Registered number
08857325
Bio-Tech Lubricants Limited
Unaudited Filleted Accounts
31 December 2023
Bio-Tech Lubricants Limited
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 - 430
Current assets
Stocks 209,834 135,894
Debtors 6 66,103 495,731
Cash at bank and in hand 384 14,499
276,321 646,124
Creditors: amounts falling due within one year 7 (275,906) (487,071)
Net current assets 415 159,053
Total assets less current liabilities 415 159,483
Provisions for liabilities - (82)
Net assets 415 159,401
Capital and reserves
Called up share capital 100 100
Profit and loss account 315 159,301
Shareholders' funds 415 159,401
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sarah Brooks
Director
Approved by the board on 11 September 2024
Company registration number: 08857325
Bio-Tech Lubricants Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of the 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 transaction can be measured reliably. Provision is made for anticipated returns where goods are supplied on a sale or return basis.
Going Concern
The financial statements have been prepared on a going concern basis. The Directors have prepared forecasts for a period greater than one year from the date of signature of the financial statements and have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer Software 25% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Profit before taxation 2023 2022
£ £
Profit before taxation is stated after charging:
Depreciation of tangible assets 430 737
430 737
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
4 Tangible fixed assets
Computer Software
£
Cost
At 1 January 2023 2,950
At 31 December 2023 2,950
Depreciation
At 1 January 2023 2,520
Charge for the year 430
At 31 December 2023 2,950
Net book value
At 31 December 2023 -
At 31 December 2022 430
5 Investments
The company owns 100% of the issued share capital of Ah! YES Inc, a company incorporated in the state of Delaware, USA. The directors believe that the value of this investment is not less than cost.
6 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 54,426 467,073
Taxation and social security costs 8,939 -
Other debtors 2,738 28,658
66,103 495,731
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 53,641 82,346
Amounts owed to group undertakings and undertakings in which the company has a participating interest 219,461 401,621
Taxation and social security costs 104 104
Other creditors 2,700 3,000
275,906 487,071
8 Controlling party
The ultimate holding company is Yes Syzygy Limited which is incorporated in England and Wales under company number 05371196.
9 Other information
Bio-Tech Lubricants Limited is a private company limited by shares and incorporated in England. Its registered office is:
Epsilon House
Enterprise Road
Southampton Science Park
Southampton
SO16 7NS
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