MOLECULAR SYNTHETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Molecular Synthetics Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Salisbury House, Station Road, Cambridge, CB1 2LA. The company has no permanent trading premises.
The Company's functional and presentational currency is GBP and the figures are rounded to the nearest pound.
2.
ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
In common with other development stage companies, the company has incurred a loss for the year and has net liabilities at the year end. The company has received assurances from the directors that they will continue to provide ongoing financial support to the company, and consequently the accounts are prepared on the going concern basis.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The Company has no employees other than the directors, who did not receive any remuneration
(2019 - £
NIL
)
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Called up share capital not paid
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