Silverfin false false 30/09/2024 01/10/2023 30/09/2024 P R Booker 11/06/2002 T R Booker 01/10/2012 H M Booker 24/09/2020 C E Booker- Triolo 24/09/2020 D H Carey 01/10/2012 R J Thornley 11/06/2011 P C Turner 01/10/2012 02 May 2025 The principal activity of the company during the financial year was that of bio-tech manufacturing and property rental. 04458356 2024-09-30 04458356 bus:Director1 2024-09-30 04458356 bus:Director2 2024-09-30 04458356 bus:Director3 2024-09-30 04458356 bus:Director4 2024-09-30 04458356 bus:Director5 2024-09-30 04458356 bus:Director6 2024-09-30 04458356 bus:Director7 2024-09-30 04458356 2023-09-30 04458356 core:CurrentFinancialInstruments 2024-09-30 04458356 core:CurrentFinancialInstruments 2023-09-30 04458356 core:Non-currentFinancialInstruments 2024-09-30 04458356 core:Non-currentFinancialInstruments 2023-09-30 04458356 core:ShareCapital 2024-09-30 04458356 core:ShareCapital 2023-09-30 04458356 core:RevaluationReserve 2024-09-30 04458356 core:RevaluationReserve 2023-09-30 04458356 core:RetainedEarningsAccumulatedLosses 2024-09-30 04458356 core:RetainedEarningsAccumulatedLosses 2023-09-30 04458356 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-30 04458356 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-09-30 04458356 core:LandBuildings 2023-09-30 04458356 core:FurnitureFittings 2023-09-30 04458356 core:OfficeEquipment 2023-09-30 04458356 core:LandBuildings 2024-09-30 04458356 core:FurnitureFittings 2024-09-30 04458356 core:OfficeEquipment 2024-09-30 04458356 2023-10-01 2024-09-30 04458356 bus:FilletedAccounts 2023-10-01 2024-09-30 04458356 bus:SmallEntities 2023-10-01 2024-09-30 04458356 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 04458356 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 04458356 bus:Director1 2023-10-01 2024-09-30 04458356 bus:Director2 2023-10-01 2024-09-30 04458356 bus:Director3 2023-10-01 2024-09-30 04458356 bus:Director4 2023-10-01 2024-09-30 04458356 bus:Director5 2023-10-01 2024-09-30 04458356 bus:Director6 2023-10-01 2024-09-30 04458356 bus:Director7 2023-10-01 2024-09-30 04458356 core:FurnitureFittings 2023-10-01 2024-09-30 04458356 core:OfficeEquipment core:TopRangeValue 2023-10-01 2024-09-30 04458356 2022-10-01 2023-09-30 04458356 core:LandBuildings 2023-10-01 2024-09-30 04458356 core:OfficeEquipment 2023-10-01 2024-09-30 04458356 core:Non-currentFinancialInstruments 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Company No: 04458356 (England and Wales)

BIONANOVATE LIMITED

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

BIONANOVATE LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

BIONANOVATE LIMITED

BALANCE SHEET

As at 30 September 2024
BIONANOVATE LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 38,876 38,876
Tangible assets 4 1,067,961 1,069,330
Investment property 5 1,945,000 1,945,000
3,051,837 3,053,206
Current assets
Stocks 6 17,215 17,215
Debtors 7 51,028 56,048
Cash at bank and in hand 4,024 3,565
72,267 76,828
Creditors: amounts falling due within one year 8 ( 227,336) ( 209,883)
Net current liabilities (155,069) (133,055)
Total assets less current liabilities 2,896,768 2,920,151
Creditors: amounts falling due after more than one year 9 ( 2,237,708) ( 2,286,223)
Provision for liabilities ( 269,506) ( 271,139)
Net assets 389,554 362,789
Capital and reserves
Called-up share capital 600 600
Revaluation reserve 43,018 43,018
Profit and loss account 345,936 319,171
Total shareholders' funds 389,554 362,789

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 financial statements of Bionanovate Limited (registered number: 04458356) were approved and authorised for issue by the Board of Directors on 02 May 2025. They were signed on its behalf by:

P R Booker
Director
BIONANOVATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
BIONANOVATE 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

Bionanovate 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 Studio 9, The Greenhouse,, Mannings Heath Road, Poole, BH12 4NQ, 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 Balance Sheet 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.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Revenue from services is recognised as they are delivered.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Fixtures and fittings 15 % reducing balance
Office equipment 4 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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 the Profit and Loss Account as described below.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Development costs Total
£ £
Cost
At 01 October 2023 38,876 38,876
At 30 September 2024 38,876 38,876
Accumulated amortisation
At 01 October 2023 0 0
At 30 September 2024 0 0
Net book value
At 30 September 2024 38,876 38,876
At 30 September 2023 38,876 38,876

4. Tangible assets

Land and buildings Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 October 2023 1,065,000 10,256 31,658 1,106,914
At 30 September 2024 1,065,000 10,256 31,658 1,106,914
Accumulated depreciation
At 01 October 2023 0 9,641 27,943 37,584
Charge for the financial year 0 92 1,277 1,369
At 30 September 2024 0 9,733 29,220 38,953
Net book value
At 30 September 2024 1,065,000 523 2,438 1,067,961
At 30 September 2023 1,065,000 615 3,715 1,069,330

5. Investment property

Investment property
£
Valuation
As at 01 October 2023 1,945,000
As at 30 September 2024 1,945,000

Valuation

A full market valuation of investment property was completed on 31 December 2022. The valuations performed which conform to the Valuations Standards of the Royal Institution of Chartered Surveyors and with the International Valuations Standards (IVS) 2013 were arrived at by reference to market evidence of transaction prices for similar properties. For commercial investment property, the yield methodology was used which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 862,961 862,961

6. Stocks

2024 2023
£ £
Stocks 17,215 17,215

7. Debtors

2024 2023
£ £
Trade debtors 2,041 11,048
Other debtors 48,987 45,000
51,028 56,048

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 45,224 21,656
Trade creditors 23,095 17,597
Other taxation and social security 21,288 25,217
Other creditors 137,729 145,413
227,336 209,883

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 1,887,708 1,936,223
Other creditors 350,000 350,000
2,237,708 2,286,223

The bank loans are secured on freehold properties of the Company with a carrying value of £3,010,000 (2023: £3,010,000).