Company Registration No. 04527162 (England and Wales)
OXBRIDGE PHARMA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
OXBRIDGE PHARMA LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
OXBRIDGE PHARMA LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2018
30 September 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,261
179
Current assets
Debtors
4
571,192
41,946
Cash at bank and in hand
392
482
571,584
42,428
Creditors: amounts falling due within one year
5
(866,165)
(439,491)
Net current liabilities
(294,581)
(397,063)
Total assets less current liabilities
(288,320)
(396,884)
Capital and reserves
Called up share capital
6
106,000
106,000
Profit and loss reserves
(394,320)
(502,884)
Total equity
(288,320)
(396,884)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. true

For the financial year ended 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 by the board of directors and authorised for issue on 26 June 2019 and are signed on its behalf by:
Jae-Young Ha
Director
Company Registration No. 04527162
OXBRIDGE PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 2 -
1
Accounting policies
Company information

Oxbridge Pharma Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The St Botolph Building 138, Houndsditch, London, EC3A 7AR.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
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 .

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line
Office equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

OXBRIDGE PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash at bank and in hand

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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

OXBRIDGE PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.12
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2017 - 3).

OXBRIDGE PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2017
9,281
Additions
7,328
At 30 September 2018
16,609
Depreciation and impairment
At 1 October 2017
9,102
Depreciation charged in the year
1,246
At 30 September 2018
10,348
Carrying amount
At 30 September 2018
6,261
At 30 September 2017
179
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
570,317
41,071
Other debtors
875
875
571,192
41,946
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
15,718
10,615
Trade creditors
603,021
179,733
Taxation and social security
13,603
4,410
Other creditors
233,823
244,733
866,165
439,491
OXBRIDGE PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 6 -
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
106,000 Ordinary shares of £1 each
106,000
106,000
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2018
2017
£
£
11,594
17,667
2018-09-30 2017-10-01 false CCH Software CCH Accounts Production 2019.100 No description of principal activity 26 June 2019 Jae-Young Ha Jai Jun Choung BLG (Professional Services) Limited 04527162 2017-10-01 2018-09-30 04527162 2018-09-30 04527162 2017-09-30 04527162 core:OtherPropertyPlantEquipment 2018-09-30 04527162 core:OtherPropertyPlantEquipment 2017-09-30 04527162 core:CurrentFinancialInstruments 2018-09-30 04527162 core:CurrentFinancialInstruments 2017-09-30 04527162 core:ShareCapital 2018-09-30 04527162 core:ShareCapital 2017-09-30 04527162 core:RetainedEarningsAccumulatedLosses 2018-09-30 04527162 core:RetainedEarningsAccumulatedLosses 2017-09-30 04527162 bus:Director1 2017-10-01 2018-09-30 04527162 core:PlantMachinery 2017-10-01 2018-09-30 04527162 core:ComputerEquipment 2017-10-01 2018-09-30 04527162 core:OtherPropertyPlantEquipment 2017-09-30 04527162 core:OtherPropertyPlantEquipment 2017-10-01 2018-09-30 04527162 bus:PrivateLimitedCompanyLtd 2017-10-01 2018-09-30 04527162 bus:FRS102 2017-10-01 2018-09-30 04527162 bus:AuditExemptWithAccountantsReport 2017-10-01 2018-09-30 04527162 bus:SmallCompaniesRegimeForAccounts 2017-10-01 2018-09-30 04527162 bus:Director2 2017-10-01 2018-09-30 04527162 bus:CompanySecretary1 2017-10-01 2018-09-30 04527162 bus:FullAccounts 2017-10-01 2018-09-30 xbrli:pure xbrli:shares iso4217:GBP