Thorn Medical Limited
Registered number: 09151051
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Fixed assets
Intangible assets 2 - 5,670,000
Investments 3 17,039,400 17,090,651
17,039,400 22,760,651
Current assets
Debtors 4 83,861 88,635
Cash at bank and in hand 76 351
83,937 88,986
Creditors: amounts falling due within one year 5 (1,858,116) (364,358)
Net current liabilities (1,774,179) (275,372)
Net assets 15,265,221 22,485,279
Capital and reserves
Called up share capital 10,362,563 8,362,563
Share premium 46,840,616 49,005,038
Profit and loss account (41,937,958) (34,882,322)
Shareholders' funds 15,265,221 22,485,279
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. J. Kaye
Director
Approved by the board on 30 June 2017
Thorn Medical Limited
Notes to the Accounts
for the year ended 31 December 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Intangible fixed assets £
Cost
At 1 January 2016 32,326,878
At 31 December 2016 32,326,878
Amortisation
At 1 January 2016 26,656,878
Provided during the year 5,670,000
At 31 December 2016 32,326,878
Net book value
At 31 December 2016 -
At 31 December 2015 5,670,000
3 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2016 17,090,651
Disposals (51,251)
At 31 December 2016 17,039,400
4 Debtors 2016 2015
£ £
Other debtors 83,861 88,635
5 Creditors: amounts falling due within one year 2016 2015
£ £
Trade creditors 1,858,116 324,358
Other creditors - 40,000
1,858,116 364,358
Thorn Medical Limited 09151051 false 2016-01-01 2016-12-31 2016-12-31 VT Final Accounts March 2017 Mr. J. Kaye No description of principal activity 09151051 core:WithinOneYear 2015-12-31 09151051 core:ShareCapital 2015-12-31 09151051 core:SharePremium 2015-12-31 09151051 core:RetainedEarningsAccumulatedLosses 2015-12-31 09151051 2016-01-01 2016-12-31 09151051 bus:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31 09151051 bus:AuditExemptWithAccountantsReport 2016-01-01 2016-12-31 09151051 bus:Director40 2016-01-01 2016-12-31 09151051 1 2016-01-01 2016-12-31 09151051 2 2016-01-01 2016-12-31 09151051 core:Goodwill 2016-01-01 2016-12-31 09151051 bus:FRS102 2016-01-01 2016-12-31 09151051 bus:FullAccounts 2016-01-01 2016-12-31 09151051 2016-12-31 09151051 core:WithinOneYear 2016-12-31 09151051 core:ShareCapital 2016-12-31 09151051 core:SharePremium 2016-12-31 09151051 core:RetainedEarningsAccumulatedLosses 2016-12-31 09151051 core:Goodwill 2016-12-31 09151051 2015-12-31 09151051 core:Goodwill 2015-12-31 iso4217:GBP