Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-292023-03-01false11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08911333 2023-03-01 2024-02-29 08911333 2022-03-01 2023-02-28 08911333 2024-02-29 08911333 2023-02-28 08911333 c:Director1 2023-03-01 2024-02-29 08911333 d:OfficeEquipment 2023-03-01 2024-02-29 08911333 d:OfficeEquipment 2024-02-29 08911333 d:OfficeEquipment 2023-02-28 08911333 d:CurrentFinancialInstruments 2024-02-29 08911333 d:CurrentFinancialInstruments 2023-02-28 08911333 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 08911333 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 08911333 d:ShareCapital 2024-02-29 08911333 d:ShareCapital 2023-02-28 08911333 d:SharePremium 2024-02-29 08911333 d:SharePremium 2023-02-28 08911333 d:RetainedEarningsAccumulatedLosses 2024-02-29 08911333 d:RetainedEarningsAccumulatedLosses 2023-02-28 08911333 c:OrdinaryShareClass1 2023-03-01 2024-02-29 08911333 c:OrdinaryShareClass1 2024-02-29 08911333 c:OrdinaryShareClass1 2023-02-28 08911333 c:OrdinaryShareClass2 2023-03-01 2024-02-29 08911333 c:OrdinaryShareClass2 2024-02-29 08911333 c:OrdinaryShareClass2 2023-02-28 08911333 c:FRS102 2023-03-01 2024-02-29 08911333 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 08911333 c:FullAccounts 2023-03-01 2024-02-29 08911333 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 08911333 e:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08911333


 







BUGS BIOSCIENCE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
BUGS BIOSCIENCE LIMITED
REGISTERED NUMBER: 08911333

BALANCE SHEET
AS AT 29 FEBRUARY 2024

2024
2023
Note
£
£

  

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
9,290
27,237

Cash at bank and in hand
  
41,249
81,335

  
50,539
108,572

Creditors: amounts falling due within one year
 6 
(13,201)
(45,975)

NET CURRENT ASSETS
  
 
 
37,338
 
 
62,597

  

NET ASSETS
  
37,338
62,597


CAPITAL AND RESERVES
  

Called up share capital 
 7 
3
3

Share premium account
  
149,999
149,999

Profit and loss account
  
(112,664)
(87,405)

  
37,338
62,597


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.

Page 1

 
BUGS BIOSCIENCE LIMITED
REGISTERED NUMBER: 08911333
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The Company has opted not to file the profit and loss account 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 by: 




Mr G R Snudden
Director

Date: 1 October 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
BUGS BIOSCIENCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


GENERAL INFORMATION

The Company is a private company limited by shares and incorporated in England and Wales.  Its registered office address is 2 Royal College Street, London Bioscience Innovation Centre, London, NW1 0NH.

2.ACCOUNTING POLICIES

 
2.1

BASIS FOR 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover comprises revenue recognised by the Company in respect of Microarray sales and service contracts supplied during the year, exclusive of Value Added Tax. Turnover is recognised as the fair value of the consideration received or receivable and is recognised in the period in which the goods and services are supplied.

 
2.3

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:

Office equipment
-
2 years 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 profit or loss.

  
2.4

STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for  obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

  
2.5

DEBTORS

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

Page 3

 
BUGS BIOSCIENCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

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.

 
2.7

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 and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

RESEARCH AND DEVELOPMENT

Research and development costs are written off to the Profit and Loss Account in the year in which they are incurred.


3.


EMPLOYEES

The average monthly number of employees, excluding unpaid directors, during the year was 1 (2023 - 1).

Page 4

 
BUGS BIOSCIENCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


TANGIBLE FIXED ASSETS







Office equipment

£



COST OR VALUATION


At 1 March 2023
50,659



At 29 February 2024

50,659



DEPRECIATION


At 1 March 2023
50,659



At 29 February 2024

50,659



NET BOOK VALUE



At 29 February 2024
-



At 28 February 2023
-


5.


DEBTORS

2024
2023
£
£


Trade debtors
-
1,438

Other debtors
7,635
24,768

Prepayments and accrued income
1,655
1,031

9,290
27,237


Page 5

 
BUGS BIOSCIENCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
470
41,316

Other taxation and social security
2,301
2,068

Other creditors
257
257

Accruals and deferred income
10,173
2,334

13,201
45,975


Include within other creditors are amounts due to defined contribution pension schemes of £257 (2023-£257).


7.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



200,000 (2023 - 200,000) Ordinary shares of £0.00001 each
2
2
85,700 (2023 - 85,700) Ordinary A shares of £0.00001 each
1
1

3

3


 
Page 6