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Unaudited Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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Genilogic Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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Genilogic Limited |
Genilogic Limited (Registered number: 10031001) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Genilogic Limited |
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Company Information |
for the Year Ended 31 March 2020 |
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Directors: |
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Registered office: |
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Registered number: |
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Accountants: |
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Chartered Certified Accountants |
6 Arundel Place |
Scarborough |
North Yorkshire |
YO11 1TX |
Genilogic Limited (Registered number: 10031001) |
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Balance Sheet |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
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Tangible assets | 5 |
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Current assets |
Debtors | 6 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 7 |
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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 |
8 |
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Net liabilities | ( |
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Capital and reserves |
Called up share capital |
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Retained earnings | ( |
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Shareholders' funds | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Genilogic Limited (Registered number: 10031001) |
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Balance Sheet - continued |
31 March 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Genilogic Limited (Registered number: 10031001) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | Statutory information |
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Genilogic Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The level of rounding used in the financial statements is to the nearest £1. |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Turnover |
The turnover shown in the profit and loss account represents the total invoice value, excluding value added tax, of sales made during the year. Sales are recognised in the profit and loss account in the period in which the related services are provided. |
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Development costs |
Development costs are capitalised as intangible assets when they are believed to fulfil the criteria of FRS 102 paragraph 18.8H. |
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Development costs are initially measured at cost. After initial recognition, they are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Development costs are being amortised evenly over their estimated useful life of four years. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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. |
Genilogic Limited (Registered number: 10031001) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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2. | Accounting policies - continued |
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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. |
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Going concern - basis of preparation |
In assessing the appropriateness of the application of the going concern basis, the directors have considered the uncertainties around the general economic environment, the current and future trading performance of the company and available cash. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, accordingly they continue to adopt the going concern basis in preparing the financial statements. |
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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. | Intangible fixed assets |
Development |
costs |
£ |
Cost |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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Amortisation |
At 1 April 2019 |
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Amortisation for year |
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At 31 March 2020 |
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Net book value |
At 31 March 2020 |
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At 31 March 2019 |
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Genilogic Limited (Registered number: 10031001) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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5. | Tangible fixed assets |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
Cost |
At 1 April 2019 |
and 31 March 2020 |
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Depreciation |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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Net book value |
At 31 March 2020 |
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At 31 March 2019 |
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6. | Debtors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | Creditors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | Creditors: amounts falling due after more than one year |
2020 | 2019 |
£ | £ |
Other creditors |
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9. | Secured debts |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Other loans |
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All loans are secured personal guarantees provided by the directors. |
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10. | Related party transactions |
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company on the amount outstanding. |
Genilogic Limited (Registered number: 10031001) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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11. | Going concern |
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The directors have prepared the financial statements on the going concern basis. |
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The directors feel this is appropriate given the plans for the next twelve months and their continued on-going support of the company. |