Company registration number 04358718 (England and Wales)
GREEN BIOLOGICS LIMITED (FORMERLY BIOCLEAVE LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
GREEN BIOLOGICS LIMITED (FORMERLY BIOCLEAVE LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GREEN BIOLOGICS LIMITED (FORMERLY BIOCLEAVE LIMITED)
BALANCE SHEET
- 1 -
2023
2022
Notes
£ 000
£ 000
£ 000
£ 000
Current assets
Debtors
4
14
67
Cash at bank and in hand
1
51
15
118
Creditors: amounts falling due within one year
5
(9)
(106)
Net current assets
6
12
Capital and reserves
Called up share capital
6
14
14
Share premium account
119,520
119,520
Profit and loss reserves
(119,528)
(119,522)
Total equity
6
12
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 30 June 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 26 March 2024 and are signed on its behalf by:
Mr S G C Sutcliffe
Director
Company registration number 04358718 (England and Wales)
GREEN BIOLOGICS LIMITED (FORMERLY BIOCLEAVE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
Green Biologics Limited (formerly Biocleave Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Thatched House, 1 High Street, Wargrave, Reading, RG10 8JA.
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 £ 000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 June 2023 are the first financial statements of Green Biologics Limited (formerly Biocleave Limited) prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2021. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
These financial statements have been prepared on a going concern basis, which assumes the Company will have sufficient funds available to continue to meet its liabilities as they fall due. The Company recorded a loss after taxation for the year of £6,000 (2022: loss of £25,000) and had net assets of £5,000 (2022: net assets of £11,000) at the balance sheet date. true
As in previous years, there are no bank facilities in place at the date of approval of the financial statements and the Company is operating within its cash reserves. Management have therefore prepared financial forecasts which estimate the likely cash requirements of the Company over a period including the next 12 months from the date of authorisation of the financial statements. The forecasts indicate that the Company will have sufficient funds to meet its liabilities as they fall due during the forecast period and therefore the Directors have therefore prepared these financial statements on a going concern basis.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
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.
GREEN BIOLOGICS LIMITED (FORMERLY BIOCLEAVE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors 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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
GREEN BIOLOGICS LIMITED (FORMERLY BIOCLEAVE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
4
Debtors
2023
2022
Amounts falling due within one year:
£ 000
£ 000
Trade debtors
2
1
Other debtors
12
66
14
67
5
Creditors: amounts falling due within one year
2023
2022
£ 000
£ 000
Trade creditors
2
4
Other creditors
7
102
9
106
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£ 000
£ 000
Issued and fully paid
of 0.01p each
137,300,000
137,300,000
14
14