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2015-09-30 9001817 uk-bus:Director1 2015-09-30
Registered number: 9001817
Open Bionics Ltd
Abbreviated accounts
For The Year Ended 30 September 2016
Vincent Ventures Ltd Chartered Accountants

2 Karen Drive
Backwell
North Somerset
BS48 3JT
Abbreviated Balance Sheet
30 September 2016 Period to 30 September 2015
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 2 18,600 24,800
Tangible Assets 3 6,404 8,183
25,004 32,983
CURRENT ASSETS
Debtors 37,576 13,063
Cash at bank and in hand 60,626 120,345
98,202 133,408
Creditors: Amounts Falling Due Within One Year (30,268 ) (35,939 )
NET CURRENT ASSETS (LIABILITIES) 67,934 97,469
TOTAL ASSETS LESS CURRENT LIABILITIES 92,938 130,452
Creditors: Amounts Falling Due After More Than One Year 4 (87,234 ) (65,442 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,281 ) -
NET ASSETS 4,423 65,010
CAPITAL AND RESERVES
Called up share capital 5 1,065 1,065
Share premium account 12,402 12,402
Profit and Loss Account (9,044 ) 51,543
SHAREHOLDERS' FUNDS 4,423 65,010
For the year ending 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities
  • The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).
On behalf of the board
Mr Joel Gibbard
14/12/2016
Page 1
Notes to the Abbreviated Accounts
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
1.4. Research and Development
Expenditure on research and development is written off in the year it is incurred, except where the directors are satisfied that development expenditure incurred on an individual project is carried forward as permitted by SSAP13 when its future recoverability can be regarded as assured. The expenditure carried forward is treated as an intangible fixed asset and amortised over its estimated economic life of (Enter) Years so as to match the expenditure with the anticipated sales from the related project. Provision is made for any impairment.
1.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33.33 straight line
Fixtures & Fittings 33.33 straight line
Computer Equipment 33.33 straight line
1.6. Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
Page 2
2. Intangible Assets
Total
Cost £
As at 1 October 2015 31,000
As at 30 September 2016 31,000
Amortisation
As at 1 October 2015 6,200
Provided during the period 6,200
As at 30 September 2016 12,400
Net Book Value
As at 30 September 2016 18,600
As at 1 October 2015 24,800
3. Tangible Assets
Total
Cost £
As at 1 October 2015 9,541
Additions 3,212
Disposals (2,356 )
As at 30 September 2016 10,397
Depreciation
As at 1 October 2015 1,358
Provided during the period 2,771
Disposals (136 )
As at 30 September 2016 3,993
Net Book Value
As at 30 September 2016 6,404
As at 1 October 2015 8,183
4. Creditors: Amounts Falling Due After More Than One Year
30 September 2016 Period to 30 September 2015
£ £
Other creditors 87,234 65,442
Creditors falling due after one year relates to a convertible loan of $100,000 plus accrued interest converted to Sterling at the year end rate.
Page 3
5. Share Capital
Value Number 30 September 2016 Period to 30 September 2015
Allotted, called up and fully paid £ £ £
Ordinary shares 1.000 1065 1,065 1,065
6. Ultimate Controlling Party
The company's ultimate controlling party is Mr Joel Gibbard.
Page 4

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