Company Registration No. 07278564 (England and Wales)
ALTA BIOSCIENCE LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2013
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 2013
31 December 2013
- 1 -
2013
2012
Notes
£
£
£
£
Fixed assets
Intangible assets
2
12,978
13,762
Tangible assets
2
99,906
135,584
112,884
149,346
Current assets
Debtors
68,439
104,778
Cash at bank and in hand
138,866
192,776
207,305
297,554
Creditors: amounts falling due within one year
(106,712)
(145,886)
Net current assets
100,593
151,668
Total assets less current liabilities
213,477
301,014
Creditors: amounts falling due after more than one year
(131,747)
(131,747)
81,730
169,267
Capital and reserves
Called up share capital
3
1
1
Profit and loss account
81,729
169,266
Shareholders' funds
81,730
169,267
For the financial year ended 31 December 2013 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 10 September 2014
Dr Brett Pollard
Director
Company Registration No. 07278564
ALTA BIOSCIENCE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2013
- 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 April 2008).
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
Computer equipment
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.
1.9
In the prior year the Company changed its accounting year end date from 31 July to 31 December. As such the comparative figures in these financial statements reflect a 17 month period.
ALTA BIOSCIENCE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2013
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 January 2013
15,654
176,826
192,480
Additions
2,304
2,304
Disposals
(3,150)
(3,150)
At 31 December 2013
15,654
175,980
191,634
Depreciation
At 1 January 2013
1,892
41,242
43,134
On disposals
(683)
(683)
Charge for the year
784
35,515
36,299
At 31 December 2013
2,676
76,074
78,750
Net book value
At 31 December 2013
12,978
99,906
112,884
At 31 December 2012
13,762
135,584
149,346
3
Share capital
2013
2012
£
£
Allotted, called up and fully paid
1 ordinary of £1 each
1
1