Smerud Medical Research UK Limited - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 05844549 (England and Wales)

SMERUD MEDICAL RESEARCH UK LIMITED

Unaudited Financial Statements for the Year Ended 31 December 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr K Smerud

SECRETARY:

Mrs H K Smerud

REGISTERED OFFICE:

Suite 1S-B Trafford House

Chester Road

Old Trafford

Manchester

M32 0RS

REGISTERED NUMBER:

05844549 (England and Wales)

ACCOUNTANTS:

Whitehead & Co

Chartered Accountants

Registered Auditor

40 Lord Street

Stockport

Cheshire

SK1 3NA

CURRENT ASSETS

Debtors

5

161,492

245,033

Cash at bank and in hand

16,022

27,811

177,514

272,844

CREDITORS

Amounts falling due within one year

6

479,487

76,655

NET CURRENT (LIABILITIES)/ASSETS

(301,973

)

196,189

TOTAL ASSETS LESS CURRENT LIABILITIES

(301,973

)

196,189

CREDITORS

Amounts falling due after more than one year

7

-

351,276

NET LIABILITIES

(301,973

)

(155,087

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(301,974

)

(155,088

)

SHAREHOLDERS' FUNDS

(301,973

)

(155,087

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director on 5 April 2017 and were signed by:

Mr K Smerud - Director

1.	STATUTORY INFORMATION

Smerud Medical Research UK Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Computer equipment

-

33.33% on cost

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities such as trade and other accounts receivable and payable and loans from/to related parties.

Debt instruments, such as loans and other accounts receivable and payable, are initially measured at present

value of the future payments and subsequently at amortised cost using the effective interest method. Debt

instruments that are payable or receivable within one year are measured, initially and subsequently, at the

undiscounted amount of the cash or other consideration, expected to be paid or received.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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 profit or loss in the period to which they relate.

Going concern

The company has net liabilities of £300,473. The shareholder has confirmed that he will provide the financial

support that the company requires to enable it to meet its liabilities as they fall due until 30 April 2018 when the

position will be reviewed. On this basis, the director considers it appropriate to prepare the financial statements

on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2016

and 31 December 2016

9,366

3,436

12,802

DEPRECIATION

At 1 January 2016

and 31 December 2016

9,366

3,436

12,802

NET BOOK VALUE

At 31 December 2016

-

-

-

At 31 December 2015

-

-

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

23,408

161,404

Other debtors

138,084

83,629

161,492

245,033

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

100,585

58,802

Taxation and social security

4,694

6,106

Other creditors

374,208

11,747

479,487

76,655

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Other creditors

-

351,276

8.	RELATED PARTY DISCLOSURES

The director is also director of Smerud Medical Research International AS. At the year end the company owed

Smerud Medical Research International AS £436,862 (2015: £223,883).

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr K Smerud.