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COMPANY REGISTRATION NUMBER: 02452044
BIODOT LIMITED
FILLETED FINANCIAL STATEMENTS
31 March 2024
BIODOT LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
334
5,267
Current assets
Stocks
1,247,008
914,116
Debtors
6
6,859,932
6,152,206
Cash at bank and in hand
986,427
681,738
-------------
-------------
9,093,367
7,748,060
Creditors: amounts falling due within one year
7
1,031,731
417,549
-------------
-------------
Net current assets
8,061,636
7,330,511
-------------
-------------
Total assets less current liabilities
8,061,970
7,335,778
Provisions
( 84)
( 923)
-------------
-------------
Net assets
8,062,054
7,336,701
-------------
-------------
Capital and reserves
Called up share capital
204
204
Share premium account
62,449
62,449
Profit and loss account
7,999,401
7,274,048
-------------
-------------
Shareholder funds
8,062,054
7,336,701
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
BIODOT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 10 September 2024 , and are signed on behalf of the board by:
S P Thacker
Director
Company registration number: 02452044
BIODOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is West Barn, Old Dairy Lane, Norton, Chichester, West Sussex, PO20 3AF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, the directors continue to adopt the going concern basis in preparing these financial statements.
Research and development
Research and development expenditure is written off in the year in which it is incurred.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Income is recognised upon the despatch of goods to the customer or the supply of service.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
straight line over the period of the lease
Plant and machinery
-
33.3%-50% straight line basis
Fixtures and fittings
-
33.3%-50% straight line basis
Motor vehicles
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 12 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
6,997
38,013
2,000
25,490
72,500
-------
---------
-------
---------
---------
Depreciation
At 1 April 2023
6,997
32,746
2,000
25,490
67,233
Charge for the year
4,933
4,933
-------
---------
-------
---------
---------
At 31 March 2024
6,997
37,679
2,000
25,490
72,166
-------
---------
-------
---------
---------
Carrying amount
At 31 March 2024
334
334
-------
---------
-------
---------
---------
At 31 March 2023
5,267
5,267
-------
---------
-------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
1,672,186
829,026
Amounts owed by group undertakings and undertakings in which the company has a participating interest
5,108,066
5,235,682
Other debtors
79,680
87,498
-------------
-------------
6,859,932
6,152,206
-------------
-------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
86,538
56,433
Amounts owed to group undertakings and undertakings in which the company has a participating interest
487,533
87,382
Corporation tax
237,240
122,918
Social security and other taxes
48,523
20,908
Other creditors
171,897
129,908
-------------
----------
1,031,731
417,549
-------------
----------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
43,585
43,086
Later than 1 year and not later than 5 years
152,794
221,360
----------
----------
196,379
264,446
----------
----------
9. Summary audit opinion
The auditor's report dated 10 September 2024 was unqualified .
The senior statutory auditor was Charles Homan , for and on behalf of UHY Hacker Young (S.E.) Limited .
10. Related party transactions
The company was under the control of its parent company Biodot Inc. A company incorporated in the United States of America, throughout the current and previous year. Biodot Inc 's address is 2852 Alton Parkway, Irvine, CA 92606, USA. Biodot Inc is 100% owned by Automated Tooling Systems Inc a Canadian company. During the period the company purchased goods and services from Biodot Inc., totalling £2,063,658. (2023:£1,825,192). The purchases from Biodot Inc. were at a discount of 35% from normal retail prices. The amount due to Biodot Inc. at the period end was £487,533 (2023:£87,382). The company made a loan to Automated Tooling Systems Inc of £5,000,000. At the period end the amount due to the company including interest was £5,108,066.