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Genii Developments Ltd

Unaudited Financial Statements for the Year Ended 31 January 2023






Genii Developments Ltd (Registered number: 09951388)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Genii Developments Ltd

Company Information
for the Year Ended 31 January 2023







DIRECTOR: H P Davis





REGISTERED OFFICE: 48 - 52 Penny Lane
Mossley Hill
Liverpool
Merseyside
L18 1DG





REGISTERED NUMBER: 09951388 (England and Wales)





ACCOUNTANTS: Matthews Sutton & Co Ltd
Chartered Certified Accountants
48 - 52 Penny Lane
Mossley Hill
Liverpool
Merseyside
L18 1DG

Genii Developments Ltd (Registered number: 09951388)

Balance Sheet
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 981 308
Investment property 5 3,625,000 3,453,233
3,625,981 3,453,541

CURRENT ASSETS
Cash at bank 256,799 182,082

CREDITORS
Amounts falling due within one year 6 641,745 698,197
NET CURRENT LIABILITIES (384,946 ) (516,115 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,241,035

2,937,426

CREDITORS
Amounts falling due after more than one
year

7

(1,413,569

)

(715,121

)

PROVISIONS FOR LIABILITIES (461,733 ) (586,025 )
NET ASSETS 1,365,733 1,636,280

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 8 1,280,663 1,625,395
Retained earnings 84,970 10,785
SHAREHOLDERS' FUNDS 1,365,733 1,636,280

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Genii Developments Ltd (Registered number: 09951388)

Balance Sheet - continued
31 January 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 October 2023 and were signed by:





H P Davis - Director


Genii Developments Ltd (Registered number: 09951388)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Genii Developments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net rent receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Genii Developments Ltd (Registered number: 09951388)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2022 2,084
Additions 1,156
At 31 January 2023 3,240
DEPRECIATION
At 1 February 2022 1,776
Charge for year 483
At 31 January 2023 2,259
NET BOOK VALUE
At 31 January 2023 981
At 31 January 2022 308

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2022 3,453,233
Additions 769,023
Disposals (128,233 )
Revaluations (469,023 )
At 31 January 2023 3,625,000
NET BOOK VALUE
At 31 January 2023 3,625,000
At 31 January 2022 3,453,233

Investment property was valued on an open market basis on 31 January 2023 by H P Davis.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 63,344 37,379
Trade creditors 375 370
Taxation and social security 17,162 6,632
Other creditors 560,864 653,816
641,745 698,197

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 1,413,569 715,121

Genii Developments Ltd (Registered number: 09951388)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,160,961 565,606

8. RESERVES
Fair
value
reserve
£   
At 1 February 2022 1,625,395
Arising in year (344,732 )

At 31 January 2023 1,280,663