Company Registration No. SC330746 (Scotland)
CERES HOLOGRAPHICS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2014
CERES HOLOGRAPHICS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
CERES HOLOGRAPHICS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2014
30 September 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Intangible assets
2
28,122
23,165
Tangible assets
2
2,838
275
30,960
23,440
Current assets
Debtors
51,018
17,485
Cash at bank and in hand
222,658
6,447
273,676
23,932
Creditors: amounts falling due within one year
(66,200)
(36,438)
Net current assets/(liabilities)
207,476
(12,506)
Total assets less current liabilities
238,436
10,934
Capital and reserves
Called up share capital
3
237
194
Share premium account
1,036,879
703,613
Profit and loss account
(798,680)
(692,873)
Shareholders' funds
238,436
10,934
For the financial year ended 30 September 2014 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the Board for issue on 30 June 2015
Ian Redmond
Director
Company Registration No. SC330746
CERES HOLOGRAPHICS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The company's principal activity is research and experimental development in the field of natural sciences and engineering.
The company is funded by its shareholders and existing cash reserves and revenue income. The directors consider that the company has sufficient cash reserves and likely income to meet its obligations through a period of at least 12 months from the date of approving this report. Additional equity funding has been invested in November 2014 (note 13).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts derived from the provision of goods and services which fall within the company's ordinary activities after deduction of VAT.
derived from the provision of goods and services which fall within the company's ordinary activities after deduction of VAT.
1.4
Patents
Patents are included at cost, net of depreciated in equal annual instalments over a period of 20 years which is their estimated useful economic life. Provision is made for any impairment.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
25% straight line
Fixtures, fittings & equipment
25% straight line
1.6
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured at the average rates that they are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is measured on a non-discounted basis.
1.7
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
CERES HOLOGRAPHICS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2014
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 October 2013
27,980
11,396
39,376
Additions
6,691
3,629
10,320
At 30 September 2014
34,671
15,025
49,696
Depreciation
At 1 October 2013
4,815
11,121
15,936
Charge for the year
1,734
1,066
2,800
At 30 September 2014
6,549
12,187
18,736
Net book value
At 30 September 2014
28,122
2,838
30,960
At 30 September 2013
23,165
275
23,440
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
23,721 ordinary shares of 1p each
237
194
During the year
4,313
ordinary shares of £
0.01
each were allotted and fully paid at par for cash
consideratio
n
.