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Financial Statements for the Year Ended 31 March 2018 |
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Bio-Logic Science Instruments Ltd |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 March 2018 |
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for |
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Bio-Logic Science Instruments Ltd |
Bio-Logic Science Instruments Ltd (Registered number: 02431462) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Bio-Logic Science Instruments Ltd |
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Company Information |
for the Year Ended 31 March 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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5 Westbrook Court |
Sharrowvale Road |
Sheffield |
South Yorkshire |
S11 8YZ |
Bio-Logic Science Instruments Ltd (Registered number: 02431462) |
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Balance Sheet |
31 March 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Bio-Logic Science Instruments Ltd (Registered number: 02431462) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2018 |
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1. | STATUTORY INFORMATION |
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Bio-Logic Science Instruments Ltd is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly |
owned subsidiaries within the group. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added |
tax and other sales taxes. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have |
transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable |
that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the |
transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be |
reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service |
transaction at the end of the reporting period. |
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised |
only to the extent that expenses recognised are recoverable. The turnover shown in the profit and loss account represents |
the amounts invoiced during the year, excluding VAT, modified by the inclusion of the value of ongoing contracts as |
detailed below. Income from research grants is included in turnover over the life of the research project. |
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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. |
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Bio-Logic Science Instruments Ltd (Registered number: 02431462) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and |
impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation |
less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and |
accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in |
profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive |
income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where |
a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess |
shall be recognised in profit or loss. |
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Asset impairment |
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A review for indicators of impairment is carried out at each reporting date, with the recoverable amount |
being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the |
asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
items. |
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Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location |
and condition. |
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Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of |
the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing |
transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a |
similar debt instrument. Debt instruments are subsequently measured at amortised cost. |
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is |
deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is |
measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence ofimpairment at the end of |
each reporting date. If there is objective evidence of impairment, an impariment loss is recognised in profit or loss |
immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does |
not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the |
impairment not previously been recognised. |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered |
into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of |
its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt |
instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the |
balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. |
Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is |
classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
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Bio-Logic Science Instruments Ltd (Registered number: 02431462) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies |
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the |
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate |
ruling at the reporting date, with any gains or losses being taken to the profit and loss account. |
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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. |
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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. |
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Provisions |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event,it is probable that |
the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated |
reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an |
expense. |
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and |
subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be |
required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss |
unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present |
value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance |
cost in profit or loss in the period it arises. |
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Short term employee benefits |
Short term employee benefits, including holiday pay, are recognised as an expense in the period in which they are incurred. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Bio-Logic Science Instruments Ltd (Registered number: 02431462) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2017 |
and 31 March 2018 |
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AMORTISATION |
At 1 April 2017 |
and 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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Bio-Logic Science Instruments Ltd (Registered number: 02431462) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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6. | FIXED ASSET INVESTMENTS |
Interest |
in other |
participating |
interests |
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COST |
At 1 April 2017 |
and 31 March 2018 | 90 |
NET BOOK VALUE |
At 31 March 2018 | 90 |
At 31 March 2017 | 90 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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The company receives income from projects undertaken as part of larger groups. The income from these |
projects is subject to amounts withheld which are released at the conclusion of the project subject to the |
performance of all the members of the group and the final project being signed off. The right to the |
withheld income is contingent on the performance of all the members of the group which is outside the |
control of this company and as such the income is not recognised in the accounts until the critical event of |
the signing off of the project occurs. |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Taxation and social security | ( |
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Other creditors |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax |
authorities and assist with the preparation of the financial statements. |
Bio-Logic Science Instruments Ltd (Registered number: 02431462) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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11. | POST BALANCE SHEET EVENTS |
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In December 2018 the manufacture and overseas sales of instruments was moved to the parent company in France. |
Stocks were sold at cost value and fixed assets necessary for manufacture were transferred at net book value. |
Provision has been made in these accounts for stock held at the year end date which related to older instruments which will |
not be manufactured in France. |
Redundancy payments to manufacturing staff have been made in December. |
The lease on the company premises ends in February 19 and the company will be moving to smaller premises |
The financial effect on the company comprising redundancy and relocation costs, less lease and staff savings is not |
expected to be material. |
In future UK sales and R&D activities will continue in the UK with support from the group. No impact on the going |
concern of the company is expected. |
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12. | ULTIMATE CONTROLLING PARTY |
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The immediate parent company is Bio-Logic SAS, a company registered in France. |