Registration number:
Biologix Laboratories Limited
for the
Year Ended 31 March 2023
Biologix Laboratories Limited
(Registration number: 04480516)
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Biologix Laboratories Limited
(Registration number: 04480516)
Company Information
Directors |
G Westcott K Richardson J Strauss |
Registered office |
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Registered number |
04480516 |
Biologix Laboratories Limited
(Registration number: 04480516)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed Assets |
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Intangible assets |
- |
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Tangible Assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and Reserves |
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Called up share capital |
50,000 |
50,000 |
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Retained Earnings |
106,916 |
138,693 |
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Shareholders' funds |
156,916 |
188,693 |
Biologix Laboratories Limited
(Registration number: 04480516)
Balance Sheet as at 31 March 2023
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
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Biologix Laboratories Limited
(Registration number: 04480516)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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.
Foreign currency transactions and balances
transaction. At the end of each reporting period foreign currency monetary items are translated at the closing
rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Biologix Laboratories Limited
(Registration number: 04480516)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Tax
The tax expense for the period comprises 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.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A
current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous
period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and
expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other
deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
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 |
Other intangible assets |
4 years straight line |
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 |
25% reducing balance |
Computer equipment |
25% reducing balance |
Biologix Laboratories Limited
(Registration number: 04480516)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
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.
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.
Biologix Laboratories Limited
(Registration number: 04480516)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Defined benefit pension obligation
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Biologix Laboratories Limited
(Registration number: 04480516)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Intangible assets |
Other intangible assets |
Total |
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Cost |
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At 1 April 2022 |
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At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
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Amortisation charge |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
- |
- |
At 31 March 2022 |
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Tangible Assets |
Plant and machinery |
Computer equipment |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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- |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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- |
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At 31 March 2022 |
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- |
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Biologix Laboratories Limited
(Registration number: 04480516)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Debtors |
The directors have reviewed trade debtors for impairment and consider the impairment losses to be provided for the year are £Nil (2022 - £Nil)
All amounts are due within one year.
Current |
2023 |
2022 |
Trade Debtors |
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Other debtors |
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Biologix Laboratories Limited
(Registration number: 04480516)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade Creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Other creditors includes a balance of £102,655 (2022 - £102,655) due to the Directors of the company in respect of their Directors loans to the company. Each director maintains their own loan account. The directors' have made interest free loans to the company which are repayable on demand.
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Biologix Laboratories Limited
(Registration number: 04480516)
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Related party transactions |
Controlling Party
The company is controlled, by virtue of shareholding, by SmarTec Solutions Sarl. a limited liability partnership
incorporated and registered in Switzerland. Its registered office is:
13 Chemin des Tresans 1295 Mies
Switzerland