Company registration number 13120196 (England and Wales)
GENLETICS LTD.
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2022
PAGES FOR FILING WITH REGISTRAR
GENLETICS LTD.
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
GENLETICS LTD.
BALANCE SHEET
AS AT
31 JANUARY 2022
31 January 2022
- 1 -
2022
Notes
£
£
Fixed assets
Intangible assets
3
2,560
Current assets
Debtors
4
2,975
Cash at bank and in hand
92,540
95,515
Creditors: amounts falling due within one year
5
(500)
Net current assets
95,015
Net assets
97,575
Capital and reserves
Called up share capital
6
1
Share premium account
99,985
Profit and loss reserves
(2,411)
Total equity
97,575

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 period ended 31 January 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 period 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 and signed by the director and authorised for issue on 12 September 2022
Dr A D Thomas
Director
Company Registration No. 13120196
GENLETICS LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2022
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 7 January 2021
-
0
99,985
-
0
99,985
Period ended 31 January 2022:
Loss and total comprehensive income for the period
-
-
(2,411)
(2,411)
Issue of share capital
6
1
-
0
-
1
Balance at 31 January 2022
1
99,985
(2,411)
97,575
GENLETICS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2022
- 3 -
1
Accounting policies
Company information

Genletics Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Sbarc/Spark 5.14/15, Maindy Road, Cardiff, CF24 4HQ.

1.1
Reporting period

These are the first financial statements since incorporation and therefore cover a period of approximately 55 weeks.

1.2
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 sterling, 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. The principal accounting policies adopted are set out below.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Trademark
0% on cost
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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GENLETICS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 4 -
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
Number
Total
1
3
Intangible fixed assets
Trademark
£
Cost
At 7 January 2021
-
0
Additions
2,560
At 31 January 2022
2,560
Amortisation and impairment
At 7 January 2021 and 31 January 2022
-
0
Carrying amount
At 31 January 2022
2,560
GENLETICS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2022
- 5 -
4
Debtors
2022
Amounts falling due within one year:
£
Other debtors
2,409
Deferred tax asset
566
2,975
5
Creditors: amounts falling due within one year
2022
£
Other creditors
500
6
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of 0.001p each
111,109
1

During the period 111,109 Ordinary shares of 0.001p were issued and fully paid.

7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
£
71,200
2022-01-312021-01-07false12 September 2022CCH SoftwareCCH Accounts Production 2022.100No description of principal activityDr A D ThomasDr Laura Sewell131201962021-01-072022-01-31131201962022-01-3113120196core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-01-3113120196core:CurrentFinancialInstrumentscore:WithinOneYear2022-01-3113120196core:ShareCapital2022-01-3113120196core:SharePremium2022-01-3113120196core:RetainedEarningsAccumulatedLosses2022-01-3113120196core:ShareCapital2021-01-0613120196core:SharePremium2021-01-0613120196core:RetainedEarningsAccumulatedLosses2021-01-0613120196bus:Director12021-01-072022-01-3113120196core:RetainedEarningsAccumulatedLosses2021-01-072022-01-3113120196core:ShareCapital2021-01-072022-01-3113120196core:SharePremium2021-01-072022-01-3113120196core:IntangibleAssetsOtherThanGoodwill2021-01-072022-01-3113120196core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2021-01-072022-01-3113120196core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2021-01-0613120196core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssets2021-01-072022-01-3113120196core:WithinOneYear2022-01-3113120196core:CurrentFinancialInstruments2022-01-3113120196bus:PrivateLimitedCompanyLtd2021-01-072022-01-3113120196bus:SmallCompaniesRegimeForAccounts2021-01-072022-01-3113120196bus:FRS1022021-01-072022-01-3113120196bus:AuditExemptWithAccountantsReport2021-01-072022-01-3113120196bus:CompanySecretary12021-01-072022-01-3113120196bus:FullAccounts2021-01-072022-01-31xbrli:purexbrli:sharesiso4217:GBP