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No description of principal activity
2017-04-01
Sage Accounts Production Advanced 2017 Update 2 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
SC303525
2017-04-01
2018-01-31
SC303525
2018-01-31
SC303525
2017-03-31
SC303525
2016-04-01
2017-03-31
SC303525
2017-03-31
SC303525
bus:RegisteredOffice
2017-04-01
2018-01-31
SC303525
bus:LeadAgentIfApplicable
2017-04-01
2018-01-31
SC303525
bus:Director1
2017-04-01
2018-01-31
SC303525
bus:Director2
2017-04-01
2018-01-31
SC303525
bus:Director3
2017-04-01
2018-01-31
SC303525
bus:Director6
2017-04-01
2018-01-31
SC303525
core:WithinOneYear
2018-01-31
SC303525
core:WithinOneYear
2017-03-31
SC303525
core:ShareCapital
2018-01-31
SC303525
core:ShareCapital
2017-03-31
SC303525
core:SharePremium
2018-01-31
SC303525
core:SharePremium
2017-03-31
SC303525
core:RevaluationReserve
2018-01-31
SC303525
core:RevaluationReserve
2017-03-31
SC303525
core:RetainedEarningsAccumulatedLosses
2018-01-31
SC303525
core:RetainedEarningsAccumulatedLosses
2017-03-31
SC303525
core:CostValuation
core:Non-currentFinancialInstruments
2018-01-31
SC303525
core:Non-currentFinancialInstruments
2018-01-31
SC303525
bus:FRS102
2017-04-01
2018-01-31
SC303525
bus:AuditExempt-NoAccountantsReport
2017-04-01
2018-01-31
SC303525
bus:AbridgedAccounts
2017-04-01
2018-01-31
SC303525
bus:SmallCompaniesRegimeForAccounts
2017-04-01
2018-01-31
SC303525
bus:PrivateLimitedCompanyLtd
2017-04-01
2018-01-31
Statement of Consent to Prepare Abridged Financial Statements
|
|
All of the members of DC Biosciences Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the period ending 31 January 2018 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
SC303525
Filleted Unaudited Abridged Financial Statements
|
|
Abridged Financial Statements
|
|
Period from 1 April 2017 to 31 January 2018
Officers and professional advisers
|
1
|
|
|
Abridged statement of financial position
|
2
|
|
|
Notes to the abridged financial statements
|
4
|
|
|
Officers and Professional Advisers
|
|
The board of directors
|
Mr J. D. S. Carnegie
|
|
Mr J. C. Ivinson
|
|
Mr D. J. Smith
|
|
Mr F. Rao
|
|
|
Registered office
|
3 James Lindsay Place
|
|
Dundee Technopole
|
|
Dundee
|
|
Angus
|
|
DD1 5JJ
|
|
|
Accountants
|
Dand Carnegie LLP
|
|
Chartered accountant
|
|
Spalding House
|
|
90-92 Queen Street
|
|
Broughty Ferry
|
|
Dundee DD5 1AJ
|
|
|
Bankers
|
Bank of Scotland
|
|
2 West Marketgait
|
|
Dundee
|
|
DD1 1QN
|
|
|
Solicitors
|
Brymer Legal Limited
|
|
8B Rutland Square
|
|
Edinburgh
|
|
EH1 2AS
|
|
|
Abridged Statement of Financial Position
|
|
31 January 2018
|
31 Jan 18
|
31 Mar 17
|
Note
|
£
|
£
|
£
|
|
|
|
|
Fixed assets
Intangible assets
|
5
|
|
311,735
|
166,660
|
Tangible assets
|
6
|
|
46,910
|
52,745
|
Investments
|
7
|
|
1
|
1
|
|
|
---------
|
---------
|
|
|
358,646
|
219,406
|
|
|
|
|
|
Current assets
Stocks
|
52,728
|
|
53,647
|
Debtors
|
117,454
|
|
159,343
|
Cash at bank and in hand
|
4,629
|
|
14,237
|
|
---------
|
|
---------
|
|
174,811
|
|
227,227
|
|
|
|
|
Creditors: amounts falling due within one year
|
288,466
|
|
191,231
|
|
---------
|
|
---------
|
Net current (liabilities)/assets
|
|
(
113,655)
|
35,996
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
244,991
|
255,402
|
|
|
---------
|
---------
|
Net assets
|
|
244,991
|
255,402
|
|
|
---------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
2,276
|
2,276
|
Share premium account
|
|
946,941
|
946,941
|
Revaluation reserve
|
|
200,000
|
200,000
|
Profit and loss account
|
|
(
904,226)
|
(
893,815)
|
|
|
---------
|
---------
|
Members funds
|
|
244,991
|
255,402
|
|
|
---------
|
---------
|
|
|
|
|
These abridged 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 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 abridged statement of income and retained earnings has not been delivered.
For the period ending 31 January 2018 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 abridged financial statements for the period 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 abridged financial statements
.
Abridged Statement of Financial Position (continued)
|
|
31 January 2018
These abridged financial statements were approved by the
board of directors
and authorised for issue on
23 February 2018
, and are signed on behalf of the board by:
Mr J. D. S. Carnegie
|
Director
|
|
Company registration number:
SC303525
Notes to the Abridged Financial Statements
|
|
Period from 1 April 2017 to 31 January 2018
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 3 James Lindsay Place, Dundee Technopole, Dundee, DD1 5JJ, Angus.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.
Income 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. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
5
(2017:
6
).
5.
Intangible assets
|
£
|
Cost
|
|
At 1 April 2017
|
200,000
|
Additions
|
161,745
|
|
---------
|
At 31 January 2018
|
361,745
|
|
---------
|
Amortisation
|
|
At 1 April 2017
|
33,340
|
Charge for the period
|
16,670
|
|
---------
|
At 31 January 2018
|
50,010
|
|
---------
|
Carrying amount
|
|
At 31 January 2018
|
311,735
|
|
---------
|
At 31 March 2017
|
166,660
|
|
---------
|
|
|
6.
Tangible assets
|
£
|
Cost
|
|
At 1 April 2017
|
175,479
|
Additions
|
3,389
|
|
---------
|
At 31 January 2018
|
178,868
|
|
---------
|
Depreciation
|
|
At 1 April 2017
|
122,734
|
Charge for the period
|
9,224
|
|
---------
|
At 31 January 2018
|
131,958
|
|
---------
|
Carrying amount
|
|
At 31 January 2018
|
46,910
|
|
---------
|
At 31 March 2017
|
52,745
|
|
---------
|
|
|
7.
Investments
|
£
|
Cost
|
|
At 1 April 2017 and 31 January 2018
|
1
|
|
----
|
Impairment
|
|
At 1 April 2017 and 31 January 2018
|
–
|
|
----
|
Carrying amount
|
|
At 31 January 2018
|
1
|
|
----
|
|
|
8.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
31 Jan 18
|
31 Mar 17
|
|
£
|
£
|
Not later than 1 year
|
–
|
29,328
|
|
----
|
--------
|
|
|
|
9.
Related party transactions
No one individual has control over the company. During the period the company purchased services of £12,600 (2017 - £12,600) from Discovery Investment Fund Limited. Donald J. Smith and James Derek Scott Carnegie, who are directors of DC Biosciences Products Limited are also directors of Discovery Investment Fund Limited. During the period the company purchased services of £12,600 (2017 - £16,250) from Quest Corporate Limited. James Derek Scott Carnegie, who is a director of
DC Biosciences Limited
is also a director of Quest Corporate Limited. During the period the company purchased services of £7,880 (2017 - £9,450) from DJS Investments Limited. Donald J. Smith, who is a director of DC Biosciences Limited
is also a director of DJS Investments Limited. During the period the company purchased services of £25,250 (2017 - £31,500) from John Ivinson, who is a director of DC Biosciences Limited
. During the period the company transacted with the University of Dundee, a shareholder and all transactions were at arm's length. In the period, the company purchased goods and services of £21,251 (2017 - £29,232) from the University of Dundee and made sales of £19,212 (2017 £42,076) to the University. At the balance sheet date the balance due to the University of Dundee was £16,697 (2017 - £7,312), and the amount due from the University was £2,436 (2017 - £8,836). At the balance sheet date Discovery Investment Fund Limited had a loan outstanding to the company of £15,000. This is secured by a bond and floating charge over the company. No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.