Acorah Software Products - Accounts Production 16.0.110 false true true 30 June 2023 1 July 2022 false 10 January 2025 1 July 2023 30 June 2024 30 June 2024 12392992 Prof Sir Shankar Balasubramanian Mr Dan McHugh Dr Bobby Yerramilli-Rao Mbm Secretarial Services Limited iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12392992 2023-06-30 12392992 2024-06-30 12392992 2023-07-01 2024-06-30 12392992 frs-core:CurrentFinancialInstruments 2024-06-30 12392992 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 12392992 frs-core:OtherResidualIntangibleAssets 2024-06-30 12392992 frs-core:OtherResidualIntangibleAssets 2023-07-01 2024-06-30 12392992 frs-core:OtherResidualIntangibleAssets 2023-06-30 12392992 frs-core:PlantMachinery 2024-06-30 12392992 frs-core:PlantMachinery 2023-07-01 2024-06-30 12392992 frs-core:PlantMachinery 2023-06-30 12392992 frs-core:OtherReservesSubtotal 2024-06-30 12392992 frs-core:SharePremium 2024-06-30 12392992 frs-core:ShareCapital 2024-06-30 12392992 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 12392992 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 12392992 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 12392992 frs-bus:SmallEntities 2023-07-01 2024-06-30 12392992 frs-bus:Audited 2023-07-01 2024-06-30 12392992 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 12392992 frs-bus:Director1 2023-07-01 2024-06-30 12392992 frs-bus:Director2 2023-07-01 2024-06-30 12392992 frs-bus:Director3 2023-07-01 2024-06-30 12392992 frs-bus:CompanySecretary1 2023-07-01 2024-06-30 12392992 frs-countries:EnglandWales 2023-07-01 2024-06-30 12392992 2022-06-30 12392992 2023-06-30 12392992 2022-07-01 2023-06-30 12392992 frs-core:CurrentFinancialInstruments 2023-06-30 12392992 frs-core:OtherReservesSubtotal 2023-06-30 12392992 frs-core:SharePremium 2023-06-30 12392992 frs-core:ShareCapital 2023-06-30 12392992 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: 12392992
Genome Therapeutics Ltd
Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Statement of Financial Position 1
Notes to the Financial Statements 2—4
Page 1
Statement of Financial Position
Registered number: 12392992
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 47,000 53,000
Tangible Assets 5 37,397 48,408
84,397 101,408
CURRENT ASSETS
Debtors 6 471,242 268,640
Cash at bank and in hand 1,473,887 3,246,655
1,945,129 3,515,295
Creditors: Amounts Falling Due Within One Year 7 (322,472 ) (333,090 )
NET CURRENT ASSETS (LIABILITIES) 1,622,657 3,182,205
TOTAL ASSETS LESS CURRENT LIABILITIES 1,707,054 3,283,613
NET ASSETS 1,707,054 3,283,613
CAPITAL AND RESERVES
Called up share capital 8 114 106
Share premium account 4,699,365 4,291,439
Other reserves 481,077 2
Income Statement (3,473,502 ) (1,007,934 )
SHAREHOLDERS' FUNDS 1,707,054 3,283,613
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Dr Bobby Yerramilli-Rao
Director
10/01/2025
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Genome Therapeutics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12392992 . The registered office is Regent House, 316 Beulah Hill, London, SE19 3HF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The Directors have prepared forecasts covering the period to June 2026 and these show that additional funding is required within the next 12 months in order to support the continuing current and future business development. Further funding is expected to be received in 2025 based on the company achieving specified milestones. The Directors have no reason to believe the funding will not be made available but in the absence of formal agreements there can be no certainty on the availability, timing or quantum of this funding as at the date of approval of these financial statements. This creates a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern, as a minimum,for a period of at least 12 months from the date of approval of these financial statements.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are patents and licences. It is amortised to income statement over its estimated economic life of 10 years.
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:
Plant & Machinery: 20% reducing balance
Computer Equipment: 3 years straight line
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. 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 years 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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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2.7. Share-based Payments
The company provides share-based payment arrangements to certain employees. Equity-settled arrangements are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straightline basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.
2.8. Cash and Cash Equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 4)
6 4
4. Intangible Assets
Other
£
Cost
As at 1 July 2023 60,000
As at 30 June 2024 60,000
Amortisation
As at 1 July 2023 7,000
Provided during the period 6,000
As at 30 June 2024 13,000
Net Book Value
As at 30 June 2024 47,000
As at 1 July 2023 53,000
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 July 2023 55,017
Additions 1,535
As at 30 June 2024 56,552
Depreciation
As at 1 July 2023 6,609
Provided during the period 12,546
As at 30 June 2024 19,155
Net Book Value
As at 30 June 2024 37,397
As at 1 July 2023 48,408
Page 3
Page 4
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 471,242 268,640
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 225,748 220,462
Other creditors 69,220 101,130
Taxation and social security 27,504 11,498
322,472 333,090
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 114 106
9. Post Balance Sheet Events
On 18 October 2024 Genome Therapeutics Ltd (formerly Inflex Limited) issued 47,060 Series A preferred shares for cash consideration for the sum of $1 million.  It is deemed a non-adjusting event and does not impact the amounts recognised in the financial statements as of the reporting date.  No further events have occurred since the balance sheet date that would require adjustment or additional disclosure in these financial statements.
10. Audit Information
The auditors report on the account of Genome Therapeutics Ltd for the year ended 30 June 2024 was unqualified
The auditor's report was signed by Jayson Lawson (Senior Statutory Auditor) for and on behalf of Ensors Chartered Accountants , Statutory Auditor
Ensors Chartered Accountants
Chartered accountants & statutory auditors
Victory House, Vision Park, Chivers Way
Histon
Cambridge
CB24 9ZR
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