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Financial Statements for the Year Ended 31 December 2019 |
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Sky Medical Technology Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2019 |
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for |
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Sky Medical Technology Limited |
Sky Medical Technology Limited (Registered number: 05751473) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Sky Medical Technology Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Chartered Accountants |
32 Derby Street |
Ormskirk |
Lancashire |
L39 2BY |
Sky Medical Technology Limited (Registered number: 05751473) |
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Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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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 |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 13 |
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Share premium |
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Share option reserve |
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Retained earnings |
( |
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SHAREHOLDERS' FUNDS |
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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 and authorised for issue on
were signed on its behalf by: |
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Sky Medical Technology Limited (Registered number: 05751473) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Sky Medical Technology 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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Preparation of consolidated financial statements |
The financial statements contain information about Sky Medical Technology 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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Patents and licences |
Patents and licences capitalised in the first year of trade are being amortised over the expected useful life of 5 |
years. |
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Patent costs incurred thereafter have been debited to the profit and loss in the period they are incurred. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the |
contractual provisions of the instrument. |
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The Convertible Loan Notes are classified as 'Other Financial Instruments' and therefore are measured at fair |
value with any annual adjustments being released to the profit & loss. |
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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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Sky Medical Technology Limited (Registered number: 05751473) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 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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Research and development |
Expenditure on research and development is debited to the profit and loss account in the year in which it is |
incurred. |
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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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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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Share premium |
The cost of raising finance is netted off against the share premium account. |
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Share based payments |
Share options granted to directors and employees are provided in the financial statements at their fair value at the |
grant date spread over their vesting period. |
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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. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 January 2019 |
and 31 December 2019 |
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AMORTISATION |
At 1 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Sky Medical Technology Limited (Registered number: 05751473) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Sky Medical Technology Limited (Registered number: 05751473) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2019 |
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Disposals | ( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Amounts owed by group undertakings |
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Amounts owed by participating interests | 161 | 161 |
Other debtors |
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Tax |
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VAT |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Other loans |
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Finance leases (see note 10) |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Finance leases (see note 10) |
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Convertible loan | 1,179,841 | - |
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Sky Medical Technology Limited (Registered number: 05751473) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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10. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Finance leases |
31.12.19 | 31.12.18 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
31.12.19 | 31.12.18 |
£ | £ |
Within one year |
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Between one and five years |
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11. | SECURED DEBTS |
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An initial rent deposit paid by Sky Medical Technology Ltd to J P Morgan Trustee and Depositary Company of |
£4,235 has been secured by way of a mortgage charge created 31st August 2010 where in an event of default |
under the lease agreement this and all other monies due would be paid. |
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12. | FINANCIAL INSTRUMENTS |
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Included in creditors: amounts falling due after more than one year, are 8% Convertible Loan Notes executed by |
the company on 12 December 2019. All outstanding Loan Notes which have not previously been converted or |
redeemed shall be redeemed on 30 April 2023. |
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13. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
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Ordinary | £0.00 | 1 | 7,741 | 7,741 |
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A' Ordinary | £0.00 | 1 | 31,401 | 30,690 |
39,142 | 38,431 |
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14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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Sky Medical Technology Limited (Registered number: 05751473) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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15. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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16. | CONTROLLING PARTY |
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In the opinion of the members, there is no overall controlling party as defined by Financial Reporting Standard |
102. |
Sky Medical Technology Limited (Registered number: 05751473) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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17. | SHARE OPTIONS |
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Share options granted to directors at the balance sheet date are set out in the table below; |
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Grant Date | No and type of shares | Exercise price | No exercised | Other notes |
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16/07/2008 | 279,570 ordinary | 46.5p per share | Nil |
27/03/2009 | 230,000 ordinary | 50.0p per share | Nil |
29/05/2012 | 125,102 ordinary | 45.0p per share | Nil | EMI Scheme Grant |
29/05/2012 | 125,102 ordinary | 45.0p per share | 95,809 | EMI Scheme Grant |
30/05/2013 | 52,674 ordinary | 45.0p per share | Nil | EMI Scheme Grant |
30/05/2013 | 52,674 ordinary | 45.0p per share | Nil | EMI Scheme Grant |
30/06/2014 | 118,022 ordinary | 50.0p per share | Nil | EMI Scheme Grant |
30/06/2014 | 59,011 ordinary | 50.0p per share | Nil | EMI Scheme Grant |
12/11/2015 | 45,000 ordinary | 62.0p per share | Nil | EMI Scheme Grant |
12/11/2015 | 45,000 ordinary | 62.0p per share | Nil | EMI Scheme Grant |
28/11/2016 | 37,500 ordinary | 62.0p per share | Nil | EMI Scheme Grant |
28/11/2016 | 37,500 ordinary | 62.0p per share | Nil | EMI Scheme Grant |
28/02/2018 | 9,066 ordinary | £1.036 per share | Nil | EMI Scheme Grant |
28/02/2018 | 37,774 ordinary | £1.036 per share | Nil | EMI Scheme Grant |
28/02/2018 | 35,934 ordinary | £1.036 per share | Nil |
28/02/2018 | 7,226 ordinary | £1.036 per share | Nil |
30/11/2018 | 41,431 ordinary | £1.036 per share | Nil | EMI Scheme Grant |
30/11/2018 | 45,000 ordinary | £1.036 per share | Nil |
30/11/2018 | 3,569 ordinary | £1.036 per share | Nil |
27/11/2019 | 45,000 ordinary | £1.68 per share | Nil |
27/11/2019 | 45,000 ordinary | £1.68 per share | Nil |
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Other share options granted are as summarised below; |
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Option grants over a further 529,599 shares were made to other employees under the Enterprise Management |
Incentive Scheme on 29/05/2012. |
47,541 of these have been exercised although options over 139,002 shares have lapsed. |
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Option grants over a further 288,172 shares were made to other employees under the Enterprise Management |
Incentive Scheme on 30/05/2013. |
None of these have been exercised although options over 124,297 shares have lapsed. |
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Option grants over a further 354,726 shares were made to other employees under the Enterprise Management |
Incentive Scheme on 30/06/2014. |
1,667 of these have been exercised and options over a further 130,128 shares have lapsed. |
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Option grants over a further 330,092 shares were made to other employees under the Enterprise Management |
Incentive Scheme on 12/11/2015. |
None of these have been exercised although options over 47,500 shares have lapsed. |
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Option grants over a further 324,092 shares were made to other employees under the Enterprise Management |
Incentive Scheme on 28/11/2016. |
None of these have been exercised although options over 40,333 shares have lapsed. |
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Option grants over a further 285,000 shares were made to other employees under the Enterprise Management |
Incentive Scheme on 28/02/2018. |
None of these have been exercised although options over 45,000 shares have lapsed. |
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Option grants over a further 282,500 shares were made to other employees on 30/11/2018 of which 270,185 |
were under the Enterprise Management Incentive Scheme. |
None of these have been exercised although options over 2,500 shares have lapsed. |
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Sky Medical Technology Limited (Registered number: 05751473) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
Option grants over a further 345,000 shares were made to other employees on 27/11/2019 of which 250,163 |
were under the Enterprise Management Incentive Scheme. |
None of these have been exercised and none have lapsed. |