Dermal Diagnostics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06795555 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

Dermal Diagnostics Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

Dr D F H Chowdhury

B Timol

REGISTERED OFFICE:

Advanced Technology Innovation Centre

Loughborough University Science &

Enterprise Parks, 5 Oakwood Drive

Loughborough

Leicestershire

LE11 3QF

REGISTERED NUMBER:

06795555 (England and Wales)

ACCOUNTANTS:

HSKS Greenhalgh

Chartered Accountants

18 St Christopher's Way

Pride Park

Derby

DE24 8JY

FIXED ASSETS

Intangible assets

4

149,456

122,052

Tangible assets

5

140,814

43,646

290,270

165,698

CURRENT ASSETS

Stocks

230,839

29,191

Debtors

147,580

287,850

Cash at bank

85,549

2,870,809

463,968

3,187,850

CREDITORS

Amounts falling due within one year

7,576,193

8,351,837

NET CURRENT LIABILITIES

(7,112,225

)

(5,163,987

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(6,821,955

)

(4,998,289

)

CREDITORS

Amounts falling due after more than one year

925,000

950,000

NET LIABILITIES

(7,746,955

)

(5,948,289

)

CAPITAL AND RESERVES

Called up share capital

6

10,000

10,000

Share premium

315,500

315,500

Retained earnings

(8,072,455

)

(6,273,789

)

SHAREHOLDERS' FUNDS

(7,746,955

)

(5,948,289

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 February 2021 and were signed on its behalf by:

Dr D F H Chowdhury - Director

1.	STATUTORY INFORMATION

Dermal Diagnostics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over there estimated useful life of between 6 to 20 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2019 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

155,898

Additions

45,201

Disposals

(3,700

)

At 31 March 2020

197,399

AMORTISATION

At 1 April 2019

33,846

Amortisation for year

14,139

Eliminated on disposal

(42

)

At 31 March 2020

47,943

NET BOOK VALUE

At 31 March 2020

149,456

At 31 March 2019

122,052

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

59,553

Additions

133,253

At 31 March 2020

192,806

DEPRECIATION

At 1 April 2019

15,907

Charge for year

36,085

At 31 March 2020

51,992

NET BOOK VALUE

At 31 March 2020

140,814

At 31 March 2019

43,646

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

10,000

Ordinary

£1

10,000

10,000

7.	ULTIMATE CONTROLLING PARTY

The parent company is Dermal Diagnostics (Holding) Limited, a company incorporated in England and Wales. The registered office address is Advanced Technology Innovation Centre, Loughborough University Science & Enterprise Parks, 5 Oakwood Drive, Loughborough, Leicestershire, LE11 3QF.

The ultimate parent company is Nemaura Medical Inc, a company registered in the United States of America, although the principal place of business is Advanced Technology Innovation Centre, Loughborough University Science & Enterprise Parks, 5 Oakwood Drive, Loughborough, Leicestershire, LE11 3QF.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dermal Diagnostics Limited for the year ended 31 March 2020 which comprise the Income Statement, Abridged Balance Sheet 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Dermal Diagnostics Limited, as a body, in accordance with the terms of our engagement letter dated 1 December 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Dermal Diagnostics Limited and state those matters that we have agreed to state to the Board of Directors of Dermal Diagnostics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dermal Diagnostics Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Dermal Diagnostics 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 loss of Dermal Diagnostics Limited. You consider that Dermal Diagnostics 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 Dermal Diagnostics 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.

HSKS Greenhalgh

Chartered Accountants

18 St Christopher's Way

Pride Park

Derby

DE24 8JY

25 February 2021