Company registration number 06766719 (England and Wales)
BIPLAS MEDICAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PAGES FOR FILING WITH REGISTRAR
Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
WD6 4PJ
BIPLAS MEDICAL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BIPLAS MEDICAL LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
262,716
301,706
Current assets
Stocks
39,830
53,159
Debtors
4
308,609
322,892
Cash at bank and in hand
218,734
186,479
567,173
562,530
Creditors: amounts falling due within one year
5
(276,286)
(292,507)
Net current assets
290,887
270,023
Total assets less current liabilities
553,603
571,729
Creditors: amounts falling due after more than one year
6
(42,366)
(138,198)
Provisions for liabilities
(55,694)
(62,818)
Net assets
455,543
370,713
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
455,443
370,613
Total equity
455,543
370,713

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

BIPLAS MEDICAL LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 24 September 2024
R C Bedwell
Director
Company registration number 06766719 (England and Wales)
BIPLAS MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Biplas Medical Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3 Llantrisant Business Park, Llantrisant, Mid Glamorgan, United Kingdom, CF72 8LF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Plant and equipment
10-20% straight line
Fixtures and fittings
20% straight line
1.4
Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, cost of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

 

Provision is made for damaged, obsolete and slow-moving stock where appropriate.

BIPLAS MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.7
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties are initially recognised at transaction price.

1.8
Taxation
Current tax

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 resect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax

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.

1.9
Leases

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets.

 

Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability,

 

Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

 

Operating lease payments are recognised as an expenses on a straight line basis over the lease term.

1.10
Government grants

Government grants are recognised at fair value using the accrual model. Grants relating to revenue have been recongised in income on a systematic basis over the period in which the related costs are recognised. Grants relating to an asset are recognised in income systematically over the assets expected useful life. The part of the grant which has been deferred is shown in deferred income.

BIPLAS MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11

Pensions

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
11
12
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
546,196
Additions
4,520
At 31 December 2023
550,716
Depreciation and impairment
At 1 January 2023
244,490
Depreciation charged in the year
43,510
At 31 December 2023
288,000
Carrying amount
At 31 December 2023
262,716
At 31 December 2022
301,706
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
287,346
306,969
Other debtors
14,767
11,261
Prepayments and accrued income
6,496
4,662
308,609
322,892
BIPLAS MEDICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
38,000
34,201
Trade creditors
85,237
129,439
Taxation and social security
42,808
9,226
Other creditors
110,241
119,641
276,286
292,507
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
6,738
44,731
Obligations under finance leases
35,628
93,467
42,366
138,198
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
24,908
47,900
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