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Unaudited Financial Statements for the Year Ended 31 October 2018 |
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Cytosystems Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 October 2018 |
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for |
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Cytosystems Limited |
Cytosystems Limited (Registered number: SC276481) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 9 |
Cytosystems Limited |
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Company Information |
for the Year Ended 31 October 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Offices 1 & 8, Unit 1A |
Burghmuir Circle |
Blackhall Industrial Estate |
Inverurie |
Aberdeenshire |
AB51 4FS |
Cytosystems Limited (Registered number: SC276481) |
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Balance Sheet |
31 October 2018 |
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31.10.18 | 31.10.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS/(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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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. |
Cytosystems Limited (Registered number: SC276481) |
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Balance Sheet - continued |
31 October 2018 |
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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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Cytosystems Limited (Registered number: SC276481) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2018 |
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1. | STATUTORY INFORMATION |
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Cytosystems Limited is a
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registered office address can be found on the Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
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These financial statements for the year ended 31 October 2017 are the first set of financial statements that comply with FRS 102 |
Section 1A small entities. The date of transition is 1 November 2015. |
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The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting policies to those used |
previously, this has not impacted on opening equity or profit for the comparative period so the reconciliations have not been |
included. |
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This presentation currently is sterling. |
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Turnover |
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically |
delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the |
extent that there is a right to consideration and is recorded at the value of the consideration due. Where the contract has only been |
partially completed at the balances sheet date turnover represents the value of the service provided to date based on a proportion |
of the total contract value. Where payments are received from customers in advance of services provided, the amounts are |
recorded as Deferred Income and included as part of Creditors due within one year. |
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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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IPR |
IPR expenditure is amortised at 10% straight line, from the month of incurrence of the expenditure. |
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The directors review the value of IPR expenditure on an ongoing basis, and adjust accordingly for any required impairment. |
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Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment |
losses. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the proceeds and the carrying value of |
the asset and is included in the profit and loss account. |
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Cytosystems Limited (Registered number: SC276481) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2018 |
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3. | ACCOUNTING POLICIES - continued |
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. |
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Research and development |
Research and development expenditure in relation to developing bladder and prostate cancer diagnostic techniques is deferred and |
amortised at 10% straight line, from the month of incurrence of the expenditure. |
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The directors review the value of research and development on an ongoing basis, and adjust accordingly for any required |
impairments. |
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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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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 profit or loss in the period to which they relate. |
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Government grants |
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the |
expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related |
expenditure is incurred. |
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Going concern |
The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute |
its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the |
financial statements that there is a reasonable expectation that the company has adequate resources to continue in operational |
existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in |
preparing the annual financial statements. |
Cytosystems Limited (Registered number: SC276481) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2018 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
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Basic financial assets |
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Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised cost. |
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Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the |
company transfers the risks and rewards of ownership to another entity. |
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Basic financial liabilities |
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Basic financial liabilities, which include trade and other creditors and bank loans, are initially recognised at transaction price and |
are subsequently carried at amortised cost. |
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Financial liabilities are derecognised when the company's contractual obligations are discharged. |
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Provisions |
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Provisions are recognised when the Company has an obligation at the reporting date as a result of a past event which it is probable |
will result in the transfer of economic benefits and that obligation can be estimated reliably. |
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Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of |
money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that |
reflects the risks specific to the liability. The unwinding of the discount os recognised within interest payable and similar charges. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Patents |
and | Development |
licences | costs | Totals |
£ | £ | £ |
COST |
At 1 November 2017 |
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Additions |
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At 31 October 2018 |
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AMORTISATION |
At 1 November 2017 |
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Amortisation for year |
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At 31 October 2018 |
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NET BOOK VALUE |
At 31 October 2018 |
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At 31 October 2017 |
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Cytosystems Limited (Registered number: SC276481) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2018 |
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6. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 November 2017 |
and 31 October 2018 |
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DEPRECIATION |
At 1 November 2017 |
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Charge for year |
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At 31 October 2018 |
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NET BOOK VALUE |
At 31 October 2018 |
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At 31 October 2017 |
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7. | DEBTORS |
31.10.18 | 31.10.17 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.18 | 31.10.17 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.10.18 | 31.10.17 |
£ | £ |
Within one year |
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Cytosystems Limited (Registered number: SC276481) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2018 |
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10. | RELATED PARTY DISCLOSURES |
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The company was under the control of no one individual during the current and previous period. |
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At the year end the balance due to J Oag was £71,000 (2017 - £71,000). J Oag is a major shareholder in the company. The |
balance of £196,500 (2017 - £196,500) was due to Scottish Enterprise who are also a major shareholder. |
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11. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Mr R G Berry. |
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The ultimate controlling party is
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Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Cytosystems Limited (Registered number: SC276481) |
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The following reproduces the text of the report prepared for the directors 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 |
Cytosystems Limited for the year ended 31 October 2018 which comprise the Income Statement, Other Comprehensive Income, Balance |
Sheet, Statement of Changes in Equity 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
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This report is made solely to the Board of Directors of Cytosystems 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 Cytosystems Limited and state those matters that we have agreed to state to the Board of Directors of Cytosystems Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Cytosystems 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 profit of Cytosystems Limited. You consider that Cytosystems 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 Cytosystems 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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Offices 1 & 8, Unit 1A |
Burghmuir Circle |
Blackhall Industrial Estate |
Inverurie |
Aberdeenshire |
AB51 4FS |
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