Geneform Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 61 London Road, Maidstone, Kent, England, ME16 8TX.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The company is no longer deemed to be a going concern by management, therefore these financial statements are prepared on a break-up basis.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the company during the year was:
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report for the year was unqualified.
Emphasis of matter
Geneform Technologies Limited is owned by Aidian Oy, formerly known as Orion Diagnostica Oy. The registered office address of Aidian Oy is Koivu-Mankkaan tie 6 B, P.O.Box 83, 02101 Espoo, Finland. The ultimate controlling party is Axel och Margaret Ax:son Johnsons stiftelse (The Axel and Margaret Ax:son Johnson Foundation), a private foundation based in Sweden.
The exemption has been used regarding transactions between a parent and a wholly-owned subsidiary in accordance with FRS 102 paragraph 33.1A in relation to related party disclosures.
Income levels did not achieve expectations and due to alternative technology advances there appears to be no realistic prospect of the patented technology generating sufficient income for the company to pay it's own costs. The parent company will no longer continue to support the company to the same level financially and so the directors have taken the view that the company can no longer be considered to be a going concern. The accounts have therefore been prepared on a break up basis and appropriate adjustments have been made to move the company towards becoming dormant.