BIOLINE REAGENTS LIMITED
BIOLINE REAGENTS LIMITED
BIOLINE REAGENTS LIMITED
Company Registration Number:
04838884 (England and Wales)
Unaudited statutory accounts for the year ended 30 September 2021
Period of accounts
Start date: 1 October 2020
End date: 30 September 2021
BIOLINE REAGENTS LIMITED
Contents of the Financial Statements
for the Period Ended 30 September 2021
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
BIOLINE REAGENTS LIMITED
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 30 September 2021
Principal activities of the company
Additional information
Directors' responsibilities statementThe directors are responsible for preparing the Strategic report, the Directors' report 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, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’). 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 and 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;- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;- 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.The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors
The directors shown below have held office during the whole of the period from
1 October 2020 to 30 September 2021
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
BIOLINE REAGENTS LIMITED
Profit And Loss Account
for the Period Ended
2021 | 2020 | |
---|---|---|
| £ | £ |
Turnover: | | |
Cost of sales: | ( | ( |
Gross profit(or loss): | | |
Administrative expenses: | ( | ( |
Other operating income: | | |
Operating profit(or loss): | | |
Interest receivable and similar income: | | |
Interest payable and similar charges: | ( | ( |
Profit(or loss) before tax: | | |
Tax: | ( | ( |
Profit(or loss) for the financial year: | | |
BIOLINE REAGENTS LIMITED
Balance sheet
As at
Notes | 2021 | 2020 | |
---|---|---|---|
| £ | £ | |
Fixed assets | |||
Intangible assets: | 3 | | |
Tangible assets: | 4 | | |
Total fixed assets: | | | |
Current assets | |||
Stocks: | 5 | | |
Debtors: | 6 | | |
Cash at bank and in hand: | | | |
Total current assets: | | | |
Creditors: amounts falling due within one year: | 7 | ( | ( |
Net current assets (liabilities): | | | |
Total assets less current liabilities: | | | |
Total net assets (liabilities): | | | |
Capital and reserves | |||
Called up share capital: | | | |
Profit and loss account: | | | |
Total Shareholders' funds: | | |
The notes form part of these financial statements
BIOLINE REAGENTS LIMITED
Balance sheet statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
BIOLINE REAGENTS LIMITED
Notes to the Financial Statements
for the Period Ended 30 September 2021
-
1. Accounting policies
Basis of measurement and preparation
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102 Tangible fixed assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases - Leasehold improvements - Over lease term Plant & machinery - 4 years Fixtures & fittings - 4 years Intangible fixed assets amortisation policy
Amortisation 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 - Patents - 10 yearsLicense and Issuance Fees - 5 years Other accounting policies
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis. The company is itself a subsidiary company and is exempt from the requirement to prepare group accounts by virtue of section 401 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group. FRS 102 allows a qualifying entity certain disclosure exemptions. These exemptions are - from preparing a statement of cashflows; - from preparing certain financial instrument disclosures; and - from disclosing key management personnel compensation. The company has taken advantage of these exemptions on the basis that it meets the definition of a qualifying entity and its ultimate parent company, Meridian Bioscience Inc., includes the necessary disclosures in its consolidated financial statements. Other than the exemptions taken above, the company has applied the recognition, measurement and disclosure requirements of FRS 102. The following principal accounting policies have been applied 2.2 Going concern. The financial statements have been prepared on a going concern basis. Cashflows has increased in line with the growth in earnings. The global economy has experienced significant volatility as a result of the outbreak of COVID-19. Whilst the financial impact of the ongoing COVID-19 pandemic is impossible to assess at the current time, the directors considered the Company’s exposure as minimal. The directors have reviewed the Company’s budgets and forecasts for the next 12 months from the date of this report, its liquid resources, and the potential impact of the Coronavirus outbreak. The Company performed a worst- case scenario analysis which, while considered highly unlikely, demonstrates that the Company will have sufficient cash resources for a period of one year from date of this report. It is the opinion of the directors that the preparation of the financial statements on a going concern basis is appropriate. The Company’s Life Science Business is key supplier for manufacturers of COVID-19 PCR test kits. Bioline GmbH manufactures the reagent used in the production of these test kits and as a result its turnover has increased significantly. Currently, Bioline Reagents faces minimal negative impact from COVID-19. The Company has retained all its employees in full time employment and not taken aid of any Government support schemes during the lock down period. For the subsequent financial year, however, the Company expects sales trend to level off as the pandemic subsides. COVID-19 will have continuous impact on the global health care systems with long term demand for the PCR kits and therefore the Company expects to have steady continuity in the related turnover. Other Company products will sell as normal. 2.3 Exemptions under FRS 102 FRS 102 allows a qualifying entity certain disclosure exemptions from the requirement to present a cash flow statement and related party disclosures. The company has taken advantage of these exemptions on the basis that it meets the definition of a qualifying entity and its ultimate parent company, Meridian Bioscience, Inc. includes the necessary disclosures in its consolidated financial statements. Other than the exemptions taken above, the company has applied the recognition, measurement and disclosure requirements of FRS 102. 2.4 Turnover. Turnover is derived from sales of reagents and related products when the Company obtains the right to consideration, together with the provision of management, sales and marketing services to companies within Meridian Bioscience group of companies. Revenue is recognised from sales when the product is shipped and title has passed to the buyer. Revenue is measured net of any discount or rebates and value added tax. Service revenue is recognised on completion. 2.5 Research and development. Research and development expenditure is written off in the year in which it is incurred. 2.8 Impairment of fixed assets. Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased. 2.9 Stocks Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is 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. 2.10 Operating leases agreements. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. 2.11 Taxation. Current tax is recognised for the amount of corporation tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. Deferred tax is recognised when income or expenses from a subsidiary or associate have been recognised, and will be assessed for tax in a future period, except where - the group is able to control the reversal of the timing difference; and - it is probable that the timing difference will not reverse in the foreseeable future. Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if - the Company has a legally enforceable right to set off current tax assets against current tax liabilities, and - the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously. 2.12 Foreign currency translation. Functional currency and presentation currency. The financial statements of the entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency). The results and financial position are presented in Sterling (£). Transactions and balances. In preparing the financial statements, transactions in currencies other than the functional currency (foreign currencies) are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in profit or loss in the period in which they arise. 2.13 Financial instruments. The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 2.14 Debtors. 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. 2.15 Cash and cash equivalents. 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. 2.16 Creditors. Short term creditors are measured at the transaction price. 2.17 Finance costs. Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. 2.18 Dividends. Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 2.19 Interest income. Interest income is recognised in the Statement of comprehensive income using the effective interest method. 2.20 Provisions for liabilities. Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position. 2.21 Pensions Defined contribution pension plan. The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payments obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. 2.22 Exceptional items Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
BIOLINE REAGENTS LIMITED
Notes to the Financial Statements
for the Period Ended 30 September 2021
-
2. Employees
2021 2020 Average number of employees during the period 42 44
BIOLINE REAGENTS LIMITED
Notes to the Financial Statements
for the Period Ended 30 September 2021
3. Intangible assets
Goodwill | Other | Total | |
---|---|---|---|
Cost | £ | £ | £ |
At 1 October 2020 | | | |
Additions | | | |
Disposals | ( | ( | |
Revaluations | |||
Transfers | |||
At 30 September 2021 | | | |
Amortisation | |||
At 1 October 2020 | | | |
Charge for year | | | |
On disposals | ( | ( | |
Other adjustments | |||
At 30 September 2021 | | | |
Net book value | |||
At 30 September 2021 | | | |
At 30 September 2020 | | |
BIOLINE REAGENTS LIMITED
Notes to the Financial Statements
for the Period Ended 30 September 2021
4. Tangible assets
Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total | |
---|---|---|---|---|---|---|
Cost | £ | £ | £ | £ | £ | £ |
At 1 October 2020 | | | | |||
Additions | | | | |||
Disposals | ( | ( | ( | |||
Revaluations | ||||||
Transfers | ||||||
At 30 September 2021 | | | | |||
Depreciation | ||||||
At 1 October 2020 | | | | |||
Charge for year | | | | |||
On disposals | ( | ( | ||||
Other adjustments | ||||||
At 30 September 2021 | | | | |||
Net book value | ||||||
At 30 September 2021 | | | | |||
At 30 September 2020 | | | |
BIOLINE REAGENTS LIMITED
Notes to the Financial Statements
for the Period Ended 30 September 2021
5. Stocks
2021 | 2020 | |
---|---|---|
£ | £ | |
Stocks | | |
Total | | |
BIOLINE REAGENTS LIMITED
Notes to the Financial Statements
for the Period Ended 30 September 2021
6. Debtors
2021 | 2020 | |
---|---|---|
£ | £ | |
Trade debtors | | |
Prepayments and accrued income | | |
Other debtors | | |
Total | | |
BIOLINE REAGENTS LIMITED
Notes to the Financial Statements
for the Period Ended 30 September 2021
7. Creditors: amounts falling due within one year note
2021 | 2020 | |
---|---|---|
£ | £ | |
Trade creditors | | |
Taxation and social security | | |
Accruals and deferred income | | |
Other creditors | | |
Total | | |