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REGISTERED NUMBER: 05881805 (England and Wales)















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

BIOLINK LIMITED

BIOLINK LIMITED (REGISTERED NUMBER: 05881805)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BIOLINK LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: Dr J Gonzalez-Blanco
A J Risino
S Thompson





REGISTERED OFFICE: 1 Narvik Road
Sutton Fields Industrial Estate
Hull
East Yorkshire
HU7 0AB





REGISTERED NUMBER: 05881805 (England and Wales)





AUDITORS: Sowerby
Chartered Accountants and Statutory Auditors
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

BIOLINK LIMITED (REGISTERED NUMBER: 05881805)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 115,439 145,360
Tangible assets 5 768,618 917,432
884,057 1,062,792

CURRENT ASSETS
Stocks 546,027 666,832
Debtors 6 3,342,607 2,407,039
Cash at bank and in hand 38,156 53,525
3,926,790 3,127,396
CREDITORS
Amounts falling due within one year 7 497,024 585,600
NET CURRENT ASSETS 3,429,766 2,541,796
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,313,823

3,604,588

PROVISIONS FOR LIABILITIES 839,454 276,047
NET ASSETS 3,474,369 3,328,541

CAPITAL AND RESERVES
Called up share capital 316 316
Share premium 159,354 159,354
Retained earnings 3,314,699 3,168,871
SHAREHOLDERS' FUNDS 3,474,369 3,328,541

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 July 2024 and were signed on its behalf by:





A J Risino - Director


BIOLINK LIMITED (REGISTERED NUMBER: 05881805)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Biolink Limited is a company incorporated and domiciled in England and has its registered office and principal place of business at 1 Narvik Road, Sutton Fields Industrial Estate, Hull, HU7 0AB.

The principal activity of the company is that of the manufacture and marketing of a range of agricultural disinfectants, cleaners, fumigants, descalers, vitamins and water treatment products.

The presentational currency of the financial statements is Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

In Q3 2023, the directors took the decision to transfer all of the company's trade and assets to a fellow member of the Lanxess group. Biolink Limited will therefore cease to trade in the coming year. The restructure has been designed to strengthen the trade of the group and ensure economies of scale are optimised.

The financial statements have therefore been prepared on a basis other than that of going concern. This basis includes, where applicable, writing the company's assets down to net realisable value.

No material uncertainty is raised in relation to the company being able to meet its final creditors as they fall due.

BIOLINK LIMITED (REGISTERED NUMBER: 05881805)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Impairment

In Q1 2023, the directors took the decision to transfer the trade and assets of Biolink Limited to a group entity. The directors have therefore assessed the recoverable amount of the assets in Biolink which is based on the asset's value in use as extracted from discounted cashflow forecasts and the value of which certain assets will be transferred to the group entity. This has resulted in an impairment provision in the year which is disclosed within Note 5.

Onerous Lease

Due to the above decision the company will exit the current rental lease for its premises before the end of the lease term. Exit fees will be incurred upon exit. This has resulted in an onerous lease provision in the year which is disclosed within Note 5.

No further significant judgements or estimates are noted within the financial statements.

Turnover
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax, rebates and trade discounts.

Turnover from the sale of goods is recognised at the point of sale.

Sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

An impairment loss has been recognised in the Income Statement, following an assessment at the Balance Sheet date indicating the recoverable amount was less than its carrying value.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Website is being amortised evenly over its estimated useful life of five years.

BIOLINK LIMITED (REGISTERED NUMBER: 05881805)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on cost, 20% on cost and 15% on reducing balance

Tangible fixed assets are held under the historical cost model.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on the first in first out basis.

In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
The financial statements are presented in Sterling, which is also the functional currency of the company. Transactions in currencies other than the functional currency of the company are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss. Non-monetary items that are measured at historic cost in a foreign currency are not translated.

BIOLINK LIMITED (REGISTERED NUMBER: 05881805)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

BIOLINK LIMITED (REGISTERED NUMBER: 05881805)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such case the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors

Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Impairment of financial assets

Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that have occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Interest bearing borrowings

Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

Related parties

For the purposes of these financial statements, a party is considered to be related to the company if:

(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;

(ii) the company and the party are subject to common control;

(iii) the party is an associate of the company or a joint venture in which the company is a venture

(iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or

(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

BIOLINK LIMITED (REGISTERED NUMBER: 05881805)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

(vii) the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 16 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 307,812
AMORTISATION
At 1 January 2023 162,452
Charge for year 29,921
At 31 December 2023 192,373
NET BOOK VALUE
At 31 December 2023 115,439
At 31 December 2022 145,360

BIOLINK LIMITED (REGISTERED NUMBER: 05881805)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 1,281,210
Additions 18,591
Disposals (14,995 )
Impairments (56,440 )
At 31 December 2023 1,228,366
DEPRECIATION
At 1 January 2023 363,778
Charge for year 110,965
Eliminated on disposal (14,995 )
At 31 December 2023 459,748
NET BOOK VALUE
At 31 December 2023 768,618
At 31 December 2022 917,432

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 552,287 744,752
Amounts owed by group undertakings 2,775,208 1,644,723
Other debtors 15,112 17,564
3,342,607 2,407,039

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 110,426 42,359
Amounts owed to group undertakings 56,569 194,367
Taxation and social security 236,932 8,655
Other creditors 93,097 340,219
497,024 585,600

BIOLINK LIMITED (REGISTERED NUMBER: 05881805)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 76,500 81,046
Between one and five years 19,125 3,191
95,625 84,237

The above costs exclude the onerous lease provision in Note 5.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Elizabeth Blanchard BA(Hons) BFP ACA PGCE (Senior Statutory Auditor)
for and on behalf of Sowerby

In auditing the financial statements, we have concluded that the director's use of a basis other than that of going concern in the preparation of the financial statements is appropriate.

In Q3 2023, the company took the decision to transfer all its trade and assets to a fellow member of the Lanxess group. Biolink Limited will therefore cease to trade. The restructure has been designed to strengthen the trade of the group and ensure economies of scale are optimised.

The financial statements have therefore been prepared on a basis other than that of going concern. This basis includes, where applicable, writing the company's assets down to recoverable value.

No material uncertainty is raised in relation to the company being able to meet its final creditors as they fall due.

10. POST BALANCE SHEET EVENTS

In Q3 2023, the directors took the decision to transfer all of the company's trade and assets to a fellow member of the Lanxess group. Biolink Limited will therefore cease to trade. The restructure has been designed to strengthen the trade of the group and ensure economies of scale are optimised.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Antec International Limited.

The ultimate controlling party is Lanxess Ag.

The ultimate parent company at the year end and the largest group in which these financial statements are
consolidated is LANXESS AG.

The address of LANXESS AG is Kennedyplatz 1, Cologne 50569, Germany.