REG - BSF Enterprise PLC - Interim Results
11/06/2024 07:00
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RNS Number : 8716R BSF Enterprise PLC 11 June 2024
11 June 2024
BSF Enterprise PLC
("BSF" or the "Company")
Interim Results
BSF (LSE: BSFA), (OTCQB: BSFAF), a UK listed biotech company and owner of
pioneering UK-based tissue engineering company, 3D Bio-Tissues (3DBT), and
corneal replacement company, Kerato, is pleased to announce its unaudited
interim results for the six months ending 31 March 2024.
Highlights
· Successfully completed 60-week study in partnership with a prominent
multinational fashion brand, establishing an early proof of concept for 3DBT's
tissue engineered skin.
· Formation of subsidiary company Kerato Ltd, to focus specifically on
developing applications and exploiting opportunities for corneal tissue
engineering.
· Joint venture formed between 3DBT and CellulaRevolution Ltd. to
establish a leading end-to-end platform for cost-effective cultivated meat
production.
· UK's foremost cultivated meat producer, Ivy Farm Technologies Ltd,
working with the Group to establish cultivated meat production in Greater
China.
· Cash balance as at 31 March 2024 of £1,373,000
· Established a new subsidiary company, Lab-Grown Leather Limited,
which will be the vehicle for further customer driven product development of
our skin technology.
· Appointment of Marcelo Bravo as Chief Business Officer with
responsibility for strategic partnerships and overall business operations.
Che Connon, CEO of BSF Enterprise commented:
"This year started with remarkable advancements for us, marked by pivotal
proof-of-concept agreements for lab-grown leather, the expansion of our
strategic partnerships, and the receipt of grant funding to bolster our
product development. Our collaborations with leading fashion brands, have
validated the future market potential for this sustainable tissue engineered
skin.
"Our strategy is to establish our skin technology as the premier sustainable
leather material solution and partner with the best-known brands and other key
players within the fashion industry to increase market penetration and
credibility, this will be done via our wholly owned spin out company Lab-Grown
Leather Ltd. Similarly, we are seeking to develop novel product processes for
scalable meat production, in partnership with an existing food manufacturer.
Overall, we are currently focused on supporting the growth and
self-sufficiency of BSF's portfolio of companies.
"Looking ahead, we are confident that our strategic direction and execution
will continue to drive growth and create value for all our stakeholders. I am
excited about the opportunities that lie ahead and look forward to sharing our
progress with you throughout the coming year."
For further enquiries, please visit www.bsfenterprise.com
(http://www.bsfenterprise.com/) or contact:
BSF Enterprise PLC Via SEC Newgate below
Geoff Baker - Executive Director
Che Connon - CEO & Director
Shard Capital (Broker)
Damon Heath 0207 186 9000
Isabella Pierre 0207 186 9927
SEC Newgate (Financial Communications)
Bob Huxford 020 3757 6882
Elisabeth Cowell BSF@secnewgate.co.uk
George Esmond
ISIN of the Ordinary Shares is GB00BHNBDQ51
SEDOL Code is BHNBDQ5.
Notes to Editors
BSF Enterprise PLC (BSF) is focused on unlocking the next generation of
biotechnological solutions to deliver sustainable materials and products
across a variety of sectors. BSF Enterprise's core technology platform in
industrial tissue engineering allows the manufacture at scale of lab-grown
alternatives to animal and human tissues, helping deliver sustainable products
and materials of the future. The Company's technologies have multiple
applications across consumer and medical markets including lab-grown leather,
cultivated meat, human corneas and in vitro animal models.
BSF owns 100% of pioneering UK-based tissue engineering companies 3D
Bio-Tissues (3DBT), that successfully produced the UK's first high-quality
cultivated meat and lab-grown skin from its laboratory and Kerato, a developer
of lab-grown corneal replacement tissue for medical and research uses. In
addition, it owns 100% of BSF Enterprise (Hong Kong) Limited which is actively
supporting commercialisation of our technology in China and Asia.
BSF aims to deliver growth to shareholders through the continued
commercialisation and expansion of the Groups IP, which has multiple
applications, as well as through M&A. BSF aims to build a comprehensive
portfolio in tissue engineering and related applications and license out IP to
various stakeholders in the supply chain to enable manufacture at scale and
achieve widespread market penetration.
Chairman's Statement
It is with great pride and on behalf of the Board, I present the 2024 Interim
financial statements of BSF Enterprise Plc for the six months ended 31 March
2024.
During the period and year to date, the Company has made remarkable advances
in bringing to life its strategy. This has been marked by continuing progress
in the development and demonstration of applications of its technology,
coupled with the expansion of strategic partnerships, setting the stage for
future commercial development.
Most recently, the Company announced significant strides in its lab-grown
leather programme. In partnership with a prominent multinational fashion
company, we have completed a 60-week study, establishing early proof of
concept for 3DBT's tissue engineered skin as a viable and ethical alternative
to animal skin. This represents a crucial first step in the programme and is
an industry milestone, as we believe this to be the first scaffold-free skin
product, thereby containing no additives.
In parallel, the Company has announced a collaboration with Maison Amelie
Pichard, a renowned sustainable fashion brand. Going forward, the Company
plans to establish a range of partnerships with major multinational brand
owners while in parallel collaborating with designers to demonstrate finished
product applications and position its 3DBT Skin product as the premier
sustainable leather material solution.
We are also pleased to announce that in February 2024 we completed the
formation of Lab-Grown Leather Ltd as a subsidiary company of BSF. This will
be the vehicle for further customer driven product development of our skin
technology.
In a further strategic step, BSF has partnered with Ivy Farm Technologies Ltd
('Ivy Farm'), a foremost cultivated meat producer in the UK. This
collaboration aims to fundraise, introduce, and expand Ivy Farm's cultivated
meat initiatives in China through BSF Enterprise (Hong Kong) Ltd which was
established back in March. Noteworthy, 3DBT is collaborating with Ivy Farm to
test its City Mix™ media additive, aiming to reduce cultivated meat
production costs in Asia.
Also, in the period the Company announced the intent of forming a joint
venture with CellulaRevolution Ltd. combining CellulaRevolution's
bioprocessing expertise with 3DBT's muscle tissue engineering knowledge,
aiming to establish a leading platform for cost-effective cultivated meat
production. Detailed objectives milestones for this joint venture will be
announced in the coming months.
Earlier in the period the Company announced the formation of Kerato Ltd, to
focus specifically on developing applications and exploiting opportunities for
corneal tissue engineering. As part of its broader agenda, the Company has
recently announced a collaboration with Newcastle University to work on the
development of an ethical, and sustainable model for ocular toxicity
testing.
BSF Enterprise's partnerships and collaborations highlight its commitment to
sustainability, ethics, and innovation in sectors such as materials, food
technology, and biotechnology. Through strategic alliances, BSF advances
tissue engineering and other related technologies that promote environmental
sustainability and ethical production practices. Overall, BSF remains
committed to driving advancements in biotechnology to foster a more ethical
and sustainable future across various industries.
On behalf of the Board, I wish to convey our profound appreciation to our
shareholders for persistently backing us and having faith in our aspirations
and plans. We are resolute in honouring our commitments and generating
enduring worth for all interested parties.
Chief Executive's Report
I am pleased to present my report for the six months ended 31 March 2024.
Financial summary
The net loss for the period ended 31 March 2024 was £864,775 (2023: £656,206
loss). The increase in the loss compared with the corresponding six-month
period in 2023 is, in the main, reflective of an increase in the Group's
research and marketing activities. This includes the establishment of Kerato
in October 2023. Grant income of £3,779 was received in the period (2023:
£84,926), and the Group generated revenues of £54,295 (2023: £nil).
The loss per share increased from 0.76 pence per share to 0.84 pence per
share.
Cash flow
The Group's cash balances as at 31 March 2024 were £1,373,000 (compared with
£2,319,000 at 30 September 2023). The reduction in cash balances reflects the
losses for the period.
Dividends
During the period ended 31 March 2024, there were no dividends paid or
proposed.
Business Review
Successful Lab-grown Leather Proof of Concept Agreements
BSF and 3DBT, has received over £90,000 to date in payments, support and
funding for several proof-of-concept (PoC) agreements for the development of
lab-grown leather samples.
In 2023, 3DBT agreed to provide a major multinational fashion company with
four bio-engineered samples of animal skin tissue, measuring up to 10 by 10 cm
in size and between 0.5 mm to 1 mm in thickness. The partnership was carried
out to look at the validity and suitability of 3DBT's tissue engineered skin
as a sustainable, ethical alternative for leather tanning and the production
of traditional leather goods.
Following the conclusion of a 60-week study, in which 3DBT's PoC study
successfully achieved and fulfilled the technical and operational requirements
of the agreement, a more formal strategic and financial partnership has since
continued with 3DBT now developing bio-engineered samples measuring up to 10
by 10 cm in size and 2 mm in thickness. To date, BSF has received over
£50,000 in initial payments from the partnership and which has been included
in reported revenues.
The production of tissues with such thickness and their successful application
with a prominent global fashion brand represents an important milestone for
3DBT and the wider industrial tissue engineering industry. 3DBT is currently
engaged with other fashion companies to establish the suitability of its skin
product as a sustainable, ethical alternative to traditional leather. We hope
to make a further update on formal commercial agreements in the coming months.
Additionally, BSF Enterprise has benefitted from £38,000 in grant funding
from the Government agency Innovate UK to begin its project with the
University of Northampton. The project will use 3DBT's bio-equivalent dermal
tissue, combined with the University of Northampton's leather manufacturing
knowledge, for the development of ethical and sustainable leather.
The project will look to use 3DBT's tissue engineered dermis as a replacement
for animal skin and hide, developing processes to transform this innovative
raw material into a premium material, suitable for leather-based footwear,
apparel, handbags, furniture, fashion, automotive and accessories. The
resulting technology gained alongside that previously developed by 3DBT will
be transferred into BSF Enterprise's latest spinout Lab-Grown Leather Ltd,
facilitating a more focused group to move forward with the tissue engineered
leather opportunities.
City-Mix(TM)
Numerous companies have successfully tested City-Mix(TM), with several
cultivated meat producers progressing to larger scale testing for various
applications. In addition, we have started a collaboration with Ivy Farm,
which is assessing the ability of City Mix™ to reduce the cost of cultivated
meat production in Asia.
Following exhibitions of City-Mix(TM) at prominent bio-pharma events we have
had numerous enquiries and are working to understand the potential application
of City Mix to a variety of disciplines including gene therapy, stem cells and
regenerative medicine.
Kerato
Kerato, BSF's corneal replacement company, was founded during the period and
the Company is making strong operational progress. Kerato has identified a
number of opportunities for corneal tissue engineering and we expect to update
the market on our progress in the near future.
Appointment of Chief Business Officer
Marcelo Bravo appointed as Chief Business Officer with responsibility for
strategic partnerships and overall business operations. Marcelo is a
seasoned entrepreneur and C-level executive with expertise in life sciences,
consumer healthcare, advanced materials, and FMCG. He has founded four
startups, raising approximately £50 million and leading two to public listing
on the AIM market.
Marcelo has extensive experience in launching and expanding businesses,
leveraging partnerships with major corporates worldwide. He is currently
Executive Chairman of FoodMarble Digestive Health Ltd and Chairman of Oxford
Pharmascience Ltd. Marcelo holds degrees in Chemistry (B.A.), Chemical
Engineering (B.Sc.), Management (M.Sc.), and Experimental Therapeutics
(M.Sc.).
Outlook
This year started with remarkable advancements for us, marked by pivotal
proof-of-concept agreements for lab-grown leather, the expansion of our
strategic partnerships, and the receipt of grant funding to bolster our
product development. Our collaborations with leading fashion brands, have
validated the future market potential for this sustainable material.
Our strategy is to establish our skin technology as the premier sustainable
leather material solution and partner with the best-known brands and other key
players within the leather industry to increase market penetration and
credibility, this will be done via our wholly owned spin out company Lab-Grown
Leather Ltd. Similarly we are seeking to develop novel product processes for
scalable meat production, in partnership with an existing food manufacturer.
Overall, we are currently focused on supporting the growth and
self-sufficiency of BSF's portfolio of companies.
Looking ahead, we are confident that our strategic direction and execution
will continue to drive growth and create value for all our stakeholders. I am
excited about the opportunities that lie ahead and look forward to sharing our
progress with you throughout the coming year.
Che Connon, Chief Executive Officer
10 June 2024
Registered number: 11554014
BSF Enterprise Plc
Unaudited Interim Consolidated Financial Statements
for the period ended 31 March 2024
Statement of directors' responsibilities in respect of the interim results
The Directors; being Min Yang (Non-Executive Chairman), Dr Che Connon
(Managing Director), Geoffrey Baker (Executive Director) and Dennis Ow
(Non-Executive Director) confirm that the set of Interim Financial Statements
has been prepared in accordance with International Accounting Standard 34
"interim financial reporting", as it applies in the European Union and that
interim report includes a fair review of the information required by DTR
4.2.7R and DTR 4.2.8R, namely:
· an indication of important events that have occurred during the first
six months of the financial year;
· and material related party transactions in the first six months and
any material changes in the related party transactions described in the last
annual report.
By order of the Board
Min Yang
Chairman
10 June 2024
Consolidated Statement of Comprehensive Income
for the period ended 31 March 2024
6-month period 6-month period
to 31 March to 31 March
2024 2023
(Unaudited) (Unaudited)
Note £ £
Continuing operations
Revenue 3 54,295 -
Cost of sales (25,997) -
Gross profit 28,298 -
Grant income 4 3,779 84,926
Administrative expenses 5 (893,278) (728,435)
Operating loss for the period (861,201) (643,509)
Finance expense - right-of-use lease liabilities (3,607) (5,550)
Interest received 33 -
Loss before taxation (864,775) (649,059)
Taxation 6 - (7,147)
Loss for the period (864,775) (656,206)
Loss and total comprehensive loss for the financial period (864,775) (656,206)
Earnings per share
Basic and diluted (pence per share) 7 (0.84) (0.76)
There are no items of other comprehensive income.
The notes to the interim financial statements form an integral part of these
interim financial statements.
Consolidated Statement of Financial Position
as at 31 March 2024
As at As at
31 March 30 September 2023
2024 (Audited)
(Unaudited)
Note £ £
Assets
Non-current assets
Property, plant and equipment 8 95,052 105,032
Right-of-use assets 9 109,921 147,801
Intangible assets 10 2,485,290 2,485,290
Total non-current assets 2,690,263 2,738,123
Current assets
Cash and cash equivalents 11 1,373,763 2,319,061
Receivables and prepayments 12 168,780 157,612
Inventory 13 68,542 45,811
Total current assets 1,611,085 2,522,484
Total assets 4,301,348 5,260,607
Equity and liabilities
Capital and reserves
Share capital - issued and fully paid 16 955,384 955,384
Share capital - issued but unpaid 16 77,985 77,985
Share premium - fully paid 16 6,292,888 6,292,888
Warrant reserve 16 34,785 34,785
Accumulated losses (3,366,837) (2,502,062)
Total equity 3,994,205 4,858,980
Liabilities
Current liabilities
Trade and other payables 14 108,228 166,764
Taxes and social security 60,962 57,973
Lease liabilities 15 80,931 78,883
250,121 303,620
Non-current liabilities
Lease liabilities 15 37,066 78,051
Deferred tax 6 19,956 19,956
57,022 98,007
Total liabilities 307,143 401,627
Total equity and liabilities 4,301,348 5,260,607
The notes to the interim financial statements form an integral part of
these interim financial statements.
Consolidated Statement of Changes in Equity
for the period ended 31 March 2024
Share capital issued and paid up Share capital issued and unpaid Share premium fully paid Share premium unpaid Warrant reserve Retained deficit Total
£ £ £ £ £ £ £
As at 30 September 2022 781,884 3,711,576 - 12,537 (1,001,020) 3,582,962
77,985
Comprehensive income for the period
Loss for the period - - - (656,206) (656,206)
- -
Total comprehensive loss for the period - - - (656,206) (656,206)
- -
Issue of shares 3,442 166,411 54,058 2,662,583 - - 2,886,494
Issue of warrants - (22,248) - - -
- 22,248
Share issue costs - (171,440) - - (171,440)
- -
Transactions with shareholders 3,442 (139,630) 2,662,583 - 2,715,054
166,411 22,248
As at 31 March 2023 785,326 3,571,946 2,662,583 34,785 (1,657,226) 5,641,810
244,396
As at 30 September 2023 955,384 77,985 6,292,888 - 34,785 (2,502,062) 4,858,980
Comprehensive income for the period
Loss for the period - - - (864,775) (864,775)
- -
Total comprehensive loss for the period - - - (864,775) (864,775)
- -
As at 31 March 2024 955,384 6,292,888 - 34,785 (3,366,837) 3,994,205
77,985
Consolidated Statement of Cash Flows
for the period ended 31 March 2024
6-month period 6-month period
to 31 March to 31 March
2024 2023
(Unaudited) (Unaudited)
Note £ £
Cash flow from operating activities
Loss after tax (864,775) (656,205)
Tax expense - 7,147
Depreciation 55,786 52,752
Interest received (33) -
Changes in working capital:
(Decrease) / increase in trade and other payables (55,548) 166,512
Increase in receivables (11,168) (50,846)
Increase in inventory (22,731) (18,444)
Net cash used in operating activities (898,469) (499,084)
Cash flow from investing activities
Acquisition of plant and equipment 8 (7,926) (63,060)
Interest received 33 -
Net cash from investing activities (7,893) (63,060)
Cash flow from financing activities
Issue of shares 16 - 57,500
Costs of share issues 16 - (171,440)
Repayment of lease liabilities 15 (38,936) (36,994)
Net cash used in financing activities (38,936) (150,934)
Net cash flow for the period (945,298) (713,078)
Cash and cash equivalents at beginning of the period 11 2,319,061 1,061,529
Cash and cash equivalents at end of the period 11 1,373,763 348,451
1. Accounting policies
Basis of preparation of Interim Financial Statements
The Interim Consolidated Financial Statements have been prepared in accordance
with IAS 34 "Half Year Financial Reporting" as it applies in the United
Kingdom and the Disclosure and Transparency Rules of the Financial Conduct
Authority. These Interim Financial Statements do not comprise statutory
accounts within the meaning of section 434 of the Companies Act 2006, do not
include all the notes of the type normally included in an annual financial
report and have not been audited or reviewed by the auditors pursuant to the
Financial Reporting Council guidance on Review of Interim Financial
Information. Accordingly, this report should be read in conjunction with the
annual report for the year ended 30 September 2023 (the "Annual Report and
Consolidated Financial Statements"), which has been prepared in accordance
with UK-adopted International Accounting Standards in conformity with the
requirements of the Companies Act 2006.
The Annual Consolidated Financial Statements constitute statutory accounts as
defined in section 434 of the Companies Act 2006 and a copy of these statutory
accounts has been delivered to the Registrar of Companies. The auditor's
report on those statutory accounts was unqualified, drew attention to a
material uncertainty in relation to going concern by way of emphasis, and did
not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The accounting policies adopted in the preparation of the Interim Consolidated
Financial Statements are consistent with those used to prepare the
Consolidated Financial Statements for the year ended 30 September 2023 and
those applicable for the year ended 30 September 2024. The preparation of
these Interim Consolidated Financial Statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates. In preparing
these Interim Financial Statements, the significant judgements made by
management in applying the accounting policies and the key sources of
estimation uncertainty were the same as those that applied to the Annual
Consolidated Financial Statements described above.
The Interim Consolidated Financial Statements have been prepared on a going
concern basis, under the historical cost convention.
2. Going concern
The Group had cash of £1.37 million as at 31 March 2024. On the basis of the
Group's cash position and forecasts, the Board considers the Group to have
sufficient resources to remain in operational existence for the foreseeable
future.
3. Revenue
6-month period ended 31 March 2024 (Unaudited) 6-month period ended 31 March 2023 (Unaudited)
£ £
Proof of concept revenues 54,000 -
Consumable sales 295 -
54,295 -
4. Grant income
6-month period ended 31 March 2024 (Unaudited) 6-month period ended 31 March 2023 (Unaudited)
£ £
Grant income 3,779 84,926
3,779 84,926
5. Administrative expenses
6-month period ended 31 March 2024 (Unaudited) 6-month period ended 31 March 2023 (Unaudited)
£ £
Legal and professional fees 198,175 136,676
Consulting fees 116,223 - 126,150
Accounting and tax fees 5,490 7,369
Directors' remuneration (see below) 121,402 95,192
Staff costs 225,676 - 149,381
Service charges - BSF International Limited (Note 16) 30,000 30,000
Purchase of consumables - 35,955
Marketing 12,623 - 5,310
Bank charges 1,937 448
Depreciation 55,786 52,752
Property costs 19,502 20,128
Travel and accommodation 50,034 27,911
Other 56,430 41,163
893,278 728,435
Directors' remuneration
6-month period ended 31 March 2024 (Unaudited) 6-month period ended 31 March 2023 (Unaudited)
Executive Directors £ £
Dr Che Connon 55,402 50,192
Non-executive Directors -
Geoff Baker 36,000 15,000
Min Yang 15,000 15,000
Dennis Ow 15,000 15,000
121,402 95,192
6. Taxation
The charge for the period is made up as follows:
6-month period ended 31 March 2024 (Unaudited) 6-month period ended 31 March 2023 (Unaudited)
£ £
Current tax
Research and development tax credit - -
Deferred tax
Deferred tax expense - 7,147
Tax charge for the period - 7,147
The movements in tax receivable balances are summarised as follows:
6-month period ended 31 March 2024 (Unaudited) Year ended 30 September 2023 Audited
£ £
Balance brought forward - 33,950
Received - (33,950)
Balance carried forward - -
Deferred tax:
The movements in deferred tax liabilities are summarised as follows:
6-month period ended 31 March 2024 (Unaudited) Year ended 30 September 2023 Audited
£ £
Balance brought forward (19,956) (13,963)
Deferred tax expense - (5,993)
Balance carried forward (19,956) (19,956)
7. Earnings per share
The calculation of earnings per share is based on the following loss and
number of shares:
6-month period ended 31 March 2024 (Unaudited) 6-month period ended 31 March 2023 (Unaudited)
Loss for the period from continuing operations £(864,775) £(656,206)
Weighted average shares in issue 103,336,937 86,280,375
Earnings per share (in pence) (0.84p) (0.76p)
The Company presents basic and diluted loss per share information for its
ordinary shares. Basic loss per share is calculated by dividing the loss
attributable to ordinary shareholders of the Company by the weighted average
number of ordinary shares in issue during the reporting period. Diluted
earnings per share are determined by adjusting the profit or loss attributable
to ordinary shareholders and the weighted average number of ordinary shares
outstanding for the effects of all dilutive potential ordinary shares.
There is no difference between the basic and diluted earnings per share, as
the Company's outstanding warrants are anti-dilutive.
8. Property, plant and equipment
Plant and equipment 6-month period ended 31 March 2024 (Unaudited) Year ended 30 September 2023 Audited
£ £
Cost:
Balance brought forward 145,762 80,914
Additions 7,926 64,848
Balance carried forward 153,688 145,762
-
Depreciation:
Balance brought forward 40,730 7,426
Charge for the period 17,906 33,304
Balance carried forward 58,636 40,730
-
Net book value:
As at period / year end 95,052 105,032
9. Right-of-use assets
Land and buildings 6-month period ended 31 March 2024 (Unaudited) Year ended 30 September 2023 Audited
£ £
Cost:
Balance brought forward 237,656 237,656
Additions - -
Balance carried forward 237,656 237,656
-
Depreciation:
Balance brought forward 89,855 14,096
Charge for the period 37,880 75,759
Balance carried forward 127,735 89,855
Net book value:
As at period / year end 109,921 147,801
10. Intangible assets
Goodwill of £2,485,290 relating to the acquisition of 3DBT was allocated to
the 3DBT business and represents a Cash Generating Unit ("CGU"). Management
considers that that there are no events or changes in circumstances which
would indicate that the carrying amount of goodwill may not be recoverable.
Accordingly, no impairment has been recognised.
11. Cash and cash equivalents
As at 31 March As at 30 September 2023 (Audited)
2024 (Unaudited)
£ £
Cash at bank 1,373,763 2,319,061
Total cash balances of £34,314 are denominated in Hong Kong Dollars. All
other bank balances are denominated in Sterling. The Directors consider that
the carrying value of cash and cash equivalents represents their fair value.
12. Receivables and prepayments
As at 31 March As at 30 September 2023 (Audited)
2024 (Unaudited)
£ £
Trade receivables 4,215 11,917
Prepayments 37,965 15,075
Amounts receivable on issue of restricted shares 77,985 77,985
Vat recoverable 48,583 52,603
Other receivables 32 32
168,780 157,612
13. Inventories
As at 31 March As at 30 September 2023 (Audited)
2024 (Unaudited)
£ £
Raw materials and laboratory consumables 68,542 45,811
68,542 45,811
14. Trade and other payables
As at 31 March As at 30 September 2023 (Audited)
2024 (Unaudited)
Current: £ £
Trade payables 27,661 90,594
Accruals 80,567 76,170
108,228 166,764
15. Lease liabilities
Land and buildings 6-month period ended 31 March 2024 (Unaudited) Year ended 30 September 2023 Audited
£ £
Balance brought forward 156,933 231,879
Additions - -
Lease payments (38,936) (74,946)
Balance carried forward 117,997 156,933
The finance expense recognised in respect of these leases amounted to £3,607
in the period ended 31 March 2024 (period ended 31 March 2023: £5,550).
The maturity of lease liabilities is as follows:
Land and buildings As at 31 March As at 30 September 2023 (Audited)
2024 (Unaudited)
£ £
Non-current liabilities 37,066 78,051
Current liabilities 80,931 78,883
Right-of-use lease liabilities 117,997 156,934
16. Share capital and share premium
Number of shares Share Share premium
capital
Issued Ordinary shares of £0.01 each £ £
At 30 September 2023 103,336,937 1,033,369 6,292,888
Issue of Ordinary shares - - -
As at 31 March 2024 103,336,937 1,033,369 6,292,888
Issue and fully paid 95,538,446 955,384 6,292,888
Issued and unpaid 7,798,491 77,985 -
As at 31 March 2024 103,336,937 1,033,369 6,292,888
17. Related party transactions
a) Geoff Baker and Min Yang are directors of both BSF Enterprise plc and
BSF International Limited. Both Geoff Baker and Min Yang who are directors of
3DBT and are directors of BSF Angel Funding Limited which is a shareholder in
the Company.
b) Key management are considered to be the directors and their
remuneration is disclosed in Note 4 above.
c) BSF International Limited, a shareholder in BSF Angel Funding Limited,
provided accounting support and other administration services to the Group
during the period ended 31 March 2024 totalling £30,000 (2023: £30,000).
18. Subsequent events
The Company has evaluated subsequent events and determined that there have
been no events that have occurred that would require adjustments to our
disclosures in these interim financial statements.
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