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REGISTERED NUMBER: 12514062 (England and Wales)















BIACO LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024






BIACO LIMITED (REGISTERED NUMBER: 12514062)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 7

Balance Sheet 8

Notes to the Financial Statements 9


BIACO LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024







DIRECTORS: C R Key
B E Malizia FCA
Dr A F Atkins FIET, FIMechE , PhD, Meng/BSc
R A Wright





REGISTERED OFFICE: Post Office Vaults
4 Market Place
Wantage
Oxfordshire
OX12 8AT





REGISTERED NUMBER: 12514062 (England and Wales)





AUDITORS: Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

BIACO LIMITED (REGISTERED NUMBER: 12514062)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


The directors present their report with the amended financial statements of the company for the period ended 30 June 2024.

REVIEW OF BUSINESS
During the period the company has continued to develop its technology and has passed several important milestones.

- A full scientific and engineering rig has been created at Albourne allowing deeper understanding of the science
and engineering challenges. This has enabled significant upgrade and engineering development to increase
service intervals.

- The number of patents have increased to 7 filed patents with 47 inventions included in the patent families.

- A formal independent verification was completed by Professor Robert Morgan which will be published in the
Applied Thermal Engineering Journal in 2025.

- A collaboration with the University of Sussex has continued with the joint development of the science behind the
chemistry.

- The numbers of fully funded employees has increased to 12 at the year end with additional consultants
increasing the full time team to 15 post year end.

- A Further £3.8 million was raised from our shareholders.

- A start has been made at developing integrated administration systems using Oracle systems.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

C R Key
B E Malizia FCA
Dr A F Atkins FIET, FIMechE , PhD, Meng/BSc
R A Wright

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Rothmans Audit LLP , will be proposed for re-appointment at the forthcoming Annual General Meeting.


BIACO LIMITED (REGISTERED NUMBER: 12514062)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





B E Malizia FCA - Director


26 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BIACO LIMITED


Opinion
We have audited the financial statements of Biaco Limited (the 'company') for the period ended 30 June 2024 which comprise the Income Statement, Balance Sheet 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 amended financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its loss for the period
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 Auditors' 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 financial statements are 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 in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 Report of the Directors for the financial period for which the financial statements are
prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BIACO LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect of the operations of the Company. The key laws and regulations we considered in this context included the UK Companies Act and Health & Safety regulations.

Discussions were held within the engagement team regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential risk areas such as the completeness of revenue and management override of controls. Audit procedures were designed to ensure all of the risks were addressed.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

o enquiring of management as to actual and potential litigation and claims; and

o reviewing any correspondence with regulators and the company's legal advisors.

To address the risk of fraud through management bias and override of controls, we:

o performed analytical procedures to identify any unusual or unexpected relationships;

o tested journal entries to identify unusual transactions; and

o assessed whether judgements and assumptions contained any indication of potential bias.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BIACO LIMITED


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 a Report of the Auditors 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.




Kevin Richards (Senior Statutory Auditor)
for and on behalf of Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

26 June 2025

BIACO LIMITED (REGISTERED NUMBER: 12514062)

INCOME STATEMENT
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024

Period
1/1/23
to Year ended
30/6/24 31/12/22
Notes £    £   

TURNOVER - 5,108

Administrative expenses 1,209,693 111,303
(1,209,693 ) (106,195 )

Other operating income 3 65,646 -
OPERATING LOSS 5 (1,144,047 ) (106,195 )

Interest receivable and similar income 1,953 -
(1,142,094 ) (106,195 )

Interest payable and similar expenses 11,222 1,210
LOSS BEFORE TAXATION (1,153,316 ) (107,405 )

Tax on loss 13,980 21,818
LOSS FOR THE FINANCIAL PERIOD (1,167,296 ) (129,223 )

BIACO LIMITED (REGISTERED NUMBER: 12514062)

BALANCE SHEET
30 JUNE 2024

2024 2022
Notes £    £    £   
FIXED ASSETS
Intangible assets 6 2,924,624 1,507,591
Tangible assets 7 25,422 7,891
Investments 8 1 1
2,950,047 1,515,483

CURRENT ASSETS
Debtors 9 246,820 119,378
Cash at bank 802,475 159,712
1,049,295 279,090
CREDITORS
Amounts falling due within one year 10 179,660 575,595
NET CURRENT ASSETS/(LIABILITIES) 869,635 (296,505 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,819,682

1,218,978

CAPITAL AND RESERVES
Called up share capital 13,114 11,384
Share premium 5,162,058 1,395,788
Retained earnings (1,355,490 ) (188,194 )
3,819,682 1,218,978

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by:





B E Malizia FCA - Director


BIACO LIMITED (REGISTERED NUMBER: 12514062)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


1. STATUTORY INFORMATION

Biaco Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 12514062 and its registered office address is Post Office Vaults, 4 Market Place, Wantage, Oxfordshire, England, OX12 8AT.

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 historical cost convention.

The presentation currency is £ sterling.

Going Concern
The financial statements are prepared on the going concern basis. The directors are mindful of the need for additional investment and are in discussion with a number of interested parties. In the meantime, the Company is reliant on the support of investors. Since the year end the development of the core technology has continued and, in the directors' opinion, the value of the intellectual property as shown on the balance sheet is worth in excess of book value.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Intangible assets - development

The directors use their judgement to determine when the research phase ends and the development
phase begins, and which costs are capitalised as part of the intangible asset development.

BIACO LIMITED (REGISTERED NUMBER: 12514062)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents net sales in the year (excluding value added tax) adjusted for accrued and deferred income where applicable.

Turnover in the prior year related to rental income and was recognised in relation to the period of the rent.

Intangible fixed assets
Intangible fixed assets are initially measured at cost. After recognition, intangible fixed assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

No amoritsartion is charged until assets are fully developed and in operation.

Research and development
Expenditure on research is written off against profits in the year in which it is incurred.

Development costs are capitalised when the following criteria has been met:

(a) It is technically feasible to complete the development so that the assets will be available for use or sale;

(b) It is intended that the assets being developed will be used or sold;

(c) The company is able to use or sell the assets;

(d) It can be demonstrated that the assets will generate probable future economic benefit;

(e) Adequate technical, financial and other resources exist so that the assets development can be completed and subsequently used or sold; and

(f) Expenditure attributable to the assets during the development can be reliably measured.

Tangible fixed assets
The cost of tangible fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures and fittings- 20% straight line
Plant and equipment- 20% straight line
Computer equipment- 20% straight line

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Income Statement.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.


BIACO LIMITED (REGISTERED NUMBER: 12514062)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


2. ACCOUNTING POLICIES - continued
Taxation
The charge for taxation is based on the profit / (loss) for the period and takes into account taxation deferred.

Current tax is measured at amounts expected to be paid using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date except that the recognition of deferred tax assets is limited to the extent that the company anticipates to making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences.

Pension costs
The company operates a defined contribution pension scheme. Contributions are charged in the Income Statement as they become payable in accordance with the rules of the scheme.

Finance costs
Finance costs relate to the effective interest rates on the loans and have been charged directly to the Income Statement.

Government grants
Government grants are recognised in the Income Statement in the period to which they relate to, in accordance with the performance model.

3. OTHER OPERATING INCOME

Other operating income includes Government Grants.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 9 (2022 - 6 ) .

5. OPERATING LOSS

The operating loss is stated after charging:

Period
1/1/23
to Year ended
30/6/24 31/12/22
£    £   
Depreciation - owned assets 12,047 3,942

6. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 1,507,591
Additions 1,440,550
Reclassification/transfer (23,517 )
At 30 June 2024 2,924,624
NET BOOK VALUE
At 30 June 2024 2,924,624
At 31 December 2022 1,507,591

BIACO LIMITED (REGISTERED NUMBER: 12514062)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


7. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 5,226 12,298 2,916 20,440
Additions 3,113 7,492 18,973 29,578
Reclassification/transfer - 2,649 (2,649 ) -
At 30 June 2024 8,339 22,439 19,240 50,018
DEPRECIATION
At 1 January 2023 3,424 7,377 1,748 12,549
Charge for period 2,190 5,188 4,669 12,047
Reclassification/transfer - 2,381 (2,381 ) -
At 30 June 2024 5,614 14,946 4,036 24,596
NET BOOK VALUE
At 30 June 2024 2,725 7,493 15,204 25,422
At 31 December 2022 1,802 4,921 1,168 7,891

8. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 30 June 2024 1
NET BOOK VALUE
At 30 June 2024 1
At 31 December 2022 1

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Other debtors 191,883 52,000
Corporation tax 13,901 28,182
Social security and other taxes - 28,463
Prepayments and accrued income 41,036 10,733
246,820 119,378

BIACO LIMITED (REGISTERED NUMBER: 12514062)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024


10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Other loans - 245,050
Hire purchase contracts (see note 11) - 4,836
Trade creditors 90,325 34,225
Social security and other taxes 39,720 202,462
Other creditors 13,884 19,905
Accruals and deferred income 35,731 69,117
179,660 575,595

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2022
£    £   
Net obligations repayable:
Within one year - 4,836

Non-cancellable operating leases
2024 2022
£    £   
Within one year 27,529 32,000
Between one and five years - 43,397
27,529 75,397

The hire purchase liabilities are secured on the assets concerned.

12. RELATED PARTY DISCLOSURES

Barry Malizia, a director of the company, is also a director of, and shareholder in E-Netiq Portsdown Limited, Frontline Protection Systems Limited and E-Netiq Limited. Interest free loans had been provided by the companies to Biaco Limited, with no fixed repayment dates. The balances due to those companies at the year end were as follows:




30June
2024


31
December
2022
£ £

E-Netiq Portsdown Limited - 116,350
Frontline Protection Systems Limited - 87,900
E-Netiq Limited - 2,800

During the period, purchases of £18,840 (year ended 31 December 2022: £Nil) were made from AF Atkins Ltd, a company in which Andrew Atkins is a director. The balance owed to AF Atkins Ltd at the period end was £Nil (31 December 2022: £Nil).

Purchases of £31,800 (year ended 31 December 2022: £87,900) were made from Frontline Protection Systems Ltd, a company in which Barry Malizia is a shareholder and director. The balance owed to Frontline Protection Systems Ltd at the period end was £Nil (31 December 2022: £76).

13. ULTIMATE CONTROLLING PARTY

The directors do not consider there to be any one controlling party.