Innova Biosciences Limited - Limited company - abbreviated

REGISTERED NUMBER: 04415674 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2015

FOR

INNOVA BIOSCIENCES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Dr Nicolas Steven Gee

Mr Tim Matthew Bernard

Dr Steven Howell

REGISTERED OFFICE:

Babraham Hall

Babraham

CAMBRIDGE

Cambridgeshire

CB22 3AT

REGISTERED NUMBER:

04415674 (England and Wales)

ACCOUNTANTS:

Staffords

Chartered Accountants

CPC1

Capital Park

Fulbourn

CAMBRIDGE

Cambridgeshire

CB21 5XE

FIXED ASSETS

Tangible assets

2

218,744

113,924

CURRENT ASSETS

Stocks

257,664

154,993

Debtors

316,334

299,542

Cash at bank and in hand

690,896

696,248

1,264,894

1,150,783

CREDITORS

Amounts falling due within one year

182,251

158,141

NET CURRENT ASSETS

1,082,643

992,642

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,301,387

1,106,566

PROVISIONS FOR LIABILITIES

43,154

22,059

NET ASSETS

1,258,233

1,084,507

CAPITAL AND RESERVES

Called up share capital

3

143,330

Share premium

371,142

Profit and loss account

743,761

570,035

SHAREHOLDERS' FUNDS

1,258,233

1,084,507

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 March 2016 and were signed on its behalf by:

Dr Nicolas Steven Gee - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

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

-

25% on cost

Fixtures and fittings

-

25% on cost

Website

-

20% 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.

Deferred tax

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

sheet date.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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 the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2014

263,015

Additions

146,589

Disposals

(290

)

At 30 June 2015

409,314

DEPRECIATION

At 1 July 2014

149,091

Charge for year

41,582

Eliminated on disposal

(103

)

At 30 June 2015

190,570

NET BOOK VALUE

At 30 June 2015

218,744

At 30 June 2014

113,924

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

143,330

Ordinary

£1

143,330

There are currently both unapproved and approved option schemes in place within the company as follows:

Unapproved options for the directors over 2,420 shares at an exercise price of £5.10 granted in December 2005.

During the year no options were granted, lapsed or were exercised. A total pool of EMI approved options

remains over 9,750 shares at exercise prices of between £5.10 and £25.00, granted between December 2005 and

October 2013.

4.	RESEARCH AND DEVELOPMENT EXPENSES

During the year the company spent a total of £254,605 (2014: £200,727) on research and development activities.