Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruetruetruetruetruetruetruefalsefalse112023-01-01No description of principal activity12true 06576123 2023-12-31 06576123 2023-01-01 2023-12-31 06576123 2022-01-01 2022-12-31 06576123 2022-12-31 06576123 2022-01-01 06576123 c:Director1 2023-01-01 2023-12-31 06576123 d:Buildings 2023-01-01 2023-12-31 06576123 d:Buildings 2023-12-31 06576123 d:Buildings 2022-12-31 06576123 d:PlantMachinery 2023-01-01 2023-12-31 06576123 d:PlantMachinery 2023-12-31 06576123 d:PlantMachinery 2022-12-31 06576123 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06576123 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06576123 d:MotorVehicles 2023-12-31 06576123 d:MotorVehicles 2022-12-31 06576123 d:FurnitureFittings 2023-01-01 2023-12-31 06576123 d:FurnitureFittings 2023-12-31 06576123 d:FurnitureFittings 2022-12-31 06576123 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06576123 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06576123 d:OfficeEquipment 2023-01-01 2023-12-31 06576123 d:OfficeEquipment 2023-12-31 06576123 d:OfficeEquipment 2022-12-31 06576123 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06576123 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06576123 d:ComputerEquipment 2023-01-01 2023-12-31 06576123 d:ComputerEquipment 2023-12-31 06576123 d:ComputerEquipment 2022-12-31 06576123 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06576123 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06576123 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 06576123 d:OtherPropertyPlantEquipment 2023-12-31 06576123 d:OtherPropertyPlantEquipment 2022-12-31 06576123 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06576123 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06576123 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06576123 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06576123 d:CurrentFinancialInstruments 2023-12-31 06576123 d:CurrentFinancialInstruments 2022-12-31 06576123 d:Non-currentFinancialInstruments 3 2023-12-31 06576123 d:Non-currentFinancialInstruments 3 2022-12-31 06576123 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06576123 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06576123 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 06576123 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 06576123 d:ShareCapital 2023-12-31 06576123 d:ShareCapital 2022-12-31 06576123 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06576123 d:RetainedEarningsAccumulatedLosses 2023-12-31 06576123 d:RetainedEarningsAccumulatedLosses 2022-12-31 06576123 c:OrdinaryShareClass1 2023-01-01 2023-12-31 06576123 c:OrdinaryShareClass1 2023-12-31 06576123 c:OrdinaryShareClass1 2022-12-31 06576123 c:FRS101 2023-01-01 2023-12-31 06576123 c:Audited 2023-01-01 2023-12-31 06576123 c:FullAccounts 2023-01-01 2023-12-31 06576123 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06576123 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06576123 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06576123 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06576123 d:CurrentFinancialInstruments 7 2023-12-31 06576123 d:CurrentFinancialInstruments 7 2022-12-31 06576123 d:Buildings d:Right-of-useAssets 2023-01-01 2023-12-31 06576123 d:Buildings d:Right-of-useAssets 2022-01-01 2022-12-31 06576123 d:MotorVehicles d:Right-of-useAssets 2023-01-01 2023-12-31 06576123 d:MotorVehicles d:Right-of-useAssets 2022-01-01 2022-12-31 06576123 d:Right-of-useAssets 2023-01-01 2023-12-31 06576123 d:Right-of-useAssets 2022-01-01 2022-12-31 06576123 f:PoundSterling 2023-01-01 2023-12-31 06576123 g:SouthAfrica 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06576123










BIOPHARMA DYNAMICS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023



 
BIOPHARMA DYNAMICS LIMITED
REGISTERED NUMBER: 06576123

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 5 
338,957
398,786

Current assets
  

Stocks
 6 
370,438
477,597

Debtors
 7 
419,972
826,437

Cash at bank and in hand
 8 
416,810
427,684

  
1,207,220
1,731,718

Creditors: amounts falling due within one year
 9 
(665,439)
(751,782)

Net current assets
  
 
 
541,781
 
 
979,936

Total assets less current liabilities
  
880,738
1,378,722

  

Creditors: amounts falling due after more than one year
 10 
(242,074)
(281,025)

  
638,664
1,097,697

Provisions for liabilities
  

Deferred taxation
 11 
(15,683)
(22,638)

  
 
 
(15,683)
 
 
(22,638)

  

Net assets
  
622,981
1,075,059


Capital and reserves
  

Called up share capital 
 12 
10
10

Profit and loss account
 13 
622,971
1,075,049

  
622,981
1,075,059


Page 1

 
BIOPHARMA DYNAMICS LIMITED
REGISTERED NUMBER: 06576123

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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 by: 




J Brennan
Director

Date: 18 June 2024

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
BIOPHARMA DYNAMICS LIMITED
 

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

1.


General information

Biopharma Dynamics Limited is a private limited company incorporated and domiciled in the United Kingdom. The address of the registered office is 2 Chawley Park, Cumnor Hill, Oxford, OX2 9GG. The principal activity of the Company in the year under review was that of the distribution of bioprocess products and systems.
The Company's trading address is Unit 540, Metroplex Business Park, Entrance 6, Broadway, Salford, M50 2UE.

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 Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The financial statements are rounded to the nearest whole Pound Sterling.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Flowmax Limited as at 31 December 2023 and these financial statements may be obtained from the Registrar of Companies.

Page 3

 
BIOPHARMA DYNAMICS LIMITED
 

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

2.Accounting policies (continued)

 
2.3

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.

  
2.4

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods stated net of returns and value added taxes. The Company recognises revenue when performance obligations have been satisfied and for the Company this is when the goods or services have transferred to the customer and the customer has control of these. The Company’s activities are described in detail below. 
(a) Sales of goods 
The Company distributes bioprocess products and systems to the business to business market. Sales are recognised when control of the products has transferred, being when the products are delivered to the customer and the customer has legal title to the goods. Delivery occurs when the products have been distributed to the specific location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract or the Company has objective evidence that all criteria for acceptance have been satisfied.
The Company does not offer discounts on its sales of goods and the value of up-front payments received in respect of sales of goods are immaterial to the financial statements. These are classified as contract liabilities under IFRS 15.
A receivable is recognised when the performance obligation is satisfied as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

 
2.5

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. Incremental rate used by the
Page 4

 
BIOPHARMA DYNAMICS LIMITED
 

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

2.Accounting policies (continued)


2.5
Leases (continued)

Company equals that of its borrowings, the cost of capital to the Company.

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in 'Creditors' on the Balance Sheet.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in the Tangible Fixed Asset line in the Balance Sheet.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.9.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has not used this practical expedient.

 
2.6

Finance costs

Finance costs are charged to profit or loss 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.

 
2.7

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.

Page 5

 
BIOPHARMA DYNAMICS LIMITED
 

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

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 income 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Property improvements
-
25%
straight line
Plant and machinery
-
20%
straight line
Fixtures and fittings
-
20%
straight line
Computer equipment
-
33%
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.

Page 6

 
BIOPHARMA DYNAMICS LIMITED
 

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

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

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.

 
2.13

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.14

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.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
BIOPHARMA DYNAMICS LIMITED
 

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future and judgments in applying the Company's accounting policies. The resulting accounting estimates will, by definition, seldom equal the actual results. The following estimates and assumptions have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year.
Provision for doubtful debts
Management provides for doubtful debts on the perceived risk profile and payment history of the debtor. 
Provision for slow moving, damaged and obsolete stock 
There is a provision to write down stock to the lower of cost and net realisable value. Management have made estimates of the selling price and direct costs to sell on certain stock items. The write down is included in the operating profit note. 
Leases
IFRS 16 requires the Company to account for its leases as right-of-use assets over the life of the lease agreement. The present value of the lease liability on inception requires management to assess various factors including the discount rate and the life of the lease and the extent to which any options to extend or break the lease are exercised. These factors have a resulting impact in determining the present value of the lease liability on inception. 


4.


Employees

The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Sales and administration
9
8



Directors
3
3

12
11

Page 8

 
BIOPHARMA DYNAMICS LIMITED
 

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

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Computer equipment
Right of use assets
Total

£
£
£
£
£
£



Cost


At 1 January 2023
124,330
3,699
6,695
8,722
390,465
533,911


Additions
-
-
-
14,555
-
14,555



At 31 December 2023

124,330
3,699
6,695
23,277
390,465
548,466



Depreciation


At 1 January 2023
54,819
2,040
1,897
8,382
67,987
135,125


Charge for the year on owned assets
24,818
740
1,339
801
-
27,698


Charge for the year on right-of-use assets
-
-
-
-
46,686
46,686



At 31 December 2023

79,637
2,780
3,236
9,183
114,673
209,509



Net book value



At 31 December 2023
44,693
919
3,459
14,094
275,792
338,957



At 31 December 2022
69,511
1,659
4,798
340
322,478
398,786


The net book value of owned and leased assets included as "Tangible fixed assets" in the Balance Sheet is as follows:

2023
2022
£
£


Tangible fixed assets owned
63,165
76,308

Right-of-use tangible fixed assets
275,792
322,478

338,957
398,786

Information about right-of-use assets is summarised below:

Net book value

2023
2022
£
£

Property
266,037
301,119

Motor vehicles
9,755
21,359

275,792
322,478

Page 9

 
BIOPHARMA DYNAMICS LIMITED
 

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

           5.Tangible fixed assets (continued)

Depreciation charge for the year ended

2023
2022
£
£

Property
35,082
35,082

Motor vehicles
11,604
11,403

46,686
46,485


6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
370,438
477,597


Inventories above includes a provision of £nil (2022: £nil) for slow moving and obsolete stock.



7.


Debtors

2023
2022
£
£



Trade debtors
395,842
810,921

Amounts owed by group undertakings
619
548

Other debtors
1,024
793

Prepayments and accrued income
22,487
14,175

419,972
826,437


Amounts owed by group undertakings are unsecured, non-interest bearing and are repayable on demand.


8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
416,810
427,684


Page 10

 
BIOPHARMA DYNAMICS LIMITED
 

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

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Contract liabilities
31,268
80,509

Trade creditors
329,759
464,795

Amounts owed to group undertakings
-
80

Corporation tax
19,620
-

Other taxation and social security
105,247
117,336

Lease liabilities
38,950
45,635

Other creditors
104,747
5,847

Accruals and deferred income
35,848
37,580

665,439
751,782


Amounts owed to group undertakings are unsecured, non-interest bearing and are repayable on demand.


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Lease liabilities
242,074
281,025


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£

Lease liabilities - IFRS 16

Repayable by instalments
87,922
139,971



Page 11

 
BIOPHARMA DYNAMICS LIMITED
 

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

11.


Deferred taxation




2023
2022


£

£






At beginning of year
(22,638)
(6,234)


(Credited)/charged to profit or loss
6,955
(16,404)



At end of year
(15,683)
(22,638)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(15,683)
(22,638)

Page 12

 
BIOPHARMA DYNAMICS LIMITED
 

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

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £0.01 each
10
10

Ordinary shares entitle the holder to voting rights and rights to distributions.



13.


Reserves

Profit and loss account

The profit and loss account is the Company's accumulated retained profits or losses as at the year end.


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,743 (2022: £9,894). Contributions totalling £nil (2022: £1,985) were payable to the fund at the balance sheet date.


15.


Related party transactions

During the year ended 31 December 2023 , the Company undertook the following transactions with group companies.

2023
2022
£
£
Purchases from group companies

50,322

95,410
 
Sales to group companies

-

1,394
 

At the year end the Company was owed £619 (2022: £548) by group companies.
At the year end the Company owed £nil (2022: £80) to group companies.
During the year ended 31 December 2023, the Company declared dividends to the following shareholders:
Action-Sealtite Limited - £1,140,000 (2022: £720,000)
J Brennan - £285,000 (2022: £180,000).

Page 13

 
BIOPHARMA DYNAMICS LIMITED
 

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

16.


Controlling party

The Company is controlled by Action-Sealtite Limited by virtue of that company owning 80% of the issued share capital.
The Directors regard Flowmax Limited as the smallest group and SA Bias Industries (Pty) Limited, a company registered in South Africa,as the largest group within which the subsidiary belongs and for which group accounts are prepared.  Flowmax Limited's registered office is 2 Chawley Park, Cumnor Hill, Oxford, OX2 9GG. Copies of the Flowmax Limited group accounts are available from the Registrar of Companies.


17.


Auditor's information

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

The audit report was signed on 1 July 2024 by James Pitt BA BFP FCA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.

Page 14