Company registration number: 05092027
Unaudited financial statements
for the year ended 30 September 2024
for
Bic Innovation Ltd
Pages for filing with the Registrar
Company registration number: 05092027
Bic Innovation Ltd
Balance sheet
as at 30 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 26,393 21,653
26,393 21,653
Current assets
Stocks 516,135 536,780
Debtors 370,566 190,797
Cash at bank and in hand 198,423 450,802
1,085,124 1,178,379
Creditors: amounts falling due within one
year
(551,174) (569,552)
Net current assets 533,950 608,827
Total assets less current liabilities 560,343 630,480
Creditors: Amounts falling due after more
than one year
(30,368) (98,833)
Provisions for liabilities (6,598) (5,413)
NET ASSETS 523,377 526,234
Capital and reserves
Called up share capital 11,797 11,797
Share premium account 86,115 86,115
Other reserves (217,870) (177,103)
Profit and loss account 643,335 605,425
TOTAL EQUITY 523,377 526,234
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 30 September 2024.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 05092027
Bic Innovation Ltd
Balance sheet - continued
as at 30 September 2024
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 13 January 2025 and signed on its behalf by:
Mr H Watkins, Director
13 January 2025
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Bic Innovation Ltd
Notes to the financial statements
for the year ended 30 September 2024
1 Company information
Bic Innovation Ltd is a private company registered in England and Wales. Its registered number is 05092027. The company is limited by shares. Its registered office is 156, Parc Gwyddoniaeth Menai, Gaerwen, Ynys Mon, LL60 6AG.
2 Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section 1A “Small Entities” and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc.:
Improvements to property - 25% reducing balance
Fixtures & fittings - 15% reducing balance
Computer equipment - 15% reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Work in progress is valued at the lower of cost and net realisable value. Cost is calculated using the first -in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
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Bic Innovation Ltd
Notes to the financial statements - continued
for the year ended 30 September 2024
2 Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that been enacted or substantively enacted by the balance sheet date and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 41 (2023 - 45).
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Bic Innovation Ltd
Notes to the financial statements - continued
for the year ended 30 September 2024
4 Tangible fixed assets
Plant and
machinery
etc.
£
Cost
At 1 October 2023 69,568
Additions 9,397
At 30 September 2024 78,965
Depreciation
At 1 October 2023 47,915
Charge for year 4,657
At 30 September 2024 52,572
Net book value
At 30 September 2024 26,393
At 30 September 2023 21,653
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