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Registration number: 08252168

BXTAccelyon Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

BXTAccelyon Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 23

 

BXTAccelyon Limited

Company Information

Directors

M K Hughes

S Rashid

Registered office

The Coach House
Grenville Court
Britwell Road
Burnham
Slough
SL1 8DF

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

BXTAccelyon Limited

Strategic Report for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

Principal activity

The principal activity of the company is the wholesale of uro-oncology products.

Fair review of the business

The results for the year which are set out in the profit and loss account show turnover of £14,837,241 (2023 - £14,734,491) and an operating profit of £3,546,713 (2023 - £4,979,083). At 30 June 2024 the company had net assets of £15,479,361 (2023 - £12,512,224). The directors consider the performance for the year and the financial position at the year end to be satisfactory.

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to ongoing compliance with current and future legislation affecting the sector in which its subsidiary undertakings operate.

Approved by the Board on 26 February 2025 and signed on its behalf by:


M K Hughes
Director

 

BXTAccelyon Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

M K Hughes

S Rashid

Financial instruments

Objectives and policies

The board constantly monitors the group's trading results and revise projections as appropriate to ensure that the group can meet its future obligations as they fall due.

Price risk, credit risk, liquidity risk and cash flow risk

The group to which the company belongs is exposed to the usual credit and cash flow risks associated with selling on credit and manages this through credit control procedures.

The group has sufficient resources available and the directors have prepared forecasts for the next 12 months that indicate that this will continue to be the case and that these cash flows will be sufficient for the group to meet its financing commitments as they fall due. The directors therefore have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 26 February 2025 and signed on its behalf by:


M K Hughes
Director

 

BXTAccelyon Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

BXTAccelyon Limited

Independent Auditor's Report to the Members of BXTAccelyon Limited

Opinion

We have audited the financial statements of BXTAccelyon Limited (the 'company') for the year ended 30 June 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

BXTAccelyon Limited

Independent Auditor's Report to the Members of BXTAccelyon Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

BXTAccelyon Limited

Independent Auditor's Report to the Members of BXTAccelyon Limited

In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.





Martin Howard (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

26 February 2025

 

BXTAccelyon Limited

Profit and Loss Account for the Year Ended 30 June 2024

Notes

2024
£

2023
£

Turnover

3

14,837,241

14,734,491

Cost of sales

 

(7,682,904)

(7,355,822)

Gross profit

 

7,154,337

7,378,669

Administrative expenses

 

(3,607,624)

(2,399,586)

Operating profit

4

3,546,713

4,979,083

Other interest receivable and similar income

6

59,686

41,954

Interest payable and similar charges

7

(23,422)

-

Profit before tax

 

3,582,977

5,021,037

Taxation

11

(640,311)

(998,840)

Profit for the financial year

 

2,942,666

4,022,197

The above results were derived from continuing operations.

 

BXTAccelyon Limited

Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Profit for the year

2,942,666

4,022,197

Surplus on property, plant and equipment revaluation

24,471

19,430

Total comprehensive income for the year

2,967,137

4,041,627

Included in the deferred tax relating to revaluation of intangible assets is the impact of deferred tax on the amortisation for the year of £24,471 (2023 - £19,430).

 

BXTAccelyon Limited

(Registration number: 08252168)
Balance Sheet as at 30 June 2024

Note

2024
 £

2023
 £

Fixed assets

 

Intangible assets

12

618,859

1,139,038

Tangible assets

13

152,237

159,640

Investments

14

1,668,467

175,957

 

2,439,563

1,474,635

Current assets

 

Stocks

15

1,642,407

1,147,862

Debtors: Amounts falling due within one year

16

9,374,761

6,035,528

Debtors: Amounts falling due after more than one year

16

37,500

37,500

Cash at bank and in hand

 

4,789,627

6,140,563

16

15,844,295

13,361,453

Creditors: Amounts falling due within one year

17

(2,688,064)

(2,173,092)

Net current assets

 

13,156,231

11,188,361

Total assets less current liabilities

 

15,595,794

12,662,996

Provisions for liabilities

11

(116,433)

(150,772)

Net assets

 

15,479,361

12,512,224

Capital and reserves

 

Called up share capital

19

875,002

875,002

Share premium reserve

200,000

200,000

Revaluation reserve

343,759

536,838

Profit and loss account

14,060,600

10,900,384

Total equity

 

15,479,361

12,512,224

Approved and authorised by the Board on 26 February 2025 and signed on its behalf by:
 


M K Hughes
Director

 

BXTAccelyon Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Share premium
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 July 2023

875,002

200,000

536,838

10,900,384

12,512,224

Profit for the year

-

-

-

2,942,666

2,942,666

Other comprehensive income

-

-

24,471

-

24,471

Transfers

-

-

(217,550)

217,550

-

At 30 June 2024

875,002

200,000

343,759

14,060,600

15,479,361

Share capital
£

Share premium
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 July 2022

875,002

200,000

625,055

6,770,540

8,470,597

Profit for the year

-

-

-

4,022,197

4,022,197

Other comprehensive income

-

-

19,430

-

19,430

Transfers

-

-

(107,647)

107,647

-

At 30 June 2023

875,002

200,000

536,838

10,900,384

12,512,224

 

BXTAccelyon Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Coach House
Grenville Court
Britwell Road
Burnham
Slough
SL1 8DF

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

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

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of Seed Newco Limited.

The financial statements of Seed Newco Limited may be obtained from Companies House.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

 

BXTAccelyon Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

2

Accounting policies (continued)

Judgements and estimation uncertainty

Costs included within capitalised development costs include customer training costs incurred in order to ensure that there is a sufficient customer base to ensure that future economic benefit will be received. Once this point, in the opinion of the directors, has been met, all subsequent customer training costs incurred are expensed as a cost of sale. In addition, costs included in development costs are those costs incurred in respect of the development of new products where it is the opinion of the directors that the company has moved beyond the research phase and into product development and that the necessary recognition criteria for the capitalisation of development costs have been met.

At 1 January 2020, software licenses were revalued to align their value with the fair value of the software licenses on an open market. In line with FRS 102, a company is entitled to revalue an intangible asset if there is an active market among other criteria. In the opinion of the directors, an active market exists on the basis that in order to make use of Variseed software, which is required in order to provide brachytherapy, a valid license is required. It is on this basis that in the prior year the directors revalued software licenses in order to bring these licenses in line with the fair market value. The fair market value of the software licenses was obtained by the directors directly from a vendor quote.

These financial statements do not contain any other significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

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 and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

BXTAccelyon Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Office equipment

35% straight line

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Please see the judgements and estimation uncertainty paragraph within note 2, Accounting policies, for details on Software Licences, Internally Generated Development Costs and Computer Software.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Development costs

20% straight line

Software licenses

10% straight line

Computer software

20% straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost method.

Trade creditors

Trade creditors 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.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

BXTAccelyon Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

BXTAccelyon Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

2

Accounting policies (continued)

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

BXTAccelyon Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

14,359,939

14,385,326

Other revenue

477,302

349,165

14,837,241

14,734,491

The analysis of the company's turnover for the year by market is as follows:

2024
£

2023
£

UK

14,323,743

14,260,644

Europe

270,380

199,800

Rest of world

243,118

274,047

14,837,241

14,734,491

 

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

77,029

46,703

Amortisation expense

105,536

129,883

Foreign exchange (gains)/losses

(164,572)

69,713

Operating lease expense - property

81,440

94,533

 

5

Exceptional items

2024
 £

2023
 £

Exceptional expenses

773,997

20,154

Exceptional items in the current year related to an impairment of development costs and one-off project expenses. Exceptional items in the prior year related non-recurring legal and consultancy expenses.

 

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

59,686

41,954

 

7

Interest payable and similar expenses

2024
£

2023
£

Interest expense on other finance liabilities

23,422

-

 

BXTAccelyon Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,023,382

841,196

Social security costs

98,735

95,732

Pension costs, defined contribution scheme

38,732

33,145

1,160,849

970,073

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Average number of employees

18

16

 

9

Directors' remuneration

The directors of the company are remunerated through its immediate parent company and receive no remuneration through the company for their services to the company.

 

10

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

13,000

13,400

Other fees to auditors

All other non-audit services

12,450

8,850

 

11

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

Corporation tax

651,052

991,666

Corporation tax adjustment to prior periods

(7,141)

7,174

643,911

998,840

Deferred taxation

Arising from origination and reversal of timing differences

(3,600)

-

Tax expense in the income statement

640,311

998,840

 

BXTAccelyon Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

11

Taxation (continued)

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 20.5%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

3,582,977

5,021,037

Corporation tax at standard rate

895,744

1,029,313

(Decrease)/increase in current tax from adjustment for prior periods

(7,141)

7,174

Tax increase/(decrease) from effect of capital allowances and depreciation

24,827

(1,961)

Effect of expense not deductible in determining taxable profit (tax loss)

46,357

12,402

Tax decrease arising from group relief

(319,476)

(48,088)

Total tax charge

640,311

998,840

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Differences between accumulated depreciation and amortisation and capital allowances

2,652

Revaluation of software licenses

114,586

Other timing differences

(805)

116,433

2023

Liability
£

Differences between accumulated depreciation and amortisation and capital allowances

14,580

Revaluation of software licenses

136,843

Other timing differences

(651)

150,772

 

BXTAccelyon Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

12

Intangible assets

Goodwill
 £

Software licences
£

Internally generated development costs
 £

Computer software
 £

Total
£

Cost or valuation

At 1 July 2023

309,925

1,078,261

371,482

62,207

1,821,875

Disposals

-

(243,478)

-

(31,065)

(274,543)

At 30 June 2024

309,925

834,783

371,482

31,142

1,547,332

Amortisation

At 1 July 2023

139,811

377,392

146,949

18,685

682,837

Amortisation charge

15,828

83,478

-

6,229

105,535

Amortisation eliminated on disposals

-

(84,432)

-

-

(84,432)

Impairment

-

-

224,533

-

224,533

At 30 June 2024

155,639

376,438

371,482

24,914

928,473

Carrying amount

At 30 June 2024

154,286

458,345

-

6,228

618,859

At 30 June 2023

170,114

700,869

224,533

43,522

1,139,038

Intangible assets carried at revalued amounts

The fair value of the company's Software licenses was revalued on 1 January 2020. An independent valuer was not involved. The directors assessed the fair value of the software license to be the quoted price to acquire the software licences on the date of valuation. Had this class of asset been measured on a historical cost basis, their carrying amount would have been £Nil (2023 - £Nil).
 

 

BXTAccelyon Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

13

Tangible assets

Plant and machinery
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

528,416

67,503

595,919

Additions

69,675

3,151

72,826

Disposals

(3,200)

-

(3,200)

At 30 June 2024

594,891

70,654

665,545

Depreciation

At 1 July 2023

392,462

43,817

436,279

Charge for the year

61,348

15,681

77,029

At 30 June 2024

453,810

59,498

513,308

Carrying amount

At 30 June 2024

141,081

11,156

152,237

At 30 June 2023

135,954

23,686

159,640

 

14

Investments

2024
£

2023
£

Investments in subsidiaries

1,668,467

175,957

Subsidiaries

£

Cost and carrying amount

At 1 July 2023

175,957

Additions

1,492,510

At 30 June 2024

1,668,467

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

     

2024

2023

Subsidiary undertakings

BXTAccelyon NZ Limited

New Zealand

Ordinary

100%

100%

BXTAccelyon Australia Pty Limited

Australia

Ordinary

100%

100%

BXTAccelyon NL BV

Netherlands

Ordinary

100%

100%

BXTAccelyon France SARL

France

Ordinary

100%

100%

BXTAccelyon Iberia S.L.

Spain

Ordinary

100%

0%

BXTA Nanotherapy Ltd

England and Wales

Ordinary

59%

50%

 

BXTAccelyon Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

15

Stocks

2024
£

2023
£

Raw materials and consumables

1,642,407

1,147,862

 

16

Debtors

2024
 £

2023
 £

Trade debtors

1,396,204

1,440,902

Amounts owed by group undertakings

7,552,062

4,229,556

Other debtors

337,642

326,168

Prepayments

126,353

76,402

 

9,412,261

6,073,028

Less non-current portion

(37,500)

(37,500)

Total current trade and other debtors

9,374,761

6,035,528

Details of non-current trade and other debtors

£37,500 (2023 - £37,500) of other debtors is classified as non current.

 

17

Creditors

2024
 £

2023
 £

Due within one year

Trade creditors

1,326,559

1,194,303

Social security and other taxes

426,830

316,489

Outstanding defined contribution pension costs

13,670

10,755

Other creditors

159,817

162,661

Accrued expenses

510,136

397,218

Corporation tax liability

251,052

91,666

2,688,064

2,173,092

 

18

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £38,732 (2023 - £33,145).

Contributions totalling £13,670 (2023 - £10,755) were payable to the scheme at the end of the year and are included in creditors.

 

BXTAccelyon Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

875,002

875,002

875,002

875,002

       
 

20

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

38,258

38,258

Later than one year and not later than five years

38,258

76,516

76,516

114,774

 

21

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 9 to the financial statements.

 

22

Ultimate parent and controlling party

The company's immediate parent is Seed Bidco Limited, incorporated in England and Wales.

 The ultimate parent is Seed Newco Limited, incorporated in England and Wales.

 The ultimate controlling party is Elysian Capital I LP, on the basis that it holds a controlling interest in the voting rights of the share capital in Seed Newco Limited.

The smallest and largest Group in which the results of the Company are consolidated is Seed Newco Limited.