Company registration number: 14690170
Unaudited financial statements
for the period ended 29 February 2024
for
Gitlife Biotech Ltd
Pages for filing with the Registrar
Company registration number: 14690170
Gitlife Biotech Ltd
Balance sheet
as at 29 February 2024
Note £ £
Fixed assets
Intangible assets 4 1,615
Tangible assets 5 809
2,424
Current assets
Debtors 36,992
Cash at bank and in hand 316,720
353,712
Creditors: amounts falling due within
one year
(50,033)
Net current assets 303,679
Total assets less current liabilities 306,103
NET ASSETS 306,103
Capital and reserves
Called up share capital 108
Share premium account 510,064
Profit and loss account (204,069)
TOTAL EQUITY 306,103
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the period ended 29 February 2024.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 14690170
Gitlife Biotech Ltd
Balance sheet - continued
as at 29 February 2024
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 1 October 2024 and signed on its behalf by:
Mr A Orr Ewing, Director
1 October 2024
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Gitlife Biotech Ltd
Notes to the financial statements
for the period ended 29 February 2024
1 Company information
The company is registered in England and Wales. Its registered number is 14690170. The company is limited by shares. Its registered office is 3rd Floor Maybrook House, 27-35 Grainger Street, Newcastle Upon Tyne, NE1 5JE.
2 Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section 1A “Small Entities” and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Patents & licences - 15 years on straight line basis
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc.:
Computer equipment - 3 years on straight line basis
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the period the average number of employees was 3.
3
Gitlife Biotech Ltd
Notes to the financial statements - continued
for the period ended 29 February 2024
4 Intangible assets
Other
intangible
assets
£
Cost
Additions 1,660
At 29 February 2024 1,660
Amortisation
Charge for period 45
At 29 February 2024 45
Net book value
At 29 February 2024 1,615
5 Tangible fixed assets
Plant and
machinery
etc.
£
Cost
Additions 940
At 29 February 2024 940
Depreciation
Charge for period 131
At 29 February 2024 131
Net book value
At 29 February 2024 809
6 Called up share capital
Allotted, issued, and fully paid:



Number Class Nominal 2024
4