Sarissa Biomedical Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 04581254 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2015

FOR

SARISSA BIOMEDICAL LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Professor N E Dale

Professor B Frenguelli

Dr E Mascarenhas

Warwick Ventures Limited

G Glass

SECRETARY:

Professor N E Dale

REGISTERED OFFICE:

Argent House

5 Goldington Road

Bedford

Bedfordshire

MK40 3JY

REGISTERED NUMBER:

04581254 (England and Wales)

ACCOUNTANTS:

Rawlinson Pryde & Partners

Chartered Certified Accountants

Argent House

5 Goldington Road

Bedford

Bedfordshire

MK40 3JY

FIXED ASSETS

Tangible assets

2

9,923

-

CURRENT ASSETS

Stocks

136

Debtors

3

104,353

93,909

Cash at bank

223,829

111,238

328,318

205,283

CREDITORS

Amounts falling due within one year

49,533

31,845

NET CURRENT ASSETS

278,785

173,438

TOTAL ASSETS LESS CURRENT
LIABILITIES

288,708

173,438

CREDITORS

Amounts falling due after more than one
year

80,000

-

NET ASSETS

208,708

173,438

CAPITAL AND RESERVES

Called up share capital

4

3,926

3,012

Share premium

707,177

550,210

Profit and loss account

(502,395

)

(379,784

)

SHAREHOLDERS' FUNDS

208,708

173,438

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 26 September 2016 and were signed on its behalf
by:

Professor N E Dale - Director

Dr E Mascarenhas - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The current economic environment and outlook continues to present significant challenges to the company. After

making appropriate enquires, the directors believe that it is the intention of independent investors to continue

supporting the company for the foreseeable future. They therefore conclude that there are no material

uncertainties that may cast significant doubt about the company's ability to continue as a going concern.

Accordingly, the company continues to adopt the going concern basis in preparing the annual report and

accounts.

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 January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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

-

33% on cost

Computer equipment

-

33% 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.

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.

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 the profit and loss account in the period to which they relate.

Other income

Grants are recognised in the financial statements in the year in which they are receivable.

Revenue grants in respect of eligible costs associated to a specific project, are recognised and matched against

expenditure when it is incurred.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

8,023

Additions

11,164

At 31 December 2015

19,187

DEPRECIATION

At 1 January 2015

8,023

Charge for year

1,241

At 31 December 2015

9,264

NET BOOK VALUE

At 31 December 2015

9,923

At 31 December 2014

-

3.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

The aggregate total of debtors falling due after more than one year is £ 70,000 (31.12.14 - £ 70,000 )

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

100,000

Ordinary

1p

1,000

800

(31.12.14 - 80,000 )

292,618

A ordinary

1p

2,926

2,212

3,926

3,012

20,000 Ordinary shares of 1p each were allotted and fully paid for cash at par during the year.

71,446 A ordinary shares of 1p each were allotted as fully paid at a premium of £2.197 per share during the year.