REGISTERED NUMBER: 04415674 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

FOR

INNOVA BIOSCIENCES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Dr Nicolas Steven Gee

Dr Steven Howell

Mr Tim Matthew Bernard

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

168,268

218,744

CURRENT ASSETS

Stocks

243,563

257,664

Debtors

389,036

316,334

Cash at bank

972,554

690,896

1,605,153

1,264,894

CREDITORS

Amounts falling due within one year

243,351

182,251

NET CURRENT ASSETS

1,361,802

1,082,643

TOTAL ASSETS LESS CURRENT LIABILITIES

1,530,070

1,301,387

PROVISIONS FOR LIABILITIES

33,166

43,154

NET ASSETS

1,496,904

1,258,233

CAPITAL AND RESERVES

Called up share capital

3

145,330

143,330

Share premium

379,342

371,142

Profit and loss account

972,232

743,761

SHAREHOLDERS' FUNDS

1,496,904

1,258,233

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 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 29 March 2017 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 January 2015).

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.

Foreign currencies

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

balance sheet 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.

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 2015

409,314

Additions

97,879

Disposals

(90,857

)

At 30 June 2016

416,336

DEPRECIATION

At 1 July 2015

190,570

Charge for year

39,463

Eliminated on disposal

18,035

At 30 June 2016

248,068

NET BOOK VALUE

At 30 June 2016

168,268

At 30 June 2015

218,744

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

145,330

Ordinary

£1

145,330

143,330

(2015 - 143,330 )

2,000 Ordinary shares of £1 were issued during the year for cash of £ 2,000 .

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.