Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-3120The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrue2024-01-01falseThe principal activity of the Company continued to be that of the research and development of DNA sequencing and molecular biology.18false 09132514 2024-01-01 2024-12-31 09132514 2023-01-01 2023-12-31 09132514 2024-12-31 09132514 2023-12-31 09132514 c:Director1 2024-01-01 2024-12-31 09132514 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 09132514 d:Buildings d:LongLeaseholdAssets 2024-12-31 09132514 d:Buildings d:LongLeaseholdAssets 2023-12-31 09132514 d:FurnitureFittings 2024-01-01 2024-12-31 09132514 d:FurnitureFittings 2024-12-31 09132514 d:FurnitureFittings 2023-12-31 09132514 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 09132514 d:OfficeEquipment 2024-01-01 2024-12-31 09132514 d:OfficeEquipment 2024-12-31 09132514 d:OfficeEquipment 2023-12-31 09132514 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 09132514 d:ComputerEquipment 2024-01-01 2024-12-31 09132514 d:ComputerEquipment 2024-12-31 09132514 d:ComputerEquipment 2023-12-31 09132514 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 09132514 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 09132514 d:CurrentFinancialInstruments 2024-12-31 09132514 d:CurrentFinancialInstruments 2023-12-31 09132514 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 09132514 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09132514 d:ShareCapital 2024-12-31 09132514 d:ShareCapital 2023-12-31 09132514 d:SharePremium 2024-12-31 09132514 d:SharePremium 2023-12-31 09132514 d:RetainedEarningsAccumulatedLosses 2024-12-31 09132514 d:RetainedEarningsAccumulatedLosses 2023-12-31 09132514 c:OrdinaryShareClass1 2024-01-01 2024-12-31 09132514 c:OrdinaryShareClass1 2024-12-31 09132514 c:OrdinaryShareClass1 2023-12-31 09132514 c:FRS102 2024-01-01 2024-12-31 09132514 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 09132514 c:FullAccounts 2024-01-01 2024-12-31 09132514 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 09132514 2 2024-01-01 2024-12-31 09132514 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09132514









CS GENETICS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
CS GENETICS LIMITED
REGISTERED NUMBER: 09132514

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
160,343
188,343

  
160,343
188,343

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
536,853
734,785

Cash at bank and in hand
  
77,525
241,278

  
614,378
976,063

Creditors: amounts falling due within one year
 6 
(15,860,231)
(11,687,898)

NET CURRENT LIABILITIES
  
 
 
(15,245,853)
 
 
(10,711,835)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(15,085,510)
(10,523,492)

  

NET LIABILITIES
  
(15,085,510)
(10,523,492)


CAPITAL AND RESERVES
  

Called up share capital 
 7 
1,058
1,058

Share premium account
  
443,190
443,190

Profit and loss account
  
(15,529,758)
(10,967,740)

  
(15,085,510)
(10,523,492)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Page 1

 
CS GENETICS LIMITED
REGISTERED NUMBER: 09132514
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






L B Edelman
Director

Date: 4 February 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
CS GENETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

CS Genetics Limited is a private company limited by shares incorporated in England and Wales.  Its registered office is Botanic House, 100 Hills Road, Cambridge, CB2 1PH.  The principal place of business is Cambridge Science Park, Cambridge, CB4 0GW.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Company incurred a loss for the year and had net liabilities of £15,125,659 (2023 - £10,523,492) as at 31 December 2024.
The Company is dependent on support from its parent company while it continues to prove its technology through research and development activities, in order that in the future it can use the technology to generate significant net cash inflows. The Company is expected to continue to be loss making and in a net cash outflow position in the near future as it progresses its activities.
The directors have prepared cash flow forecasts for the foreseeable future for the Group, which show that the Group has sufficient cash resources, taking into account anticipated future funding receipts, to fund its current and projected level of expenditure for the foreseeable future.
Having considered the above factors, the directors are confident that the Company will be able to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of the financial statements, and accordingly the financial statements have been prepared on a going concern basis.

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
CS GENETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
CS GENETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and on a reducing balance basis..

Depreciation is provided on the following basis:

Leasehold improvements
-
over lease term
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
33%
straight line
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

DEBTORS

Short-term debtors are measured at transaction price, less any impairment.

Page 5

 
CS GENETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.13

RESEARCH AND DEVELOPMENT

Research and development expenditure is written off in the year in which it is incurred.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 20 (2023 - 18).


4.


TANGIBLE FIXED ASSETS





Leasehold improvements
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



COST 


At 1 January 2024
-
351,111
6,304
57,747
415,162


Additions
16,415
19,034
4,941
275
40,665



At 31 December 2024

16,415
370,145
11,245
58,022
455,827



DEPRECIATION


At 1 January 2024
-
181,038
3,990
41,791
226,819


Charge for the year on owned assets
9,380
44,857
2,432
11,996
68,665



At 31 December 2024

9,380
225,895
6,422
53,787
295,484



NET BOOK VALUE



At 31 December 2024
7,035
144,250
4,823
4,235
160,343



At 31 December 2023
-
170,073
2,314
15,956
188,343


5.


DEBTORS

2024
2023
£
£

Page 6

 
CS GENETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.DEBTORS (CONTINUED)


Trade debtors
23,839
-

Other debtors
463,070
682,446

Prepayments and accrued income
49,944
52,339

536,853
734,785



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
90,753
126,424

Amounts owed to group undertakings
15,628,178
11,548,457

Other taxation and social security
66,091
-

Other creditors
609
609

Accruals and deferred income
74,600
12,408

15,860,231
11,687,898



7.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



105,839 (2023 - 105,839) Ordinary shares of £0.01 each
1,058
1,058



8.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to 126,006 (2023 - £97,973). Contributions totalling £609 (2023 - £609) were payable to the fund at the balance sheet date and are included in creditors.


9.OTHER FINANCIAL COMMITMENTS

Other financial commitments, guarantees and contingencies that are not included in the balance sheet amount to £20,840 (2023 - £432,208).

Page 7

 
CS GENETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


CONTROLLING PARTY

The parent undertaking of the group is GX Molecular Inc., a company incorporated in Delaware within the United States of America.

 
Page 8