ELUCID_MHEALTH_LIMITED - Accounts

PILL CONNECT LIMITED - Company Information

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Company Registration No. 08719563 (England and Wales)

ELUCID MHEALTH LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2016

ELUCID MHEALTH LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

ELUCID MHEALTH LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

836

776

Current assets

Debtors

70,249

15,299

Cash at bank and in hand

121,118

191,367

15,299

Creditors: amounts falling due within one year

(94,865)

(51,360)

Net current assets/(liabilities)

96,502

(36,061)

Total assets less current liabilities

97,338

(35,285)

Creditors: amounts falling due after more than one year

(228,014)

(36,555)

(130,676)

(71,840)

Capital and reserves

Called up share capital

124

100

Share premium account

160,842

Profit and loss account

(291,642)

(71,940)

Shareholders' funds

(130,676)

(71,840)

For the financial year ended 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 16 June 2017

Dr J Burnstone

Director

Company Registration No. 08719563

ELUCID MHEALTH LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

At the year end the company had net liabilities of £130,676, which indicates that the company may not be a going concern.

The directors are confident that the company will continue to generate sufficient cash flows to meet its obligations as they fall due for payment.

The directors therefore consider it appropriate that the financial statements are prepared on a going concern basis.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

15% reducing balance

1.5

Government grants

Government grants are credited to the profit and loss account in the year in which they are received.

ELUCID MHEALTH LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 November 2015

1,048

Additions

288

Disposals

(148)

At 31 October 2016

1,188

Depreciation

At 1 November 2015

272

On disposals

(22)

Charge for the year

102

At 31 October 2016

352

Net book value

At 31 October 2016

836

At 31 October 2015

776

Share capital

2016

2015

Allotted, called up and fully paid

1,240,000 ordinary shares of 0.01p each

124

100

161,591 shares were issued at 0.01p (par) per share during the year.

19,388 shares were issued at 55.39p per share during the year.

55,713 shares were issued at 225.89p per share during the year.

On 31st March, the £1 ordinary shares were subdivided into 0.01p ordinary shares. This took place before any shares were issued during the year.