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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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Connexin Limited |
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REGISTERED NUMBER:
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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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for |
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Connexin Limited |
Connexin Limited (Registered number: 05823408) |
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Contents of the Financial Statements |
for the year ended 31 December 2016 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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Chartered Accountants' Report | 9 |
Connexin Limited |
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Company Information |
for the year ended 31 December 2016 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
& Chartered Tax Advisers |
Faraday House |
Wolfreton Drive |
Anlaby |
Kingston upon Hull |
East Yorkshire |
HU10 7BY |
Connexin Limited (Registered number: 05823408) |
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Report of the Directors |
for the year ended 31 December 2016 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2016. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2016 to the date of this |
report. |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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Connexin Limited (Registered number: 05823408) |
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Balance Sheet |
31 December 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
ASSETS |
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FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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527,060 | 470,690 |
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CAPITAL, RESERVES AND LIABILITIES |
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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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SHAREHOLDERS' FUNDS |
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CREDITORS | 7 |
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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. |
Connexin Limited (Registered number: 05823408) |
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Balance Sheet - continued |
31 December 2016 |
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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
by: |
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Connexin Limited (Registered number: 05823408) |
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Notes to the Financial Statements |
for the year ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Connexin 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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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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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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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. |
Connexin Limited (Registered number: 05823408) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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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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Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and |
depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance |
charges, are included in creditors. |
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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 |
Other |
intangible |
assets |
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COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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AMORTISATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Connexin Limited (Registered number: 05823408) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Assets held under finance leases and hire purchase included in the above have a net book value of £85,890 |
(2015 £61,329) |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS |
2016 | 2015 |
£ | £ |
Amounts falling due within one year: |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Connexin Limited (Registered number: 05823408) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
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7. | CREDITORS - continued |
2016 | 2015 |
£ | £ |
Amounts falling due after more than one year: |
Hire purchase contracts |
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Other creditors |
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Aggregate amounts |
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8. | RELATED PARTY DISCLOSURES |
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At the year end loans existed from the directors to the company which totalled £59,858 (2015 - £36,617) |
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9. | POST BALANCE SHEET EVENTS |
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There was an equity raise after the Balance Sheet date which resulted in an increase in shareholders' funds of |
£5,000,000. |
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10. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Dr F Alamgir. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Connexin Limited |
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The following reproduces the text of the report prepared for the directors and members in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other |
primary statements and the Report of the Directors are not required to be filed with the Registrar of |
Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Connexin Limited for the year ended 31 December 2016 which comprise the Income Statement, |
Balance Sheet and the related notes from the company's accounting records and from information and explanations you |
have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Connexin Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Connexin Limited and state those matters that we have agreed to state to the Board of Directors of Connexin Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Connexin Limited Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Connexin Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Connexin Limited. You consider that Connexin Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Connexin Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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|
Chartered Accountants |
& Chartered Tax Advisers |
Faraday House |
Wolfreton Drive |
Anlaby |
Kingston upon Hull |
East Yorkshire |
HU10 7BY |
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