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REGISTERED NUMBER:
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FERTILITY FOCUS LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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REGISTERED NUMBER:
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FERTILITY FOCUS LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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FERTILITY FOCUS LIMITED (REGISTERED NUMBER: 05546719) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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FERTILITY FOCUS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
15 Warwick Road |
Stratford upon Avon |
Warwickshire |
CV37 6YW |
FERTILITY FOCUS LIMITED (REGISTERED NUMBER: 05546719) |
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BALANCE SHEET |
31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings |
( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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FERTILITY FOCUS LIMITED (REGISTERED NUMBER: 05546719) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Fertility Focus Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on a going concern basis despite the loss after tax this year of |
£1,047,372 (2018: £908,460). As at 31 December 2019 the company has losses since trading of £10,649,884. |
Based on ongoing discussions with potential investors, the directors believe that the company has sufficient |
financial resources to enable it to continue in operational existence for the foreseeable future meeting its |
liabilities as they fall due. The company is reliant on the support of the directors and investors whilst developing |
its product and market. |
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The company closed a funding round in December 2019 and secured a further cash injection though loan finance |
which will enable further acceleration of sales through expanded marketing activities, and the commencement of |
a significant clinical study of the use of the OvuSense technology. The board believes it has the necessary |
funding to significantly increase the profitability of the company through the year. |
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The 100% US subsidiary company, Fertility Focus Inc. generated incremental turnover of $1,474k (£1,155k) |
(2018: $364k (£270k)) for the year ended 31 December 2019 and a net loss of £169k (2017: £21k). |
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Judgements and key sources of estimation uncertainty |
The preparation of financial statements requires management to make judgements, estimates and assumptions |
that affect the amounts reported for assets and liabilities at the date of financial position and the amounts |
reported for revenues and expenses during the year. However, the nature of estimation means that actual |
outcomes could differ from those estimates. |
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Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax |
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Tangible fixed assets |
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Plant and machinery | - |
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Computer equipment | - |
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Investments in subsidiaries |
lnvestments in subsidiary undertakings are recognised at cost less provision for diminution in value |
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Stocks |
Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow |
moving stock. Cost includes all direct costs and an appropriate proportion of variable overheads. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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FERTILITY FOCUS LIMITED (REGISTERED NUMBER: 05546719) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pensions |
The company contributes to personal pension plans and the pension charge represents the amount payable by the |
company to these funds in respect of the year. |
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Patent and trademarks |
The company owns rights to the patent and trademark of Fertiloscope. Patents are valued at cost less |
accumulated amortisation. Amortisation is provided at 10 - 20% straight line. |
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Investments |
Fixed asset investments are stated at cost less provision for diminution in value. |
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Holiday pay |
Holiday pay is recognised as an expense in the period in which the service is received. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
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COST |
At 1 January 2019 |
and 31 December 2019 |
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AMORTISATION |
At 1 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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FERTILITY FOCUS LIMITED (REGISTERED NUMBER: 05546719) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Tax |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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FERTILITY FOCUS LIMITED (REGISTERED NUMBER: 05546719) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Other loans - 2-5 years |
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Within the balance of other creditors due within one year is an amount of £28,250 (2018: £28,250) relating to |
creditor balances to be converted into share capital at a later date. |
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10. | LEASING AGREEMENTS |
The company had total commitments at the balance sheet date of £6,650 (2018: £6,333). |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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