Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31false2024-01-01provision of software development and data managment within the pharmaceutical and healthcare industry67truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07778793 2024-01-01 2024-12-31 07778793 2023-01-01 2023-12-31 07778793 2024-12-31 07778793 2023-12-31 07778793 c:Director1 2024-01-01 2024-12-31 07778793 d:ComputerEquipment 2024-01-01 2024-12-31 07778793 d:ComputerEquipment 2024-12-31 07778793 d:ComputerEquipment 2023-12-31 07778793 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 07778793 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 07778793 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 07778793 d:CurrentFinancialInstruments 2024-12-31 07778793 d:CurrentFinancialInstruments 2023-12-31 07778793 d:Non-currentFinancialInstruments 2024-12-31 07778793 d:Non-currentFinancialInstruments 2023-12-31 07778793 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 07778793 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07778793 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 07778793 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 07778793 d:ShareCapital 2024-12-31 07778793 d:ShareCapital 2023-12-31 07778793 d:SharePremium 2024-01-01 2024-12-31 07778793 d:SharePremium 2024-12-31 07778793 d:SharePremium 2023-12-31 07778793 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 07778793 d:RetainedEarningsAccumulatedLosses 2024-12-31 07778793 d:RetainedEarningsAccumulatedLosses 2023-12-31 07778793 c:OrdinaryShareClass1 2024-01-01 2024-12-31 07778793 c:OrdinaryShareClass1 2024-12-31 07778793 c:OrdinaryShareClass2 2024-01-01 2024-12-31 07778793 c:OrdinaryShareClass2 2024-12-31 07778793 c:OrdinaryShareClass3 2024-01-01 2024-12-31 07778793 c:OrdinaryShareClass3 2024-12-31 07778793 c:FRS102 2024-01-01 2024-12-31 07778793 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 07778793 c:FullAccounts 2024-01-01 2024-12-31 07778793 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07778793 d:Subsidiary1 2024-01-01 2024-12-31 07778793 d:Subsidiary1 1 2024-01-01 2024-12-31 07778793 d:Subsidiary2 2024-01-01 2024-12-31 07778793 d:Subsidiary2 1 2024-01-01 2024-12-31 07778793 d:Subsidiary3 2024-01-01 2024-12-31 07778793 d:Subsidiary3 1 2024-01-01 2024-12-31 07778793 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2024-01-01 2024-12-31 07778793 6 2024-01-01 2024-12-31 07778793 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2024-01-01 2024-12-31 07778793 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 07778793









GENESTACK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
GENESTACK LIMITED
REGISTERED NUMBER: 07778793

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 4 
2,588,554
4,110,846

Tangible assets
 5 
14,883
5,582

Investments
 6 
173
173

  
2,603,610
4,116,601

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 7 
952,529
683,598

Cash at bank and in hand
  
7,980
104,755

  
960,509
788,353

Creditors: amounts falling due within one year
 8 
(1,292,759)
(8,045,740)

NET CURRENT LIABILITIES
  
 
 
(332,250)
 
 
(7,257,387)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,271,360
(3,140,786)

Creditors: amounts falling due after more than one year
 9 
(88,205)
-

NET ASSETS/(LIABILITIES)
  
2,183,155
(3,140,786)


CAPITAL AND RESERVES
  

Called up share capital 
 10 
1,002
1,001

Share premium account
 11 
8,021,253
951,550

Profit and loss account
 11 
(5,839,100)
(4,093,337)

  
2,183,155
(3,140,786)


Page 1

 
GENESTACK LIMITED
REGISTERED NUMBER: 07778793
    
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 profit and loss account 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: 




Dr M Kapushesky
Director

Date: 26 June 2025

The notes on pages 3 to 13 form part of these financial statements.

Page 2

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

1.


GENERAL INFORMATION

Genestack Limited is a private company limited by shares and incorporated in England and Wales. Its registered office address is Salisbury House, Station Road, Cambridge, CB1 2LA.

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

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably;
- the costs incurred and the costs to complete the contract can be measured reliably.
Turnover from licence sales is recognised in the Profit and Loss Account over the period that the licence covers. 

 
2.4

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.

The entity has chosen an amortisation method that reflects the pattern in which it expects to consume the asset's future economic benefits. Amortisation has then been applied such that all development costs will be fully amortised by 31 December 2025 as it was assessed that the project has a useful life of eight years from the date deemed ready for use, being 1 January 2018.

Page 3

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Computer equipment
-
33%

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.

 
2.6

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

DEBTORS

Short term debtors are measured at transaction price, less any impairment. 

 
2.8

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.

 
2.9

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.

Page 4

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.11

OPERATING LEASES

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.12

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.

 
2.13

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.14

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.


Page 6

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

RESEARCH AND DEVELOPMENT

Expenditure on research activities is charged to the Profit & Loss Account in the period in which it is incurred. In the event that an internally generated intangible asset arises from the Company's development activities then it will be recognised only if all of the following conditions are met:
 
Completion of the asset is technically feasible;
 
The Company intends to complete the intangible asset and use or sell it;
 
The Company has the ability to use the asset or sell it;
 
The intangible asset will generate probable future economic benefits. Among other things, this   requires that there is a market for the output from the intangible asset, or, if it is to be used internally, the asset will be used in generating such benefits;
 
There are adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and
 
The expenditure attributable to the intangible asset during its development can be measured reliably.

Internally generated intangible assets are amortised on a straight line basis over their estimated useful life. The entity has chosen an amortisation method that reflects the pattern in which it expects to consume the asset's future economic benefits. Amortisation has then been applied such that all development costs will be fully amortised by 31 December 2025 as it was assessed that the project has a useful life of 8 years from the date deemed ready for use, being 1 January 2018.  
Where no internally generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred. Similarly, 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.

Page 7

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.16

SHARE-BASED PAYMENTS

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 5 (2023 - 7).

Page 8

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

4.


INTANGIBLE ASSETS




Development expenditure

£



COST


At 1 January 2024
11,771,069


Additions - internal
1,066,264



At 31 December 2024

12,837,333



AMORTISATION


At 1 January 2024
7,660,223


Charge for the year on owned assets
2,588,556



At 31 December 2024

10,248,779



NET BOOK VALUE



At 31 December 2024
2,588,554



At 31 December 2023
4,110,846



Page 9

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

5.


TANGIBLE FIXED ASSETS





Computer equipment

£



COST 


At 1 January 2024
16,982


Additions
14,731


Disposals
(4,463)



At 31 December 2024

27,250



DEPRECIATION


At 1 January 2024
11,400


Charge for the year on owned assets
4,553


Disposals
(3,586)



At 31 December 2024

12,367



NET BOOK VALUE



At 31 December 2024
14,883



At 31 December 2023
5,582

Page 10

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

6.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST


At 1 January 2024
173



At 31 December 2024
173





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Genestack Services Limited
Ordinary
100%
Genestack d.o.o. Beograd
Ordinary
100%
Genestack USA, Inc.
Common stock
100%


7.


DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£


Trade debtors
614,828
319,101

Other debtors
310,069
337,524

Prepayments and accrued income
27,632
26,973

952,529
683,598


Page 11

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

8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Other loans
-
6,940,341

Trade creditors
57,014
37,619

Amounts owed to group undertakings
135,973
67,300

Other taxation and social security
119,584
99,513

Other creditors
20,568
20,236

Accruals and deferred income
959,620
880,731

1,292,759
8,045,740


On 3 September 2024 the other loans converted to equity (note 10).


9.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Accruals and deferred income
88,205
-



10.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



99,101 Ordinary A shares of £0.0100 each
991
991
1,001 Ordinary B shares of £0.0100 each
10
10
8,116 (2023 - NIL) Preference shares of £0.0001 each
1
-

1,002

1,001


On 3 September 2024, 8,116 Preference shares were issued for total consideration of £7,073,181.

Page 12

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

11.


RESERVES

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

Includes all current and prior year retained profits and losses.


12.


SHARE-BASED PAYMENTS

No share based payment charge has been recognised in respect of share options granted in the year as this has been assessed as trivial.

 
Page 13