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Unaudited Financial Statements for the Year Ended 30 September 2019 |
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Genomed Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 September 2019 |
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for |
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Genomed Limited |
Genomed Limited (Registered number: 02592381) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2019 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 7 |
Genomed Limited |
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Company Information |
for the Year Ended 30 September 2019 |
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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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ACCOUNTANTS: |
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Chartered Accountants |
Achorn House |
34 Millbank Road |
Munlochy |
Ross-Shire |
IV8 8ND |
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BANKERS: |
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23 Sauchiehall Street |
Glasgow |
G2 3AD |
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SOLICITORS: |
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302 St Vincent Street |
Glasgow |
G2 5RZ |
Genomed Limited (Registered number: 02592381) |
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Abridged Balance Sheet |
30 September 2019 |
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30.9.19 | 30.9.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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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 ASSETS |
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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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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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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 director acknowledges his 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. |
Genomed Limited (Registered number: 02592381) |
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Abridged Balance Sheet - continued |
30 September 2019 |
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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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Genomed Limited (Registered number: 02592381) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2019 |
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1. | STATUTORY INFORMATION |
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Genomed Limited is a
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registered number and registered office address can be found on the Company Information page. |
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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 for goods supplied and |
services rendered, net of discounts and Value Added Tax. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have |
transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated |
economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions |
can be measured reliably. |
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Other intangible assets |
Other intangible assets, being the amount paid in 2015 to acquire the exclusive distribution rights for certain |
products, is being amortised evenly over the expected useful life of the products which has been assessed as 3 |
years by the director, after allowing for ongoing development. |
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Tangible fixed assets |
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Plant and machinery | - |
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Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes |
all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and |
condition. |
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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. |
Genomed Limited (Registered number: 02592381) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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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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 |
Totals |
£ |
COST |
At 1 October 2018 |
and 30 September 2019 |
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AMORTISATION |
At 1 October 2018 |
and 30 September 2019 |
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NET BOOK VALUE |
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At 30 September 2019 |
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At 30 September 2018 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 October 2018 |
and 30 September 2019 |
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DEPRECIATION |
At 1 October 2018 |
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Charge for year |
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At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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6. | OTHER FINANCIAL COMMITMENTS |
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At the year end the company had financial commitments of £27,963 (2018: £40,391). |
Genomed Limited (Registered number: 02592381) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2019 |
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7. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 30 September 2019 and |
30 September 2018: |
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30.9.19 | 30.9.18 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The above loan is unsecured, interest free and has no fixed repayment terns. |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Genomed Limited |
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The following reproduces the text of the report prepared for the director in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary |
statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Genomed Limited for the year ended 30 September 2019 which comprise the Abridged Income |
Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information |
and explanations you have given us. |
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As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
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This report is made solely to the director of Genomed Limited in accordance with the terms of our engagement letter dated 11 July 2006. Our work has been undertaken solely to prepare for your approval the financial statements of Genomed Limited and state those matters that we have agreed to state to the director of Genomed Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
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It is your duty to ensure that Genomed Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Genomed Limited. You consider that Genomed Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Genomed Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
Achorn House |
34 Millbank Road |
Munlochy |
Ross-Shire |
IV8 8ND |
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