buildings |
over 50 years |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
over 5 years |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate.
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2 |
Employees |
31/12/19 |
31/5/19 |
Number |
Number |
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Average number of persons employed by the company |
4 |
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4 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 June 2019 |
26,097 |
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At 31 December 2019 |
26,097 |
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Depreciation |
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At 1 June 2019 |
24,864 |
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Charge for the period |
276 |
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At 31 December 2019 |
25,140 |
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Net book value |
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At 31 December 2019 |
957 |
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At 31 May 2019 |
1,233 |
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4 |
Debtors |
31/12/19 |
31/5/19 |
£ |
£ |
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Trade debtors |
131,732 |
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202,201 |
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Other debtors |
5,660 |
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96,431 |
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137,392 |
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298,632 |
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5 |
Investments held as current assets |
31/12/19 |
31/5/19 |
£ |
£ |
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Fair value |
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Increase/(decrease) in fair value included in the profit and loss account for the period |
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Revaluation of currency accounts |
(4,567) |
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1,386 |
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6 |
Creditors: amounts falling due within one year |
31/12/19 |
31/5/19 |
£ |
£ |
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Trade creditors |
23,608 |
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10,254 |
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Corporation tax |
201,135 |
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147,702 |
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Other taxes and social security costs |
31,467 |
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51,725 |
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Other creditors |
24,041 |
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131,596 |
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280,251 |
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341,277 |
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7 |
Pension commitments |
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The company operates a defined contribution scheme for the benefit of its employees. The assets of the scheme are administrated by trustees in a fund independent from those of the company. The pension costs charges in this accounting period have amounted to 31 December 2019 £7,095. (year ending May 2019 £14,633). |
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8 |
Taxation |
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As at 8th May 2019 there were unrelieved capital losses of £88,800.00 to carry forward. (2018 £88,800.00.)
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9 |
Share premium account |
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On 10th November 2016 a meeting was held in which a resolution was tabled and passed by all the companies shareholders and directors for the total reduction of the share premium account. This was also supported by a solvency statement.
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10 |
Controlling party |
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The company was under the control of the board of directors throughout the current and previous periods.
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11 |
Other information |
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Everest Biotech Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Cherwell Innovation Centre |
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77 Heyford Park |
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Upper Heyford |
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Nr Bicester |
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OX25 5HD |