| Glyconics Limited |
| Balance Sheet |
as at 31 March 2018 |
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| Notes |
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2018 |
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2017 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
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1,993 |
|
3,646 |
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| Current assets |
| Debtors |
4 |
|
4,903 |
|
800 |
| Cash at bank and in hand |
25,538 |
|
586 |
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30,441 |
|
1,386 |
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| Creditors: amounts falling due within one year |
5 |
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(47,740) |
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(26,478) |
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| Net current liabilities |
(17,299) |
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(25,092) |
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| Net liabilities |
(15,306) |
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(21,446) |
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| Capital and reserves |
| Called up share capital |
122 |
|
101 |
| Share premium |
127,068 |
|
4,250 |
| Profit and loss account |
(142,496) |
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(25,797) |
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| Shareholders' deficit |
(15,306) |
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(21,446) |
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| The Balance Sheet is to be read in conjunction with the Notes to the Financial Statements, which form part of the financial statements. |
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| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
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| The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. |
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| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
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| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
| _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ |
| Mrs S A Smart, Director |
| Approved by the Board on 21 December 2018 |
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| Glyconics Limited |
| Notes to the Accounts |
for the year ended 31 March 2018 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Going concern |
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The Directors have considered whether the going concern basis is an appropriate basis on which to prepare the financial statements. There is not significant uncertainty as to whether the company will continue to trade, and accordingly the going concern basis of accounting is considered to be appropriate. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. |
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Turnover includes grant income received. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. |
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Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Computer equipment |
over 4 years |
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Fixtures, fittings, tools and equipment |
over 4 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). |
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Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. |
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A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. |
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Current and deferred tax assets and liabilities are not discounted. |
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Research and development expenditure |
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Research and development expenditure is expensed via the profit and loss account in the year in which it is incurred. Development expenditure is expensed in the same way, unless the Directors are satisfied as to the technical, commercial and financial viability of the individual projects. In this case, the expenditure is deferred and amortised over the period during which the company is expected to derive economic benefit. |
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| 2 |
Employees |
2018 |
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2017 |
| Number |
Number |
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Average number of persons employed by the company |
- |
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- |
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| 3 |
Tangible fixed assets |
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Plant and machinery |
| £ |
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Cost |
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At 1 April 2017 |
11,667 |
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Additions |
1,479 |
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At 31 March 2018 |
13,146 |
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Depreciation |
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At 1 April 2017 |
8,021 |
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Charge for the year |
3,132 |
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At 31 March 2018 |
11,153 |
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Net book value |
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At 31 March 2018 |
1,993 |
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At 31 March 2017 |
3,646 |
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| 4 |
Debtors |
2018 |
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2017 |
| £ |
£ |
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Other debtors |
4,903 |
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800 |
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| 5 |
Creditors: amounts falling due within one year |
2018 |
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2017 |
| £ |
£ |
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Trade creditors |
42,749 |
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16,738 |
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Other creditors |
4,991 |
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9,740 |
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47,740 |
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26,478 |
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| 6 |
Related party transactions |
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During the year the Company entered into transactions with other related parties. Transactions entered into, and balances outstanding as of year end, are as follows: |
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Sales to related party |
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Purchases from related party |
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Amounts owed from related party |
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Amounts owed to related party |
| £ |
£ |
£ |
£ |
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Key management personnel |
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2018 |
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- |
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- |
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- |
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42,889 |
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2017 |
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- |
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- |
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- |
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2,922 |
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Terms and conditions of transactions with related parties |
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Outstanding balances with related parties are unsecured, interest free and cash settlement is ordinarily expected within 30 days of invoice. There is no fixed date for repayment of balances totalling £4,016 (2017: £2,922). |
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Key management personnel |
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All directors (who have authority and responsibility for planning, directing and controlling the activities of the Company) are considered to be key management personnel. Total remuneration is respect of these individuals is £50,800 (2017: £nil). |
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| 7 |
Controlling party |
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The directors do not consider that any person or group of persons acting in concert has a controlling stake, and accordingly there is no ultimate controlling party. |
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| 8 |
Other information |
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Glyconics Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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St John’s Innovation Centre |
|
Cowley Road |
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Cambridge |
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CB4 0WS |
