Company No: 10914210 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	3	3,228		3,526
		3,228		3,526
Current assets
Stocks	4	353,344		560,768
Debtors	5	107,869		327,484
Cash at bank and in hand		278,007		855,282
		739,220		1,743,534
Creditors: amounts falling due within one year	6	( 108,592)		( 900,211)
Net current assets		630,628		843,323
Total assets less current liabilities		633,856		846,849
Net assets		633,856		846,849
Capital and reserves
Called-up share capital		100		100
Profit and loss account		633,756		846,749
Total shareholders' funds		633,856		846,849

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Bio Molecular Systems Limited (registered number: 10914210) were approved and authorised for issue by the Director on 29 September 2023. They were signed on its behalf by:

Mr John Corbett Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Bio Molecular Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Chancery Lane, London, WC2A 1LS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Exchange differences are taken to the profit and loss account.

Turnover

Income from sale of goods is recognised when the risks and rewards of ownership of the goods have been transferred to the customer. Ownership is transferred when the goods have been delivered to the customer.

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

Taxation

Current tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible fixed assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Office equipment

3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stock is stated at the lower of cost, using the average method, and net realisable value.

Trade and other debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year	2		1

3. Tangible assets

	Office equipment		Total
	£		£
Cost
At 01 September 2021	5,347		5,347
Additions	1,995		1,995
At 31 August 2022	7,342		7,342
Accumulated depreciation
At 01 September 2021	1,821		1,821
Charge for the financial year	2,293		2,293
At 31 August 2022	4,114		4,114
Net book value
At 31 August 2022	3,228		3,228
At 31 August 2021	3,526		3,526

4. Stocks

	2022		2021
	£		£
Stocks	353,344		560,768

5. Debtors

	2022		2021
	£		£
Trade debtors	8,543		232,207
Amounts owed by Group undertakings	34,410		29,180
Other debtors	64,916		66,097
	107,869		327,484

6. Creditors: amounts falling due within one year

	2022		2021
	£		£
Trade creditors	83,911		241,357
Taxation and social security	11,570		484,053
Other creditors	13,111		174,801
	108,592		900,211

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2022		2021
	£		£
within one year	0		69,985
between one and five years	0		17,951
	0		87,936

The amount of lease payments recognised as an expense in the accounts is £nil (2021 - £36,560).

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

No advances were made to group companies during the year (2021 - £29,180). At the balance sheet date, the amount due totaled £34,410 (2021 - £29,180).

Transactions with the entity's director

Advances of £7,313 were made to the director. Interest of 2% per annum (2021 - 2.5%) is payable on all director's loans in the year. At the balance sheet date, the amount due from the director totaled £7,341 (2021 - £52,124). The interest charge for the year is £28 (2021 - £644).

9. Audit Opinion

The audit report was unqualified and no reference was made to any matters to which the auditor drew attention by way of emphasis.

The audit report was signed by Steven Wakefield on behalf of Dixon Wilson Audit Services LLP.