Registered number
03258130
Bio Laboratories Limited
Filleted Accounts
31 December 2023
Bio Laboratories Limited
Registered number: 03258130
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,740 6,320
Current assets
Stocks 869,673 830,481
Debtors 4 1,403,687 1,636,972
Cash at bank and in hand 10,111 14,366
2,283,471 2,481,819
Creditors: amounts falling due within one year 5 (1,203,801) (1,380,511)
Net current assets 1,079,670 1,101,308
Total assets less current liabilities 1,084,410 1,107,628
Provisions for liabilities (901) (1,201)
Net assets 1,083,509 1,106,427
Capital and reserves
Called up share capital 40,000 40,000
Profit and loss account 1,043,509 1,066,427
Shareholders' funds 1,083,509 1,106,427
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ian Richard Webb
Director
Approved by the board on 23 August 2024
Bio Laboratories Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% written down value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
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. 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. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 16 15
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 55,373
At 31 December 2023 55,373
Depreciation
At 1 January 2023 49,053
Charge for the year 1,580
At 31 December 2023 50,633
Net book value
At 31 December 2023 4,740
At 31 December 2022 6,320
4 Debtors 2023 2022
£ £
Trade debtors 1,342,380 1,569,927
Other debtors 61,307 67,045
1,403,687 1,636,972
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 104,452 57,884
Trade creditors 849,139 1,151,379
Taxation and social security costs 80,407 61,757
Other creditors 169,803 109,491
1,203,801 1,380,511
6 Related party transactions
2023 2022
Lorraine Rowland Design Limited £ £
Lorraine Rowland, a director and shareholder of this company is also a director of Lorraine Rowland Design Limited
Charge in relation to services provided to Lorraine Rowland Design Limited by Bio Laboratories Limited 861 4,095
Charge in relation to artwork and webdesign by Lorraine Rowland Design Limited to Bio Laboratories Limited 14,371 42,338
Amount owed to Lorraine Rowland Design Limited at year end - 15,375
Amount owed by Lorraine Rowland Design Limited at year end - -
Perfumes-4U Limited
Ian Webb and Lorraine Rowland, directors and shareholders of this company are also directors of Perfumes-4U Limited
During the year Bio Laboratories Limited sold goods to Perfumes-4U Limited, excluding VAT of 21,533 28,759
Charge in relation to services provided to Bio Laboratories Limited by Perfumes-4U Limited 27,433 24,667
Amount owed to Perfumes-4U Limited at year end - -
Amount owed by Perfumes-4U Limited at year end 7,517 9,535
7 Other information
Bio Laboratories Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1, Atlas Point
Davenport Lane
Broadheath
Altrincham
WA14 5DT
Bio Laboratories Limited 03258130 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2024 Ian Richard Webb No description of principal activity 03258130 2022-01-01 2022-12-31 03258130 core:WithinOneYear 2022-12-31 03258130 core:ShareCapital 2022-12-31 03258130 core:RetainedEarningsAccumulatedLosses 2022-12-31 03258130 2023-01-01 2023-12-31 03258130 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03258130 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03258130 bus:Director40 2023-01-01 2023-12-31 03258130 1 2023-01-01 2023-12-31 03258130 2 2023-01-01 2023-12-31 03258130 core:PlantMachinery 2023-01-01 2023-12-31 03258130 countries:England 2023-01-01 2023-12-31 03258130 bus:FRS102 2023-01-01 2023-12-31 03258130 bus:FilletedAccounts 2023-01-01 2023-12-31 03258130 2023-12-31 03258130 core:WithinOneYear 2023-12-31 03258130 core:ShareCapital 2023-12-31 03258130 core:RetainedEarningsAccumulatedLosses 2023-12-31 03258130 core:PlantMachinery 2023-12-31 03258130 2022-12-31 03258130 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure