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Financial Statements for the Year Ended 31 March 2021 |
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GeneSys Biotech Ltd |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 March 2021 |
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for |
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GeneSys Biotech Ltd |
GeneSys Biotech Ltd (Registered number: 04603049) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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GeneSys Biotech Ltd |
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Company Information |
for the Year Ended 31 March 2021 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditors |
3rd Floor Solar House |
1-9 Romford Road |
London |
E15 4RG |
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ACCOUNTANTS: |
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The Old Forge |
Wendens Ambo |
Saffron Walden |
Essex |
CB11 4JL |
GeneSys Biotech Ltd (Registered number: 04603049) |
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Balance Sheet |
31 March 2021 |
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2021 | 2020 |
as restated |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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GeneSys Biotech Ltd (Registered number: 04603049) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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GeneSys Biotech Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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Monetary amounts in these financial statements are rounded to the nearest £. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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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. |
GeneSys Biotech Ltd (Registered number: 04603049) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
Following the COVID-19 pandemic, the director has considered the annual budget, forecasts and other relevant information in forming his assessment of the going concern assumption. |
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The impact of the COVID-19 pandemic on the future operations of the business has been considered. The director has concluded that no material future impact to the business as a result of the COVID-19 pandemic is expected. The director has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and accordingly has adopt the going concern basis in preparing the financial statements. |
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Financial assets at amortised cost |
Financial assets at amortised cost comprise bank balances, trade and most other receivables. Financial assets at amortised cost are initially recognised at the transaction price. After initial measurement, these instruments are subsequently carried at amortised cost. |
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Financial assets at amortised cost are included in current assets. |
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Financial liabilities at amortised cost |
Financial liabilities at amortised cost comprise trade creditors. Financial liabilities at amortised cost are initially recognised at the transaction price. After initial measurement, these instruments are subsequently measured at amortised cost. |
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A financial liability is derecognised when it is extinguished, discharged, cancelled or expired. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2020 |
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Additions |
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Disposals | ( |
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( |
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Reclassification/transfer | ( |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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( |
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Reclassification/transfer | ( |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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GeneSys Biotech Ltd (Registered number: 04603049) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
as restated |
(Unaudited) |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
as restated |
(Unaudited) |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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8. | OTHER FINANCIAL COMMITMENTS |
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At 31 March 2021, the Company had future minimum lease payments under non-cancellable operating lease as follows: |
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Due no later than 1 year: £94,920 (2020: £94,920) |
Due within 2 to 5 years :£364,510 (2020 : £369,430) |
Due more than 5 years : £697,500 (2020: £787,500) |