Kirkstall Limited Company Accounts

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COMPANY REGISTRATION NUMBER 04112948

KIRKSTALL LIMITED

FINANCIAL STATEMENTS

31 January 2015

SHIELD ACCOUNTING SERVICES

Chartered Management Accountants

Unit 1.22

SOAR Enterprise Centre

Knutton Road

Sheffield

S5 9NU

KIRKSTALL LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 JANUARY 2015

The directors present their report and the unaudited financial statements of the company for the year ended 31 January 2015.

PRINCIPAL ACTIVITIES

The company's principal activity during the year continued to be commercialisation of MCB cell culturing technology which originated from the University of Pisa.

DIRECTORS

The directors who served the company during the year were as follows:

Dr J M Wilkinson
Viking Directors Ltd
D Oxlade
T Cole
D. Moran

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Registered office: Signed by order of the directors

Unit 3, Aspen Court, Centurion Business Park

Bessemer Way

Rotherham

S60 1FB

Dr. J M Wilkinson

Director

Approved by the directors on 23 April 2015

KIRKSTALL LIMITED

ACCOUNTANTS' REPORT TO THE DIRECTORS OF KIRKSTALL

LIMITED

YEAR ENDED 31 JANUARY 2015

As described on the balance sheet, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 January 2015.

You consider that the company is exempt from an audit under the Companies Act 2006.

In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

SHIELD ACCOUNTING SERVICES Chartered Management Accountants

Unit 1.22 SOAR Enterprise Centre Knutton Road Sheffield S5 9NU

23 April 2015

KIRKSTALL LIMITED

PROFIT AND LOSS ACCOUNT

YEAR ENDED 31 JANUARY 2015

		2015	2014
Note		£	£
TURNOVER	1	100,145	92,757

Cost of sales	21,528	18,174
	---------	---------
GROSS PROFIT	78,617	74,583

Distribution costs		6,186	–
Administrative expenses		164,953	199,339
Other operating income	2	( 48,780)	( 78,337)
		----------	----------
OPERATING LOSS	3	( 43,742)	( 46,419)

Interest payable and similar charges		23,120	8,627

		---------	---------
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION		( 66,862)	( 55,046)

Tax on loss on ordinary activities	–	–

	---------	---------
LOSS FOR THE FINANCIAL YEAR	( 66,862)	( 55,046)
	---------	---------

KIRKSTALL LIMITED

BALANCE SHEET

31 January 2015

	2015		2014
Note	£	£	£

FIXED ASSETS

Intangible assets	4	35,866	48,129
Tangible assets	5	630	1,537
		---------	---------
		36,496	49,666
		---------	---------

CURRENT ASSETS

Stocks		15,068		4,461
Debtors	6	37,631		60,861
Cash at bank		15,370		11,268
		---------		---------
		68,069		76,590
CREDITORS: Amounts falling due within one year	7	55,703		68,412
		---------		---------
NET CURRENT ASSETS			12,366	8,178
			---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES			48,862	57,844

CREDITORS: Amounts falling due after more than one year	8	146,349	88,469
		----------	---------
		( 97,487)	( 30,625)
		----------	---------

CAPITAL AND RESERVES

Called-up equity share capital	9	54,628	54,628
Share premium account	10	507,180	507,180
Profit and loss account	11	( 659,295)	( 592,433)
		----------	----------
DEFICIT		( 97,487)	( 30,625)
		----------	----------

For the year ended 31 January 2015 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 accounts for the year in question in accordance with section 476; and

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

These accounts were approved by the directors and authorised for issue on 23 April 2015 , and are signed on their behalf by:

Dr J M Wilkinson Director

Company Registration Number: 04112948

KIRKSTALL LIMITED

ACCOUNTING POLICIES

YEAR ENDED 31 JANUARY 2015

Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Intangible Fixed Asset - 20% straight line

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Computer hardware - 33.3% straight line

Stocks

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

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

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 have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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 the transaction. Exchange differences are taken into account in arriving at the operating profit.

KIRKSTALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2015

1. TURNOVER

Overseas turnover amounted to 15.69% (2014 - 22.49%) of the total turnover for the year.

2. OTHER OPERATING INCOME

	2015	2014
	£	£
Other operating income	48,780	78,337
	---------	---------
	48,780	78,337
	---------	---------

3. OPERATING LOSS

Operating loss is stated after charging/(crediting):

	2015	2014
	£	£
Directors' remuneration	45,000	44,018
Directors' pension contributions	–	4,337
Amortisation of intangible assets	18,802	16,894
Depreciation of owned fixed assets	907	1,120
Profit on disposal of fixed assets	–	( 1,400)
	---------	---------

4. INTANGIBLE FIXED ASSETS

	Intangible fixed asset
	£

COST

At 1 February 2014	89,120
Additions	6,539
	---------
At 31 January 2015	95,659
	---------

AMORTISATION

At 1 February 2014	40,991
Charge for the year	18,802
	---------
At 31 January 2015	59,793
	---------

NET BOOK VALUE

At 31 January 2015	35,866
	---------
At 31 January 2014	48,129
	---------

5. TANGIBLE FIXED ASSETS

	Computer hardware
	£

COST

At 1 February 2014 and 31 January 2015	3,360
	-------

DEPRECIATION

At 1 February 2014	1,823
Charge for the year	907
	-------
At 31 January 2015	2,730
	-------

NET BOOK VALUE

At 31 January 2015	630
	----
At 31 January 2014	1,537
	-------

6. DEBTORS

	2015	2014
	£	£
Trade debtors	19,128	52,861
Other debtors	18,503	8,000
	---------	---------
	37,631	60,861
	---------	---------

7. CREDITORS: Amounts falling due within one year

	2015	2014
	£	£
Trade creditors	20,053	29,652
Other taxation and social security	2,088	9,096
Other creditors	33,562	29,664
	---------	---------
	55,703	68,412
	---------	---------

8. CREDITORS: Amounts falling due after more than one year

	2015	2014
	£	£
Other creditors	146,349	88,469
	----------	---------

9. SHARE CAPITAL

Allotted, called up and fully paid:

	2015		2014
	No	£	No	£
Ordinary shares of £ 0.10 each	542,460	54,246	542,460	54,246
Ordinary - A shares of £ 0.10 each	3,821	382	3,821	382
	----------	---------	----------	---------
	546,281	54,628	546,281	54,628
	----------	---------	----------	---------

10. SHARE PREMIUM ACCOUNT

There was no movement on the share premium account during the financial year.

11. PROFIT AND LOSS ACCOUNT

	2015	2014
	£	£
Balance brought forward	( 592,433)	( 537,387)
Loss for the financial year	( 66,862)	( 55,046)
	----------	----------
Balance carried forward	( 659,295)	( 592,433)
	----------	----------

KIRKSTALL LIMITED

MANAGEMENT INFORMATION

YEAR ENDED 31 JANUARY 2015

The following pages do not form part of the statutory financial statements .

KIRKSTALL LIMITED

DETAILED PROFIT AND LOSS ACCOUNT

YEAR ENDED 31 JANUARY 2015

	2015		2014
	£	£	£
TURNOVER		100,145	92,757

COST OF SALES

Purchases	13,188		6,811
Royalties	8,340		5,324
Research & development costs	–		6,039
	---------		---------
		21,528	18,174
		----------	---------
GROSS PROFIT		78,617	74,583
		----------	---------

OVERHEADS

Advertising	6,186		–
Administrative expenses	164,953		199,339
	----------		----------
		171,139	199,339
		----------	----------
		(92,522)	(124,756)

OTHER OPERATING INCOME

Other operating income	48,780	78,337
	---------	----------
OPERATING LOSS	( 43,742)	( 46,419)

Interest payable	(23,120)	(8,627)
	---------	---------
LOSS ON ORDINARY ACTIVITIES	( 66,862)	( 55,046)
	---------	---------

NOTES:

ADMINISTRATIVE EXPENSES

Personnel costs

Directors salaries	45,000		44,018
Directors pension contributions	–		4,337
Wages and salaries	41,032		60,207
	---------		----------
		86,032	108,562
			----------

Establishment expenses

Rent	1,208		11,652
Insurance	2,922		3,762
	-------		---------
		4,130	15,414
			----------

General expenses

Travel and subsistence	18,172		8,089
Conferences & seminars	2,947		867
Telephone	1,343		1,027
Office expenses	387		1,953
Computer running costs	608		124
Printing, stationery and postage	1,483		1,514
Staff welfare	237		–
Sundry expenses	–		298
Meeting expenses	120		1,429
Subscriptions	488		20
Currency variance	139		287
GRD expenses	1,823		17,623
Marketing & promotion	–		4,258
Entertaining	430		309
Legal and professional fees	7,661		4,171
Other professional fees	15,666		11,942
Tax advice & consultancy	–		650
Accountancy fees	3,297		3,738
Amortisation	18,802		16,894
Depreciation	907		1,120
Profit on disposal of fixed assets	–		(1,400)
	---------		---------
		74,510	74,913
			----------

Financial costs

Bank charges	281	450
	----------	----------
	164,953	199,339
	----------	----------

INTEREST PAYABLE

Interest payable	22,776	8,627
Hire purchase and finance lease charges	344	–
	---------	-------
	23,120	8,627
	---------	-------