Registered number: 07806887
CAMBRIDGE SCIENTIFIC INNOVATIONS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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CAMBRIDGE SCIENTIFIC INNOVATIONS LIMITED
REGISTERED NUMBER: 07806887
BALANCE SHEET
AS AT 30 SEPTEMBER 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Creditors: amounts falling due after more than one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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CAMBRIDGE SCIENTIFIC INNOVATIONS LIMITED
REGISTERED NUMBER: 07806887
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2022
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 6 form part of these financial statements.
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CAMBRIDGE SCIENTIFIC INNOVATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Cambridge Scientific Innovations Limited is a private company limited by shares and incorporated in England and Wales. The Company's registered office is Salisbury House, Station Road, Cambridge, CB1 2LA.
The Company's functional and presentational currency is GBP.
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:
The directors consider that the cash held within the group at the date of approving these financial statements is sufficient to cover the limited cost commitments expected for the foreseeable future. Therefore, the directors have a reasonable expectation that the company will continue to have adequate resources to continue in operational existence for the foreseeable future, they continue to adopt the going concern basis in the financial statements.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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CAMBRIDGE SCIENTIFIC INNOVATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.ACCOUNTING POLICIES (CONTINUED)
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.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. A financial liability exists where there is a contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or financial liabilities under potentailly unfavourable conditions. Shares containing such obligations are classified as financial liabilities. Finance costs and gains or losses relating to financial liabilities are included in the profit or loss account. The carrying amount of the liability is increased by the finance cost and reduced by payments made in respect of that liability. Dividends and distributions relating to equity instruments are debited directly to reserves.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
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The Company has no employees other than the directors, who did not receive any remuneration (2021 -£NIL).
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CAMBRIDGE SCIENTIFIC INNOVATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Investments in subsidiary companies
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Amounts owed by group undertakings
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Prepayments and accrued income
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Other taxation and social security
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Accruals and deferred income
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CAMBRIDGE SCIENTIFIC INNOVATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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Share capital treated as debt
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During the year the Company issued further convertable loan notes totalling £101,001. The loan notes carry an interest rate of 12% which accrues daily.
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SHARES CLASSIFIED AS EQUITY
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ALLOTTED, CALLED UP AND FULLY PAID
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133,700 (2021 -133,700) Ordinary shares of £0.01 each
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SHARES CLASSIFIED AS DEBT
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ALLOTTED, CALLED UP AND FULLY PAID
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4,754,324 (2021 - 4,754,324) Preference shares of £1.00 each
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The Preference shares carry an entitlement to a fixed dividend of 4.5% of the par value; the dividends are cumulative and accrue on a daily basis.
The Preference shares may be redeemed at a rate of £1 for every £1 that is paid by the Company to the Ordinary shareholders by way of dividend and the Company may redeem them at any time.
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