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COMPANY REGISTRATION NUMBER: 04349101
The Gensight Group Limited
Filleted Unaudited Financial Statements
31 January 2024
The Gensight Group Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
$
$
Fixed assets
Investments
3
2,426
2,426
Current assets
Cash at bank and in hand
649,604
875,566
Creditors: amounts falling due within one year
4
319,398
545,352
-----------
-----------
Net current assets
330,206
330,214
-----------
-----------
Total assets less current liabilities
332,632
332,640
-----------
-----------
Capital and reserves
Called up share capital
3,002,430
3,002,430
Capital redemption reserve
6
6
Profit and loss account
( 2,669,804)
( 2,669,796)
---------------
---------------
Shareholders funds
332,632
332,640
---------------
---------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Gensight Group Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 16 June 2025 , and are signed on behalf of the board by:
D C Munt
Director
Company registration number: 04349101
The Gensight Group Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Castle Business Village, Station Road, Hampton, Middlesex, TW12 2BX.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in US Dollars, which is the functional currency of the entity.
Foreign currency
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Going concern
In the year ended 31 January 2024 the company made a loss of ($8) (2023: ($578)) and had net assets of $332,632 (2023: $332,640). The directors have reviewed the trading performance and cash flows for the group and company, from 31 January 2024 to the date of approval of these financial statements, together with the trading and cash flow projections for 12 months from the date of approval of these financial statements. The directors have also considered the redemption terms of the Series A Convertible Preferred Shares. Redemption can only be made, if sufficient funds and distributable reserves are available to repay all, but not some, of the Series A Convertible Preferred Shares. The directors having reviewed the trading and cash flow projections for 12 months from the date of approval of these financial statements, considered that the conditions for redemption will not be met in the foreseeable future. In the light of the above considerations the directors are of the opinion that it is appropriate to prepare the financial statements on a going concern basis
Disclosure exemptions
The entity has taken advantage of the disclosure exemptions available to small entities, including the exemption from preparing a cash flow statement.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
3. Investments
Shares in group undertakings
Loans to group undertakings
Total
$
$
$
Cost
At 1 February 2023 and 31 January 2024
2,426
2,509,564
2,511,990
--------
---------------
---------------
Impairment
At 1 February 2023 and 31 January 2024
2,509,564
2,509,564
--------
---------------
---------------
Carrying amount
At 31 January 2024
2,426
2,426
--------
---------------
---------------
At 31 January 2023
2,426
2,426
--------
---------------
---------------
The principal undertakings in which the company's interest at the year end is 20% or more are as follows:
Unless otherwise stated, the following figures have been extracted from audited financial statements for the year ended 31 January 2022:
Subsidiary undertakings
Agregate share capital and reserves
Agregate share capital and reserves
Profit/(loss) for the year
Profit/(loss) for the year
Gensight Limited
519,683
1,024,452
(530,628)
479,308
The Gensight Group Inc
270,794
657,608
549,551
(513,017)
4. Creditors: amounts falling due within one year
2024
2023
$
$
Amounts owed to group undertakings and undertakings in which the company has a participating interest
319,321
545,275
Corporation tax
77
77
-----------
-----------
319,398
545,352
-----------
-----------
5. Related party transactions
Gensight Limited Subsidiary Amount due from/(to) related party at the balance sheet date: ($319,322) (2023: $(545,275) The Gensight Group Inc Subsidiary Amount due to related party at the balance sheet date: $nil (2023: $nil)
6. Controlling party
The company ultimate controlling party is director D C Munt .