Registered number: 08146622
GELMETIX LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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GELMETIX LIMITED
REGISTERED NUMBER: 08146622
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 1
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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:
Page 2
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GELMETIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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Basis of preparation of financial statements
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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:
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.
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.
Interest income is recognised in profit or loss using the effective interest method.
Page 3
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GELMETIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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.
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.
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:
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
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GELMETIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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.
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Cash and cash equivalents
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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.
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.
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.
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The average monthly number of employees, including directors, during the year was 5 (2023 - 8).
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Page 5
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GELMETIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 6
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GELMETIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Page 7
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GELMETIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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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.
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Allotted, called up and fully paid
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264,306 (2023 - 264,306) Ordinary shares of £1.00 each
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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
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GELMETIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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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).
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The directors do not consider there to be one controlling party.
Page 9
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