REGISTERED NUMBER: 00931259 (England and Wales)

ELGEM TECHNOLOGY

COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2016

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

Dr Stuart Cook

Dr Kamarudin Ab-Malek

Dr Mohd Akbar Bin Md Said

REGISTERED OFFICE:

Brickendon Lane

Brickendonbury

Hertford

Hertfordshire

SG13 8NL

REGISTERED NUMBER:

00931259 (England and Wales)

AUDITORS:

Wags LLP t/a Wagstaffs

Chartered Accountants and Statutory Auditors

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

FIXED ASSETS

Tangible assets

5

1,250,000

1,250,000

Investments

6

1,312

1,312

1,251,312

1,251,312

CURRENT ASSETS

Stocks

59,380

134,705

Debtors

7

72,545

57,110

Cash at bank and in hand

576,889

662,899

708,814

854,714

CREDITORS

Amounts falling due within one year

8

(78,887

)

(115,680

)

NET CURRENT ASSETS

629,927

739,034

TOTAL ASSETS LESS CURRENT LIABILITIES

1,881,239

1,990,346

RESERVES

Revaluation reserve

10

1,236,766

1,236,766

Capital reserve

18,256

18,256

Retained earnings

626,217

735,324

1,881,239

1,990,346

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 Board of Directors on 8th May 2017 and were signed on its behalf by:

Dr Stuart Cook - Director

1.	STATUTORY INFORMATION

Elgem Technology is a private company, limited by guarantee , registered in England and Wales. The

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

Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the total invoice value, excluding value added tax, trade discounts and all other

taxes of sales made during the year.

Income recognition

Income is recognised when goods have been delivered and services supplied to customers such that

risks and rewards of ownership have transferred to them.

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, 20% on cost and 10% on cost

Land and buildings were professionally valued in the year to 31st December 2014 by Derrick Wade

Waters, Chartered Surveyors. The company previously adopted a policy of revaluing freehold land

and buildings and they were stated at their revalued amount less any subsequent depreciation and

accumulated impairment losses. The company has adopted the transition exemption under FRS 102

paragraph 35.10(d) and has elected to use the previous revaluation as deemed cost.

It is the policy of the company not to provide depreciation on the freehold property. The property is

maintained to a high standard and the directors consider that the life of the property is so long and

that the residual value is so great that depreciation is considered immaterial.

Where any permanent diminution of property value is incurred, a provision is made to the profit and

loss account. The directors' estimate of residual value is based on prices prevailing at the time of

acquisition or subsequent revaluation.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Stocks are valued on a "first in first out" basis.

Financial instruments

Basic financial instruments are recognised at amortised cost, with changes recognised on the income

statement. Derivative financial instruments are initially recorded at cost and thereafter at fair value

with changes recognised on the income statement.

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 statement of financial position date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling

at the statement of financial position date. Transactions in foreign currencies are translated into

sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into

account in arriving at the operating result.

Fixed asset investments

Fixed asset investments are stated at cost less provision for permanent diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand. In the statement of financial position,

bank overdrafts (where applicable) are shown within borrowings or current liabilities.

4.	AUDITORS' REMUNERATION

2016

2015

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

3,600

3,850

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Cost

At 1st January 2016

and 31st December 2016

1,250,000

193,637

1,443,637

Depreciation

At 1st January 2016

and 31st December 2016

-

193,637

193,637

Net book value

At 31st December 2016

1,250,000

-

1,250,000

At 31st December 2015

1,250,000

-

1,250,000

The company applied the transitional arrangements of Section 35 of Financial Reporting Standard

102 ("Section 35") and used a previous valuation as the deemed cost for freehold properties.

Included within land and buildings above is property with a valuation of £1,250,000. The land and

buildings were valued on 31st December 2014 by Derrick Wade Waters, Chartered Surveyors. The

valuations are considered to be open market value.

Tangible fixed assets included at a valuation would have been included on a historical cost basis at

£18,723 (2015: £18,723) with total aggregate depreciation £6,424 (2015: £6,050) and a net book

value of £12,299 (2015: £12,673).

6.	FIXED ASSET INVESTMENTS

Interest

in other

participating

interests

£

Cost

At 1st January 2016

and 31st December 2016

1,312

Net book value

At 31st December 2016

1,312

At 31st December 2015

1,312

The company owns the entire issued share capital of EK Polymers SDN BHD, a dormant company

incorporated in Malaysia.

The net liabilities of EK Polymers SDN BHD at 31st December 2016 were £1,694 (2015: £1,694) and

the loss for the period was £Nil (2015: £Nil).

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

52,512

32,843

Other debtors

20,033

24,267

72,545

57,110

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

251

-

Amounts owed to connected entities

76,136

113,180

Other creditors

2,500

2,500

78,887

115,680

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2016

2015

£

£

Within one year

2,413

9,651

Between one and five years

-

2,413

2,413

12,064

10.

RESERVES

Revaluation

reserve

£

At 1st January 2016

and 31st December 2016

1,236,766

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

N D Savjani (Senior Statutory Auditor)

for and on behalf of Wags LLP t/a Wagstaffs

12.	COMPANY LIMITED BY GUARANTEE

The company has no share capital and is limited by guarantee and the liability of each member is

limited to £1.

The word "Limited" has been omitted from the company name from licence from the Department of

Trade and Industry.

13.	TRANSITION TO FINANCIAL REPORTING STANDARD 102

This is the first year that the Company has presented its results under Section 1A "Small Entities" of

Financial Reporting Standard 102 ("FRS 102"). The last financial statements prepared under the

previous United Kingdom Generally Accepted Accounting Practice ("UK GAAP") were for the year

ended 31 December 2015. The date of transition to FRS 102 was 1 January 2015. There have been

no changes to profit, loss or total equity as at 1 January 2015 and 31 December 2015 under

previously reported UK GAAP and FRS 102.