Company Registration No. 04292847 (England and Wales)
MOLECULAR VISION LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
MOLECULAR VISION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MOLECULAR VISION LIMITED
BALANCE SHEET
AS AT
30 JUNE 2019
30 June 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
165,195
188,215
Current assets
Debtors
5
45,339
190,540
Cash at bank and in hand
75,701
75,200
121,040
265,740
Creditors: amounts falling due within one year
6
(224,564)
(399,742)
Net current liabilities
(103,524)
(134,002)
Total assets less current liabilities
61,671
54,213
Creditors: amounts falling due after more than one year
7
(1,365,707)
(1,216,272)
Net liabilities
(1,304,036)
(1,162,059)
Capital and reserves
Called up share capital
8
1,297
1,297
Share premium account
4,662,243
4,662,243
Profit and loss reserves
(5,967,576)
(5,825,599)
Total equity
(1,304,036)
(1,162,059)
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 Period ended 30 June 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 Period 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 VISION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2019
30 June 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 October 2019
Dr Christopher Hand
Director
Company Registration No. 04292847
MOLECULAR VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2019
- 3 -
1
Accounting policies
Company information
Molecular Vision Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
National Agri-Food Innovation Campus, Sand Hutton, York, YO41 1LZ.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 26 ‘Share based Payment’
:
Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
Abingdon Health Limited
. These consolidated financial statements are available from its registered office
,
National Agri-Food Innovation Campus, Sand Hutton, York, YO41 1LZ.
1.2
Going concern
The financial statements show a balance sheet deficit of £1,304,036. Existing facilities provided by the company’s parent, Abingdon Health Limited, will provide sufficient funds for operations to continue at their current level for a minimum of 12 months from the date of these accounts
true
MOLECULAR VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 4 -
1.3
Research and development expenditure
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit. This period is ten years. Provision is made for any impairment.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably.
Amortisation 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:
Development Costs
10 years
1.5
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:
Plant and machinery
20% - 33% straight line
Fixtures, fittings & equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
MOLECULAR VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 5 -
1.9
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.10
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Asset
'
s held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was 2 (2018 - 3).
MOLECULAR VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2019
- 6 -
3
Intangible fixed assets
Development Costs
£
Cost
At 1 July 2018 and 30 June 2019
230,204
Amortisation and impairment
At 1 July 2018
41,989
Amortisation charged for the Period
23,020
At 30 June 2019
65,009
Carrying amount
At 30 June 2019
165,195
At 30 June 2018
188,215
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 July 2018
68,073
8,159
76,232
Disposals
(49,073)
-
(49,073)
At 30 June 2019
19,000
8,159
27,159
Depreciation and impairment
At 1 July 2018
68,073
8,159
76,232
Eliminated in respect of disposals
(49,073)
-
(49,073)
At 30 June 2019
19,000
8,159
27,159
Carrying amount
At 30 June 2019
-
-
-
At 30 June 2018
-
-
-
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
259
Other debtors
45,339
190,281
45,339
190,540
MOLECULAR VISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2019
- 7 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
532
9,503
Amounts owed to group undertakings
150,191
290,924
Taxation and social security
-
3,553
Other creditors
73,841
95,762
224,564
399,742
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
1,365,707
1,216,272
The interest rate on the loans is 8% per annum. There is a fixed and floating charge over the assets of the company in favour of loan note holders in the company’s parent, Abingdon Health Limited
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
448,676 Ordinary A Shares of 0.1p each
449
449
Preference share capital
Issued and fully paid
447,360 Preferred A Shares of 0.01p each
45
45
803,489 Preferred A1 Shares of 0.1p each
803
803
848
848
Preference shares classified as equity
848
848
Total equity share capital
1,297
1,297