NanoForm Cardiovascular Therapeutics Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 December 2018
Company Registration No. 07203553 (England and Wales)
NanoForm Cardiovascular Therapeutics Limited
Company Information
Director
Mr László Tibor Ürge
Company number
07203553
Registered office
Devonshire House
60 Goswell Road
London
EC1M 7AD
Accountants
Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
NanoForm Cardiovascular Therapeutics Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
NanoForm Cardiovascular Therapeutics Limited
Balance Sheet
As at 31 December 2018
Page 1
2018
2017
Notes
£
£
£
£
Fixed assets
Investments
3
307,307
307,307
Current assets
Debtors
5
9,336
8,686
Creditors: amounts falling due within one year
6
(66,001)
(54,299)
Net current liabilities
(56,665)
(45,613)
Total assets less current liabilities
250,642
261,694
Capital and reserves
Called up share capital
7
10,000
10,000
Share premium account
348,920
348,920
Profit and loss reserves
(108,278)
(97,226)
Total equity
250,642
261,694
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 6 March 2020
Mr László Tibor Ürge
Director
Company Registration No. 07203553
NanoForm Cardiovascular Therapeutics Limited
Notes to the Financial Statements
For the year ended 31 December 2018
Page 2
1
Accounting policies
Company information
NanoForm Cardiovascular Therapeutics Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Devonshire House, 60 Goswell Road, London, EC1M 7AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These accounts have not been prepared on a going concern basis as the director has decided to liquidate the company since the balance sheet date.
true
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.4
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no other financial instruments or basic financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
NanoForm Cardiovascular Therapeutics Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
Page 3
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1).
3
Fixed asset investments
2018
2017
£
£
Investments
307,307
307,307
Shares in Group Undertakings
Shares in group undertakings are shown at cost, less any provisions for material continuing losses and impaired carrying value. Details of the company's subsidiary undertakings are set out below. All the subsidiary undertakings are incorporated in England and Wales and operate in the United Kingdom
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2018 are as follows:
Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Indirect
Nanoform Magyarország Kutató-Fejlesztö Kft
Hungary
Research & Development
Ordinary
74.10
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
9,336
8,686
6
Creditors: amounts falling due within one year
2018
2017
£
£
Amounts due to group undertakings
60,801
49,099
Other creditors
5,200
5,200
66,001
54,299
NanoForm Cardiovascular Therapeutics Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
Page 4
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
4,120 ordinary shares of £1 each
4,120
4,120
Issued and called up
5,880 ordinary shares 2 of £1 each
5,880
5,880
10,000
10,000
8
Related party transactions
As at the balance sheet date £44,465 was due to (2017: £32,763) Nanoform Magyarország Kutató-Fejlesztö Kft, a subsidiary of the company.
As at the balance sheet date £16,336 (2017: £16,336) was due to Kowerk Seedstar
Incubation Zártkörűen Működő Részvénytársaság
, the parent company.
As at the balance date £2,500 (2017: £nil) was due to the director, Mr László Tibor Ürge.
Interest is charged on loans to from group companies at 4.5% per annum.
9
Parent company
The immediate parent of the company is Kowerk Seedstar
Incubation Zártkörűen Működő Részvénytársaság
, a company registered in Hungary. The registered office address of the parent company is Arany János utca 55, Place: 4025 Debrecen, Hungary.