Bioflow Direct Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04443360 (England and Wales)

BIOFLOW DIRECT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2017 TO 30 JUNE 2017

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R Corsie

Mr D C Mathewson

Mr J E Story

Mr S J Russell

REGISTERED OFFICE:

Unit 18

75 Sisna Park Road

Estover

PLYMOUTH

Devon

PL6 7AE

REGISTERED NUMBER:

04443360 (England and Wales)

ACCOUNTANTS:

Mark Holt & Co Limited

Chartered Accountants

7 Sandy Court

Ashleigh Way

Langage Business Park

Plymouth

Devon

PL7 5JX

FIXED ASSETS

Intangible assets

5

1,123,962

1,196,896

Tangible assets

6

8,916

10,454

1,132,878

1,207,350

CURRENT ASSETS

Stocks

259,093

267,209

Debtors

65,432

278,114

Cash at bank and in hand

35,779

291,879

360,304

837,202

CREDITORS

Amounts falling due within one year

219,218

270,553

NET CURRENT ASSETS

141,086

566,649

TOTAL ASSETS LESS CURRENT LIABILITIES

1,273,964

1,773,999

CREDITORS

Amounts falling due after more than one year

(185,084

)

(226,834

)

PROVISIONS FOR LIABILITIES

(2,060

)

(351

)

NET ASSETS

1,086,820

1,546,814

CAPITAL AND RESERVES

Called up share capital

8

371,332

550,121

Share premium

128,734

-

Capital redemption reserve

247,555

-

Retained earnings

339,199

996,693

1,086,820

1,546,814

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the period ended 30 June 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 8 November 2017 and were signed on its behalf by:

Mr R Corsie - Director

1.	STATUTORY INFORMATION

Bioflow Direct Limited is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. These financial statement are prepared for the six month period from 1 January 2017 to 30 June 2017.

There were significant changes in the business in the six month period to June 2017 and the directors felt that preparing a short set of accounts would provide a true and fair representation of the trade in that period which may not have been reflected in a full twelve month set of financial statements.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises the fair value of consideration received or receivable for the sale of goods and provision of services in

the ordinary course of the Company's activities.Turnover is shown net of value added tax, returns, rebates and discounts.

Goodwill

Goodwill is capitalised at the market value of the acquisition date, classified as an intangible asset on the balance sheet and

amortised on a straight line basis over it's useful economic life of 20 years.

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.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Development costs are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

15% straight line

Fixtures and fittings

-

15% straight line

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have

suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset

is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is

reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its

recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been

recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair

value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less

any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest

method.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past

reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of

deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a

fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting

date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the

transaction that resulted in the tax expense (income).

Foreign currencies

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the

transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective

functional currency of the entity at the rates prevailing on the reporting period date.

Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing

on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

Provisions for liabilities

Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is

probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be

estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at

the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is

recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in

profit or loss in the period it arises.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 8 (2016 - 9 ) .

5.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

and 30 June 2017

2,946,199

AMORTISATION

At 1 January 2017

1,749,303

Amortisation for period

72,934

At 30 June 2017

1,822,237

NET BOOK VALUE

At 30 June 2017

1,123,962

At 31 December 2016

1,196,896

6.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

and 30 June 2017

39,324

DEPRECIATION

At 1 January 2017

28,870

Charge for period

1,538

At 30 June 2017

30,408

NET BOOK VALUE

At 30 June 2017

8,916

At 31 December 2016

10,454

7.

LOANS

An analysis of the maturity of loans is given below:

2017

2016

£

£

Amounts falling due within one year or on demand:

Other loans

76,207

67,733

Amounts falling due between two and five years:

Other loans - 2-5 years

185,084

226,834

Loans and borrowings with a carrying amount of £261,291 (2016: £294,567) is denominated in pounds sterling (£) with a

nominal interest rate of 7%. The final installment is due on 30 November 2020.

The directors Mr R Corsie and Mr D Mathewson have personal guarantees on the borrowings on the company.

8.	CALLED UP SHARE CAPITAL

There were movements in the share capital of Bioflow Direct Limited during the six month period to June 2017. The

movement is as follows:

Period end 30/06/2017

Year end 31/12/2016

Called up share capital

371,332

550,121

Share premium

128,734

-

Capital redemption reserve

247,555

-

247,555 ordinary shares were re-purchased by the company in the period. Subsequent to this 68,766 shares were then

issued at a premium.

Dividends were voted during the year totalling £8,000 (2016: £202,246)

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 30 June 2017 and the year ended

31 December 2016:

2017

2016

£

£

Mr R Corsie

Balance outstanding at start of period

200,441

156,053

Amounts advanced

10,131

150,834

Amounts repaid

(208,724

)

(106,446

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

1,848

200,441

Interest was charged on the directors loan account balance at market rate and the outstanding balance at the year end will

be repaid within nine months.