Bioflow Limited - Period Ending 2015-12-31

 
 
 
 
 
 
 
  Bioflow Limited
 
  Unaudited Abbreviated Accounts
  Year Ended 31 December 2015
 
  Company Registration Number: 04443360

Bioflow Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Bioflow Limited
Abbreviated Balance Sheet
31 December 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets		2			1,328,673			1,472,350
Tangible fixed assets		2			13,886			13,558
					1,342,559			1,485,908
Current assets
Stocks					244,271			222,886
Debtors					354,831			85,948
Cash at bank and in hand					103,671			314,437
					702,773			623,271
Creditors: Amounts falling due within one year					(152,299)			(342,854)
Net current assets					550,474			280,417
Net assets					1,893,033			1,766,325
Capital and reserves
Called up share capital		3			550,002			550,002
Profit and loss account					1,343,031			1,216,323
Shareholders' funds					1,893,033			1,766,325

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Bioflow Limited
Abbreviated Balance Sheet
31 December 2015 ......... continued

For the year ending 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 29 September 2016 and signed on its behalf by:

Mr R Corsie
Director

Company Registration Number: 04443360

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Bioflow Limited
Notes to the Abbreviated Accounts
Year Ended 31 December 2015 ......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Revenue is recognised at the point of despatch.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	5% straight line
Patents	5% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant & Machinery	15% straight line
Office Equipment	15% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

Bioflow Limited
Notes to the Abbreviated Accounts
Year Ended 31 December 2015 ......... continued

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2015		2,932,599			36,845			2,969,444
Additions		-			3,761			3,761
Disposals		-			(1,283)			(1,283)
At 31 December 2015		2,932,599			39,323			2,971,922
Depreciation
At 1 January 2015		1,460,249			23,287			1,483,536
Charge for the year		143,677			3,433			147,110
Eliminated on disposals		-			(1,283)			(1,283)
At 31 December 2015		1,603,926			25,437			1,629,363
Net book value
At 31 December 2015		1,328,673			13,886			1,342,559
At 31 December 2014		1,472,350			13,558			1,485,908

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		550,001			550,001			550,001			550,001
Ordinary B shares of £0.01 each		120			1			120			1
		550,121			550,002			550,121			550,002

Page 4

Bioflow Limited
Notes to the Abbreviated Accounts
Year Ended 31 December 2015 ......... continued

4	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr R Corsie
Opening advances	6,541	-	-	-
Monies withdrawn	167,584	18,072	38,550	32,008
	174,125	18,072	38,550	32,008

Page 5