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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2019 |
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CAMBRIDGE BIOSCIENCE LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2019 |
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FOR |
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CAMBRIDGE BIOSCIENCE LIMITED |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 8 |
CAMBRIDGE BIOSCIENCE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH SEPTEMBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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5 High Green |
Great Shelford |
Cambridge |
Cambridgeshire |
CB22 5EG |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
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BALANCE SHEET |
30TH SEPTEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
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BALANCE SHEET - continued |
30TH SEPTEMBER 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Cambridge Bioscience Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The presentation currency is £ sterling. |
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Preparation of consolidated financial statements |
The financial statements contain information about Cambridge Bioscience Limited as an individual company and |
do not contain consolidated financial information as the parent of a group. The company is exempt under Section |
399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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During the year the company acquired a 60% interest in Mayflower Bioscience LLC, a company incorporated in |
the United States of America, for £nil. |
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Changes in accounting policies |
The principal accounting policies adopted in the preparation of the financial statements are set out below and |
have remained unchanged from the previous year, and have also been applied consistently within the accounts. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Property improvements | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Property |
property | machinery | improvements |
£ | £ | £ |
COST |
At 1st October 2018 |
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Additions |
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Disposals |
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At 30th September 2019 |
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DEPRECIATION |
At 1st October 2018 |
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Charge for year |
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Eliminated on disposal |
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At 30th September 2019 |
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NET BOOK VALUE |
At 30th September 2019 |
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At 30th September 2018 |
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CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2019 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st October 2018 |
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Additions |
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Disposals |
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At 30th September 2019 |
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DEPRECIATION |
At 1st October 2018 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 30th September 2019 |
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NET BOOK VALUE |
At 30th September 2019 |
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At 30th September 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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VAT |
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Prepayments and accrued income |
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Amounts owed by group undertakings included within debtors consist of a loan to Mayflower Bioscience LLC, |
which is repayable on demand and no interest is being charged. |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
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CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2019 | 2018 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more than 5 yr | 35,543 | 79,579 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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Bank overdraft | 192,987 | - |
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The bank loans are secured by a legal charge over the freehold property and a debenture over the company's |
assets. |
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The bank overdraft is secured by a fixed and floating charge dated 5th April 2019 over all assets of the company. |
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10. | RELATED PARTY DISCLOSURES |
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During the year total dividends of £90,000 were paid to the directors. |
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Included within note 7 is a loan to Mayflower Bioscience LLC of £84,626 (2018: £76,361), which is repayable |
on demand and no interest is being charged. |
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11. | ULTIMATE CONTROLLING PARTY |
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The company has no ultimate controlling party. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
CAMBRIDGE BIOSCIENCE LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Cambridge Bioscience Limited for the year ended 30th September 2019 which comprise the |
Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Cambridge Bioscience Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cambridge Bioscience Limited and state those matters that we have agreed to state to the Board of Directors of Cambridge Bioscience Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cambridge Bioscience Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Cambridge Bioscience Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cambridge Bioscience Limited. You consider that Cambridge Bioscience Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Cambridge Bioscience Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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5 High Green |
Great Shelford |
Cambridge |
Cambridgeshire |
CB22 5EG |
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