Valkyrie Medical Ltd Company Accounts

Valkyrie Medical Ltd Company Accounts

VALKYRIE MEDICAL LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10183575
Valkyrie Medical Ltd
Filleted Unaudited Financial Statements
31 May 2017
Valkyrie Medical Ltd
Financial Statements
Year ended 31 May 2017
Contents
Page
Officers and professional advisers
1
Director's report
2
Accountant report to the director on the preparation of the unaudited statutory financial statements
3
Statement of financial position
4
Notes to the financial statements
5
Valkyrie Medical Ltd
Officers and Professional Advisers
Director
Mr A.R.C. Elliott
Company secretary
Mr A.R.C. Elliott
Registered office
48/50 Wakefield Road
Ackworth
Pontefract
West Yorkshire
WF7 7AB
Accountant
Peter Wray Accountancy Services
Accountant
48-50 Wakefield Road
Ackworth
Pontefract
West Yorkshire
WF7 7AB
Bankers
TSB Bank plc
47 High Street
Doncaster
South Yorkshire
DN1 1UR
Valkyrie Medical Ltd
Director's Report
Year ended 31 May 2017
The director presents his report and the unaudited financial statements of the company for the year ended 31 May 2017 .
Director
The director who served the company during the year was as follows:
Mr A.R.C. Elliott
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 2 February 2018 and signed on behalf of the board by:
Mr A.R.C. Elliott
Director
Valkyrie Medical Ltd
Accountant Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Valkyrie Medical Ltd
Year ended 31 May 2017
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 May 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Peter Wray Accountancy Services Accountant
48-50 Wakefield Road Ackworth Pontefract West Yorkshire WF7 7AB
2 February 2018
Valkyrie Medical Ltd
Statement of Financial Position
31 May 2017
2017
Note
£
Current assets
Cash at bank and in hand
259
Creditors: amounts falling due within one year
4
3,166
-------
Net current liabilities
2,907
-------
Total assets less current liabilities
( 2,907)
-------
Net liabilities
( 2,907)
-------
Capital and reserves
Called up share capital
50
Profit and loss account
( 2,957)
-------
Members deficit
( 2,907)
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 2 February 2018 , and are signed on behalf of the board by:
Mr A.R.C. Elliott
Director
Company registration number: 10183575
Valkyrie Medical Ltd
Notes to the Financial Statements
Year ended 31 May 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 48/50 Wakefield Road, Ackworth, Pontefract, West Yorkshire, WF7 7AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Creditors: amounts falling due within one year
2017
£
Corporation tax
2,485
Other creditors
681
-------
3,166
-------
5. Director's advances, credits and guarantees
At the year end the company owed £81 to the director. This amount is unsecured, interest free and repayable on demand and is therefore included in Other Creditors due within one year.