Serpin Haemostatics Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 09088717 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD 16 JUNE 2014 TO 30 JUNE 2015

FOR

SERPIN HAEMOSTATICS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Dr K S Johnson

Dr D J Grainger

SECRETARY:

The Cambridge Partnership Limited

REGISTERED OFFICE:

c/o Index Venture Management LLP

3 Burlington Gardens

Mayfair

London

W1S 3EP

REGISTERED NUMBER:

09088717 (England and Wales)

ACCOUNTANTS:

Lovetts Chartered Accountants

Bridge House

25 Fiddlebridge Lane

Hatfield

Hertfordshire

AL10 0SP

CURRENT ASSETS

Debtors

102,186

Cash at bank

149,754

251,940

CREDITORS

Amounts falling due within one year

544,740

NET CURRENT LIABILITIES

(292,800

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(292,800

)

CAPITAL AND RESERVES

Called up share capital

2

10

Profit and loss account

(292,810

)

SHAREHOLDERS' FUNDS

(292,800

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2015.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 15 March 2016 and were signed on its behalf by:

Dr D J Grainger - Director

1.	ACCOUNTING POLICIES

Accounting convention

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).

Deferred tax

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

sheet date.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Going concern

As at 30 June 2015, the company has an excess of liabilities over assets and is dependent upon the continued

support of the loan note holders. These holders have agreed to support the company so the accounts are prepared

on a going concern basis.

2.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100,000

Ordinary

0.01p

10

100,000 Ordinary shares of 0.01p were issued during the period for cash of £ 10 .