REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BIOCOPEA LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BIOCOPEA LTD |
BIOCOPEA LTD (REGISTERED NUMBER: 06704604) |
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 |
BIOCOPEA LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Baird House |
Seebeck Place |
Knowlhill |
Milton Keynes |
Buckinghamshire |
MK5 8FR |
BIOCOPEA LTD (REGISTERED NUMBER: 06704604) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Capital redemption reserve |
Retained earnings | 2,153,245 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
Approved on behalf of the Board of Directors and authorised for issue on |
BIOCOPEA LTD (REGISTERED NUMBER: 06704604) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Biocopea Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There were no material departures from that standard. |
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been consistently applied within the same accounts. |
Turnover |
Turnover represents net invoiced sales of goods, services and intellectual property, excluding value added tax. |
Patents and licences |
Expenditure on acquiring patents and licences are treated as an intangible fixed asset then amortised over their estimated economic lives. Amortisation will commence with the commencement of application of the intangible asset.Provision is made for any impairment. |
Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are measured at cost less impairment. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Deferred tax |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred, except where the development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. |
BIOCOPEA LTD (REGISTERED NUMBER: 06704604) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company makes contributions to employee pension schemes. Contributions payable in the year are charged in the profit and loss account. |
Going concern |
The accounts have been prepared on a going concern basis despite the company's current lack of income streams as the company's ultimate parent company Peptcell Limited, will continue to provide future funding, sufficient to enable the company to meet its expenditure requirements and commitments as and when they fall due, for at least the next 12 months. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 3,758,777 |
Disposals | ( |
) | (12 | ) |
At 31 December 2023 | 3,758,765 |
NET BOOK VALUE |
At 31 December 2023 | 3,758,765 |
At 31 December 2022 | 3,758,777 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
BIOCOPEA LTD (REGISTERED NUMBER: 06704604) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
Registered office: The Walbrook Building, 25 Walbrook, London, EC4N 8AF |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
Registered office: The Walbrook Building, 25 Walbrook, London, England, EC4N 8AF |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
Registered office: The Walbrook Building, 25 Walbrook, London, England, EC4N 8AF |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Associated company |
Company | Class of Share | % Holding |
Flarin Holdings Limited | Ordinary B of £0.01 | 14.15% |
The registered address of Flarin Holdings Limited is Central Point, 45 Beech Street, London,EC2Y 8AD |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
BIOCOPEA LTD (REGISTERED NUMBER: 06704604) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A Ordinary | £0.01 | 38 | 38 |
Ordinary | £0.01 | 15 | 15 |
T Shares | £0.01 | 40 | - |
93 | 53 |
9. | RELATED PARTY DISCLOSURES |
At the balance sheet date Infirst Healthcare Ltd the subsidiary undertaking of Infirst (UK Holdings) Limited, owed the company £120,832 (2022: £95,359l). |
At the balance sheet date the company was owed £847,319 (£2022 £nil) from its parent company Peptcell Limited. |