MRN Inflection Ltd - Abbreviated accounts

MRN INFLECTION LTD - Company Information

Registered number

08236413

MRN Inflection Ltd

Abbreviated Financial Statements

31 October 2014

MRN Inflection Ltd

Report to the directors on the preparation of the unaudited abbreviated accounts of MRN Inflection Ltd for the year ended 31 October 2014
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated financial statements of MRN Inflection Ltd for the year ended 31 October 2014 which comprise of the 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of MRN Inflection Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of MRN Inflection Ltd and state those matters that we have agreed to state to the Board of Directors of MRN Inflection Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MRN Inflection Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that MRN Inflection Ltd 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 MRN Inflection Ltd. You consider that MRN Inflection Ltd 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 MRN Inflection Ltd. 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 abbreviated accounts.

Clark Howes Business Services Limited
Certified Accountants
Riverside Barn
Bourton Business Centre
Bourton Road
Buckingham
MK18 7DS

24 July 2015

MRN Inflection Ltd
Registered number: 08236413
Abbreviated Balance Sheet
as at 31 October 2014

Notes			2014			2013
£				£
Fixed assets
Investments	2		1,329			1,329

Current assets
Debtors		69,686			28,093

Creditors: amounts falling due within one year		(900)			(1,035)

Net current assets			68,786			27,058

Net assets			70,115			28,387

Capital and reserves
Called up share capital	3		1,329			1,329
Profit and loss account			68,786			27,058

Shareholders' funds			70,115			28,387

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



Dr G Wylie
Director
Approved by the board on 24 July 2015

MRN Inflection Ltd
Notes to the Abbreviated Accounts
for the year ended 31 October 2014

1	Accounting policies

	Basis of preparation
	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).

	Group financial statements
	The financial statements contain information about the entity as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under the Companies Act 2006 from the requirements to prepare consolidated financial statements because the group of companies form a Small Group.

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. Turnover is recognised when the goods are physically delivered to the customer and when services are provided.

	Investments in subsidiary
	A subsidiary is an entity over which the company has the power to govern the financial and operating policies so as to obtain benefits from its activities. The company generally has such power when it, directly or indirectly, holds more than 50% of the issued share capital, or controls more than half the voting power, or controls the composition of the board of the directors Investments in subsidiaries are stated in the financial statements of the company at cost, less impairment losses, if any.
	Leasing and hire purchase commitments
	Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

	Pensions
	The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.


2	Investments					£

	Cost
	At 1 November 2013					1,329

	At 31 October 2014					1,329

	The company holds 20% or more of the ordinary share capital of the following companies:

Capital and							Profit (loss)
	Company	Country of				reserves	for the year
		incorporation		%	£		£
	Medical Research Network Ltd	UK		100		(225,143)		48,148


3	Share capital	Nominal		2014		2014		2013
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£0.01 each		20,000		200		200
	B Ordinary shares	£0.01 each		32,858		329		329
	C Ordinary shares	£0.01 each		80,000		800		800
						1,329		1,329


4	Ultimate controlling party

	During the year the company was controlled by Dr G Wylie by virtue of his majority shareholding.