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Registered number: 14112240









BIOS INNOVATIONS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BIOS INNOVATIONS LIMITED
REGISTERED NUMBER: 14112240

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
2,196,780
1,914,448

  
2,196,780
1,914,448

Current assets
  

Debtors
 5 
12,489
71,088

Cash at bank and in hand
 6 
6,045
6,090

  
18,534
77,178

Total assets less current liabilities
  
 
 
2,215,314
 
 
1,991,626

Creditors: amounts falling due after more than one year
 7 
(1,065,040)
(1,065,739)

Provisions for liabilities
  

Other provisions
  
(196,911)
-

  
 
 
(196,911)
 
 
-

Net assets
  
953,363
925,887


Capital and reserves
  

Called up share capital 
 9 
1,000
1

Other reserves
 10 
85,260
85,260

Profit and loss account
 10 
867,103
840,626

  
953,363
925,887


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 May 2024.


K D Chinna
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
BIOS INNOVATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Bios Innovations Limited is a private company limited by shares, and incorporated in England and Wales. The registered office of the company is Ground Floor, 13 Cable Court, Pittman Way, Fulwood, Preston, England, PR2 9YW.
The group's principal activity is that of software development, primarily for document management, and the marketing/sale of this software. The company acts as a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.3

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.4

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.5

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are
Page 2

 
BIOS INNOVATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.5
Financial instruments (continued)

initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 3

 
BIOS INNOVATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1,914,448


Additions
282,332



At 31 December 2023
2,196,780





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Class of shares

Holding

OITUK Limited
Ordinary
100%


5.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
12,489
71,088

12,489
71,088



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
6,045
6,090

6,045
6,090


Page 4

 
BIOS INNOVATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
1,065,040
1,065,739

1,065,040
1,065,739



8.


Provisions





Deferred consideration

£





Fixed asset investment - additions in year
196,911



At 31 December 2023
196,911


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



900 (2022 - 1) Ordinary shares of £1.00 each
900
1
100 (2022 - ) A Ordinary shares of £1.00 each
100
-

1,000

1


During the year 899 Ordinary shares of £1.00 each and 100 A Ordinary shares of £1.00 each were issued at par.


10.


Reserves

Other reserves

The other reserves relate to the capital contribution element of the interest free intercompany loan falling due after more than one year, recognised at present value.

Page 5

 
BIOS INNOVATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Related party transactions

At the year end the company was owed £12,489 (2022: £71,088) from its subsidiary, OITUK Limited, which is included in debtors due after more than year.
At the year end the company owed £1,150,300 (2022: £1,150,999) to its parent company, Horus Holdings Limited, but this balance has been discounted using an interest rate of 8% to £1,065,040 (2022: £1,065,739), which is included in creditors due after more than one year.


12.


Controlling party

Horus Holdings Limited, incorporated in England and Wales, is the parent company.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 8 May 2024 by Ben Bradley (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 6