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COMPANY REGISTRATION NUMBER: 10496695
Gene Keys Publishing Ltd
Filleted Unaudited Financial Statements
31 March 2024
Gene Keys Publishing Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
150,665
57,619
Tangible assets
6
5,283
Investments
7
1
---------
--------
155,948
57,620
Current assets
Debtors
8
208,287
256,863
Cash at bank and in hand
707,755
422,846
---------
---------
916,042
679,709
Creditors: amounts falling due within one year
9
628,120
239,107
---------
---------
Net current assets
287,922
440,602
---------
---------
Total assets less current liabilities
443,870
498,222
---------
---------
Net assets
443,870
498,222
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
442,870
497,222
---------
---------
Shareholders funds
443,870
498,222
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 .
Gene Keys Publishing Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 8 November 2024 , and are signed on behalf of the board by:
Mr R Rudd
Director
Company registration number: 10496695
Gene Keys Publishing Ltd
Notes to the Financial Statements
Year ended 31 March 2024
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 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.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
33% straight line
Development costs
-
33% straight line
Patents, trademarks and licences
-
10% straight line
App Development
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 5 ).
5. Intangible assets
Goodwill
Development costs
Patents, trademarks and licences
App Development
Total
£
£
£
£
£
Cost
At 1 April 2023
10,000
173,900
183,900
Additions
52,628
14,352
109,342
176,322
--------
---------
--------
---------
---------
At 31 March 2024
10,000
226,528
14,352
109,342
360,222
--------
---------
--------
---------
---------
Amortisation
At 1 April 2023
10,000
116,281
126,281
Charge for the year
66,808
617
15,851
83,276
--------
---------
--------
---------
---------
At 31 March 2024
10,000
183,089
617
15,851
209,557
--------
---------
--------
---------
---------
Carrying amount
At 31 March 2024
43,439
13,735
93,491
150,665
--------
---------
--------
---------
---------
At 31 March 2023
57,619
57,619
--------
---------
--------
---------
---------
6. Tangible assets
Equipment
£
Cost
At 1 April 2023
Additions
6,196
-------
At 31 March 2024
6,196
-------
Depreciation
At 1 April 2023
Charge for the year
913
-------
At 31 March 2024
913
-------
Carrying amount
At 31 March 2024
5,283
-------
At 31 March 2023
-------
7. Investments
Shares in group undertakings
£
Cost
At 1 April 2023
1
Disposals
( 1)
----
At 31 March 2024
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
----
At 31 March 2023
1
----
8. Debtors
2024
2023
£
£
Trade debtors
21,106
22,556
Amounts owed by group undertakings and undertakings in which the company has a participating interest
114,808
90,900
Other debtors
72,373
143,407
---------
---------
208,287
256,863
---------
---------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
19,467
108,895
--------
---------
The other debtors falling due over one year, amounting to £108,895, relates to a deferred tax asset.
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
145,501
81,152
Amounts owed to group undertakings and undertakings in which the company has a participating interest
435,581
73,633
Social security and other taxes
37,947
35,217
Other creditors
9,091
49,105
---------
---------
628,120
239,107
---------
---------
10. Director's advances, credits and guarantees
The amount owed to the director totals £1,500. No interest is paid on the amounts owed by the company.
11. Controlling party
The parent company is Gene Keys Group Limited, whose registered address is 13 Freeland Park, Wareham Road, Poole, England BH16 6FA.