Company No:
Contents
DIRECTORS | Mr N P Mehta |
Mr S Mehta | |
Dr D L C Solomon |
SECRETARY | Charmian Solomon |
REGISTERED OFFICE | 66 Prescot Street |
London | |
E1 8NN | |
United Kingdom |
BUSINESS ADDRESS | 84 Pembroke Road |
London | |
W8 6NX |
COMPANY NUMBER | 06739739 (England and Wales) |
CHARTERED ACCOUNTANTS | GRAVITA III LLP |
66 Prescot Street | |
London | |
E1 8NN | |
United Kingdom |
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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19,975 | 45,227 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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3,004,821 | 3,069,545 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (19,971) | (45,223) | ||
Total assets less current liabilities | 4 | 4 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Genethics Regulatory Services Limited (registered number:
Dr D L C Solomon
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Genethics Regulatory Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 66 Prescot Street, London, E1 8NN, United Kingdom. The principal place of business is 84 Pembroke Road, London, W8 6NX.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined benefit schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Plant and machinery etc. |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2022 |
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At 31 December 2022 |
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Accumulated depreciation | |||
At 01 January 2022 |
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Charge for the financial year |
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At 31 December 2022 |
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Net book value | |||
At 31 December 2022 |
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At 31 December 2021 |
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2022 | 2021 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Trade creditors |
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Other taxation and social security |
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Other creditors |
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At the reporting date the company owed £363,552 (2021: £363,972) to Chatfield Pharmaceuticals Limited. Dr D L C Solomon is a director of Chatfield Pharmaceuticals Limited. The amount being interest free and repayable upon demand.
At the reporting date the company owed £2,410,827 (2021: £2,459,555) to Genethics Europe Limited. Dr D L C Solomon has beneficial interests in Genethics Europe Limited. The amount being interest free and repayable upon demand.
At the reporting date the company owed £42,244 (2021: £42,244) to DDSA Pharmaceuticals Limited. Dr D L C Solomon is a director of DDSA Pharmaceuticals Limited. The amount being interest free and repayable upon demand.
At the reporting date the company was owed £2,710,312 (2020: £2,709,104) by Chelonia Healthcare Limited. Dr D L C Solomon has beneficial interests in Chelonia Healthcare Limited. The amount being interest free and repayable upon demand.