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COMPANY REGISTRATION NUMBER: 06468708
Bio Green UK Limited
Unaudited Financial Statements
For the Year Ended
31 January 2023
Bio Green UK Limited
Financial Statements
Year Ended 31st January 2023
Contents
Pages
Officers and Professional Advisers
1
Director's Report
2
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements
3
Statement of Income and Retained Earnings
4
Statement of Financial Position
5 to 6
Notes to the Financial Statements
7 to 11
Bio Green UK Limited
Officers and Professional Advisers
Director
C.J. Coleman
Registered Office
Beech Lodge
Heath Road
Fordham Heath
Colchester
Essex
CO3 9TW
Accountants
Peyton Tyler Mears
Chartered accountants
Middleborough House
16 Middleborough
Colchester
Essex
CO1 1QT
Bio Green UK Limited
Director's Report
Year Ended 31st January 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 January 2023 .
Director
The director who served the company during the year was as follows:
C.J. Coleman
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 24 October 2023 and signed on behalf of the board by:
C.J. Coleman
Director
Bio Green UK Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Bio Green UK Limited
Year Ended 31st January 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31st January 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Peyton Tyler Mears Chartered accountants
Middleborough House 16 Middleborough Colchester Essex CO1 1QT
24 October 2023
Bio Green UK Limited
Statement of Income and Retained Earnings
Year Ended 31st January 2023
2023
2022
Note
£
£
Turnover
280,266
238,217
Cost of sales
108,773
91,711
----------
----------
Gross Profit
171,493
146,506
Administrative expenses
101,479
76,264
----------
----------
Operating Profit
70,014
70,242
Other interest receivable and similar income
58
7
Interest payable and similar expenses
1,661
1,518
----------
----------
Profit Before Taxation
5
68,411
68,731
Tax on profit
( 10,983)
13,473
---------
---------
Profit for the Financial Year and Total Comprehensive Income
79,394
55,258
---------
---------
Dividends paid and payable
( 62,000)
( 46,000)
Retained Earnings at the Start of the Year
16,151
6,893
---------
---------
Retained Earnings at the End of the Year
33,545
16,151
---------
---------
All the activities of the company are from continuing operations.
Bio Green UK Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
6
2,689
2,754
Current Assets
Stocks
500
500
Debtors
7
45,619
35,975
Cash at bank and in hand
57,592
83,965
----------
----------
103,711
120,440
Creditors: amounts falling due within one year
8
48,649
71,668
----------
----------
Net Current Assets
55,062
48,772
---------
---------
Total Assets Less Current Liabilities
57,751
51,526
Creditors: amounts falling due after more than one year
9
23,333
34,486
Provisions
Taxation including deferred tax
673
689
---------
---------
Net Assets
33,745
16,351
---------
---------
Bio Green UK Limited
Statement of Financial Position (continued)
31 January 2023
2023
2022
Note
£
£
£
Capital and Reserves
Called up share capital
200
200
Profit and loss account
33,545
16,151
---------
---------
Shareholders Funds
33,745
16,351
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31st January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 October 2023 , and are signed on behalf of the board by:
C.J. Coleman
Director
Company registration number: 06468708
Bio Green UK Limited
Notes to the Financial Statements
Year Ended 31st January 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Beech Lodge, Heath Road, Fordham Heath, Colchester, Essex, CO3 9TW.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
15% straight line
Motor vehicles
-
20% reducing balance
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Profit Before Taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
1,023
5,473
-------
-------
6. Tangible Assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1st February 2022
10,619
17,550
28,169
Additions
958
958
---------
---------
---------
At 31st January 2023
11,577
17,550
29,127
---------
---------
---------
Depreciation
At 1st February 2022
7,865
17,550
25,415
Charge for the year
1,023
1,023
---------
---------
---------
At 31st January 2023
8,888
17,550
26,438
---------
---------
---------
Carrying amount
At 31st January 2023
2,689
2,689
---------
---------
---------
At 31st January 2022
2,754
2,754
---------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
35,941
35,806
Other debtors
9,678
169
---------
---------
45,619
35,975
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,152
10,000
Trade creditors
10,000
Corporation tax
15,972
Social security and other taxes
11,408
25,889
Other creditors
16,089
19,807
---------
---------
48,649
71,668
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,333
33,333
Other creditors
1,153
---------
---------
23,333
34,486
---------
---------