Contents of the Financial Statements

for the Period Ended 30 June 2019

Profit And Loss Account

for the Period Ended 30 June 2019

Balance sheet

As at 30 June 2019

The notes form part of these financial statements

Balance sheet statements

For the year ending 30 June 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 30 June 2019

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Turnover is recognised at the fair value of the consideration received or receivable for services provided inthe normal course of business , and is shown net of VAT and other sales related taxes . The fair value ofconsideration takes into account trade discounts, settlement discounts and volume rebates.

  Tangible fixed assets depreciation policy

  Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net ofdepreciation and any impairment losses.Depreciation is recognised so as to write off the cost or valuation of assets less their residual values overtheir useful lives on the following bases:Plant and machinery, etc. 20-33% straight lineThe gain or loss arising on the disposal of an asset is determined as the difference between the saleproceeds and the carrying value of the asset, and is credited or charged to profit or loss .

  Other accounting policies

  Accounting policiesCompany informationGenesyze Ltd is a private company limited by shares incorporated in England and Wales. The registeredoffice is Laurel House, 173 Chorley New Road, Bolton, Lancashire, BL1 4QZ.1.1 Accounting conventionThese financial statements have been prepared in accordance with FRS 102 “The Financial ReportingStandard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of theCompanies Act 2006 as applicable to companies subject to the small companies regime. The disclosurerequirements of section 1A of FRS 102 have been applied other than where additional disclosure isrequired to show a true and fair view.The financial statements are prepared in sterling , which is the functional currency of the company.Monetary a mounts in these financial statements are rounded to the nearest £.The financial statements have been prepared under the historical cost convention. The principalaccounting policies adopted are set out below.1.2 Going concernA t the time of approving the financial statements , t he directors have a reasonable expectation that thecompany has adequate resources to continue in operational existence for the foreseeable future. Thus t hedirectors continue to adopt the going concern basis of accounting in preparing the financial statements.1.3 Reporting periodDuring the prior period the company changed its year end from 28 February 2018 to 30 June 2018 forcommercial reasons. The comparative period is for the 16 months ended 30 June 2018.1.4 TurnoverTurnover is recognised at the fair value of the consideration received or receivable for services provided inthe normal course of business , and is shown net of VAT and other sales related taxes . The fair value ofconsideration takes into account trade discounts, settlement discounts and volume rebates.1.5 Tangible fixed assetsTangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net ofdepreciation and any impairment losses.Depreciation is recognised so as to write off the cost or valuation of assets less their residual values overtheir useful lives on the following bases:Plant and machinery, etc. 20-33% straight lineThe gain or loss arising on the disposal of an asset is determined as the difference between the saleproceeds and the carrying value of the asset, and is credited or charged to profit or loss .1.6 Cash and cash equivalentsCash at bank and in hand are basic financial assets and include cash in hand, deposits held at call withbanks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.1.7 Financial instrumentsThe company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section12 ‘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 tothe contractual provisions of the instrument.Financial assets and liabilities are offset , with the net amounts presented in the financial statements , whenthere is a legally enforceable right to set off the recognised amounts and there is an intention to settle on anet basis or to realise the asset and settle the liability simultaneously.Basic financial assetsBasic financial assets, which include debtors and cash and bank balances, are initially measured attransaction price including transaction costs and are subsequently carried at amortised cost using theeffective interest method unless the arrangement constitutes a financing transaction, where the transactionis measured at the present value of the future receipts discounted at a market rate of interest. Financialassets classified as receivable within one year are not amortised.Impairment of financial assetsFinancial assets, other than those held at fair value through profit and loss , are assessed for indicators ofimpairment at each reporting end date.Financial assets are impaired where there is objective evidence that, as a result of one or more events thatoccurred after the initial recognition of the financial asset, the estimated future cash flows have beenaffected. If an asset is impaired, the impairment loss is the difference between the carrying amount and thepresent value of the estimated cash flows discounted at the asset’s original effective interest rate. Theimpairment loss is recognised in profit or loss.If there is a decrease in the impairment loss arising from an event occurring after the impairment wasrecognised, the impairment is reversed. The reversal is such that the current carrying amount does notexceed what the carrying amount would have been, had the impairment not previously been recognised.The impairment reversal is recognised in profit or loss.Derecognition of financial assetsFinancial assets are derecognised only when the contractual rights to the cash flows from the asset expireor are settled, or when the company transfers the financial asset and substantially all the risks and rewardsof ownership to another entity, or if some significant risks and rewards of ownership are retained butcontrol of the asset has transferred to another party that is able to sell the asset in its entirety to anunrelated third party.Classification of financial liabilitiesFinancial liabilities and equity instruments are classified according to the substance of the contractualarrangements entered into. An equity instrument is any contract that evidences a residual interest in theassets of the company after deducting all of its liabilities.Basic financial liabilitiesBasic financial liabilities, including creditors and bank loans, are initially recognised at transaction priceunless the arrangement constitutes a financing transaction, where the debt instrument is measured at thepresent value of the future paymen ts discounted at a market rate of interest. Financial liabilities classifiedas 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 courseof business from suppliers. A m ounts payable are classified as current liabilities if payment is due withinone year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initiallyat transaction price and subsequently measured at amortised cost using the effective interest method.Derecognition of financial liabilitiesFinancial liabilities are derecognised when the company’s contractual obligations expire or are dischargedor cancelled.1.8 Equity instrumentsEquity instruments issued by the company are recorded at the proceeds received, net of transaction costs.Dividends payable on equity instruments are recognised as liabilities once they are no longer at thediscretion of the company.1.9 TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit asreported in the profit and loss account because it excludes items of income or expense that are taxable ordeductible in other years and it further excludes items that are never taxable or deductible. The company’sliability for current tax is calculated using tax rates that have been enacted or substantively enacted by thereporting end date.Deferred taxDeferred tax liabilities are generally recognised for all timing differences and deferred tax assets arerecognised to the extent that it is probable that they will be recovered against the reversal of deferred taxliabilities or other future taxable profits. Such assets and liabilities are not recognised if the timingdifference arises from goodwill or from the initial recognition of other assets and liabilities in a transactionthat affects neither the tax profit nor the accounting profit.The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to theextent that it is no longer probable that sufficient taxable profits will be available to allow all or part of theasset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the periodwhen the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and lossaccount, except when it relates to items charged or credited directly to equity, in which case the deferredtax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legallyenforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relateto taxes levied by the same tax authority.1.10 Retirement benefitsPayments to defined contribution retirement benefit schemes are charged as an expense as they fall due.1.11 LeasesRentals payable under operating leases, including any lease incentives received, are charged to profit orloss on a straight line basis over the term of the relevant lease except where another more systematicbasis is more representative of the time pattern in which economic benefits from the leases asset areconsumed.

Notes to the Financial Statements

for the Period Ended 30 June 2019

• 2. Employees

  	2019	16 months to 30 June 2018
  Average number of employees during the period	2	2