Biotherapy Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08566712 (England and Wales)

Financial Statements for the Year Ended 30 June 2021

for

Biotherapy Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J M Hadfield

Mr J A Rickard

Mr K Golchin

Mr J Chiplin

Mr N J Mettyear

Mr R H Morton

SECRETARY:

Derringtons Limited

REGISTERED OFFICE:

Gainsborough House

59-60 Thames Street

Windsor

SL4 1TX

REGISTERED NUMBER:

08566712 (England and Wales)

AUDITORS:

WP Audit Limited

Statutory Auditors

5a Frascati Way

Maidenhead

Berkshire

SL6 4UY

FIXED ASSETS

Intangible assets

4

23,061

31,140

Tangible assets

5

17,866

15,558

40,927

46,698

CURRENT ASSETS

Stocks

38,498

32,451

Debtors

6

395,551

431,808

Cash at bank

187,782

1,143,606

621,831

1,607,865

CREDITORS

Amounts falling due within one year

7

(318,432

)

(395,091

)

NET CURRENT ASSETS

303,399

1,212,774

TOTAL ASSETS LESS CURRENT LIABILITIES

344,326

1,259,472

CREDITORS

Amounts falling due after more than one year

8

(1,019,342

)

(948,375

)

NET (LIABILITIES)/ASSETS

(675,016

)

311,097

CAPITAL AND RESERVES

Called up share capital

19,492

19,492

Share premium

3,025,232

3,025,232

Retained earnings

(3,719,740

)

(2,733,627

)

(675,016

)

311,097

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2021 and were signed on its behalf by:

Mrs J M Hadfield - Director

Mr J A Rickard - Director

1.	STATUTORY INFORMATION

Biotherapy Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 directors have considered the company's cashflows for the next 12 months.The directors remain confident about the company's future and are committed to its continued support. The directors consider the company retains sufficient working capital to continue trading for the foreseeable future.

Accordingly, the directors have confirmed that it is appropriate to adopt the going concern basis for the preparation of these financial statements.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company does not make significant estimates and assumptions concerning the future.

Turnover

Turnover is recognised on provision of services and goods sold at the fair value of the consideration received or receivable for services and goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Intangible assets

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

Patents and licences are being amortised evenly over their estimated useful life of eleven years.

Computer software is being amortised evenly over its estimated useful life of five years.

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

-

20% on reducing balance

Fixtures and fittings

-

33% on reducing balance

Government grants

The company received income from the Government Coronavirus Job Retention Scheme. Government grants are recognised in the income statement in the same period as the related expenditure.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 tax

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 have been enacted or substantively enacted by the year end 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 probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2020 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 July 2020

and 30 June 2021

87,480

AMORTISATION

At 1 July 2020

56,340

Charge for year

8,079

At 30 June 2021

64,419

NET BOOK VALUE

At 30 June 2021

23,061

At 30 June 2020

31,140

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2020

44,219

Additions

10,093

Disposals

(1,629

)

At 30 June 2021

52,683

DEPRECIATION

At 1 July 2020

28,661

Charge for year

6,964

Eliminated on disposal

(808

)

At 30 June 2021

34,817

NET BOOK VALUE

At 30 June 2021

17,866

At 30 June 2020

15,558

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 July 2020

and 30 June 2021

13,500

DEPRECIATION

At 1 July 2020

6,588

Charge for year

1,382

At 30 June 2021

7,970

NET BOOK VALUE

At 30 June 2021

5,530

At 30 June 2020

6,912

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Trade debtors

25,472

22,261

Other debtors

370,079

409,547

395,551

431,808

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Hire purchase contracts (see note 9)

2,048

9,028

Trade creditors

116,160

197,343

Taxation and social security

19,697

52,821

Other creditors

180,527

135,899

318,432

395,091

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.21

30.6.20

£

£

Hire purchase contracts (see note 9)

-

1,033

Other creditors

1,019,342

947,342

1,019,342

948,375

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.6.21

30.6.20

£

£

Net obligations repayable:

Within one year

2,048

9,028

Between one and five years

-

1,033

2,048

10,061

Non-cancellable operating

leases

30.6.21

30.6.20

£

£

Within one year

49,345

30,839

Between one and five years

-

4,433

49,345

35,272

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.21

30.6.20

£

£

Hire purchase contracts

2,048

10,061

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Philippa Duckworth BSc FCCA (Senior Statutory Auditor)

for and on behalf of WP Audit Limited

12.	POST BALANCE SHEET EVENTS

Post year end an investment of £1,500,000 has been received. This is sufficient based on the current run rate for the business to continue to trade for the next 12 months.

13.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.