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Company No: 05578805 (England and Wales)

BIOTECH BUSINESS LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

BIOTECH BUSINESS LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

BIOTECH BUSINESS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
BIOTECH BUSINESS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 338 654
Investment property 4 312,000 504,000
Investments 5 6,210 6,266
318,548 510,920
Current assets
Debtors 6 2,840 1,054
Cash at bank and in hand 932,549 769,365
935,389 770,419
Creditors: amounts falling due within one year 7 ( 4,861) ( 3,790)
Net current assets 930,528 766,629
Total assets less current liabilities 1,249,076 1,277,549
Net assets 1,249,076 1,277,549
Capital and reserves
Called-up share capital 8 101 101
Profit and loss account 1,248,975 1,277,448
Total shareholders' funds 1,249,076 1,277,549

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Biotech Business Limited (registered number: 05578805) were approved and authorised for issue by the Board of Directors on 21 February 2025. They were signed on its behalf by:

Philippa Ann Smith
Director
BIOTECH BUSINESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
BIOTECH BUSINESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 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

Biotech Business 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 C/O Bishop Fleming, Chy Nyverow, Newham Road, Truro, TR1 2DP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Of the two properties held by the business at the year end, one has been sold after the year end. The final property will also be put on the market and the Directors will look to liquidate the Company once this final property has been sold.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of any sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 3 years straight line
Office equipment 3 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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Both investment properties are being held for sale, the value of these properties is immaterial.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

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 Office equipment Total
£ £ £
Cost
At 01 October 2023 2,559 6,939 9,498
At 30 September 2024 2,559 6,939 9,498
Accumulated depreciation
At 01 October 2023 2,559 6,285 8,844
Charge for the financial year 0 316 316
At 30 September 2024 2,559 6,601 9,160
Net book value
At 30 September 2024 0 338 338
At 30 September 2023 0 654 654

4. Investment property

Investment property
£
Valuation
As at 01 October 2023 504,000
Fair value movement 2,000
Disposals (194,000)
As at 30 September 2024 312,000

5. Fixed asset investments

Listed investments Other investments Total
£ £ £
Cost or valuation before impairment
At 01 October 2023 5,571 695 6,266
Movement in fair value ( 56) 0 ( 56)
At 30 September 2024 5,515 695 6,210
Carrying value at 30 September 2024 5,515 695 6,210
Carrying value at 30 September 2023 5,571 695 6,266

6. Debtors

2024 2023
£ £
Trade debtors 314 0
VAT recoverable 1,896 424
Other debtors 630 630
2,840 1,054

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 623 261
Accruals 3,200 2,250
Taxation and social security 408 649
Other creditors 630 630
4,861 3,790

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
101 Ordinary shares of £ 1.00 each 101 101

9. Events after the Balance Sheet date

Subsequent to the reporting date, the company completed the sale of two investment properties for £110,000 and £202,000. As at the date of approval of these accounts, the Company no longer holds any investment property. These transactions do not adjust the financial position as at 30/09/2024, but are disclosed as a significant event after the reporting period.