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Registration number: 13301645

Biocore Agri Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 April 2022 to 31 December 2022

 

Biocore Agri Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Biocore Agri Ltd

Company Information

Directors

Mr S Welsh

Mr NM Clarkson

Registered office

Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Biocore Agri Ltd
for the Period Ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Biocore Agri Ltd for the period ended 31 December 2022 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Biocore Agri Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Biocore Agri Ltd and state those matters that we have agreed to state to the Board of Directors of Biocore Agri Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Biocore Agri Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Biocore Agri Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Biocore Agri Ltd. You consider that Biocore Agri Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Biocore Agri Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

2 March 2023

 

Biocore Agri Ltd

(Registration number: 13301645)
Balance Sheet as at 31 December 2022

Note

2022
£

2022
£

Fixed assets

 

Intangible assets

4

35,390

45,363

Tangible assets

5

192,499

198,158

 

227,889

243,521

Current assets

 

Stocks

6

24,000

7,085

Debtors

7

137,551

96,066

Cash at bank and in hand

 

8,843

29,022

 

170,394

132,173

Creditors: Amounts falling due within one year

8

(595,059)

(407,048)

Net current liabilities

 

(424,665)

(274,875)

Net liabilities

 

(196,776)

(31,354)

Capital and reserves

 

Called up share capital

9

155,392

155,392

Retained earnings

(352,168)

(186,746)

Shareholders' deficit

 

(196,776)

(31,354)

For the financial period ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 March 2023 and signed on its behalf by:
 

 

Biocore Agri Ltd

(Registration number: 13301645)
Balance Sheet as at 31 December 2022

.........................................
Mr S Welsh
Director

.........................................
Mr NM Clarkson
Director

 

Biocore Agri Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF
England

These financial statements were authorised for issue by the Board on 2 March 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

Biocore Agri Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 December 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Fixtures and fittings

20% straight line

Office equipment

3 year straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intellectual property rights

Straight line over 3 years

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 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 receivables.

 

Biocore Agri Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 December 2022

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 3 (2022 - 2).

 

Biocore Agri Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 December 2022

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2022

68,044

68,044

Additions acquired separately

9,384

9,384

At 31 December 2022

77,428

77,428

Amortisation

At 1 April 2022

22,681

22,681

Amortisation charge

19,357

19,357

At 31 December 2022

42,038

42,038

Carrying amount

At 31 December 2022

35,390

35,390

At 31 March 2022

45,363

45,363

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

5,769

6,975

235,559

248,303

Additions

-

-

37,203

37,203

At 31 December 2022

5,769

6,975

272,762

285,506

Depreciation

At 1 April 2022

1,289

1,744

47,112

50,145

Charge for the period

967

981

40,914

42,862

At 31 December 2022

2,256

2,725

88,026

93,007

Carrying amount

At 31 December 2022

3,513

4,250

184,736

192,499

At 31 March 2022

4,480

5,231

188,447

198,158

 

Biocore Agri Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 31 December 2022

6

Stocks

2022
£

2022
£

Raw materials and consumables

24,000

7,085

7

Debtors

Current

2022
£

2022
£

Trade debtors

3

3

Prepayments

2,743

398

Other debtors

134,805

95,665

 

137,551

96,066

8

Creditors

Creditors: amounts falling due within one year

2022
£

2022
£

Due within one year

Trade creditors

-

8,671

Accruals and deferred income

31,846

9,740

Other creditors

563,213

388,637

595,059

407,048

9

Share capital

Allotted, called up and fully paid shares

 

2022

2022

 

No.

£

No.

£

Ordinary shares of £1 each

155,392

155,392

155,392

155,392