REGISTERED NUMBER: 08776173 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GENIAL COMPLIANCE SYSTEMS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr J Bender

Mr T Richardson

SECRETARY:

Mr J A Evans

REGISTERED OFFICE:

Unit 62 Coworkz Business Centre

Minerva Avenue, Off Sovereign Way

Chester

Flintshire

CH1 4QL

REGISTERED NUMBER:

08776173 (England and Wales)

AUDITORS:

Kings CAP Ltd

Statutory Auditor

4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

FIXED ASSETS

Tangible assets

4

10,724

17,605

CURRENT ASSETS

Debtors

5

3,760,153

2,929,798

Cash at bank

229,139

60,227

3,989,292

2,990,025

CREDITORS

Amounts falling due within one year

6

1,454,524

1,237,460

NET CURRENT ASSETS

2,534,768

1,752,565

TOTAL ASSETS LESS CURRENT LIABILITIES

2,545,492

1,770,170

CREDITORS

Amounts falling due after more than one year

7

435,405

609,405

NET ASSETS

2,110,087

1,160,765

CAPITAL AND RESERVES

Called up share capital

8

1,497

1,497

Share premium

6,713

6,713

Retained earnings

2,101,877

1,152,555

SHAREHOLDERS' FUNDS

2,110,087

1,160,765

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2025 and were signed on its behalf by:

Mr J Bender - Director

1.	STATUTORY INFORMATION

Genial Compliance Systems Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's going concern status is dependent upon the continued financial support of the parent undertaking. Having made appropriate enquiries at the time of approving these accounts the directors consider that the company and the parent undertaking have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis in preparing these accounts.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on cost

Computer equipment

-

25% on cost

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' 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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

8,513

33,506

42,019

Additions

-

4,200

4,200

Disposals

(2,282

)

(29,293

)

(31,575

)

At 31 December 2024

6,231

8,413

14,644

DEPRECIATION

At 1 January 2024

3,148

21,266

24,414

Charge for year

935

4,468

5,403

Eliminated on disposal

(2,705

)

(23,192

)

(25,897

)

At 31 December 2024

1,378

2,542

3,920

NET BOOK VALUE

At 31 December 2024

4,853

5,871

10,724

At 31 December 2023

5,365

12,240

17,605

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

252,184

172,217

Amounts owed by group undertakings

3,468,341

2,727,090

Other debtors

31,909

18,724

Value added tax

-

386

Prepayments

7,719

11,381

3,760,153

2,929,798

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

-

17,069

Amounts owed to group undertakings

23,145

40,512

Taxation

302,231

192,166

Value added tax

26,880

-

Other creditors

20,280

1,834

Accruals and deferred income

1,067,659

963,699

Accruals

14,329

22,180

1,454,524

1,237,460

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Accruals and deferred income

435,405

609,405

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1,000

Ordinary

£1

1,000

1,000

3

A Ordinary

£1

3

3

494

B Ordinary

£1

494

494

1,497

1,497

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sara Brown (Senior Statutory Auditor)

for and on behalf of Kings CAP Ltd

10.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements.

11.	ULTIMATE CONTROLLING PARTY

The company's immediate parent undertaking is K2 Medical Systems Holdings Limited a company incorporated in England & Wales.

The ultimate controlling party is Constellation Software Inc. The ultimate controlling party address is 66 Wellington Street West, Suite 5300, TD Bank Tower, Toronto, Ontaria, M5K 1E6. The company is registered in Canada.