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REGISTERED NUMBER:
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SOMALOGIC LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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REGISTERED NUMBER:
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SOMALOGIC LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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SOMALOGIC LIMITED (REGISTERED NUMBER: 09357322) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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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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SOMALOGIC LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditor |
Highland House |
Mayflower Close |
Chandler's Ford |
Eastleigh |
Hampshire |
SO53 4AR |
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ACCOUNTANTS: |
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4 Studley Court |
Guildford Road |
Chobham |
Woking |
Surrey |
GU24 8EB |
SOMALOGIC LIMITED (REGISTERED NUMBER: 09357322) |
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BALANCE SHEET |
31 DECEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share-based payment 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 on
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SOMALOGIC LIMITED (REGISTERED NUMBER: 09357322) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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SomaLogic Limited is a
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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 |
These financial statements have been prepared in accordance with "The Financial Reporting Standards |
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. |
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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. |
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The financial statements are prepared in sterling, which is the functional currency of the company. Monetary |
amounts in these financial statements are rounded to the nearest £1. |
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The financial statements have been prepared under the historical cost convention, modified to include certain |
financial instruments at fair value. The principal accounting policies adopted are set out below. |
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Turnover |
The turnover shown in the profit and loss account represent amounts receivable from the parent undertaking |
during the year, for the provision of sales and marketing support functions. Turnover in respect of services |
provided to the parent undertaking is calculated as attributable cost plus 4% in accordance with a transfer pricing |
agreement between SomaLogic UK Limited and the parent undertaking. |
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Tangible fixed assets |
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Laboratory equipment | - |
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Computer equipment | - |
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Equity instruments |
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct |
issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the |
discretion of the company. |
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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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SOMALOGIC LIMITED (REGISTERED NUMBER: 09357322) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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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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Leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
lease term. |
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Share-based payments |
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the |
statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into |
account by adjusting the number of equity instruments expected to vest at each statement of financial position |
date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of |
options that eventually vest. Market vesting conditions are factored into the fair vale of the options granted. As |
long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting |
conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market condition. |
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Where the terms and conditions of options are modified before they vest, the increase in the fair value of the |
options, measured immediately before and after the modification, is also charged to the statement of |
comprehensive income over the remaining vesting period. |
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Financial assets |
The Company has elected to apply the provision 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 assets are recognised in the company's statement of financial position when the company becomes |
party to the contractual provisions of the instrument. |
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Basic financial assets, which include trade and other receivables and cash and bank balances are initially |
measured at transaction price including transaction costs and are subsequently carried at amortised cost using the |
effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is |
measured at the present value of the future receipts discounted at a market rate of interest. |
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Financial liabilities |
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and |
subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the |
debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
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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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SOMALOGIC LIMITED (REGISTERED NUMBER: 09357322) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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4. | TANGIBLE FIXED ASSETS |
Laboratory | Computer |
equipment | equipment | Totals |
£ | £ | £ |
COST |
Additions |
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At 31 December 2017 |
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DEPRECIATION |
Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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8. | 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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SOMALOGIC LIMITED (REGISTERED NUMBER: 09357322) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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9. | ULTIMATE CONTROLLING PARTY |
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The directors regard
parent undertaking by virtue of ho lding 100% of the issued shares and being the largest group for which consolidated accounts are availabl e. A copy of the consolidated financial statements can be obtained from SomaLogic Inc., 2945 Wilderness Pl , Boulder, CO 80301, USA. The director does not consider there to be an ultimate controlling party. |