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Registration number: 12228402

Biobax Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Biobax Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Biobax Ltd

Company Information

Directors

D M W Barnes

C M Pawson

Registered office

3A Technology Park Standback Way
Skelmanthorpe
Huddersfield
HD8 9GA

 

Biobax Ltd

(Registration number: 12228402)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

180

252

Tangible assets

5

105,968

132,788

Other financial assets

6

234,631

234,631

 

340,779

367,671

Current assets

 

Stocks

7

52,482

48,051

Debtors

8

30,221

52,407

Cash at bank and in hand

 

48,055

40,792

 

130,758

141,250

Creditors: Amounts falling due within one year

9

(222,194)

(270,735)

Net current liabilities

 

(91,436)

(129,485)

Total assets less current liabilities

 

249,343

238,186

Creditors: Amounts falling due after more than one year

9

(198,977)

(197,048)

Provisions for liabilities

(1,056)

-

Net assets

 

49,310

41,138

Capital and reserves

 

Called up share capital

80

80

Retained earnings

49,230

41,058

Shareholders' funds

 

49,310

41,138

 

Biobax Ltd

(Registration number: 12228402)
Balance Sheet as at 30 September 2024

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:

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.

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 Profit and Loss Account.

Approved and authorised by the Board on 20 March 2025 and signed on its behalf by:
 

.........................................
D M W Barnes
Director

 

Biobax Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
3A Technology Park Standback Way
Skelmanthorpe
Huddersfield
HD8 9GA
England

These financial statements were authorised for issue by the Board on 20 March 2025.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Biobax Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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 rate on the date when the fair value is re-measured.

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 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 and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Not depreciated

Plant and machinery

20% reducing balance

Fixtures and fittings

20% straight line

Motor vehicles

25% straight line and 20% reducing balance

Office equipment

33.33% straight line

 

Biobax Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Goodwill

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. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

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.

Trade debtors 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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 subsequently measured at amortised cost using the effective interest method.

 

Biobax Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 7).

 

Biobax Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

300

300

At 30 September 2024

300

300

Amortisation

At 1 October 2023

48

48

Amortisation charge

72

72

At 30 September 2024

120

120

Carrying amount

At 30 September 2024

180

180

At 30 September 2023

252

252

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 October 2023

513

4,452

35,834

4,340

Additions

-

-

987

-

At 30 September 2024

513

4,452

36,821

4,340

Depreciation

At 1 October 2023

-

1,553

19,357

2,750

Charge for the year

-

579

3,492

1,447

At 30 September 2024

-

2,132

22,849

4,197

Carrying amount

At 30 September 2024

513

2,320

13,972

143

At 30 September 2023

513

2,899

16,477

1,590

 

Biobax Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

129,972

175,111

Additions

-

987

At 30 September 2024

129,972

176,098

Depreciation

At 1 October 2023

18,663

42,323

Charge for the year

22,289

27,807

At 30 September 2024

40,952

70,130

Carrying amount

At 30 September 2024

89,020

105,968

At 30 September 2023

111,309

132,788

Included within the net book value of land and buildings above is £513 (2023 - £513) in respect of freehold land and buildings.
 

 

Biobax Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2023

244,631

244,631

At 30 September 2024

244,631

244,631

Impairment

At 1 October 2023

10,000

10,000

At 30 September 2024

10,000

10,000

Carrying amount

At 30 September 2024

234,631

234,631

7

Stocks

2024
£

2023
£

Work in progress

2,750

2,750

Other inventories

49,732

45,301

52,482

48,051

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

10,156

5,765

Amounts owed by related parties

-

20,865

Prepayments

 

14,585

18,342

Other debtors

 

5,480

7,435

   

30,221

52,407

 

Biobax Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

113,878

53,297

Trade creditors

 

38,868

46,864

Amounts owed to group undertakings and undertakings in which the company has a participating interest

4,515

-

Taxation and social security

 

1,100

5,658

Accruals and deferred income

 

1,850

99,618

Other creditors

 

61,983

65,298

 

222,194

270,735

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

198,977

197,048

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

104,152

120,590

Hire purchase contracts

54,301

76,458

Other borrowings

40,524

-

198,977

197,048

Current loans and borrowings

2024
£

2023
£

Bank borrowings

65,710

32,943

Hire purchase contracts

22,176

20,354

Other borrowings

25,992

-

113,878

53,297