Company Registration No. 03873386 (England and Wales)
PROIMMUNE LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
PROIMMUNE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
PROIMMUNE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
129,720
111,881
Investments
2
121,400
121,400
251,120
233,281
Current assets
Debtors
747,117
476,326
Investments
5,449,785
3,302,840
Cash at bank and in hand
413,850
438,440
6,610,752
4,217,606
Creditors: amounts falling due within one year
(309,045)
(339,438)
Net current assets
6,301,707
3,878,168
Total assets less current liabilities
6,552,827
4,111,449
Provisions for liabilities
(10,081)
(13,074)
6,542,746
4,098,375
Capital and reserves
Called up share capital
3
2,007
2,007
Other reserves
54
54
Profit and loss account
6,540,685
4,096,314
Shareholders' funds
6,542,746
4,098,375
PROIMMUNE LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2015
31 December 2015
- 2 -
For the financial year ended 31 December 2015 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 financial statements for the year 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 financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 29 September 2016
N Schwabe
Director
Company Registration No. 03873386
PROIMMUNE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not its group. The principal accounting policies of the company have remained unchanged from the previous year and are set out below.
the Financial Reporting Standard for Smaller Entities (effective April 2008).
The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not its group.
The principal accounting policies of the company have remained unchanged from the previous year and are set out below.
1.2
Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Revenue is recognised on a stage of completion basis, unless recoverability is in doubt.
Revenue is recognised on a stage of completion basis, unless recoverability is in doubt.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Laboratory equipment
20% straight line
Computer software
50% straight line
Office equipment
20% straight line
1.4
Leasing
Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
Current asset investments are stated at the lower of cost and net realisable value.
1.6
Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
1.7
Deferred taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing difference are expected to reverse.
Deferred tax assets and liabilities are not discounted.
PROIMMUNE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
1
Accounting policies
(Continued)
- 4 -
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 January 2015
796,784
121,400
918,184
Additions
83,311
-
83,311
Disposals
(7,840)
-
(7,840)
At 31 December 2015
872,255
121,400
993,655
Depreciation
At 1 January 2015
684,903
-
684,903
On disposals
(7,840)
-
(7,840)
Charge for the year
65,472
-
65,472
At 31 December 2015
742,535
-
742,535
Net book value
At 31 December 2015
129,720
121,400
251,120
At 31 December 2014
111,881
121,400
233,281
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
ProImmune Inc
USA
Ordinary
100.00
PROIMMUNE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
2
Fixed assets
(Continued)
- 5 -
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2015
2015
Principal activity
£
£
ProImmune Inc
Natural sciences research and development, and providing products and services for medical research.
137,811
(948)
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100,000 Ordinary A of 1p each
1,000
1,000
730 Ordinary B of 1p each
7
7
50 Ordinary C of £10 each
500
500
50 Ordinary D of £10 each
500
500
2,007
2,007