Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falseResearch and Experimental Development and Biotechnology33true 12409412 2023-01-01 2023-12-31 12409412 2022-01-01 2022-12-31 12409412 2023-12-31 12409412 2022-12-31 12409412 c:Director1 2023-01-01 2023-12-31 12409412 c:Director2 2023-01-01 2023-12-31 12409412 c:Director3 2023-01-01 2023-12-31 12409412 c:RegisteredOffice 2023-01-01 2023-12-31 12409412 d:PlantMachinery 2023-01-01 2023-12-31 12409412 d:PlantMachinery 2023-12-31 12409412 d:PlantMachinery 2022-12-31 12409412 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12409412 d:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 12409412 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 12409412 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 12409412 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 12409412 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 12409412 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 12409412 d:CurrentFinancialInstruments 2023-12-31 12409412 d:CurrentFinancialInstruments 2022-12-31 12409412 d:Non-currentFinancialInstruments 2023-12-31 12409412 d:Non-currentFinancialInstruments 2022-12-31 12409412 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12409412 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12409412 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 12409412 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 12409412 d:ShareCapital 2023-12-31 12409412 d:ShareCapital 2022-12-31 12409412 d:SharePremium 2023-12-31 12409412 d:SharePremium 2022-12-31 12409412 d:RetainedEarningsAccumulatedLosses 2023-12-31 12409412 d:RetainedEarningsAccumulatedLosses 2022-12-31 12409412 c:FRS102 2023-01-01 2023-12-31 12409412 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12409412 c:FullAccounts 2023-01-01 2023-12-31 12409412 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12409412 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 12409412 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 12409412 6 2023-01-01 2023-12-31 12409412 d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 12409412 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-01-01 2023-12-31 12409412 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 12409412













BIO-RECELL LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BIO-RECELL LTD
 

COMPANY INFORMATION


Directors
Zoran Arko 
Ales Skoberne 
Nader Bawany 




Registered number
12409412



Registered office
1st Floor Sackville House
143-149 Fenchurch Street

London

EC3M 6BL





 
BIO-RECELL LTD
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
BIO-RECELL LTD
REGISTERED NUMBER: 12409412

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
5,022,937
3,636,709

Tangible assets
 5 
7,481
12,397

Investments
 6 
1,698,852
1,698,852

  
6,729,270
5,347,958

Current assets
  

Debtors
 7 
1,323,803
155,004

Cash at bank and in hand
  
2,206
439,051

  
1,326,009
594,055

Creditors: amounts falling due within one year
 8 
(1,090,132)
(160,994)

Net current assets
  
 
 
235,877
 
 
433,061

Total assets less current liabilities
  
6,965,147
5,781,019

Creditors: amounts falling due after more than one year
 9 
(4,763,457)
(4,253,419)

  

Net assets
  
2,201,690
1,527,600


Capital and reserves
  

Allotted, called up and fully paid share capital
  
175
175

Share premium account
  
2,610,246
2,610,246

Profit and loss account
  
(408,731)
(1,082,821)

Equity shareholders' funds
  
2,201,690
1,527,600


Page 1

 
BIO-RECELL LTD
REGISTERED NUMBER: 12409412

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

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 Directors' Report and the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 July 2024.




Zoran Arko
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
BIO-RECELL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Bio-Recell Ltd (Company number: 12409412), having its registered office and trading address at 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BL, is a private limited company incorporated in England and Wales. 

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

Statement of Cash Flows

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section
1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small
company.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives.

Page 3

 
BIO-RECELL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged in the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Taxation

Tax is recognised in the Statement of Income and Retained Earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Patents
-
10 years
Development expenditure
-
10 years

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

Page 4

 
BIO-RECELL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.11

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.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period-end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 5

 
BIO-RECELL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Patents
Development expenditure
Total

£
£
£



Cost


At 1 January 2023
143,646
4,077,371
4,221,017


Additions
37,946
1,848,563
1,886,509



At 31 December 2023

181,592
5,925,934
6,107,526



Amortisation


At 1 January 2023
18,150
566,158
584,308


Charge for the year
15,704
484,577
500,281



At 31 December 2023

33,854
1,050,735
1,084,589



Net book value



At 31 December 2023
147,738
4,875,199
5,022,937



At 31 December 2022
125,496
3,511,213
3,636,709



Page 6

 
BIO-RECELL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery

£



Cost


At 1 January 2023 and at 31 December 2022

25,537



Depreciation


At 1 January 2023
13,140


Charge for the year
4,916



At 31 December 2023

18,056



Net book value



At 31 December 2023
7,481



At 31 December 2022
12,397


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
1,698,852



At 31 December 2023
1,698,852





7.


Debtors

2023
2022
£
£

Due within one year

Trade debtors
1,139,038
-

Amounts owed by group undertakings
23,709
2,222

Other debtors
153,938
151,603

Prepayments and accrued income
7,118
1,179

1,323,803
155,004


Page 7

 
BIO-RECELL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,090,127
114,519

Other creditors
5
46,475

1,090,132
160,994



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
4,763,457
4,253,419


Other creditors are repayable over varying lengths of time and interest is charged at a rate of 0.657%.


10.


Related party transactions

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 33.1A not to disclose transactions with group entities which are wholly owned by a member of the group.


11.


Ultimate Controlling party

As at 31 December 2023 and 31 December 2022 the ultimate controlling party was Z. Arko.


Page 8