Genetica Group Ltd Filleted accounts for Companies House (small and micro)

GENETICA GROUP LTD - Company Information

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COMPANY REGISTRATION NUMBER: 13567381

Genetica Group Ltd

Filleted Unaudited Financial Statements

31 August 2023

Genetica Group Ltd

Statement of Financial Position

31 August 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	4	–	51,216

Current assets

Debtors	5	687	224,744
Cash at bank and in hand		36,399	37,100
		--------	---------
		37,086	261,844

Creditors: amounts falling due within one year	6	36,956	647,409
		--------	---------
Net current assets/(liabilities)		130	( 385,565)
		----	---------
Total assets less current liabilities		130	( 334,349)
		----	---------
Net assets/(liabilities)		130	( 334,349)
		----	---------

Genetica Group Ltd

Statement of Financial Position (continued)

31 August 2023

	2023	2022
Note	£	£

Capital and reserves

Called up share capital	99	99
Profit and loss account	31	( 334,448)
	----	---------
Shareholders funds/(deficit)	130	( 334,349)
	----	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 5 September 2023 , and are signed on behalf of the board by:

Ishtiaq Gilkar	Waheed Hussain
Director	Director

Company registration number: 13567381

Genetica Group Ltd

Notes to the Financial Statements

Year ended 31 August 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Cliff Parade, Wakefield, WF1 2TA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for laboratory services provided, stated net of Value Added Tax.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	4 years

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

4. Tangible assets

	Plant and machinery
	£
Cost
At 1 September 2022	153,644
Disposals	( 153,644)
	---------
At 31 August 2023	–
	---------
Depreciation
At 1 September 2022	102,428
Charge for the year	51,216
Disposals	( 153,644)
	---------
At 31 August 2023	–
	---------
Carrying amount
At 31 August 2023	–
	---------
At 31 August 2022	51,216
	---------

5. Debtors

	2023	2022
	£	£
Trade debtors	–	181,178
Other debtors	687	43,566
	----	---------
	687	224,744
	----	---------

6. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	1,556	51,549
Social security and other taxes	–	363
Other creditors	35,400	595,497
	--------	---------
	36,956	647,409
	--------	---------

7. Related party transactions

During the previous year the company provided laboratory services of £725,000 to a company under common control. Included in other creditors is £nil (2022: £592,610) due to this related party. This debt has been formally written off and the company has been released from its obligations to pay.