REGISTERED NUMBER: 04415674 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2014

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 Andrew Charles Lane

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

113,924

49,671

CURRENT ASSETS

Stocks

154,993

168,563

Debtors

299,542

259,394

Cash at bank and in hand

696,248

286,285

1,150,783

714,242

CREDITORS

Amounts falling due within one year

158,141

116,946

NET CURRENT ASSETS

992,642

597,296

TOTAL ASSETS LESS CURRENT LIABILITIES

1,106,566

646,967

PROVISIONS FOR LIABILITIES

22,059

-

NET ASSETS

1,084,507

646,967

CAPITAL AND RESERVES

Called up share capital

3

143,330

142,205

Share premium

371,142

355,642

Profit and loss account

570,035

149,120

SHAREHOLDERS' FUNDS

1,084,507

646,967

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2014 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 18 March 2015 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

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 2013

171,706

Additions

95,494

Disposals

(4,185

)

At 30 June 2014

263,015

DEPRECIATION

At 1 July 2013

122,035

Charge for year

30,330

Eliminated on disposal

(3,274

)

At 30 June 2014

149,091

NET BOOK VALUE

At 30 June 2014

113,924

At 30 June 2013

49,671

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

143,330

Ordinary

£1

143,330

142,205

(2013 - 142,205 )

1,125 Ordinary shares of £1 were issued during the year for cash of £ 16,625 .

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 1,125 options were exercised and 375 lapsed, following the departure of an employee. A total

pool of EMI approved options remains over 9,750 shares at exercise prices of between £5.10 and £25.00,

granted between August 2006 and October 2013.

4.	RESEARCH AND DEVELOPMENT EXPENSES

During the year the company spent a total of £200,727 (2013: 180,336) on Research and development activities.