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Registered number: 01262669









BISCOR LIMITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
BISCOR LIMITED
 

COMPANY INFORMATION


DIRECTOR
C J Meredith 




REGISTERED NUMBER
01262669



REGISTERED OFFICE
Unit 1 Broadfield Business Park
Pilsworth Road

Heywood

Lancashire

OL10 2TA




INDEPENDENT AUDITORS
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ




BANKERS
National Westminster Bank PLC
135 Bishopsgate

London

EC2M 3UR





 
BISCOR LIMITED
 

CONTENTS



Page
Director's Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Balance Sheet
 
8
Statement of Changes in Equity
 
9
Notes to the Financial Statements
 
10 - 22


 
BISCOR LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The director presents his report and the financial statements for the year ended 31 December 2022.

DIRECTOR

The director who served during the year was:

C J Meredith 

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £27,017 (2021 - £338,342).

No dividends were paid during the year and the directors do not propose a final dividend.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FUTURE DEVELOPMENTS

The director anticipates no significant changes in the Company's activities for the foreseeable future.

  DISCLOSURE OF INFORMATION TO AUDITORS

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

 
BISCOR LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

POST BALANCE SHEET EVENTS

There were no post balance sheet events for the year ended 31 December 2022. 

AUDITORS

Under section 487(2) of the Companies Act 2006Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





C J Meredith
Director

Date: 27 September 2023


Page 2

 
BISCOR LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF BISCOR LIMITED
 

OPINION


We have audited the financial statements of Biscor Limited (the 'Company') for the year ended 31 December 2022, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3

 
BISCOR LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF BISCOR LIMITED (CONTINUED)


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Director's Report has been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


  the directors were not entitled to take advantage of the small companies' exemptions in preparing the                            directors' report and from the requirement to prepare a strategic report


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Director's Responsibilities Statement set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
BISCOR LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF BISCOR LIMITED (CONTINUED)


AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and industry regulations including GDPR, employment law, health and safety and warranties.
We communicated the identified laws and regulations with the audit team and remained alert to any indications
of non-compliance throughout the audit. We carried out specific procedures to address the risks identified.
These included the following:
-agreeing the financial statement disclosures to underlying supporting documentation to assess compliance with
provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-enquiries of management including those responsible for key regulations;
-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
-reviewing the warranties provision against returns/costs to the company during the year and assessing whether
the provision in place is adequate.
In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 5

 
BISCOR LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF BISCOR LIMITED (CONTINUED)


USE OF OUR REPORT
 

This report is made solely to the Company's shareholders in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's shareholders those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's shareholders for our audit work, for this report, or for the opinions we have formed.





Adam Norman FCA (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditors
  
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ

 
Date: 
31 October 2023
Page 6

 
BISCOR LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
£
£

  

Turnover
 4 
3,609,376
3,531,014

Cost of sales
  
(2,191,756)
(1,846,585)

Gross profit
  
1,417,620
1,684,429

Administrative expenses
  
(1,387,581)
(1,298,140)

Operating profit
 5 
30,039
386,289

Interest receivable and similar income
  
2,629
-

Interest payable and similar expenses
 9 
(1,038)
(39,549)

Profit before tax
  
31,630
346,740

Tax on profit
 10 
(4,613)
(8,398)

Profit for the financial year
  
27,017
338,342

There was no other comprehensive income for 2022 (2021:£NIL).

The notes on pages 10 to 22 form part of these financial statements.

Page 7

 
BISCOR LIMITED
REGISTERED NUMBER: 01262669

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible fixed assets
 11 
137,820
155,196

Current assets
  

Stocks
 12 
663,182
390,107

Debtors: amounts falling due within one year
 13 
796,040
648,166

Cash at bank and in hand
 14 
445,915
584,794

  
1,905,137
1,623,067

Creditors: amounts falling due within one year
 15 
(697,082)
(464,018)

Net current assets
  
 
 
1,208,055
 
 
1,159,049

Provisions for liabilities
  

Deferred tax
 17 
(25,955)
(21,342)

  
 
 
(25,955)
 
 
(21,342)

Net assets
  
1,319,920
1,292,903


Capital and reserves
  

Called up share capital 
 18 
6,000
6,000

Profit and loss account
 19 
1,313,920
1,286,903

  
1,319,920
1,292,903


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
C J Meredith
Director

Date: 27 September 2023


The notes on pages 10 to 22 form part of these financial statements.

Page 8

 
BISCOR LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2021
6,000
948,561
954,561


Comprehensive income for the year

Profit for the year
-
338,342
338,342



At 1 January 2022
6,000
1,286,903
1,292,903


Comprehensive income for the year

Profit for the year
-
27,017
27,017


At 31 December 2022
6,000
1,313,920
1,319,920


The notes on pages 10 to 22 form part of these financial statements.

Page 9

 
BISCOR LIMITED
 

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

1.


GENERAL INFORMATION

Biscor Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The registered office is Unit 1 Broadfield Business Park, Pilsworth Road, Heywood, Lancashire, OL10 2TA. The principal activity of the Company is that of a leading global provider of high performance specialty coated fabrics, belts and tapes used in an ever expanding range of industries and applications.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Cashflow Exemption

The Company is considered a qualifying entity for the purpose of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements which include the company and are intended to give a true and fair view.
The company is therefore exempt from the requirement to prepare a cash flow statement.

 
2.3

GOING CONCERN

The directors have considered the going concern basis of preparation of the financial statements, noting the result for the year, forecasts, plans going forward. The current plans and forecasts indicate that profits and activity will be maintained. The Company has maintained adequate stock levels to ensure demand can be met should there be any disruptions in the supply chain.
The directors are closely monitoring all non-essential operating costs and cash flow and are confident that the Company has sufficient cash reserves and working capital to enable liabilities to be settled as they fall due and to continue trading for the foreseeable future, being a period of not less than 12 months from the date of approval of these financial statements. The Company also continues to rely on the support of the Group.
Accordingly, the going concern basis has been adopted in preparing the financial statements. 

Page 10

 
BISCOR LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

  
2.5

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, provided on the following basis.
  Short-term leasehold property -  10% straight line
  Plant and machinery   -  10% straight line
  Motor vehicles    -  25% reducing balance
  Office equipment    - 33% straight line

 
2.6

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

  
2.8

DEBTORS

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

Page 11

 
BISCOR LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

  
2.11

CREDITORS

Short term creditors are measured at the transaction price.

Page 12

 
BISCOR LIMITED
 

 
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 and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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'.

 
2.13

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.

 
2.14

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

HOLIDAY PAY ACCRUAL

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.16

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 13

 
BISCOR LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.17

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.18

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.



SIGNIFICANT JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES
 OF ESTIMATION UNCERTAINTY

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. Management judgment has been applied in the following areas:
- Bad debt provision is reviewed monthly at group level for any potential bad debts 
- Warranty provision is calculated in line with group policy and reviewed at year end

Page 14

 
BISCOR LIMITED
 

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

4.


TURNOVER

The whole of the turnover is attributable to the principal business activity.

Analysis of turnover by country of destination:

2022
2021
£
£

United Kingdom
2,674,444
2,537,165

Rest of Europe
934,932
993,849

3,609,376
3,531,014



5.


OPERATING PROFIT

The operating profit is stated after charging:

2022
2021
£
£

Depreciation of tangible fixed assets
23,753
21,761

Exchange differences
(45,964)
23,532

Other operating lease rentals
82,683
56,380

Defined contribution pension cost
27,315
21,054


6.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors and their associates:


2022
2021
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
16,500
13,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 15

 
BISCOR LIMITED
 

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

7.


EMPLOYEES

Staff costs, including director's remuneration, were as follows:


2022
2021
£
£

Wages and salaries
676,562
679,926

Social security costs
69,622
54,401

Cost of defined contribution scheme
27,315
21,054

773,499
755,381


The average monthly number of employees, including the director, during the year was as follows:


        2022
        2021
            No.
            No.







Direct production
8
3



Administration
9
12

17
15


8.


DIRECTOR'S REMUNERATION

2022
2021
£
£

Director's emoluments
89,295
73,669

Company contributions to defined contribution pension schemes
4,465
3,701

93,760
77,370


During the year retirement benefits were accruing to 1 directors (2021 - 1) in respect of defined contribution pension schemes.


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2022
2021
£
£


Bank interest payable
1,038
61

Loans from group undertakings
-
39,488

1,038
39,549

Page 16

 
BISCOR LIMITED
 

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

10.


TAXATION


2022
2021
£
£



Deferred tax


Origination and reversal of timing differences
4,613
8,398

Total deferred tax
4,613
8,398


Taxation on profit on ordinary activities
4,613
8,398

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2021 - lower than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

2022
2021
£
£


Profit on ordinary activities before tax
31,630
346,740


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
6,010
65,881

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
329
229

Capital allowances for year in excess of depreciation
2,030
(7,792)

Utilisation of tax losses
(13,481)
(56,298)

Deferred tax
4,613
8,398

Changes in provisions leading to an increase (decrease) in the tax charge
5,112
(2,020)

Total tax charge for the year
4,613
8,398


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The company has estimated losses of £2,518,123 (2021 - £2,589,075) available to carry forward against future trading profits. 

Page 17

 
BISCOR LIMITED
 

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

11.


TANGIBLE FIXED ASSETS





Short-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



COST


At 1 January 2022
38,134
351,098
14,414
117,352
520,998


Additions
-
5,283
-
1,094
6,377



At 31 December 2022
38,134
356,381
14,414
118,446
527,375



Depreciation


At 1 January 2022
24,632
211,634
14,414
115,122
365,802


Charge for the year on owned assets
3,813
18,673
-
1,267
23,753



At 31 December 2022
28,445
230,307
14,414
116,389
389,555



Net book value



At 31 December 2022
9,689
126,074
-
2,057
137,820



At 31 December 2021
13,502
139,464
-
2,230
155,196

Page 18

 
BISCOR LIMITED
 

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

12.


STOCKS

2022
2021
£
£

Work in progress (goods to be sold)
163,003
119,796

Finished goods and goods for resale
500,179
270,311

663,182
390,107


The difference between purchase price or production cost of stocks and their replacement cost is not material.


13.


DEBTORS

2022
2021
£
£


Trade debtors
484,523
373,484

Amounts owed by group undertakings
192,741
193,705

Other debtors
115,931
66,097

Prepayments and accrued income
2,845
14,880

796,040
648,166



14.


CASH AND CASH EQUIVALENTS

2022
2021
£
£

Cash at bank and in hand
445,915
584,794



15.


CREDITORS: Amounts falling due within one year

2022
2021
£
£

Trade creditors
152,267
107,458

Amounts owed to group undertakings
390,286
258,328

Other taxation and social security
14,951
16,708

Other creditors
9,688
9,817

Accruals and deferred income
129,890
71,707

697,082
464,018


Page 19

 
BISCOR LIMITED
 

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

16.


FINANCIAL INSTRUMENTS

2022
2021
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
1,239,109
1,218,080


Financial liabilities


Financial liabilities measured at amortised cost
(552,241)
(375,603)


Financial assets that are debt instruments measured at amortised cost comprise cash at bank and in hand, trade debtors, amounts owed by group undertakings and other debtors. 


Financial liabilities measured at amortised cost comprise trade creditors, amounts owned to group undertakings and other creditors.


17.


DEFERRED TAXATION




2022
2021


£

£






At beginning of year
(21,342)
(12,944)


Utilised in year
(4,613)
(8,398)



At end of year
(25,955)
(21,342)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Decelerated capital allowances
(25,955)
(21,342)

(25,955)
(21,342)

Page 20

 
BISCOR LIMITED
 

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

18.


SHARE CAPITAL

2022
2021
£
£
Allotted, called up and fully paid



6,000 (2021 - 6,000) Ordinary shares of £1.00 each
6,000
6,000



19.


RESERVES

Profit and loss account

Includes all current and prior period retained profits and losses net of dividends.


20.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £27,315 (2021 - £21,054). Contributions totalling £2,561 (2021 - £2,843) were payable from the fund at the balance sheet date and are included in creditors.


21.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
62,645
62,645

Later than 1 year and not later than 5 years
88,747
151,392

151,392
214,037


22.


RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption from the requirement to disclose related party transactions with entities that are part of the Alpha ABMD Holdco B.V group or investees of the Alpha ABMD Holdco B.V group.
Only the directors are considered to be key management personnel. Total remuneration in respect of these individuals is £105,211 (2021 - £86,317).

Page 21

 
BISCOR LIMITED
 

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

23.


CONTROLLING PARTY

The Ultimate Holding Company is Alpha ABMD Holdco B.V, a company incorporated in The Netherlands.
Alpha ABMD Holdco B.V is the parent undertaking of the largest group which includes the Company and
for which group accounts are prepared. The immediate parent undertaking of the Company is Ammeraal Beltech International Beheer B.V. (NL), a company registered in The Netherlands.
Copies of the group financial statements of Alpha ABMD Holdco B.V. may be obtained from Comeniusstraat 8, 1817-MS, Alkmaar, The Netherlands.
Copies of the financial statements of Ammeraal Beltech International Beheer B.V. (NL) may be obtained from Foxtrot 12, 1704 EH, Heerhugowaard, The Netherlands.
 


Page 22