ACCOUNTS - Final Accounts preparation

OPERATING PROFIT

The operating profit is stated after charging:

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Registered number: 01262669

BISCOR LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

BISCOR LIMITED

COMPANY INFORMATION

DIRECTORS	D F Hart (resigned 13 September 2021)
	C J Meredith


REGISTERED NUMBER	01262669


REGISTERED OFFICE	Unit 1 Broadfield Business Park
	Pilsworth Road
	Heywood
	Lancashire
	OL10 2TA


INDEPENDENT AUDITORS	Price Bailey LLP
	Chartered Accountants & Statutory Auditors
	Tennyson House
	Cambridge Business Park
	Cambridge
	CB4 0WZ


BANKERS	National Westminster Bank PLC
	135 Bishopsgate
	London
	EC2M 3UR

BISCOR LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 6
Statement of Comprehensive Income	7
Balance Sheet	8
Statement of Changes in Equity	9
Notes to the Financial Statements	10 - 22

BISCOR LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

DIRECTORS

The directors who served during the year were:

D F Hart (resigned 13 September 2021)

C J Meredith

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £338,342 (2020 - £239,216).

No dividends were paid during the year and the directors do not propose a final dividend.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

FUTURE DEVELOPMENTS

The director anticipates no significant changes in the Company's activities for the foreseeable future.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

BISCOR LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

POST BALANCE SHEET EVENTS

There were no post balance sheet events for the year ended 31 December 2021.

AUDITORS

Under section 487(2) of the Companies Act 2006, Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.

C J Meredith

Director

Date: 29 September 2022

Page 2

BISCOR LIMITED

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF BISCOR LIMITED

OPINION

We have audited the financial statements of Biscor Limited (the 'Company') for the year ended 31 December 2021, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 31 December 2021 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 United Kingdom, including the Financial Reporting Council'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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Page 3

BISCOR LIMITED

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF BISCOR LIMITED (CONTINUED)

OPINION 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

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 Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

∙ the directors were not entitled to take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

BISCOR LIMITED

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF BISCOR LIMITED (CONTINUED)

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 an Auditors' Report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and industry regulations including GDPR, employment law, health and safety and warranties.
We communicated the identified laws and regulations with the audit team and remained alert to any indications
of non-compliance throughout the audit. We carried out specific procedures to address the risks identified.
These included the following:
-agreeing the financial statement disclosures to underlying supporting documentation to assess compliance with
provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-enquiries of management including those responsible for key regulations;
-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
-reviewing the warranties provision against returns/costs to the company during the year and assessing whether
the provision in place is adequate.
In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' Report.

Page 5

BISCOR LIMITED

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF BISCOR LIMITED (CONTINUED)

USE OF OUR REPORT

This report is made solely to the Company's shareholders 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 shareholders those matters we are required to state to them in an Auditors' Report 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 shareholders for our audit work, for this report, or for the opinions we have formed.

Martin Clapson FCA (Senior Statutory Auditor)

for and on behalf of

Price Bailey LLP

Chartered Accountants

Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ

Date: 29 September 2022

Page 6

BISCOR LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2021

	2021	2020
Note	£	£


Turnover	4	3,531,014	3,052,157
Cost of sales		(1,846,585)	(1,662,399)
Gross profit		1,684,429	1,389,758
Administrative expenses		(1,298,140)	(1,107,033)
Other operating income	5	-	10,419
Operating profit	6	386,289	293,144
Interest receivable and similar income		-	676
Interest payable and similar expenses	10	(39,549)	(44,494)
Profit before tax		346,740	249,326
Tax on profit	11	(8,398)	(10,110)
Profit for the financial year		338,342	239,216

There was no other comprehensive income for 2021 (2020:£NIL).

The notes on pages 10 to 22 form part of these financial statements.

Page 7

BISCOR LIMITED

REGISTERED NUMBER: 01262669

BALANCE SHEET

AS AT 31 DECEMBER 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	12		155,196		120,013
Current assets
Stocks	13	390,107		438,010
Debtors: amounts falling due within one year	14	648,166		500,146
Cash at bank and in hand	15	584,794		872,140
		1,623,067		1,810,296
Creditors: amounts falling due within one year	16	(464,018)		(962,804)
Net current assets			1,159,049		847,492
Provisions for liabilities
Deferred tax	18	(21,342)		(12,944)
			(21,342)		(12,944)
Net assets			1,292,903		954,561

Capital and reserves
Called up share capital	19	6,000	6,000
Profit and loss account	20	1,286,903	948,561
		1,292,903	954,561

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

C J Meredith

Director

Date: 29 September 2022

The notes on pages 10 to 22 form part of these financial statements.

Page 8

BISCOR LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2021

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2020	6,000	709,345	715,345
Comprehensive income for the year
Profit for the year	-	239,216	239,216

At 1 January 2021	6,000	948,561	954,561
Comprehensive income for the year
Profit for the year	-	338,342	338,342
At 31 December 2021	6,000	1,286,903	1,292,903

The notes on pages 10 to 22 form part of these financial statements.

Page 9

BISCOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	GENERAL INFORMATION

Biscor Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The registered office is Unit 1 Broadfield Business Park, Pilsworth Road, Heywood, Lancashire, OL10 2TA. The principal activity of the Company is that of a leading global provider of high performance specialty coated fabrics, belts and tapes used in an ever expanding range of industries and applications.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in pounds sterling which is the functional currency of the Company and are rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Cashflow Exemption

The Company is considered a qualifying entity for the purpose of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements which include the company and are intended to give a true and fair view.
The company is therefore exempt from the requirement to prepare a cash flow statement.

2.3

GOING CONCERN

The directors have considered the going concern basis of preparation of the financial statements, noting the result for the year, forecasts, plans going forward. The current plans and forecasts indicate that profits and activity will be maintained and the Group has been proactive by developing mitigating actions such as new products in the Trace and Detect field. The Company has maintained adequate stock levels to ensure demand can be met should there be any disruptions in the supply chain.
The Company can implement work from home policies, with limited access to the premises for only essential work such as production, and in doing so can continue ordinary business operations, with minimal disruption to routine work. Company results post year end have been positive and the balance sheet position remains strong further indicating that the financial impact from Covid-19 is considered manageable.
The directors are closely monitoring all non-essential operating costs and cash flow and are confident that the Company has sufficient cash reserves and working capital to enable liabilities to be settled as they fall due and to continue trading for the foreseeable future, being a period of not less than 12 months from the date of approval of these financial statements. The Company also continues to rely on the support of the Group.
The directors have concluded that there are no material uncertainties that may cast significant doubt about the Company's ability to continue as a going concern. Accordingly, the going concern basis has been adopted in preparing the financial statements.

Page 10

BISCOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (CONTINUED)

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, provided on the following basis.
  Short-term leasehold property - 10% straight line
  Plant and machinery - 10% straight line
  Motor vehicles - 25% reducing balance
  Office equipment - 33% straight line

2.6

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.7

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.8

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

Page 11

BISCOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (CONTINUED)

2.9

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

2.11

CREDITORS

Short term creditors are measured at the transaction price.

2.12

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

2.13

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 12

BISCOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (CONTINUED)

2.14

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.15

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.16

HOLIDAY PAY ACCRUAL

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

2.17

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

2.18

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

2.19

INTEREST INCOME

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Page 13

BISCOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (CONTINUED)

2.20

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3.	SIGNIFICANT JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. Management judgment has been applied in the following areas:
- Bad debt provision is reviewed monthly at group level for any potential bad debts
- Warranty provision is calculated in line with group policy and reviewed at year end

TURNOVER

The whole of the turnover is attributable to the principal business activity.

Analysis of turnover by country of destination:

					2021	2020
					£	£

United Kingdom	2,537,165	2,327,393
Rest of Europe	993,849	724,764
	3,531,014	3,052,157

Page 14

BISCOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

5.	OTHER OPERATING INCOME
		2021	2020
		£	£

Government grants receivable	-	10,419
	-	10,419

During the year ended 31 December 2021, the Company recognised an amount totalling £Nil (2020 - £10,419) in connection to the UK Government’s Coronavirus Job Retention Scheme.

Depreciation of tangible fixed assets	21,761	21,076
Exchange differences	23,532	(29,869)
Other operating lease rentals	56,380	56,381
Defined contribution pension cost	21,054	24,282

7.	AUDITORS' REMUNERATION
		2021	2020
		£	£

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements

13,500

12,700

The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent Company.

Page 15

BISCOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Wages and salaries	679,926	628,677
Social security costs	54,401	55,841
Cost of defined contribution scheme	21,054	24,282
	755,381	708,800

The average monthly number of employees, including the directors, during the year was as follows:

	2021	2020
	No.	No.

Direct production	3	3
Administration	12	12

	15	15

9.	DIRECTORS' REMUNERATION
		2021	2020
		£	£

Directors' emoluments	73,669	69,630
Company contributions to defined contribution pension schemes	3,701	3,108
	77,370	72,738

During the year retirement benefits were accruing to 1 directors (2020 - 1) in respect of defined contribution pension schemes.

10.	INTEREST PAYABLE AND SIMILAR EXPENSES
		2021	2020
		£	£

Bank interest payable	61	-
Loans from group undertakings	39,488	44,494
	39,549	44,494

Page 16

BISCOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Corporation tax
Current tax on profits for the year	-	128
	-	128

Deferred tax
Origination and reversal of timing differences	8,398	9,982
Total deferred tax	8,398	9,982


	Taxation on profit on ordinary activities	8,398	10,110

Profit on ordinary activities before tax

346,740

249,326

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)	65,881	47,372
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	229	3,051
Capital allowances for year in excess of depreciation	(7,792)	1,470
Utilisation of tax losses	(56,298)	(50,763)
Deferred tax	8,398	9,982
Changes in provisions leading to an increase (decrease) in the tax charge	(2,020)	(1,002)
Total tax charge for the year	8,398	10,110

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The company has estimated losses of £2,589,075 (2020 - £2,863,000) available to carry forward against future trading profits.

Page 17

BISCOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

12.	TANGIBLE FIXED ASSETS

	Short-term leasehold property	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£	£
COST
At 1 January 2021	38,134	296,235	14,414	115,271	464,054
Additions	-	54,863	-	2,081	56,944
At 31 December 2021	38,134	351,098	14,414	117,352	520,998
Depreciation
At 1 January 2021	20,817	197,378	14,414	111,432	344,041
Charge for the year on owned assets	3,815	14,256	-	3,690	21,761
At 31 December 2021	24,632	211,634	14,414	115,122	365,802
Net book value
At 31 December 2021	13,502	139,464	-	2,230	155,196
At 31 December 2020	17,317	98,857	-	3,839	120,013

Page 18

BISCOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

13.	STOCKS
		2021	2020
		£	£

Work in progress (goods to be sold)	119,796	152,798
Finished goods and goods for resale	270,311	285,212
	390,107	438,010

The difference between purchase price or production cost of stocks and their replacement cost is not material.

14.

DEBTORS

					2021	2020
					£	£


Trade debtors	373,484	290,070
Amounts owed by group undertakings	193,705	143,721
Other debtors	66,097	54,757
Prepayments and accrued income	14,880	11,598
	648,166	500,146

15.	CASH AND CASH EQUIVALENTS
		2021	2020
		£	£

	Cash at bank and in hand	584,794	872,140

16.	CREDITORS: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	107,458	53,790
Amounts owed to group undertakings	258,328	819,195
Corporation tax	-	128
Other taxation and social security	16,708	12,603
Other creditors	9,817	8,830
Accruals and deferred income	71,707	68,258
	464,018	962,804

Page 19

BISCOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

17.	FINANCIAL INSTRUMENTS
		2021	2020
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	584,794	872,140
Financial assets that are debt instruments measured at amortised cost	633,286	488,548
	1,218,080	1,360,688

	Financial liabilities
	Financial liabilities measured at amortised cost	(375,603)	(881,815)

	Financial assets measured at fair value through profit and loss account comprise cash at bank and in hand.
	Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by group undertakings and other debtors.
	Financial liabilities measured at amortised cost comprise trade creditors, amounts owned to group undertakings and other creditors.

18.	DEFERRED TAXATION

	2021	2020
	£	£

At beginning of year	(12,944)	(2,962)
Utilised in year	(8,398)	(9,982)
At end of year	(21,342)	(12,944)

The provision for deferred taxation is made up as follows:
	2021	2020
	£	£

	Decelerated capital allowances	(21,342)	(12,944)
		(21,342)	(12,944)

Page 20

BISCOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

19.	SHARE CAPITAL
		2021	2020
		£	£

Allotted, called up and fully paid

6,000 (2020 - 6,000) Ordinary shares of £1.00 each	6,000	6,000

20.

RESERVES

Profit and loss account

Includes all current and prior period retained profits and losses net of dividends.

21.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £21,054 (2020 - £24,282). Contributions totalling £2,843 (2020 - £2,220) were payable from the fund at the balance sheet date and are included in creditors.

Not later than 1 year	62,645	70,377
Later than 1 year and not later than 5 years	151,392	214,037
	214,037	284,414

23.	RELATED PARTY TRANSACTIONS
	The company has taken advantage of the exemption from the requirement to disclose related party transactions with entities that are part of the Alpha ABMD Holdco B.V group or investees of the Alpha ABMD Holdco B.V group. Only the directors are considered to be key management personnel. Total remuneration in respect of these individuals is £86,317 (2020 - £80,100).

Page 21

BISCOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

24.	CONTROLLING PARTY

The Ultimate Holding Company is Alpha ABMD Holdco B.V, a company incorporated in The Netherlands.
Alpha ABMD Holdco B.V is the parent undertaking of the largest group which includes the Company and
for which group accounts are prepared. The immediate parent undertaking of the Company is Ammeraal Beltech International Beheer B.V. (NL), a company registered in The Netherlands.
Copies of the group financial statements of Alpha ABMD Holdco B.V. may be obtained from Comeniusstraat 8, 1817-MS, Alkmaar, The Netherlands.
Copies of the financial statements of Ammeraal Beltech International Beheer B.V. (NL) may be obtained from Foxtrot 12, 1704 EH, Heerhugowaard, The Netherlands.

Page 22