Registration number:
Year Ended
Bio Molecular Systems Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Bio Molecular Systems Limited
Company Information
Director |
Mr John Corbett |
Registered office |
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Accountants |
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Bio Molecular Systems Limited
(Registration number: 10914210)
Balance Sheet as at 31 August 2020
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2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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Net assets/(liabilities) |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Director's Report has been taken.
Bio Molecular Systems Limited
(Registration number: 10914210)
Balance Sheet as at 31 August 2020 (continued)
Approved and authorised by the
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Mr John Corbett
Director
Bio Molecular Systems Limited
Statement of Changes in Equity
Year Ended 31 August 2020
Share capital |
Profit and loss account |
Total |
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At 1 September 2019 |
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( |
( |
Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 August 2020 |
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Share capital |
Profit and loss account |
Total |
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At 1 September 2018 |
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( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 August 2019 |
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( |
( |
Bio Molecular Systems Limited
Notes to the Financial Statements
Year Ended 31 August 2020
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Changes in accounting policy
New standards, interpretations and amendments effective
The following have been applied for the first time from 1 September 2019 and have had an effect on the financial statements:
Transition to FRS 102
Bio Molecular Systems Limited prepares its first financial statements that comply with FRS 102 for the year ended 31 August 2020. The date of transition to FRS 102 is 1 September 2019. The transition to FRS 102 has resulted in only a small number of changes in accounting policies compared to those used previously. These changes have not affected equity or profit or loss presented previously.
Revenue recognition
Income from sale of goods is recognised when the risks and rewards of ownership of the goods have been transferred to the customer. Ownership is transferred when the goods have been delivered to the customer.
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers.
Foreign currency transactions and balances
Bio Molecular Systems Limited
Notes to the Financial Statements
Year Ended 31 August 2020 (continued)
Tax
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.
Tangible assets
Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
33% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
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.
Stocks
Stock is stated at the lower of cost, using the average method, and net realisable value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Bio Molecular Systems Limited
Notes to the Financial Statements
Year Ended 31 August 2020 (continued)
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company during the year was
Tangible assets |
Computer equipment |
Total |
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Cost or valuation |
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At 1 September 2019 |
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Additions |
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At 31 August 2020 |
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Depreciation |
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At 1 September 2019 |
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Charge for the year |
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At 31 August 2020 |
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Carrying amount |
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At 31 August 2020 |
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At 31 August 2019 |
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Stocks |
2020 |
2019 |
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Other inventories |
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Bio Molecular Systems Limited
Notes to the Financial Statements
Year Ended 31 August 2020 (continued)
Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Creditors |
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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