Company registration number 08858643 (England and Wales)
BIOARCHITECH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
BIOARCHITECH LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
BIOARCHITECH LTD
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
38,429
59,141
Current assets
Debtors
5
145,034
92,783
Cash at bank and in hand
1,328,058
1,669,869
1,473,092
1,762,652
Creditors: amounts falling due within one year
6
(94,011)
(12,413)
Net current assets
1,379,081
1,750,239
Net assets
1,417,510
1,809,380
Capital and reserves
Called up share capital
8
1,319
1,319
Share premium account
2,593,719
2,593,719
Other reserves
32,488
11,976
Profit and loss reserves
(1,210,016)
(797,634)
Total equity
1,417,510
1,809,380

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 February 2024 and are signed on its behalf by:
Dr G Hale
Director
Company registration number 08858643 (England and Wales)
BIOARCHITECH LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2021
1,171
1,707,865
-
0
(547,092)
1,161,944
Year ended 31 July 2022:
Loss and total comprehensive income for the year
-
-
-
(250,542)
(250,542)
Issue of share capital
8
148
885,854
-
-
886,002
Share based payments
-
-
11,976
-
0
11,976
Balance at 31 July 2022
1,319
2,593,719
11,976
(797,634)
1,809,380
Year ended 31 July 2023:
Loss and total comprehensive income for the year
-
-
-
(412,382)
(412,382)
Share based payments
7
-
-
20,512
-
0
20,512
Balance at 31 July 2023
1,319
2,593,719
32,488
(1,210,016)
1,417,510
BIOARCHITECH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

Bioarchitech Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 21 Osborne Close, Kidlington, Oxfordshire, OX5 1TU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Research and development expenditure

Research and development expenditure is written off against profits in the year in which it is incurred.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Straight line over lease term
Plant and machinery
25% straight line
Computer equipment
33.33% straight line
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in bank only.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

BIOARCHITECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include other debtors, corporation tax recoverable and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade creditors, and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

BIOARCHITECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
3
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
64,198
56,612
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2022
2,800
82,418
85,218
Additions
-
0
1,503
1,503
At 31 July 2023
2,800
83,921
86,721
Depreciation and impairment
At 1 August 2022
988
25,089
26,077
Depreciation charged in the year
1,812
20,403
22,215
At 31 July 2023
2,800
45,492
48,292
Carrying amount
At 31 July 2023
-
0
38,429
38,429
At 31 July 2022
1,812
57,329
59,141
BIOARCHITECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
115,211
78,138
Other debtors
29,823
14,645
145,034
92,783
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
30,745
8,091
Other creditors
63,266
4,322
94,011
12,413
7
Share-based payment transactions
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 August 2022
36,000
-
0
2.80
-
0
Granted
-
0
36,000
-
0
2.80
Outstanding at 31 July 2023
36,000
36,000
2.80
2.80
Exercisable at 31 July 2023
19,000
7,000
2.80
2.80

The options outstanding at 31 July 2023 had an exercise price of £2.80 and a remaining contractual life of 8.77 years.

Inputs were as follows:
2023
2022
Weighted average share price
2.80
2.80
Weighted average exercise price
2.80
2.80
Expected volatility
50.00
50.00
Expected life
10.00
10.00
Risk free rate
1.89
1.89

During the year, the company recognised total share-based payment expenses of £20,512 (2022: £11,976) which related to equity settled share based payment transactions.

 

BIOARCHITECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,318,321 Ordinary shares of 0.1p each
1,319
1,319
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
52,933
22,348
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