Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 07386671 Mr Graham Wilkins Mrs Ann-Marie Myers iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07386671 2022-12-31 07386671 2023-12-31 07386671 2023-01-01 2023-12-31 07386671 frs-core:CurrentFinancialInstruments 2023-12-31 07386671 frs-core:Non-currentFinancialInstruments 2023-12-31 07386671 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 07386671 frs-bus:CompanyLimitedByGuarantee 2023-01-01 2023-12-31 07386671 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 07386671 frs-bus:SmallEntities 2023-01-01 2023-12-31 07386671 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07386671 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07386671 frs-bus:Director1 2023-01-01 2023-12-31 07386671 frs-bus:Director2 2023-01-01 2023-12-31 07386671 frs-countries:EnglandWales 2023-01-01 2023-12-31 07386671 2021-12-31 07386671 2022-12-31 07386671 2022-01-01 2022-12-31 07386671 frs-core:CurrentFinancialInstruments 2022-12-31 07386671 frs-core:Non-currentFinancialInstruments 2022-12-31 07386671 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 07386671
Tissue Storage Escrow Limited
Financial Statements
For The Year Ended 31 December 2023
One Plus One Ltd
34/36 Fore Street
Bovey Tracey
Devon
TQ13 9AE
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 07386671
2023 2022
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 110 18,377
Investments 5 1,045,364 115,178
Cash at bank and in hand 141,601 646,631
1,187,075 780,186
Creditors: Amounts Falling Due Within One Year 6 (80,634 ) (84,389 )
NET CURRENT ASSETS (LIABILITIES) 1,106,441 695,797
TOTAL ASSETS LESS CURRENT LIABILITIES 1,106,441 695,797
Creditors: Amounts Falling Due After More Than One Year 7 (1,033,998 ) (635,709 )
NET ASSETS 72,443 60,088
Income and Expenditure Account 72,443 60,088
MEMBERS' FUNDS 72,443 60,088
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income and Expenditure Account.
On behalf of the board
Mr Graham Wilkins
Director
9 September 2024
The notes on pages 2 to 4 form part of these financial statements.
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Page 2
Notes to the Financial Statements
1. General Information
Tissue Storage Escrow Limited is a private company, limited by guarantee, incorporated in England & Wales, registered number 07386671 . The registered office is Kelly Park, St Dominick, Saltash, Cornwall, PL12 6SQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when it relates to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
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4. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 104 2,469
Corporation tax recoverable assets - 8,487
VAT 6 7,421
110 18,377
5. Current Asset Investments
2023 2022
£ £
Listed investments 646,187 115,146
Other investments, held for sale 399,177 32
1,045,364 115,178
Listed investments comprise of holdings in quoted shares. At 31 December 2023, the mid-market value of the shares was £677562 (2022 - £128,034).
Pursuant to an agreement between the company and Biovault Scientific Ltd (BVS), the company has agreed to invest up to £400,000 in UK Government Gilts as an agent for BVS. At the balance sheet date, £399,177 had been invested under this agreement with the remaining £823 held within the company's cash balances.
All income and expenditure associated with this investment and any capital gains or losses arising on its eventual disposal are for the account of BVS.
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 1,912 -
Other creditors 39,924 45,589
Accruals and deferred storage charges 38,798 38,800
80,634 84,389
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other loans: Biovault Scientific Ltd 400,000 -
Long Term Deferred storage income 633,998 635,709
1,033,998 635,709
8. Related Party Transactions
During the year the company has  paid management charges to Biovault Technical Limited £38,798 (2022 - £87,086), a company of which Mr R Baggott, Mr W Barclay and Mr R Rowe are  directors, and a company of which A Myers was a director until 30.9.2022.
Biovault Scientific Limited (BVS) is a related party by virtue of the fact that Mr Robert Baggott, Mr William Barclay and Mr Richard Rowe together comprise a majority on the Boards of both companies. As set out in note 5, the company has agreed to invest up to £400,000 in UK Government Gilts for Biovault Scientific Limited. At the balance sheet date, £399,177 had been invested under this agreement with the remaining £823 held within the company's cash balances. All  income and expenditure associated with this investment and any capital gains or losses arising on its eventual disposal are for the account of Biovault Scientific Limited.
No other transactions with related parties were undertaken such as are required to be disclosed unde applicable Financial Reporting Standards.
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9. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
10. Directors
After the year end Ann-Marie Myers resigned as a director of Tissue Storage Escrow Limited on 28.5.2024.
The following were appointed directors of Tissue Storage Escrow Limited on 28.5.2024.
Robert Z. Baggott
William R Barclay
Richard A Rowe
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