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Registration number: 06861757

Biomimetic Technology Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Biomimetic Technology Limited

Contents

Company Information

1

Statement of financial position

2

Notes to the Unaudited Financial Statements

3 to 7

 

Biomimetic Technology Limited

Company Information

Directors

M B Nilsson

J M Karlsson

H F Lonn

Registered office

Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Biomimetic Technology Limited

(Registration number: 06861757)
Statement of financial position as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Receivables

5

4,214

4,214

Cash at bank and in hand

 

1,669

192

 

5,883

4,406

Payables: Amounts falling due within one year

7

(251,591)

(248,231)

Net liabilities

 

(245,708)

(243,825)

Equity

 

Called up share capital

8

42,901

39,889

Share premium reserve

487,689

474,940

Retained earnings

(776,298)

(758,654)

Shareholders' deficit

 

(245,708)

(243,825)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

The financial statements of Biomimetic Technology Limited were approved and authorised for issue by the Board on 19 December 2024 and signed on its behalf by:
 

.........................................

M B Nilsson
Director

 

Biomimetic Technology Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

1

General information

Biomimetic Technology Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pounds sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pounds sterling (£).

Summary of disclosure exemptions

The company qualifies as a small entity and in consequence has taken advantage of paragraph 7.1B of FRS 102 not to present a statement of cash flows.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 399 of the Companies Act 2006 and has not prepared group accounts.

Going concern

These financial statements have been prepared on a going concern basis on the grounds that the directors have indicated their willingness to provide adequate funds to enable the company to meet its liabilities as they fall due.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

 

Biomimetic Technology Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Investments

Investments in subsidiary undertakings are stated at historical cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and held at bank are subject to an insignificant risk of change in value.

 

Biomimetic Technology Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Trade receivables

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Biomimetic Technology Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

4

Investments

2023
£

2022
£

Subsidiaries

£

Cost

At 1 January 2023 and at 31 December 2023

69,027

Provision

At 1 January 2023 and 31 December 2023

69,027

Carrying amount

At 31 December 2023

-

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

MHE Technology Corp Inc

USA

Ordinary

100%

100%

5

Receivables

2023
£

2022
£

Trade receivables

4,214

4,214

4,214

4,214

6

Cash and cash equivalents

2023
£

2022
£

Cash at bank

1,669

192

 

Biomimetic Technology Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

7

Payables

Payables: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts due to related parties

9

153,879

153,879

Other payables

 

91,112

87,752

Accruals

 

6,600

6,600

 

251,591

248,231

8

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

3,988,907

39,889

3,988,907

39,889

         

9

Related party transactions

Summary of transactions with other related parties


The company and Trulstech Innovation KB (TIKB) are controlled by M B Nilsson and family. At 31 December 2023 the company owed TIKB £76,403 (2022: £76,403). The indebtedness is interest free, unsecured and has no fixed repayment schedule.

 

10

Controlling party

The ultimate controlling party is M B Nilsson, a director, together with members of his close family.