32
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false
false
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2020-01-01
Sage Accounts Production Advanced 2020 - FRS102_2019
750,000
750,000
750,000
xbrli:pure
xbrli:shares
iso4217:GBP
SC159080
2020-01-01
2020-12-31
SC159080
2020-12-31
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SC159080
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SC159080
2019-12-31
SC159080
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SC159080
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2020-12-31
SC159080
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2020-12-31
SC159080
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2020-12-31
SC159080
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SC159080
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SC159080
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2020-12-31
SC159080
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2019-12-31
SC159080
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SC159080
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2019-12-31
SC159080
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SC159080
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SC159080
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2020-12-31
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COMPANY REGISTRATION NUMBER:
SC159080
Filleted Unaudited Financial Statements
|
|
Year ended 31 December 2020
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
|
2
|
|
|
Statement of financial position
|
3
|
|
|
Notes to the financial statements
|
5
|
|
|
Year ended 31 December 2020
The directors present their report and the unaudited financial statements of the company for the year ended
31 December 2020
.
Principal activities
The principal activity of the company during the period was developing standards based clinical trials software.
Directors
The directors who served the company during the year were as follows:
M Wheeldon
|
|
G Eadie
|
|
J McDermott
|
|
|
|
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
4 September 2021
and signed on behalf of the board by:
Registered office:
|
The Connect Building
|
4th Floor
|
59 Bath Street
|
Glasgow
|
G2 2DH
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Formedix Limited
|
|
Year ended 31 December 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Formedix Limited for the year ended 31 December 2020, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Formedix Limited, as a body, in accordance with the terms of our engagement letter dated 6 April 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Formedix Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Formedix Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Formedix 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 Formedix Limited. You consider that Formedix Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Formedix 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.
CLARK ANDREWS LIMITED
Chartered Accountants
4 Eaglesham Road
Clarkston
Glasgow
G76 7BT
4 September 2021
Statement of Financial Position
|
|
31 December 2020
Fixed assets
Intangible assets
|
5
|
|
750,000
|
750,000
|
Tangible assets
|
6
|
|
12,774
|
12,161
|
|
|
---------
|
---------
|
|
|
762,774
|
762,161
|
|
|
|
|
|
Current assets
Debtors
|
7
|
361,512
|
|
1,004,061
|
Cash at bank and in hand
|
2,279,496
|
|
1,339,397
|
|
------------
|
|
------------
|
|
2,641,008
|
|
2,343,458
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
879,064
|
|
1,341,710
|
|
------------
|
|
------------
|
Net current assets
|
|
1,761,944
|
1,001,748
|
|
|
------------
|
------------
|
Total assets less current liabilities
|
|
2,524,718
|
1,763,909
|
|
|
------------
|
------------
|
Net assets
|
|
2,524,718
|
1,763,909
|
|
|
------------
|
------------
|
|
|
|
|
|
Statement of Financial Position (continued)
|
|
31 December 2020
Capital and reserves
Called up share capital
|
|
428,223
|
428,223
|
Share premium account
|
|
772,820
|
772,820
|
Revaluation reserve
|
|
750,000
|
750,000
|
Profit and loss account
|
|
573,675
|
(
187,134)
|
|
|
------------
|
------------
|
Shareholders funds
|
|
2,524,718
|
1,763,909
|
|
|
------------
|
------------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
4 September 2021
, and are signed on behalf of the board by:
Company registration number:
SC159080
Notes to the Financial Statements
|
|
Year ended 31 December 2020
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Connect Building, 4th Floor, 59 Bath Street, Glasgow, G2 2DH.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity.
Intangible assets
Software development costs have been revalued and incorporated as intangible assets, with the revaluation being transferred to the revaluation reserve. No amortisation has been charged against such assets. The directors consider, based on the valuation carried out, that to amortise such assets would not give a true and fair view.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods and services have transferred to the buyer, usually on despatch of the goods and services, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery
|
-
|
20% straight line
|
|
Furniture and fittings
|
-
|
20% straight line
|
|
|
|
|
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
32
(2019:
29
).
5.
Intangible assets
|
Development costs
|
|
£
|
Cost
|
|
At 1 January 2020 and 31 December 2020
|
750,000
|
|
---------
|
Amortisation
|
|
At 1 January 2020 and 31 December 2020
|
–
|
|
---------
|
Carrying amount
|
|
At 31 December 2020
|
750,000
|
|
---------
|
At 31 December 2019
|
750,000
|
|
---------
|
|
|
The intangible assets were revalued in 2015. The historical cost of such assets was £nil.
6.
Tangible assets
|
Plant and machinery
|
Fixtures and fittings
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 January 2020
|
167,095
|
13,108
|
180,203
|
Additions
|
4,278
|
430
|
4,708
|
|
---------
|
--------
|
---------
|
At 31 December 2020
|
171,373
|
13,538
|
184,911
|
|
---------
|
--------
|
---------
|
Depreciation
|
|
|
|
At 1 January 2020
|
156,016
|
12,026
|
168,042
|
Charge for the year
|
3,729
|
366
|
4,095
|
|
---------
|
--------
|
---------
|
At 31 December 2020
|
159,745
|
12,392
|
172,137
|
|
---------
|
--------
|
---------
|
Carrying amount
|
|
|
|
At 31 December 2020
|
11,628
|
1,146
|
12,774
|
|
---------
|
--------
|
---------
|
At 31 December 2019
|
11,079
|
1,082
|
12,161
|
|
---------
|
--------
|
---------
|
|
|
|
|
7.
Debtors
|
2020
|
2019
|
|
£
|
£
|
Trade debtors
|
216,511
|
921,237
|
Other debtors
|
145,001
|
82,824
|
|
---------
|
------------
|
|
361,512
|
1,004,061
|
|
---------
|
------------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2020
|
2019
|
|
£
|
£
|
Trade creditors
|
37,411
|
44,498
|
Social security and other taxes
|
37,644
|
30,247
|
Other creditors
|
804,009
|
1,266,965
|
|
---------
|
------------
|
|
879,064
|
1,341,710
|
|
---------
|
------------
|
|
|
|
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2020
|
2019
|
|
£
|
£
|
Later than 1 year and not later than 5 years
|
60,000
|
90,000
|
|
--------
|
--------
|
|
|
|