Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31trueResearch and Experimental Development and Biotechnology2022-01-01false32trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12409412 2022-01-01 2022-12-31 12409412 2021-01-01 2021-12-31 12409412 2022-12-31 12409412 2021-12-31 12409412 c:Director1 2022-01-01 2022-12-31 12409412 c:Director2 2022-01-01 2022-12-31 12409412 c:Director3 2022-01-01 2022-12-31 12409412 c:RegisteredOffice 2022-01-01 2022-12-31 12409412 d:PlantMachinery 2022-01-01 2022-12-31 12409412 d:PlantMachinery 2022-12-31 12409412 d:PlantMachinery 2021-12-31 12409412 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 12409412 d:PatentsTrademarksLicencesConcessionsSimilar 2022-01-01 2022-12-31 12409412 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 12409412 d:PatentsTrademarksLicencesConcessionsSimilar 2021-12-31 12409412 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-01 2022-12-31 12409412 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 12409412 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 12409412 d:CurrentFinancialInstruments 2022-12-31 12409412 d:CurrentFinancialInstruments 2021-12-31 12409412 d:Non-currentFinancialInstruments 2022-12-31 12409412 d:Non-currentFinancialInstruments 2021-12-31 12409412 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12409412 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 12409412 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 12409412 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 12409412 d:ShareCapital 2022-12-31 12409412 d:ShareCapital 2021-12-31 12409412 d:SharePremium 2022-12-31 12409412 d:SharePremium 2021-12-31 12409412 d:RetainedEarningsAccumulatedLosses 2022-12-31 12409412 d:RetainedEarningsAccumulatedLosses 2021-12-31 12409412 c:FRS102 2022-01-01 2022-12-31 12409412 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 12409412 c:FullAccounts 2022-01-01 2022-12-31 12409412 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 12409412 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2022-01-01 2022-12-31 12409412 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-01-01 2022-12-31 12409412 6 2022-01-01 2022-12-31 12409412 d:ExternallyAcquiredIntangibleAssets 2022-01-01 2022-12-31 12409412 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2022-01-01 2022-12-31 12409412 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure
Registered number: 12409412













BIO-RECELL LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
BIO-RECELL LTD
 

COMPANY INFORMATION


Directors
Zoran Arko 
Ales Skoberne 
Nader Bawany 




Registered number
12409412



Registered office
1st Floor Sackville House
143-149 Fenchurch Street

London

EC3M 6BL





 
BIO-RECELL LTD
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
BIO-RECELL LTD
REGISTERED NUMBER: 12409412

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
3,636,709
2,279,829

Tangible assets
 5 
12,397
18,181

Investments
 6 
1,698,852
939,158

  
5,347,958
3,237,168

Current assets
  

Debtors
 7 
155,004
516,276

Cash at bank and in hand
  
439,051
12,566

  
594,055
528,842

Creditors: amounts falling due within one year
 8 
(160,994)
(364,882)

Net current assets
  
 
 
433,061
 
 
163,960

Total assets less current liabilities
  
5,781,019
3,401,128

Creditors: amounts falling due after more than one year
 9 
(4,253,419)
(903,523)

  

Net assets
  
1,527,600
2,497,605


Capital and reserves
  

Allotted, called up and fully paid share capital
  
175
175

Share premium account
  
2,610,246
2,610,246

Profit and loss account
  
(1,082,821)
(112,816)

Equity shareholders' funds
  
1,527,600
2,497,605


Page 1

 
BIO-RECELL LTD
REGISTERED NUMBER: 12409412

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Directors' Report and the Statement of Comprehensive Income and the Statement of Changes in Equity in accordance with provisions applicable to companies subject to the small companies' regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 September 2023.




Zoran Arko
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
BIO-RECELL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Bio-Recell Ltd (Company number: 12409412), having its registered office and trading address at 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BL, is a private limited company incorporated in England and Wales. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Statement of Cash Flows

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section
1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small
company.

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.

Page 3

 
BIO-RECELL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Patents
-
10 years
Development expenditure
-
10 years

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
BIO-RECELL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period-end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 2).

Page 5

 
BIO-RECELL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Intangible assets




Patents
Development expenditure
Total

£
£
£



Cost


At 1 January 2022
65,411
2,497,463
2,562,874


Additions
78,235
1,579,908
1,658,143



At 31 December 2022

143,646
4,077,371
4,221,017



Amortisation


At 1 January 2022
7,530
275,515
283,045


Charge for the year
10,620
290,643
301,263



At 31 December 2022

18,150
566,158
584,308



Net book value



At 31 December 2022
125,496
3,511,213
3,636,709



At 31 December 2021
57,881
2,221,948
2,279,829



Page 6

 
BIO-RECELL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Plant and machinery

£



Cost


At 1 January 2022 and at 31 December 2022

25,537



Depreciation


At 1 January 2022
7,356


Charge for the year
5,784



At 31 December 2022

13,140



Net book value



At 31 December 2022
12,397



At 31 December 2021
18,181


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2022
939,158


Additions
759,694



At 31 December 2022
1,698,852





7.


Debtors

2022
2021
£
£

Due within one year

Amounts owed by group undertakings
2,222
2,222

Other debtors
151,603
513,487

Prepayments and accrued income
1,179
567

155,004
516,276


Page 7

 
BIO-RECELL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
114,519
364,877

Other creditors
46,475
5

160,994
364,882



9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Other creditors
4,253,419
903,523


Other creditors are repayable over varying lengths of time and interest is charged at a rate of 0.657%.


10.


Related party transactions

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 33.1A not to disclose transactions with group entities which are wholly owned by a member of the group.


11.


Ultimate Controlling party

As at 31 December 2022 and 31 December 2021 the ultimate controlling party was Z. Arko.


Page 8