Caseware UK (AP4) 2023.0.135 2023.0.135 2022-12-01truetruetruetruefalseWholesaler of chemicals1211falsefalse 01934652 2022-12-01 2023-11-30 01934652 2021-12-01 2022-11-30 01934652 2023-11-30 01934652 2022-11-30 01934652 1 2022-12-01 2023-11-30 01934652 1 2021-12-01 2022-11-30 01934652 d:CompanySecretary1 2022-12-01 2023-11-30 01934652 d:Director1 2022-12-01 2023-11-30 01934652 d:Director2 2022-12-01 2023-11-30 01934652 d:Director3 2022-12-01 2023-11-30 01934652 d:Director4 2022-12-01 2023-11-30 01934652 d:RegisteredOffice 2022-12-01 2023-11-30 01934652 e:PlantMachinery 2022-12-01 2023-11-30 01934652 e:PlantMachinery 2023-11-30 01934652 e:PlantMachinery 2022-11-30 01934652 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01934652 e:CurrentFinancialInstruments 2023-11-30 01934652 e:CurrentFinancialInstruments 2022-11-30 01934652 e:Non-currentFinancialInstruments 2023-11-30 01934652 e:Non-currentFinancialInstruments 2022-11-30 01934652 e:CurrentFinancialInstruments e:WithinOneYear 2023-11-30 01934652 e:CurrentFinancialInstruments e:WithinOneYear 2022-11-30 01934652 e:ReportableOperatingSegment1 2022-12-01 2023-11-30 01934652 e:ReportableOperatingSegment1 2021-12-01 2022-11-30 01934652 f:UnitedKingdom 2022-12-01 2023-11-30 01934652 f:UnitedKingdom 2021-12-01 2022-11-30 01934652 f:RestEuropeOutsideUK 2022-12-01 2023-11-30 01934652 f:RestEuropeOutsideUK 2021-12-01 2022-11-30 01934652 e:UKTax 2022-12-01 2023-11-30 01934652 e:UKTax 2021-12-01 2022-11-30 01934652 e:ShareCapital 2023-11-30 01934652 e:ShareCapital 2022-11-30 01934652 e:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 01934652 e:RetainedEarningsAccumulatedLosses 2023-11-30 01934652 e:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 01934652 e:RetainedEarningsAccumulatedLosses 2022-11-30 01934652 e:RetainedEarningsAccumulatedLosses 2021-12-01 01934652 d:OrdinaryShareClass1 2022-12-01 2023-11-30 01934652 d:OrdinaryShareClass1 2023-11-30 01934652 d:OrdinaryShareClass1 2022-11-30 01934652 d:FRS102 2022-12-01 2023-11-30 01934652 d:Audited 2022-12-01 2023-11-30 01934652 d:FullAccounts 2022-12-01 2023-11-30 01934652 d:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 01934652 e:Subsidiary1 2022-12-01 2023-11-30 01934652 e:Subsidiary1 1 2022-12-01 2023-11-30 01934652 e:WithinOneYear 2023-11-30 01934652 e:WithinOneYear 2022-11-30 01934652 e:AcceleratedTaxDepreciationDeferredTax 2023-11-30 01934652 e:AcceleratedTaxDepreciationDeferredTax 2022-11-30 01934652 2 2022-12-01 2023-11-30 01934652 6 2022-12-01 2023-11-30 01934652 g:PoundSterling 2022-12-01 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01934652










Biachem Limited










Annual report and financial statements

For the year ended 30 November 2023

 
Biachem Limited
 

Company Information


Directors
R W H Beaumont 
S Raven 
A W Beaumont 
K Beaumont 




Company secretary
A W Beaumont



Registered number
01934652



Registered office
30 - 32 Ludgate Hill

London

EC4M 7DR




Independent auditors
Kreston Reeves LLP
Chartered Accountants & Statutory Auditor

37 St Margaret's Street

Canterbury

Kent

CT1 2TU





 
Biachem Limited
 

Contents



Page
Strategic report
 
1 - 2
Directors' report
 
3
Directors' responsibilities statement
 
4
Independent auditors' report
 
5 - 8
Statement of income and retained earnings
 
9
Balance sheet
 
10
Notes to the financial statements
 
11 - 22


 
Biachem Limited
 

Strategic report
For the year ended 30 November 2023

Introduction
 
The company is engaged in chemical sales in the UK and overseas. The Directors are pleased with the overall results for 2023 considering the continued global economic uncertainty. The company is focused on steady growth of its core activities.

Business review
 
The credit risk is minimised by the extensive use of credit insurance and very experienced credit management. The company has some exposure to foreign currency, but the risk is reduced by use of forward currency contracts.
The company results were as follows:
Turnover - £18.4m (2022: £15.7m)
Profit before tax - £3.7m (2022: £4.0m)

Principal risks and uncertainties
 
The principal risk to the company is the declining manufacturing sector in the UK economy but the sales remain strong in a competitive market.
Foreign currency risk
The company has exposure to foreign currencies; Euros, US dollars and Chinese Yuan but the risk is hedged with FX contracts.
Credit, Cash flow and liquidity risk
The company’s credit risk is well spread and the liquidity remains very strong. The relatively high cash balances are earmarked for future expansion through acquisition.
The company’s operations are conducted so they comply with all legal requirements such as environmental and health and safety legislation.

Financial key performance indicators
 
To help monitor the company’s performance the following KPIs are used:
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Page 1

 
Biachem Limited
 

Strategic report (continued)
For the year ended 30 November 2023

Analysis of performance during the year
 
Turnover in 2023 increased by 17% over the previous year to £18.4m, the balance of exports to home trade remained similar. The profit before tax of £3.7m was down by 6% on 2022. The Balance sheet on page 10 shows that the company’s financial position remains strong.
Future Developments
The company has a very positive cash flow and intends to expand with new products and through acquisition.


This report was approved by the board on 13 August 2024 and signed on its behalf.



A W Beaumont
Director

Page 2

 
Biachem Limited
 

 
Directors' report
For the year ended 30 November 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

Results and dividends

The profit for the year, after taxation, amounted to £2,856,212 (2022 - £3,200,856).

During the year, the company paid dividends totalling £100,000 (2022 - £1,360,983). 

Directors

The directors who served during the year were:

R W H Beaumont 
S Raven 
A W Beaumont 
K Beaumont 

Future developments

For information regarding the future developments of the company, please see the Strategic Report. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director 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.

Auditors

The auditorsKreston Reeves LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 13 August 2024 and signed on its behalf.
 





R W H Beaumont
Director

Page 3

 
Biachem Limited
 

Directors' responsibilities statement
For the year ended 30 November 2023

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

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

make judgements and accounting estimates that are reasonable and prudent;


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

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Page 4

 
Biachem Limited
 

 
Independent auditors' report to the members of Biachem Limited
 

Opinion


We have audited the financial statements of Biachem Limited (the 'Company') for the year ended 30 November 2023, which comprise the Statement of income and retained earnings, the Balance sheet 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 30 November 2023 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 directors' 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 directors 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 directors are 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 5

 
Biachem Limited
 

 
Independent auditors' report to the members of Biachem 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have 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 Strategic report or the Directors' 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 6

 
Biachem Limited
 

 
Independent auditors' report to the members of Biachem 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:

Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, taxation, and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate levels of reported revenue and/or expenditure. Audit procedures performed by the company engagement team included:
• Discussions with management and assessment of known or suspected instances of non-compliance with   laws and regulations and fraud, and review of the reports made by management; and
• Discussions with management and specific consideration of the safeguarding of stock held at outsourced   warehouses; and
• Performing analytical procedures to identify any unusual or unexpected relationships, that may indicate    risks of material misstatement due to fraud; and
• Confirmation of related parties with management, and review of transactions throughout the period to    identify any previously undisclosed transactions with related parties outside the normal course of     business; and
• Performing analytical procedures with automated data analytics tools to identify any unusual or     unexpected relationships, including related party transactions, that may indicate risks of material     misstatement due to fraud.

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.
 
Page 7

 
Biachem Limited
 

 
Independent auditors' report to the members of Biachem Limited (continued)



As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report
 

This report is made solely to the Company's members, as a body, 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 members 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.




Peter Manser FCA DChA (Senior statutory auditor)
  
for and on behalf of
Kreston Reeves LLP
 
Chartered Accountants
Statutory Auditor
  
Canterbury

14 August 2024
Page 8

 
Biachem Limited
 

Statement of income and retained earnings
For the year ended 30 November 2023

2023
2022
Note
£
£

  

Turnover
 4 
18,373,662
15,746,194

Cost of sales
  
(13,493,480)
(10,518,009)

Gross profit
  
4,880,182
5,228,185

Administrative expenses
  
(1,543,719)
(1,325,029)

Operating profit
 5 
3,336,463
3,903,156

Interest receivable and similar income
 9 
385,645
50,128

Profit before tax
  
3,722,108
3,953,284

Tax on profit
 10 
(865,896)
(752,428)

Profit after tax
  
2,856,212
3,200,856

  

  

Retained earnings at the beginning of the year
  
11,395,375
9,555,482

Profit for the year
  
2,856,212
3,200,856

Dividends declared and paid
  
(100,000)
(1,360,963)

Retained earnings at the end of the year
  
14,151,587
11,395,375
The notes on pages 11 to 22 form part of these financial statements.

Page 9

 
Biachem Limited
Registered number: 01934652

Balance sheet
As at 30 November 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
261,095
93,630

Investments
 13 
100
100

  
261,195
93,730

Current assets
  

Stocks
 14 
1,823,203
2,968,071

Debtors: amounts falling due after more than one year
 15 
136,800
136,800

Debtors: amounts falling due within one year
 15 
4,195,221
4,666,444

Current asset investments
 16 
2,000,000
-

Cash at bank and in hand
  
7,617,307
7,451,509

  
15,772,531
15,222,824

Creditors: amounts falling due within one year
 17 
(1,718,449)
(3,812,520)

Net current assets
  
 
 
14,054,082
 
 
11,410,304

Total assets less current liabilities
  
14,315,277
11,504,034

Provisions for liabilities
  

Deferred tax
 18 
(63,690)
(8,659)

Net assets
  
14,251,587
11,495,375


Capital and reserves
  

Called up share capital 
 19 
100,000
100,000

Profit And Loss Account
 20 
14,151,587
11,395,375

  
14,251,587
11,495,375


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 August 2024.




R W H Beaumont
Director

The notes on pages 11 to 22 form part of these financial statements.

Page 10

 
Biachem Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

1.


General information

Biachem Limited is a limited liability company incorporated in England and Wales. The registration number is 1934652. The address of the registered office is 30-32 Ludgate Hill, London, EC4M 7DR.
The principal activity of the company was the import and distribution of chemicals.  

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 judgement in applying the Company's accounting policies (see note 3).

The financial statements contain information about Biachem Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken advantage  of  the  exemption  conferred  by  Companies  Act  2006  not  to  produce  consolidated  financial statements as it is included in the consolidated financial statements of Biachem Group Limited.
The financial statements are presented to the nearest Pound.

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 Biachem Group Limited as at 30 November 2023 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

In the opinion of the directors, there are no factors in existence that would result in the company not being considered as a going concern. 

Page 11

 
Biachem Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
18% to 30%

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.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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.

Page 12

 
Biachem Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

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.

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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.

Page 13

 
Biachem Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

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. 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.

 
2.12

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 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.

 
2.13

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 14

 
Biachem Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
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

Interest income

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

 
2.16

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 income 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.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 15

 
Biachem Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates. 
The following are the company's key sources of estimation uncertainty:
Lease commitments
The company has entered into a lease commitment (see note 21) in respect of property. The classification of this lease as either financial or operating lease requires the directors to consider whether the terms and conditions of the lease are such that the company has acquired the risks and rewards associated with the ownership of the underlying asset. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Distribution of chemicals
18,373,662
15,746,194

18,373,662
15,746,194


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
18,194,597
15,439,194

Rest of Europe
179,065
307,000

18,373,662
15,746,194



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(611)
254

Other operating lease rentals
72,679
55,750

Page 16

 
Biachem Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

6.


Auditors' remuneration

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,600
12,000


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
980,505
887,088

Social security costs
128,712
109,738

Cost of defined contribution scheme
28,799
17,735

1,138,016
1,014,561


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


        2023
        2022
            No.
            No.







Employees
12
11


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
755,045
689,671

Company contributions to defined contribution pension schemes
25,452
9,377

780,497
699,048


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £320,115 (2022 - £265,094).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,895 (2022 - £3,794).

Page 17

 
Biachem Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

9.


Interest receivable

2023
2022
£
£


Other interest receivable
385,645
50,128

385,645
50,128


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
810,865
756,180


Total current tax
810,865
756,180

Deferred tax


Origination and reversal of timing differences
55,031
(3,752)

Total deferred tax
55,031
(3,752)


Taxation on profit on ordinary activities
865,896
752,428

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,722,108
3,953,284


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23% (2022 - 19%)
856,085
751,124

Effects of:


Expenses not deductible for tax purposes
2,966
1,048

Capital allowances for the year in excess of depreciation
(48,186)
-

Depreciation for the year in excess of capital allowances
-
3,813

Other timing differences leading to an increase (decrease) in taxation
55,031
(3,557)

Total tax charge for the year
865,896
752,428


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18

 
Biachem Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

11.


Dividends

2023
2022
£
£


Ordinary shares
100,000
1,360,963

100,000
1,360,963


12.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 December 2022
319,022


Additions
212,009


Disposals
(90,778)



At 30 November 2023

440,253



Depreciation


At 1 December 2022
225,392


Charge for the year on owned assets
44,544


Disposals
(90,778)



At 30 November 2023

179,158



Net book value



At 30 November 2023
261,095



At 30 November 2022
93,630


13.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2022
100



At 30 November 2023
100




Page 19

 
Biachem Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Biochem Limited
Ordinary
100%

Biochem Limited was dormant for year ended 30 November 2023.


14.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,823,203
2,968,071

1,823,203
2,968,071



15.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
136,800
136,800

136,800
136,800


2023
2022
£
£

Due within one year

Trade debtors
2,585,657
3,506,859

Amounts owed by group undertakings
1,360,399
1,057,141

Other debtors
65,875
80,779

Prepayments and accrued income
183,290
21,665

4,195,221
4,666,444



16.


Current asset investments

2023
2022
£
£

Fixed term deposits
2,000,000
-

2,000,000
-


Page 20

 
Biachem Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
930,333
1,813,338

Amounts owed to group undertakings
91,141
1,193,572

Other taxation and social security
676,398
762,560

Accruals and deferred income
20,577
43,050

1,718,449
3,812,520



18.


Deferred taxation




2023


£






At beginning of year
(8,659)


Utilised in year
(55,031)



At end of year
(63,690)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(63,690)
(8,659)

(63,690)
(8,659)


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100,000 (2022 - 100,000) Ordinary shares of £1.00 each
100,000
100,000



20.


Reserves

Profit and loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders. 

Page 21

 
Biachem Limited
 

 
Notes to the financial statements
For the year ended 30 November 2023

21.


Pension commitments

The Company operates a defined contribution 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 amount to £28,799 (2022: £17,735). There were no amounts outstanding at the year end (2022: £NIL).


22.


Commitments under operating leases

At 30 November 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
51,104
18,583

51,104
18,583


23.


Transactions with directors

A loan was granted to a director in a prior year for the value of £136,800, attracting interest at the HMRC actual official rate. There have been no repayments made against the outstanding capital in the year, therefore a debtor of £136,800 remains in non-current assets at the balance sheet date. 
In the year, the director paid interest of £2,736 (2022: £2,714). Interest totalling £2,010 (2022: £1,777) has been accrued at the year end.
Another director has an interest free loan facility of £10,000 with the company.  During the year, he withdrew £9,400 under this facility.  At the year end, the balance owed to the company was £9,900 (2022: £500).


24.


Related party transactions


2023
2022
£
£

Loans repayable by the directors
146,700
137,300
Interest paid in respect of loans to directors
2,736
2,714
Accrued interest in respect of loans to directors
2,010
1,777

There were no other related party transactions during the year or the prior year, other than with wholly owned group Companies which have not been disclosed in accordance with Section 33.1A of Financial Reporting Standard 102.


25.


Controlling party

The immediate parent undertaking is Biachem Group Limited, a company incorporated in England and Wales.
The ultimate controlling party is R W H Beaumont, by virtue of his shareholdings.


Page 22