Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruetrue2023-01-01falseWholesale of perfume and cosmetics44truetrue 07366856 2023-01-01 2023-12-31 07366856 2022-01-01 2022-12-31 07366856 2023-12-31 07366856 2022-12-31 07366856 c:Director4 2023-01-01 2023-12-31 07366856 d:ComputerEquipment 2023-01-01 2023-12-31 07366856 d:ComputerEquipment 2023-12-31 07366856 d:ComputerEquipment 2022-12-31 07366856 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07366856 d:CurrentFinancialInstruments 2023-12-31 07366856 d:CurrentFinancialInstruments 2022-12-31 07366856 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07366856 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07366856 d:ShareCapital 2023-12-31 07366856 d:ShareCapital 2022-12-31 07366856 d:RetainedEarningsAccumulatedLosses 2023-12-31 07366856 d:RetainedEarningsAccumulatedLosses 2022-12-31 07366856 c:FRS102 2023-01-01 2023-12-31 07366856 c:Audited 2023-01-01 2023-12-31 07366856 c:FullAccounts 2023-01-01 2023-12-31 07366856 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07366856 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07366856 2 2023-01-01 2023-12-31 07366856 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 07366856










BIOEFFECT LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BIOEFFECT LIMITED
REGISTERED NUMBER: 07366856

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,016
2,195

Current assets
  

Stocks
 6 
98,222
128,967

Debtors: amounts falling due within one year
 7 
375,501
141,399

Cash at bank and in hand
 8 
37,980
46,889

  
511,703
317,255

Creditors: amounts falling due within one year
 9 
(1,760,625)
(1,165,655)

Net current liabilities
  
 
 
(1,248,922)
 
 
(848,400)

  

Net liabilities
  
(1,247,906)
(846,205)


Capital and reserves
  

Called up share capital 
  
232,370
232,370

Profit and loss account
  
(1,480,276)
(1,078,575)

  
(1,247,906)
(846,205)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




................................................
Petur Hafsteinsson
Director

Date: 11 April 2024

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
BIOEFFECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

BioEffect Limited is a private company, limited by shares, incorporated in England and Wales. The registered office is Office 2.17, 2 Stephen Street, London, England, W1T 1AN.

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 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 financial statements are prepared in sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of BioEffect Holdings hf as at 31 December 2023 and these financial statements may be obtained from Víkurhvarf 7, 203 Kópavogur, Iceland..

 
2.3

Going concern

The company has net current liabilities of £1,248,922 (2022: £848,400) and net liabilities of £1,247,906 (2022: £846,205) at the balance sheet. The company is reliant on funding from its parent company who have indicated their willingness and ability to support the business going forward for at least twelve months from the date of signing the accounts.
The directors have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the company to continue as a going concern. The directors have made this assesment for a period of at least twelve months from the date of the approval of these financial statements.
The directors consider that the company has adequate resources to continue in operational existence for the forseeable future and there are no material uncertainties about the company's ability to continue as a going concern. The directors therefore continue to adopt the going concern basis in preparing these financial statements.

Page 2

 
BIOEFFECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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 resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

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'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 3

 
BIOEFFECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Interest income

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

 
2.8

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.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution pension 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.

 
2.10

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, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

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. Work in progress and finished goods include labour and attributable overheads.

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.

Page 4

 
BIOEFFECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

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.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

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.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

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.
Page 5

 
BIOEFFECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)


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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preperation of financial statements in confirmity with generally accepted accounting practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.
Other than those disclosed in note 2.3 there are no significant estimates or judgements in the accounts.


4.


Employees

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


        2023
        2022
            No.
            No.







Employees
4
4

Page 6

 
BIOEFFECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
3,537



At 31 December 2023

3,537



Depreciation


At 1 January 2023
1,342


Charge for the year
1,179



At 31 December 2023

2,521



Net book value



At 31 December 2023
1,016



At 31 December 2022
2,195


6.


Stocks

2023
2022
£
£

Goods for resale
98,222
128,967



7.


Debtors

2023
2022
£
£


Trade debtors
370,917
137,829

Other debtors
4,584
3,570

375,501
141,399


Page 7

 
BIOEFFECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
37,980
46,889



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
23,250
10,559

Amounts owed to group undertakings
1,605,077
1,050,604

Other taxation and social security
48,478
29,309

Other creditors
3,644
962

Accruals and deferred income
80,176
74,221

1,760,625
1,165,655


To add terms of loan with interco


10.


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 £6,428 (2022: £5,882). Contributions totalling £993 (2022: £963) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

The company has taken advantage of the provisions of Financial Reporting Standard 102 Section 33 not to disclose transactions with wholly owned group companies as BioEffect Limited is included in the consolidated financial statements of BioEffect Holdings hf.


12.


Controlling party

Throughout the year, the company was a wholly owned subsidiary of BioEffect hf. The ultimate controlling party is BioEffect Holdings hf. Consolidated accounts are available at the entity's registered address of Melholabraut 4, Grindavik 240.

Page 8

 
BIOEFFECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 19 April 2024 by Neil Stern FCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 9