Genetis Limited |
Notes to the Accounts |
for the year ended 31 December 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Going concern |
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The directors do not consider there to be a cause for material uncertainty in respect of the company's ability to continue as a going concern. The company has sufficient shareholder support to continue for the foreseeable future. Therefore the financial statements have been prepared on the going concern basis. |
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Foreign currency translation |
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Functional and presentation currency |
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The company's functional and presentational currency is Euros. |
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Transactions and balances |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Turnover |
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The company has no turnover during the year or in the preceding year. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Indra Raj Giri ACA, FCCA |
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Firm: |
Makesworth Audit Services Ltd |
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Date of audit report: |
16 September 2024 |
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3 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company (including the directors) |
3 |
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3 |
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4 |
Debtors |
2023 |
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2022 |
€ |
€ |
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Other debtors |
761 |
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582 |
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5 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
€ |
€ |
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Trade creditors |
24,266 |
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14,209 |
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Other creditors |
15 |
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- |
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24,281 |
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14,209 |
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6 |
Controlling party |
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The company's immediate parent company is Asclepius Therapeutics Ltd. |
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7 |
Other information |
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Genetis Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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100 Liverpool Street |
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London |
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EC2M 2AT |