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Registered number: 09939477









GEN2 NEUROSCIENCE LTD








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

 
GEN2 NEUROSCIENCE LTD
 
 
COMPANY INFORMATION


Directors
Dr F J Livesey 
Dr E A Scraggs 
Dr J M Treherne 




Registered number
09939477



Registered office
Slater Heelis
86 Deansgate

Manchester

M3 2ER




Accountants
Lakin Rose Limited
Chartered Accountants

Cambridge House

Camboro Business Park

Girton

Cambridge

CB3 0QH





 
GEN2 NEUROSCIENCE LTD
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 7


 
GEN2 NEUROSCIENCE LTD
REGISTERED NUMBER: 09939477

BALANCE SHEET
AS AT 31 JANUARY 2025

2025
2024
                                                                         Note
£
£

Fixed assets
  

Tangible assets
 4 
295
850

  
295
850

Current assets
  

Debtors: amounts falling due within one year
 5 
2,275
15,644

Cash at bank and in hand
  
4,390
5,090

  
6,665
20,734

Creditors: amounts falling due within one year
 6 
(2,841,106)
(2,839,541)

Net current liabilities
  
 
 
(2,834,441)
 
 
(2,818,807)

Total assets less current liabilities
  
(2,834,146)
(2,817,957)

  

Net liabilities
  
£(2,834,146)
£(2,817,957)


Capital and reserves
  

Called up share capital 
  
285
285

Other reserves
 7 
95,627
95,627

Profit and loss account
 7 
(2,930,058)
(2,913,869)

  
£(2,834,146)
£(2,817,957)


Page 1

 
GEN2 NEUROSCIENCE LTD
REGISTERED NUMBER: 09939477
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2025

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 on 7 May 2025.


Dr E A Scraggs
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
GEN2 NEUROSCIENCE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.


General information

Gen2 Neuroscience Ltd ("the company") is a private company limited by shares and is incorporated in England and Wales.
Its registered office is Slater Heelis, 86 Deansgate, Manchester, M3 2ER.

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 financial statements have been prepared on the going concern basis which assumes that the company will continue as a going concern for the foreseeable future.  The validity of this assumption depends on the company continuing to have finance available. The directors remain confident that such finance will continue to be available and accordingly believe it appropriate to prepare the financial statements on the going concern basis.

 
2.3

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 3

 
GEN2 NEUROSCIENCE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.4

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.


  
2.5

Research and development

Research and development expenditure is recognised in the statement of comprehensive income in the period in which it is incurred.

 
2.6

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:

Plant and machinery
-
20%
straight line
Office equipment
-
33%
reducing balance

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

 
GEN2 NEUROSCIENCE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.7

Convertible debt

The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components and presented separately in the balance sheet.

The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.

The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.

Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.

This arrangement was changed in April 2020 from a convertible debt to a non-convertible debt and will only become repayable by the Company once specified conditions are met.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2024 - 2).

Page 5

 
GEN2 NEUROSCIENCE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 February 2024
67,539
3,505
71,044



At 31 January 2025

67,539
3,505
71,044



Depreciation


At 1 February 2024
67,539
2,655
70,194


Charge for the year on owned assets
-
555
555



At 31 January 2025

67,539
3,210
70,749



Net book value



At 31 January 2025
£-
£295
£295



At 31 January 2024
£-
£850
£850

Page 6

 
GEN2 NEUROSCIENCE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

5.


Debtors

2025
2024
£
£


Other debtors
301
8,567

Prepayments and accrued income
739
-

Tax recoverable
1,235
7,077

£2,275
£15,644



6.


Creditors: Amounts falling due within one year

2025
2024
£
£

Other loans
2,775,000
2,775,000

Trade creditors
405
58,147

Other taxation and social security
-
424

Other creditors
63,917
4,270

Accruals and deferred income
1,784
1,700

£2,841,106
£2,839,541



7.


Reserves

Other reserves

An equity reserve of £95,627 (2024 - £95,627) has been recognised, which is the equity component of convertible debt, net of applicable costs.


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 £5 (2024 - £13). Contributions totalling £nil (2024 - £3) were payable to the fund at the balance sheet date and are included in creditors.

Page 7