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Registration number: 04527162

Oxbridge Pharma Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2016
 

 

Oxbridge Pharma Limited
Contents

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

2 to 3

 

Oxbridge Pharma Limited
(Registration number: 04527162)
Abbreviated Balance Sheet at 30 September 2016

   

Note

   

2016
£

   

2015
£

 

Fixed assets

 

             

Tangible fixed assets

 

   

270

   

882

 

Current assets

 

             

Debtors

 

   

35,965

   

1,264

 

Cash at bank and in hand

 

   

5,361

   

4,719

 
   

   

41,326

   

5,983

 

Creditors: Amounts falling due within one year

 

   

(497,087)

   

(350,244)

 

Net current liabilities

 

   

(455,761)

   

(344,261)

 

Net liabilities

 

   

(455,491)

   

(343,379)

 

Capital and reserves

 

             

Called up share capital

 

3

   

106,000

   

106,000

 

Profit and loss account

 

   

(561,491)

   

(449,379)

 

Shareholders' deficit

 

   

(455,491)

   

(343,379)

 

For the year ending 30 September 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 21 June 2017 and signed on its behalf by:



J Ha
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

 

Oxbridge Pharma Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

1

Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

The balance sheet is in deficit at the year end. The Directors believe a major supplier will continue to provide funding to the company and steps have been made since the year to make significant improvements to the trading position. The Director also continues to provide a loan to the company to allow the company to continue as a going concern. Based on this the Directors believe the company to be considered a going concern

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated
residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Office equipment

20% straight line basis

Foreign currency

Profit and loss account transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rates at the balance sheet date and the exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

 

Oxbridge Pharma Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

2

Fixed assets

   

Tangible assets
£

   

Total
£

 

Cost

           

At 1 October 2015

 

9,089

   

9,089

 

At 30 September 2016

 

9,089

   

9,089

 

Depreciation

           

At 1 October 2015

 

8,207

   

8,207

 

Charge for the year

 

612

   

612

 

At 30 September 2016

 

8,819

   

8,819

 

Net book value

           

At 30 September 2016

 

270

   

270

 

At 30 September 2015

 

882

   

882

 

3

Share capital

Allotted, called up and fully paid shares

 

2016

2015

   

No.

   

£

   

No.

   

£

 

Ordinary shares of £1 each

 

106,000

   

106,000

   

106,000

   

106,000

 
                         

4

Control

The company is controlled by Mr Jae-Young Ha ,a director , who controls 61.3% of the issued share capital.