Green Cross Medico Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC159637 (Scotland)

Report of the Director and

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

Green Cross Medico Limited

Page

Company Information

1

Report of the Director

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

G Benedetti

REGISTERED OFFICE:

10 Bothwell Bridge Business Park

Bothwell Road

Hamilton

Lanarkshire

ML3 OFD

REGISTERED NUMBER:

SC159637 (Scotland)

The director presents his report with the financial statements of the company for the year ended 31 December 2016.

REVIEW OF BUSINESS

For the financial year ended 2016 , the Company made significant progress in developing and trialing

innovative medical products in conjunction with the NHS. It is anticipated these products will be launched in

the UK market during 2018 and worldwide from 2019.

DIRECTOR

G Benedetti held office during the whole of the period from 1 January 2016 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

G Benedetti - Director

28 September 2017

FIXED ASSETS

Intangible assets

4

50,346

27,895

Tangible assets

5

757

-

51,103

27,895

CURRENT ASSETS

Stocks

13,581

6,238

Debtors

6

59,908

-

Cash at bank

1,623

2,861

75,112

9,099

CREDITORS

Amounts falling due within one year

7

2,053,725

1,884,747

NET CURRENT LIABILITIES

(1,978,613

)

(1,875,648

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,927,510

)

(1,847,753

)

CAPITAL AND RESERVES

Called up share capital

8

2,304,731

2,304,731

Share premium

3,832,000

3,832,000

Retained earnings

(8,064,241

)

(7,984,484

)

(1,927,510

)

(1,847,753

)

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 Income Statement has not been delivered.

The financial statements were approved by the director on 28 September 2017 and were signed by:

G Benedetti - Director

1.	STATUTORY INFORMATION

Green Cross Medico Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

Monetary amounts in these financial statements are rounded to the nearest £.

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.

The company has net liabilities of £1,927,510 at 31 December 2016. The company is supported by a

loan from the director and it is anticipated this will continue. The accounts are prepared on a going

concern basis.

Turnover

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

discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

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 etc

-

25% 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

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

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable

profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2016

27,895

Additions

22,451

At 31 December 2016

50,346

NET BOOK VALUE

At 31 December 2016

50,346

At 31 December 2015

27,895

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

1,009

At 31 December 2016

1,009

DEPRECIATION

Charge for year

252

At 31 December 2016

252

NET BOOK VALUE

At 31 December 2016

757

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Other debtors

59,908

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Taxation and social security

6,303

3,611

Other creditors

2,047,422

1,881,136

2,053,725

1,884,747

8.	CALLED UP SHARE CAPITAL

9.	RELATED PARTY DISCLOSURES

10.	FIRST YEAR ADOPTION

For all periods up to and including the year ended 31 December 2015, the Company prepared its

financial statements in accordance with previously exant United Kingdom generally accepted

accounting practice (UK GAAP). These financial statements, for the year ended 31 December 2016

are the first year the Company has prepared in accordance with FRS102. The significant accounting

policies in meeting those requirements are described in relevant notes.

In preparing these financial statements, the Company started from an opening balance sheet at the

Company's date of transition to FRS 102, and made those changes in accounting policies and other

restatements required for the first-time adoption of FRS102. There has been no material impact to the

Company's financial position, results or cashflows as a result of restating its financial statements.