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Company registration number: 05793998
Bio 8 Ltd
Filleted financial statements
31 December 2023
Bio 8 Ltd
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Bio 8 Ltd
Directors and other information
Directors Mr Andrew Richard Hiron (Resigned 27 January 2023)
Mrs Michelle Hiron (Resigned 27 January 2023)
Mr Oliver Holmes Peabody (Appointed 25 January 2023)
Company number 05793998
Registered office McGregors Way
Turnoaks Business Park
Chesterfield
Derbyshire
S40 2WB
Auditor J S Bethell & Co
70 Clarkehouse Road
Sheffield
South Yorkshire
S10 2LJ
Accountants Dey & Co.
Brookdale
41 Clarence Road
Chesterfield
Derbyshire
S40 1LH
Bankers Barclays
Metro Bank
Bio 8 Ltd
Directors responsibilities statement
Year ended 31 December 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Bio 8 Ltd
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 503 604
Tangible assets 6 12,904 69,698
_______ _______
13,407 70,302
Current assets
Stocks 299,827 395,252
Debtors 7 2,698,573 80,180
Cash at bank and in hand 294,797 2,703,475
_______ _______
3,293,197 3,178,907
Creditors: amounts falling due
within one year 8 ( 174,821) ( 234,214)
_______ _______
Net current assets 3,118,376 2,944,693
_______ _______
Total assets less current liabilities 3,131,783 3,014,995
Creditors: amounts falling due
after more than one year 9 - ( 23,735)
Provisions for liabilities ( 3,226) ( 4,618)
_______ _______
Net assets 3,128,557 2,986,642
_______ _______
Capital and reserves
Called up share capital 10 100 100
Profit and loss account 3,128,457 2,986,542
_______ _______
Shareholders funds 3,128,557 2,986,642
_______ _______
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 April 2024 , and are signed on behalf of the board by:
Mr Oliver Holmes Peabody
Director
Company registration number: 05793998
Bio 8 Ltd
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 100 2,581,108 2,581,208
Profit for the year 549,434 549,434
_______ _______ _______
Total comprehensive income for the year - 549,434 549,434
Dividends paid and payable ( 144,000) ( 144,000)
_______ _______ _______
Total investments by and distributions to owners - ( 144,000) ( 144,000)
_______ _______ _______
At 31 December 2022 and 1 January 2023 100 2,986,542 2,986,642
Profit for the year 182,571 182,571
_______ _______ _______
Total comprehensive income for the year - 182,571 182,571
Dividends paid and payable ( 40,656) ( 40,656)
_______ _______ _______
Total investments by and distributions to owners - ( 40,656) ( 40,656)
_______ _______ _______
At 31 December 2023 100 3,128,457 3,128,557
_______ _______ _______
Bio 8 Ltd
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is McGregors Way, Turnoaks Business Park, Chesterfield, Derbyshire, S40 2WB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Trademark - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 50 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 12 (2022: 16 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2023 and 31 December 2023 1,669 1,669
_______ _______
Amortisation
At 1 January 2023 1,065 1,065
Charge for the year 101 101
_______ _______
At 31 December 2023 1,166 1,166
_______ _______
Carrying amount
At 31 December 2023 503 503
_______ _______
At 31 December 2022 604 604
_______ _______
6. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 January 2023 49,996 62,470 112,466
Additions 6,148 - 6,148
Disposals ( 13,388) ( 62,470) ( 75,858)
_______ _______ _______
At 31 December 2023 42,756 - 42,756
_______ _______ _______
Depreciation
At 1 January 2023 33,658 9,110 42,768
Charge for the year 9,304 968 10,272
Disposals ( 13,110) ( 10,078) ( 23,188)
_______ _______ _______
At 31 December 2023 29,852 - 29,852
_______ _______ _______
Carrying amount
At 31 December 2023 12,904 - 12,904
_______ _______ _______
At 31 December 2022 16,338 53,360 69,698
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 32,613 30,543
Amounts owed by group undertakings and undertakings in which the company has a participating interest 2,657,662 -
Other debtors 8,298 49,637
_______ _______
2,698,573 80,180
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 2,399
Trade creditors 49,589 54,841
Corporation tax 86,892 125,569
Social security and other taxes 28,898 32,070
Other creditors 9,442 19,335
_______ _______
174,821 234,214
_______ _______
Obligations under hire purchase agreements are securred on the assets to which they relate.
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors - 23,735
_______ _______
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 33,000 33,000
Later than 1 year and not later than 5 years 8,250 41,250
_______ _______
41,250 74,250
_______ _______
12. Summary audit opinion
The auditor's report for the year is dated 29 April 2024
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.In their report, the auditors emphasised the following matter without qualifying their report:In the previous accounting period the directors of the company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.The audit report was signed on 29 April 2024 by Wayne Smith FCA CTA (Senior Statutory Auditor) on behalf of J S Bethell & Co.
The senior statutory auditor was Wayne Smith FCA CTA for and on behalf of J S Bethell & Co
13. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Andrew Richard Hiron ( 237) 237 -
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Andrew Richard Hiron ( 737) 500 ( 237)
_______ _______ _______
14. Related party transactions
The company has taken advantage of the exemption provided by Paragraph 33.1A of FRS 102 that says disclosures need not be given of transactions that have taken place between group members.There are cross guarantees with Envii Holdings Ltd in relation to loans outstanding from SME Lending Limited and Andrew Richard Hiron (as Security Trustee).The loans from SME Lending Limited and Andrew Richard Hiron (as Security Trustee) are secured by a fixed and floating charge over the assets of the company. The balances at the year end were £1,942,500 and £1,830,000 respectively.On 27 January a loan in the amount of £92,175 between Bio 8 Limited and Bio 8 Industrial Limited was written-off. Bio 8 Industrial Limited is controlled by former directors of the Company.The company rents premises from the former directors pension scheme. The rent payable in the year was £33,000 (2022 £33,000).
15. Controlling party
The holding company, which is the ultimate parent company, is Envii Holdings Limited, a company registered in England & Wales and whose registered office is McGregors Way, Hasland, Chesterfield, S40 2WB. The company is controlled by Oliver Holmes Peabody as a result of his controlling interest in the holding company.