Pharmacells Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: SC339685 (Scotland)

Abbreviated Unaudited Accounts

For The Year Ended 31st March 2016

for

PHARMACELLS LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Dr A Abid

Mrs D Dyer Bartlett

Dr H Salem

REGISTERED OFFICE:

Biocity Scotland

Newhouse Industrial Estate

Bo'ness Road

Motherwell

Strathclyde

ML1 5UH

REGISTERED NUMBER:

SC339685 (Scotland)

FIXED ASSETS

Intangible assets

2

62,587

136,437

Tangible assets

3

18,911

27,340

81,498

163,777

CURRENT ASSETS

Stocks

9,000

16,598

Debtors

60,079

42,964

Cash at bank

22,909

1,598

91,988

61,160

CREDITORS

Amounts falling due within one year

923,422

545,029

NET CURRENT LIABILITIES

(831,434

)

(483,869

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(749,936

)

(320,092

)

CREDITORS

Amounts falling due after more than one
year

91,816

207,549

NET LIABILITIES

(841,752

)

(527,641

)

CAPITAL AND RESERVES

Called up share capital

4

1,715

Share premium

685,684

Capital contribution

27,009

Profit and loss account

(1,556,160

)

(1,242,049

)

SHAREHOLDERS' FUNDS

(841,752

)

(527,641

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2016 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 29th December 2016 and were signed on its
behalf by:

Mrs D Dyer Bartlett - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

In accordance with their responsibility as directors, the directors have considered the appropriateness of

the going concern basis for the preparation of the financial statements. In considering the appropriateness

of the going concern the directors have considered a period of no less than 12 months from the date of

signing these accounts.

The company relies on support from its parent company. The directors believe that the parent company will

continue to support the company as it has done in the past.

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.

Intangible fixed assets

Patents are amortised over their remaining useful life up to December 2029.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% 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 pure and applied 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the

shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over

the period of the lease.

Grants

Government Grants have been recognised in the profit and loss account so as to match them with the

expenditure towards which they are intended to contribute

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1st April 2015

240,228

Additions

19,379

At 31st March 2016

259,607

AMORTISATION

At 1st April 2015

103,791

Amortisation for year

17,249

Impairments

75,980

At 31st March 2016

197,020

NET BOOK VALUE

At 31st March 2016

62,587

At 31st March 2015

136,437

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st April 2015

42,443

Additions

913

At 31st March 2016

43,356

DEPRECIATION

At 1st April 2015

15,103

Charge for year

9,342

At 31st March 2016

24,445

NET BOOK VALUE

At 31st March 2016

18,911

At 31st March 2015

27,340

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class

Nominal

31.3.16

31.3.15

value:

£

171,516

Ordinary

1p

1,715

5.	ULTIMATE PARENT COMPANY

Precious Cells International Ltd (incorporated in UK ) is regarded by the directors as being the company's

ultimate parent company.

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2016 and

31st March 2015:

31.3.16

31.3.15

£

A Haas

Balance outstanding at start of year

(31,920

)

(61,231

)

Amounts advanced

47,170

29,311

Amounts repaid

-

Balance outstanding at end of year

15,250

(31,920

)

7.	RELATED PARTY DISCLOSURES

During the year the Company was a partner in Cliocell LLP. No profits or losses were attributed to

Pharmacells Ltd. Cliocell LLP was dissolved by Companies House on 9 October 2015.

During the year the Company provided inter company processes to Precious Cells International Ltd of £317

(2015 - £12,430). At 31 March 2016 Pharmacells Ltd owed to Precious Cells International Ltd £646,498

(2015 - £354,594).

At 31 March 2016 Pharmacells Ltd owed to former director N Fell the amount of £57,331 (2015 -

£72,520).