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Registered number: 08146622










GELMETIX LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
GELMETIX LIMITED
REGISTERED NUMBER: 08146622

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
455,687
455,687

  
455,687
455,687

Current assets
  

Debtors: amounts falling due within one year
 6 
9,624
285,467

Cash at bank and in hand
  
80,460
432,689

  
90,084
718,156

Creditors: amounts falling due within one year
 7 
(2,340)
(311,204)

Net current assets
  
 
 
87,744
 
 
406,952

Total assets less current liabilities
  
543,431
862,639

Creditors: amounts falling due after more than one year
 8 
(989,811)
(800,916)

  

Net (liabilities)/assets
  
(446,380)
61,723


Capital and reserves
  

Called up share capital 
 10 
264,306
264,306

Share premium account
  
11,592,098
11,592,098

Profit and loss account
  
(12,302,784)
(11,794,681)

  
(446,380)
61,723


Page 1

 
GELMETIX LIMITED
REGISTERED NUMBER: 08146622

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 statement of comprehensive income 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: 



A Weymann
Director
Date: 5 May 2025

Page 2

 
GELMETIX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Gelmetix Limited is a private company, limited by shares, registered in England and Wales, registration number 08146622. The registered office is Askwith Business Services Parkside House, 17 East Parade, Harrogate, HG1 5LF.

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 directors consider it appropriate to adopt the going concern basis of accounting in preparing the year-end accounts to December 2024.
A material uncertainty exists in the ability of the Company to raise sufficient additional capital to allow research to continue beyond the next few months. In mitigation, the Company has ensured that debts have been repaid and overheads have been reduced, including the closure of now dormant subsidiaries in France and Australia. The majority of remaining creditors are confirmed not to be due within 12 months of the approval of the financial statements, being subject to agreements for settlement by shares and considered in terms of the value of intangbile IP assets, rather than cash. 
Based on their assessment of the available information, the Directors have a reasonable expectation that the Company will be able to continue operating and meet its liabilities as they fall due for the foreseeable future, with any material uncertainties regarding this assessment being clearly disclosed.

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.4

Interest income

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

Page 3

 
GELMETIX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

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.

Depreciation is provided on the following basis:

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.

Page 4

 
GELMETIX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Investment in subsidiary

The results of the Company includes its share of the subsidiaries results accounted for under the equity method.
A subsidiary is an entity controlled by the group Gelmetix Ltd. Gelmetix Ltd owns 100% shares in the subsidiary in France, "Gelmetix (Gelexir) SAS" and 100% in a subsidiary in Australia, "Glemetix Australia Pvt. Limited". The results of the subsidiaries are included in the P & L account from the date of its acquisition.

 
2.10

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.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term 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.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 8).






Page 5

 
GELMETIX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Intangible assets




Development expenditure

£



Cost


At 1 January 2024
455,687



At 31 December 2024

455,687






Net book value



At 31 December 2024
455,687



At 31 December 2023
455,687




5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2024
7,904



At 31 December 2024

7,904



Depreciation


At 1 January 2024
7,904



At 31 December 2024

7,904



Net book value



At 31 December 2024
-



At 31 December 2023
-

Page 6

 
GELMETIX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Debtors

2024
2023
£
£


Other debtors
9,624
266,755

Prepayments and accrued income
-
18,712

9,624
285,467



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
145
241

Bank loans
-
65,000

Trade creditors
2,195
160,212

Other taxation and social security
-
3,474

Other creditors
-
74,769

Accruals and deferred income
-
7,508

2,340
311,204



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
154,888

Trade creditors
989,811
646,028

989,811
800,916


Page 7

 
GELMETIX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
65,000


-
65,000

Amounts falling due 1-2 years

Bank loans
-
154,888


-
154,888



-
219,888


This loan has no tangible security but is subject to a letter of comfort from Gelmetix Limited. The loan has been fully repaid in the year.


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



264,306 (2023 - 264,306) Ordinary shares of £1.00 each
264,306
264,306



11.


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 £1,738 (2023 - £4,080) . Contributions totalling £0 (2023 - £769) were payable to the fund at the balance sheet date and are included in creditors.

Page 8

 
GELMETIX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Related party transactions

Consultancy fees & travel expenses were invoiced by the Company to Celva GMBH, an entity which Andy Weymann controls, of £220,000 (2023: £247,576). The amount outstanding at the balance sheet date is £600,000 (2023: £384,886).
Consultancy fees & travel expenses were invoiced by the Company to TBD.SAL, an entity which Rached Sami Bakri controls, of £12,500 (2023: £66,667). The amount outstanding at the balance sheet date is £176,167 (2023: £163,667).
Bradley Jay Cannon, a director of the Company, invoiced the Company £nil (2023: £24,000) for consultancy fees. The amount outstanding at the balance sheet date is £32,000 (2023: £32,000).
Paula Ness Speers, a director of the Company, invoiced the Company £nil (2023: £24,000) fpr  consultancy fees. The amount outstanding at the balance sheet date is £28,000 (2023: £28,000). Paula Ness Speers resigned as a director on 17 September 2024.
Michael Fiore, a director of the Company, invoiced the Company £68,000 (2023: £13,000) for consultancy fees. The amount outstanding at the balance sheet date is £107,000 (2023: £39,000).                            


13.


Controlling party

The directors do not consider there to be one controlling party.


Page 9