Company No:
Contents
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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3,228 | 3,526 | |||
Current assets | ||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand |
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739,220 | 1,743,534 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 630,628 | 843,323 | ||
Total assets less current liabilities | 633,856 | 846,849 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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The financial statements of Bio Molecular Systems Limited (registered number:
Mr John Corbett
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Bio Molecular Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Chancery Lane, London, WC2A 1LS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers.
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year |
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Office equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 September 2021 |
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Additions |
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At 31 August 2022 |
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Accumulated depreciation | |||
At 01 September 2021 |
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Charge for the financial year |
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At 31 August 2022 |
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Net book value | |||
At 31 August 2022 |
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At 31 August 2021 |
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2022 | 2021 | ||
£ | £ | ||
Stocks |
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2022 | 2021 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Other debtors |
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£ | £ | ||
Trade creditors |
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Taxation and social security |
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Other creditors |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
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£ | £ | ||
within one year |
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between one and five years |
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The amount of lease payments recognised as an expense in the accounts is £nil (2021 - £36,560).
Transactions with entities in which the entity itself has a participating interest
No advances were made to group companies during the year (2021 - £29,180). At the balance sheet date, the amount due totaled £34,410 (2021 - £29,180).
Transactions with the entity's director
Advances of £7,313 were made to the director. Interest of 2% per annum (2021 - 2.5%) is payable on all director's loans in the year. At the balance sheet date, the amount due from the director totaled £7,341 (2021 - £52,124). The interest charge for the year is £28 (2021 - £644).
The audit report was signed by Steven Wakefield on behalf of Dixon Wilson Audit Services LLP.