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Registered number: 06388971
Epi Genesys Limited
Directors' Report and
Financial Statements
For The Year Ended 31 July 2023
Contents
Page
Directors' Report 1—2
Independent Auditor's Report 3—5
Statement of Comprehensive Income 6
Statement of Financial Position 7
Statement of Changes in Equity 8
Notes to the Financial Statements 9—12
Page 1
Directors' Report
The directors present their report and the financial statements for the year ended 31 July 2023.
Principal Activity
The company is principally engaged as a consultant to develop bespoke software.
Review of the Business
The company reports a profit before tax for the year amounting to £22,415 (loss 2022: £34,272).
The trading results for the year and the company's financial position at the end of the year are shown in the attached Financial Statements.
Going concern
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The directors have prepared a medium term financial plan, including cashflow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of severe but plausible downsides, the company will have sufficient funds to meet its liabilities as they fall due for a period of 12 months from the date of approval of the financial statements.
The directors therefore continue to adopt the going concern basis in preparing the annual financial statements.
Directors
The directors who held office during the year were as follows:
Guy Brown
Peter Marsh
Christopher Murray
William Holcombe
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. 
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
  • assess the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and 
  • use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. 
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Page 1
Page 2
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Christopher Murray
Director
31 July 2024
Page 2
Page 3
Independent Auditor's Report
Opinion
We have audited the financial statements of Epi Genesys Limited (“the company”) for the year ended 31 July 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and related notes, including the accounting policies in note 1.
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 July 2023 and of its profit for the year then ended;
  • have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law.  Our responsibilities are described below.  We have fulfilled our ethical responsibilities under, and are independent of the company in accordance with, UK ethical requirements including the FRC Ethical Standard.  We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.
Conclusions Relating to Going Concern
The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the company or to cease its operations, and as they have concluded that the company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).
In our evaluation of the directors’ conclusions, we considered the inherent risks to the company’s business model and analysed how those risks might affect the company’s financial resources or ability to continue operations over the going concern period.
Our conclusions based on this work:
  • we consider that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate;
  • we have not identified, and concur with the directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for the going concern period.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the company will continue in operation.
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An Overview of the Scope of Our Audit
Fraud and breaches of laws and regulations – ability to detect
Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:
  • Enquiring of directors as to the Group’s high-level policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud.
  • Reading Board minutes.
We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.
As required by auditing standards, we perform procedures to address the risk of management override of controls, and the risk of fraudulent revenue recognition, in particular in particular the risk that management may be in a position to make inappropriate accounting entries to recognise income in the incorrect period. 
We did not identify any additional fraud risks.
In determining the audit procedures we took into account the results of our evaluation and testing of the operating effectiveness of some of the group-wide fraud risk management controls 
We also performed procedures including:
  • Identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted to cash that may be indicative of manipulation.
  • Agreeing a sample of income transactions posted at the year end to supporting evidence and bank records where possible to ensure the income has been recognised in the correct year.
Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.  
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.  
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.  
Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation.  We identified the following areas as those most likely to have such an effect: money laundering, anti-bribery and certain aspects of company legislation recognising the nature of the Company’s activities.  Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.  
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
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Opinions on Other Matters Prescribed by the Companies Act 2006
The directors are responsible for the directors’ report. Our opinion on the financial statements does not cover that report and we do not express an audit opinion thereon. 
Our responsibility is to read the directors’ report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work: 
  • we have not identified material misstatements in the directors’ report;
  • in our opinion the information given in that report for the financial year is consistent with the financial statements; and
  • in our opinion that report has been prepared in accordance with the Companies Act 2006.
Matters on Which We Are Required to Report by Exception
Under the Companies Act 2006 we are required to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us;
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or 
  • we have not received all the information and explanations we require for our audit; or
  • the directors were not entitled to take advantage of the small companies exemption from the requirements to prepare a strategic report
We have nothing to report in these respects.
Responsibilities of Directors
As explained more fully in their statement set out on page 1, the directors are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report.  Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.  Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. 
A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.
Use Of Our Report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose.  To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.
Richard Lee (Senior Statutory Auditor)
for and on behalf of KPMG LLP , Statutory Auditor
31 July 2024
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Statement of Comprehensive Income
2023 2022
Notes £ £
TURNOVER 714,730 508,786
Cost of sales - (9,900 )
GROSS PROFIT 714,730 498,886
Administrative expenses (692,644 ) (533,754 )
OPERATING PROFIT/(LOSS) 3 22,086 (34,868 )
Other interest receivable and similar income 329 596
PROFIT/(LOSS) BEFORE TAXATION 22,415 (34,272 )
Tax on Profit/(loss) 5 (4,557 ) 754
PROFIT/(LOSS) AFTER TAXATION BEING PROFIT/(LOSS) FOR THE FINANCIAL YEAR 17,858 (33,518 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 17,858 (33,518 )
All the activities of the company are from continuing operations.
The notes on pages 9 to 12 form part of these financial statements.
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Page 7
Statement of Financial Position
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 6 29,013 10,786
29,013 10,786
CURRENT ASSETS
Debtors 7 183,708 127,738
Cash at bank and in hand 646,528 583,227
830,236 710,965
Creditors: Amounts Falling Due Within One Year 8 (468,818 ) (353,735 )
NET CURRENT ASSETS (LIABILITIES) 361,418 357,230
TOTAL ASSETS LESS CURRENT LIABILITIES 390,431 368,016
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,254 ) (2,697 )
NET ASSETS 383,177 365,319
CAPITAL AND RESERVES
Called up share capital 10 1 1
Share premium account 9,999 9,999
Income Statement 373,177 355,319
SHAREHOLDERS' FUNDS 383,177 365,319
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Christopher Murray
Director
31 July 2024
The notes on pages 9 to 12 form part of these financial statements.
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Page 8
Statement of Changes in Equity
Share Capital Share Premium Income Statement Total
£ £ £ £
As at 1 August 2021 1 9,999 388,837 398,837
Loss for the year and total comprehensive income - - (33,518 ) (33,518)
As at 31 July 2022 and 1 August 2022 1 9,999 355,319 365,319
Profit for the year and total comprehensive income - - 17,858 17,858
As at 31 July 2023 1 9,999 373,177 383,177
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Notes to the Financial Statements
1. General Information
Epi Genesys Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06388971 . The registered office is The Innovation Centre, 217 Portobello, Sheffield, S1 4DP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared using the historical cost convention except that as disclosed
in the accounting policies certain items are shown at fair value. The accounts have been prepared in
accordance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland
and Companies Act 2006.

These financial statements are presented in sterling which is the functional currency of the company and
rounded to the nearest £.

The company has taken advantage of the exemption within FRS102 from preparing a statement of cash
flows.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis which the directors consider to be
appropriate for the following reasons.
The directors have prepared a medium term financial plan, including cashflow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of severe but plausible downsides, the company will have sufficient funds to meet its liabilities as they fall due for a period of 12 months from the date of approval of the financial statements.
The directors therefore continue to adopt the going concern basis in preparing the annual financial
statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 50%, 33.33%, 25% and 20% straight line
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.7. Disclosure Exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of The University of Sheffield which can be obtained from The University of Sheffield, Firth Court, Western Bank, Sheffield, S10 2TN. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) Disclosures in respect of share-based payments have not been presented.
(e) No disclosure has been given for the aggregate remuneration of key management personnel.
3. Operating Profit/(loss)
The operating profit/(loss) is stated after charging:
2023 2022
£ £
Depreciation of tangible fixed assets 8,490 8,259
4. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2022: 12)
13 12
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5. Tax on Profit
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 21.0% 19.0% - (501 )
Deferred Tax
Origination and reversal of timing differences 4,557 (253 )
Total tax charge for the period 4,557 (754 )
2023 2022
£ £
Profit before tax 22,415 (34,272)
Breakdown of tax charge is:
Tax on profit at 21% (UK standard rate) 4,709 (6,512 )
Capital allowances (281 ) (412 )
Difference in tax rates 728 (2,187 )
Tax losses for which no deferred tax was recognised (599 ) 8,858
Current tax from unrecognised timing difference from a prior period - (501 )
Total tax charge for the period 4,557 (754)
6. Tangible Assets
Computer Equipment
£
Cost
As at 1 August 2022 73,919
Additions 26,717
Disposals (308 )
As at 31 July 2023 100,328
Depreciation
As at 1 August 2022 63,133
Provided during the period 8,490
Disposals (308 )
As at 31 July 2023 71,315
Net Book Value
As at 31 July 2023 29,013
As at 1 August 2022 10,786
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7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 26,400 12,420
Prepayments and accrued income 127,893 4,827
Corporation tax recoverable assets - 501
Amounts owed by group undertakings 29,415 109,990
183,708 127,738
Amounts owed by group undertakings adhere to normal commercial business terms.
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,322 1,299
Corporation tax - 501
Other taxes and social security 26,945 18,315
Other creditors 38,809 22,587
Accruals and deferred income 401,742 311,003
Amounts owed to group undertakings - 30
468,818 353,735
Amounts owed to group undertakings adhere to normal commercial business terms.
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 August 2022 2,697 2,697
Origination and reversal of timing differences 4,557 4,557
Balance at 31 July 2023 7,254 7,254
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
11. Related Party Transactions
Financial Reporting Standard 102 applies to all financial statements that are intended to give a true and fair view of a reporting entity's financial position and profit or loss (or income and expenditure) for a period. FRS102 section 33.1A does not, however, require disclosure of transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.

As the company is a wholly owned subsidiary of the University of Sheffield the company has taken advantage of the exemption.
12. Ultimate Controlling Party
The ultimate parent undertaking of this company is the University of Sheffield . The largest and smallest group of undertakings for which group accounts have been drawn up, including the company, is that headed by the University of Sheffield. The consolidated accounts of this institution are available to the public and may be obtained from the University of Sheffield, Firth Court, Western Bank, Sheffield, S10 2TN.
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