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COMPANY REGISTRATION NUMBER: 12945598
Gene Keys Ltd
Filleted Unaudited Financial Statements
31 March 2023
Gene Keys Ltd
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Gene Keys Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Current assets
Debtors
5
101,712
1
Creditors: amounts falling due within one year
6
103,441
---------
----
Net current (liabilities)/assets
( 1,729)
1
-------
----
Total assets less current liabilities
( 1,729)
1
-------
----
Net (liabilities)/assets
( 1,729)
1
-------
----
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 1,730)
-------
----
Shareholders (deficit)/funds
( 1,729)
1
-------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 September 2023 , and are signed on behalf of the board by:
Mr R Rudd
Director
Company registration number: 12945598
Gene Keys Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13 Freeland Park, Wareham Road, Poole, Dorset, BH16 6FA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Going concern
After reviewing the company's forecasts and projections, together with the parent company's support , the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Creditors
Short term trade 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Debtors
2023
2022
£
£
Trade debtors
1,588
Amounts owed by group undertakings and undertakings in which the company has a participating interest
73,633
1
Other debtors
26,491
---------
----
101,712
1
---------
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
28,995
Social security and other taxes
23,327
Other creditors
51,119
---------
----
103,441
---------
----
7. Controlling party
The parent company is Gene Keys Publishing Limited, whose registered address is 13 Freeland Park, Wareham Road, Poole, England, BH16 6FA.