REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
FOR |
CAMBRIDGE BIOSCIENCE LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
FOR |
CAMBRIDGE BIOSCIENCE LIMITED |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 16 |
CAMBRIDGE BIOSCIENCE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
5 High Green |
Great Shelford |
Cambridge |
Cambridgeshire |
CB22 5EG |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
The director presents his strategic report for the year ended 30th September 2022. |
REVIEW OF BUSINESS |
Review of the company's business |
The company is a distributor of scientific laboratory supplies, representing approximately 60 manufacturers and serving customers primarily located in the United Kingdom and Republic of Ireland. |
The company has historically mostly supported customers working in academic and industrial research markets. Products the company supplies are mostly biological and chemical reagents which are used in a wide variety of research applications. Throughout the COVID-19 pandemic the company supplied its products to many more clinical diagnostic testing laboratories than would normally be the case. |
In March 2022 the company was acquired by Nordic Biosite Holding AB, a Swedish company which owns several similar businesses located in other northern European countries. |
Analysis using key performance indicators |
£ million | £ million | £ million | £ million |
2022 | 2021 | 2020 | 2019 |
Turnover | 16.7 | 23.2 | 10.4 | 8.2 |
Gross profit | 6.6 | 11.7 | 4.3 | 3.3 |
Operating profit | 3.3 | 4.3 | 1.4 | 0.6 |
Gross profit margin | 39% | 50% | 41% | 40% |
Net profit margin | 19% | 18% | 13% | 7% |
Balanced and comprehensive analysis of the entity's performance in the year and its position at the year end |
In the financial year ending 30 September 2022 turnover decreased by 28% from the levels seen in the prior year.This reduction was a result of declining sales from products that were being used by diagnostic laboratories testing travellers for COVID-19, as government policies changed to relax these requirements. |
Despite this decline in turnover from diagnostic laboratories, the company has seen solid revenue performance from its core research products business. |
Gross profit margins have reduced during the year. In part this has been to due to less large scale purchasing of diagnostic products at favourable margins and partly due to the reducing value of GBP against USD during the period leading to an increasing cost of goods. |
The company had Net Assets of £5.2m at year end (2021: £7.6m), and these are considered to be sufficient for it to continue to trade efficiently. |
Description of the principal risks and uncertainties facing the entity |
The company is aware of certain risk factors and uncertainties which it is seeking to manage. These include challenges recruiting sufficient suitably qualified employees to maintain and grow the business. Inflation is currently high and is leading to significantly increased costs for products and services. This is being compounded by the low value of GBP, since the company purchases the majority of its goods in other currencies. |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
ON BEHALF OF THE BOARD: |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
The director presents his report with the financial statements of the company for the year ended 30th September 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the distribution of scientific research products. |
DIVIDENDS |
An interim dividend of £5,100 per share was paid on 7th April 2022. The total distribution for the year ended 30th September 2022 will be £5,100,000. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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. |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
AUDITORS |
The auditors, TT&W Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CAMBRIDGE BIOSCIENCE LIMITED |
Opinion |
We have audited the financial statements of Cambridge Bioscience Limited (the 'company') for the year ended 30th September 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30th September 2022 and of its profit for the year 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Other matter - Comparative figures |
In the previous accounting period the directors of the company took advantage of audit exemption under section 477 of the Companies Act 2006. Therefore the prior period period financial statements were not subject to audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CAMBRIDGE BIOSCIENCE LIMITED |
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 Strategic Report or the Report of the Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CAMBRIDGE BIOSCIENCE LIMITED |
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: |
Based on our understanding of the company and the industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Import and Export Regulations 2020 and the Medical Devices Regulations 2002. We considered the extent to which non-compliance might have a material impact on the financial statements of the company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to: posting inappropriate journal entries to increase revenue or reduce expenditure; and manipulation of cut off to increase or decrease profit. Audit procedures performed by the engagement team included: |
- Discussions with management team including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; |
- Understanding and evaluating management's internal controls designed to prevent and detect irregularities; |
- Reviewing relevant meeting minutes; |
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses; |
- Testing transactions entered into outside of the normal course of the company's business; |
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, posted by unexpected users and posted on unexpected days; |
- Testing random samples of transactions regarding cut off around the year end. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reported in the financial statements the less likely it is we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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 |
CAMBRIDGE BIOSCIENCE 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. |
for and on behalf of |
Statutory Auditors |
5 High Green |
Great Shelford |
Cambridge |
Cambridgeshire |
CB22 5EG |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
3,294,213 | 4,324,307 |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
3,423,179 | 7,456,640 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
BALANCE SHEET |
30TH SEPTEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 | ( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st October 2020 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30th September 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30th September 2022 |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | - | 12,009 |
Amount withdrawn by directors | (71,152 | ) | - |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
4,352,696 |
447,329 |
Cash and cash equivalents at end of year | 2 | 3,297,680 |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 5,740 | 10,787 |
Finance income | (24,485 | ) | (35,296 | ) |
3,472,547 | 7,459,701 |
Decrease/(increase) in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30th September 2022 |
30.9.22 | 1.10.21 |
£ | £ |
Cash and cash equivalents | 3,297,680 | 4,577,596 |
Bank overdrafts | ( |
) |
3,297,680 | 4,352,696 |
Year ended 30th September 2021 |
30.9.21 | 1.10.20 |
£ | £ |
Cash and cash equivalents | 4,577,596 | 447,329 |
Bank overdrafts | ( |
) |
4,352,696 | 447,329 |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.21 | Cash flow | At 30.9.22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 4,577,596 | (1,279,916 | ) | 3,297,680 |
Bank overdrafts | (224,900 | ) | 224,900 | - |
4,352,696 | ( |
) | 3,297,680 |
Debt |
Debts falling due within 1 year | (151,165 | ) | 151,165 | - |
Debts falling due after 1 year | (121,331 | ) | 121,331 | - |
(272,496 | ) | 272,496 | - |
Total | 4,080,200 | (782,520 | ) | 3,297,680 |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
1. | STATUTORY INFORMATION |
Cambridge Bioscience Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentation currency is £ sterling. |
Changes in accounting policies |
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been applied consistently within the accounts. |
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 |
Freehold property | - |
Plant and machinery | - |
Property improvements | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
3. | ACCOUNTING POLICIES - continued |
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. |
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 |
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. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2022 | 2021 |
£ | £ |
United Kingdom |
Europe |
Rest of world | 499,828 | 1,622,167 |
5. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
5. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2022 | 2021 |
Director | 1 | 1 |
Finance | 3 | 3 |
Operations | 5 | 5 |
General management | 2 | 2 |
Sales | 11 | 10 |
Marketing | 3 | 2 |
Technical and IT | 4 | 3 |
2022 | 2021 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2022 | 2021 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
Auditors' remuneration for non audit work |
(Profit)/loss on foreign exchange |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Bank loan interest |
Other interest |
Mortgage interest |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2022 | 2021 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2021 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Revenue expenditure capitalised | (5,454 | ) | - |
Undercharge | - | (606 | ) |
Deferred tax charge | 13,248 | 156 |
Total tax charge | 653,042 | 1,418,685 |
9. | DIVIDENDS |
2022 | 2021 |
£ | £ |
Ordinary shares of £1 each |
Interim |
Ordinary B shares of £1 each |
Final |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
10. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Property |
property | machinery | improvement |
£ | £ | £ |
COST |
At 1st October 2021 |
Additions |
At 30th September 2022 |
DEPRECIATION |
At 1st October 2021 |
Charge for year |
At 30th September 2022 |
NET BOOK VALUE |
At 30th September 2022 |
At 30th September 2021 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st October 2021 |
Additions |
At 30th September 2022 |
DEPRECIATION |
At 1st October 2021 |
Charge for year |
At 30th September 2022 |
NET BOOK VALUE |
At 30th September 2022 |
At 30th September 2021 |
The Director has opted to use the cost model of measurement for fixed assets under Financial Reporting Standard 102. |
11. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
Demonstration stock | 234,689 | 236,755 |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 71,152 | - |
VAT |
Prepayments and accrued income |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Trade creditors |
Tax |
VAT | 334,617 | - |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans (see note 15) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Barclays loan | - | 101,493 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
The bank loans are secured by a legal charge over the freehold property and a debenture over the company's assets. |
18. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 32,781 | 19,533 |
Deferred |
tax |
£ |
Balance at 1st October 2021 |
Accelerated Capital Allowances | 13,248 |
Balance at 30th September 2022 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 1,000 | - |
Ordinary B | £1 | - | 1,000 |
1,000 | 1,000 |
On 7th April 2022 the B Ordinary shares were redesignated as Ordinary shares. |
CAMBRIDGE BIOSCIENCE LIMITED (REGISTERED NUMBER: 04382252) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
20. | RESERVES |
Retained |
earnings |
£ |
At 1st October 2021 |
Profit for the year |
Dividends | ( |
) |
At 30th September 2022 |
21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30th September 2022 and 30th September 2021: |
2022 | 2021 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
22. | RELATED PARTY DISCLOSURES |
For the period from 1st October 2021 to 6th March 2022 the following transactions were conducted on commercial terms between the company and Research Donors Limited, a related undertaking: |
Sales to Research Donors Limited £623 |
Debtor owed by Research Donors Limited £3,152 |
Purchases from Research Donors Limited £787,534 |
Creditor owed to Research Donors Limited £263,856 |
Intercompany recharge account balance owed to Cambridge Bioscience Limited £408,450. Interest is charged on the outstanding balance at 4.75% per annum. |
From 7th March 2022 the companies were both acquired 100% by Nordic Biosite Holding AB and from this date advantage is taken of the exemption under Financial Reporting Standard 102 not to disclose transactions entered into between members of a group, where any subsidiary which is a party to the transaction is a wholly owned member. |
23. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent company is Nordic Biosite Holding AB. |
The company's ultimate parent company is Adelis Holding II AB. |
The results of the company are published in the consolidated group accounts headed by Nordic Biosite Group AB, available for download from the Swedish Companies Registration Office. |