Company Registration No. 08869043 (England and Wales)
BYOREX LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
BYOREX LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BYOREX LIMITED
BALANCE SHEET
AS AT 30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
€
€
€
€
Fixed assets
Investments
4
115,000
Current assets
Debtors
6
320,054
124,982
Cash at bank and in hand
669,417
971,208
989,471
1,096,190
Creditors: amounts falling due within one year
7
(678,283)
(666,585)
Net current assets
311,188
429,605
Net assets
426,188
429,605
Capital and reserves
Called up share capital
8
13,303
13,303
Profit and loss reserves
412,885
416,302
Total equity
426,188
429,605
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 June 2023 and are signed on its behalf by:
Jason White
Director
Company Registration No. 08869043
BYOREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 2 -
1
Accounting policies
Company information
Byorex Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 13 Charles ll Street, London, England, SW1Y 4QU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue relates to amounts earned in accordance to the agreements with its customers for acting as an intermediary on behalf of the customer. This revenue is recognised upon completion of the contractual obligations of the company. The revenue the company is entitled to is of that stated in the relevant agreements. Revenue is shown net of VAT and other sales related taxes.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets include debtors and cash and bank balances.
Debtors
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
BYOREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 3 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities include creditors. Creditors are not interest bearing and are stated at their nominal value.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Foreign exchange
Transactions in currencies other than euros are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
BYOREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 4 -
3
Taxation
2022
2021
€
€
Current tax
UK corporation tax on profits for the current period
639
4
Fixed asset investments
2022
2021
€
€
Shares in group undertakings and participating interests
115,000
Movements in fixed asset investments
Shares in subsidiaries
€
Cost or valuation
At 1 July 2021
-
Additions
115,000
At 30 June 2022
115,000
Carrying amount
At 30 June 2022
115,000
At 30 June 2021
-
During the year the company purchased 100% of the share capital of Newkem Industries Limited for €115,000. This amount is unpaid at the year end and is included in Other creditors.
5
Subsidiaries
Details of the company's subsidiaries at 30 June 2022 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Newkem Industries Limited
England & Wales
The principal activity of the company is the trade of colorant chemicals.
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year ended 31 August 2021 of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
€
€
Newkem Industries Limited
15,035
(16,817)
BYOREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 5 -
6
Debtors
2022
2021
Amounts falling due within one year:
€
€
Trade debtors
4,708
Other debtors
320,054
120,274
320,054
124,982
7
Creditors: amounts falling due within one year
2022
2021
€
€
Trade creditors
201,560
393,192
Corporation tax
639
639
Other taxation and social security
399
435
Other creditors
475,685
272,319
678,283
666,585
8
Called up share capital
2022
2021
€
€
Ordinary share capital
Issued and fully paid
10,000 Ordinary Shares of £1 each
13,303
13,303
13,303
13,303
9
Related party transactions
Included in other debtors, is an interest free loan of €13,858 (2021: €13,858) to the shareholders, which has no set repayment date and is repayable on demand.