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Company No: 07226395 (England and Wales)

BIOTAK LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

BIOTAK LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

BIOTAK LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
BIOTAK LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Current assets
Cash at bank and in hand 592 606
592 606
Creditors: amounts falling due within one year 4 ( 2,008) ( 2,008)
Net current liabilities (1,416) (1,402)
Total assets less current liabilities (1,416) (1,402)
Creditors: amounts falling due after more than one year 5 ( 2,408,357) ( 2,406,957)
Net liabilities ( 2,409,773) ( 2,408,359)
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account ( 2,409,873 ) ( 2,408,459 )
Total shareholders' deficit ( 2,409,773) ( 2,408,359)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of BIOtAK Limited (registered number: 07226395) were approved and authorised for issue by the Board of Directors on 07 October 2024. They were signed on its behalf by:

Dr M B ter Haar
Director
BIOTAK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
BIOTAK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

BIOtAK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 131 South Liberty Lane, Ashton Vale Industrial Estate, Bristol, BS3 2SZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

Although there are net current liabilities of £1,416 at the Statement of Financial Position date the Directors have carefully considered the ability to continue as a going concern. In addition, the directors have received a renewed commitment from BES Healthcare Ltd, its parent company, indicating the continuance of its long term financial support in respect of its own loan to the company and its share of ongoing costs. The parent company is confident that its short term overdraft and loans will be sufficient to meet the requirements of both the parent company and this company.

The directors therefore believe the company will be able to continue as a going concern for the foreseeable future.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 April 2023 14,850 1,576 2,293 18,719
At 31 March 2024 14,850 1,576 2,293 18,719
Accumulated depreciation
At 01 April 2023 14,850 1,576 2,293 18,719
At 31 March 2024 14,850 1,576 2,293 18,719
Net book value
At 31 March 2024 0 0 0 0
At 31 March 2023 0 0 0 0

4. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 8 8
Accruals 2,000 2,000
2,008 2,008

5. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans 2,408,357 2,406,957

There are no amounts included above in respect of which any security has been given by the small entity.

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
99 Ordinary A shares of £ 1.00 each 99 99
1 Ordinary B share of £ 1.00 1 1
100 100

7. Related party transactions

At 31 March 2024 BIOtAK Limited owed a long term loan of £2,212,609 (2023: £2,211,209) to BES Healthcare Ltd, its parent company.

There is a fixed and floating charge over the property and undertakings of the company in favour of borrowings by the company's parent company.