ACCOUNTING POLICIES
1. General Information
The principal activity of Genflow Biosciences Plc (\u201cthe Company\u201d) and its subsidiaries (together \u201cthe Group\u201d) is the research
and development of gene therapy targeting the upstream biology of aging.
The Company is incorporated and domiciled in the United Kingdom. The Company was incorporated on 18 January 2021 and
commenced trading on this date.
The address of its registered office is 6 Heddon Street, London, W1B 4BT.
2. Summary of Significant Accounting Policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies
have been consistently applied to all the periods presented, unless otherwise stated.
2.1 Prior Year Restatement
The Group has identified an omission in its results presented for the year ended 31 December 2023 which gives rise to a prior
year restatement due to its quantum. The error relates to an omitted invoice dated in 2023 totalling US$320,089 and has
resulted in trade payables and administration expenses for the year ended 31 December 2023 being understated. The error
arose as a result of the invoice being identified as missing after the finalisation of the 2023 financial statements.
An adjustment to correct the error has been made retrospectively in the financial statements and the Group results for the
year ended 31 December 2023 have been restated. The Group and Parent results for the year ended 31 December 2022
remain unaffected and have therefore not been presented.
The impact of the prior year restatement is an increase to administration expenses for the year by \u00a3231,640, an increase to
trade and other payables by \u00a3226,222 and an increase to other reserves by \u00a35,418.
The affected line items in the Consolidated Statement of Financial Position and Consolidated Statement of Comprehensive
Income for the year ended 31 December 2023 are shown as follows:
| As previously | |||
| reported | |||
| Year ended 31 | |||
| December 2023 | |||
| \u00a3 | |||
| Correction of | |||
| error | |||
| \u00a3 | |||
| Year ended 31 | |||
| December 2023 | |||
| Restated | |||
| \u00a3 | |||
| Trade and other payables | |||
| 345,738 | 226,222 | ||
| 571,960 | |||
| Other reserves | |||
| 219,488 | 5,418 | ||
| 224,906 | |||
| Administrative expenses | |||
| 960,314 | 231,640 | ||
| 1,191,954 | |||
| Retained earnings | |||
| (3,772,225) | (231,640) | ||
| (4,003,865) |
2.2 Basis of Preparation of Financial Statements
The financial statements of the Company are prepared in accordance with Part 15 of the Companies Act 2006, which applies
to companies generally.
The Group financial statements have been prepared in accordance with UK-adopted international accounting standards and
the Companies Act 2006. The Group financial statements have been prepared under the historical cost convention.
The financial statements are presented in UK Pounds Sterling rounded to the nearest pound.
The preparation of financial statements in conformity with IFRSs requires the use of certain critical accounting estimates. It
also requires management to exercise its judgement in the process of applying the Group\u2019s Accounting Policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the
financial statements, are disclosed in Note 4.
2.3 Changes in accounting policy and disclosures
(a) New and amended standards mandatory for the first time for the financial periods beginning on or after 1 January 2024
The International Accounting Standards Board (IASB) issued various amendments and revisions to International Financial
Reporting Standards and IFRIC interpretations. The amendments and revisions were applicable for the year ended 31
December 2024 but did not result in any material changes to the financial statements of the Group or Company.