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Geneius Laboratories Limited | ||||
Chartered Accountants' report to the board of directors on the preparation of the unaudited abbreviated accounts of Geneius Laboratories Limited for the year ended 30 June 2015 | ||||
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Geneius Laboratories Limited for the year ended 30 June 2015 which comprise of the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us. | ||||
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook. |
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Our work has been undertaken in accordance with AAF 2/10 as detailed at icaew.com/compilation. | ||||
Laverick Walton & Co | ||||
Chartered Accountants | ||||
A1 Marquis Court | ||||
Team Valley | ||||
Gateshead | ||||
Tyne & Wear | ||||
NE11 0RU | ||||
29 October 2015 | ||||
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Registered number: |
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Abbreviated Balance Sheet | |||||||
as at |
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(As restated) | |||||||
Notes | 2015 | 2014 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 2 |
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Tangible assets | 3 |
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Current assets | |||||||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | ( |
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Net current liabilities | ( |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | ( |
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Net liabilities | ( |
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Capital and reserves | |||||||
Called up share capital | 4 |
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Share premium |
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Profit and loss account | ( |
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Shareholders' funds | ( |
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H E Smart | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Abbreviated Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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Turnover | ||||||||
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Depreciation | ||||||||
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. | ||||||||
Laboratory equipment |
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Motor vehicles |
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Fixtures and equipment | Over 5 years straight line basis | |||||||
Computer equipment | Over 3 years straight line basis | |||||||
Intangible assets - developmental costs | ||||||||
Where intangible assets recognised have finite lives, after initial recognition their fair value is amortised on a straight line basis over those lives. The nature of those intangibles recognised and their estimated useful lives are as follows:- Development costs 8 years straight line from the date of product accreditation |
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Stocks | ||||||||
Stock and work in progress is valued at the lower of cost and net realisable value. | ||||||||
Deferred taxation | ||||||||
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. | ||||||||
Leasing and hire purchase commitments | ||||||||
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
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Pensions | ||||||||
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. | ||||||||
2 | Intangible fixed assets | £ | ||||||
Cost | ||||||||
At 1 July 2014 |
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Additions |
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At 30 June 2015 |
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Amortisation | ||||||||
Provided during the year |
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At 30 June 2015 |
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Net book value | ||||||||
At 30 June 2015 |
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At 30 June 2014 |
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3 | Tangible fixed assets | £ | ||||||
Cost | ||||||||
At 1 July 2014 |
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Additions |
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Disposals | ( |
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At 30 June 2015 |
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Depreciation | ||||||||
At 1 July 2014 |
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Charge for the year |
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On disposals | ( |
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At 30 June 2015 |
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Net book value | ||||||||
At 30 June 2015 |
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At 30 June 2014 |
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4 | Share capital | Nominal | 2015 | 2015 | 2014 | |||
value | Number | £ | £ | |||||
Allotted, called up and fully paid: | ||||||||
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Nominal | Number | Amount | ||||||
value | £ | |||||||
Shares issued during the period: | ||||||||
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