Company Registration No. 07278564 (England and Wales)
ALTA BIOSCIENCE LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
ALTA BIOSCIENCE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ALTA BIOSCIENCE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
11,414
12,197
Tangible assets
2
76,856
111,051
88,270
123,248
Current assets
Debtors
66,665
65,245
Cash at bank and in hand
44,847
138,560
111,512
203,805
Creditors: amounts falling due within one year
(78,259)
(123,089)
Net current assets
33,253
80,716
Total assets less current liabilities
121,523
203,964
Creditors: amounts falling due after more than one year
(48,392)
(91,594)
73,131
112,370
Capital and reserves
Called up share capital
3
1
1
Profit and loss account
73,130
112,369
Shareholders' funds
73,131
112,370
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 25 July 2016
Mr Richard Marlow
Director
Company Registration No. 07278564
ALTA BIOSCIENCE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts and includes government grants.
1.4
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line
1.6
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.7
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.8
Amortisation is provided on a 5% straight line basis in respect of the intellectual property rights being granted to the Company.
ALTA BIOSCIENCE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 January 2015
15,654
230,720
246,374
Additions
-
10,493
10,493
At 31 December 2015
15,654
241,213
256,867
Depreciation
At 1 January 2015
3,457
119,669
123,126
Charge for the year
783
44,688
45,471
At 31 December 2015
4,240
164,357
168,597
Net book value
At 31 December 2015
11,414
76,856
88,270
At 31 December 2014
12,197
111,051
123,248
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1 ordinary shares of £1 each
1
1