NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Biomr Limited is a private company limited by shares, incorporated in England and Wales, registration number 15002108 . The address of the principal place of business is 71 Hillgate Place, London, W8 7SS.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared on a basis other than the historical cost convention,
and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting
Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. This basis
includes, where applicable, writing the company's assets down to net realisable value, and reviewing
any post balance sheet commitments which may need to be provided for.
The following principal accounting policies have been applied:
These financial statements have not been prepared on a going concern basis. The directors have decided to cease trading and are in the process of winding down the company’s operations. Accordingly, the assets have been stated at their estimated net realisable value and provisions have been made for any known liabilities and costs associated with closure.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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