IRIS Accounts Production v23.1.5.20 11021362 director 1.4.22 31.3.23 31.3.23 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh110213622022-03-31110213622023-03-31110213622022-04-012023-03-31110213622021-03-31110213622021-04-012022-03-31110213622022-03-3111021362ns15:EnglandWales2022-04-012023-03-3111021362ns14:PoundSterling2022-04-012023-03-3111021362ns10:Director12022-04-012023-03-3111021362ns10:PrivateLimitedCompanyLtd2022-04-012023-03-3111021362ns10:SmallEntities2022-04-012023-03-3111021362ns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3111021362ns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3111021362ns10:SmallCompaniesRegimeForAccounts2022-04-012023-03-3111021362ns10:FullAccounts2022-04-012023-03-3111021362ns10:RegisteredOffice2022-04-012023-03-3111021362ns5:CurrentFinancialInstruments2023-03-3111021362ns5:CurrentFinancialInstruments2022-03-3111021362ns5:Non-currentFinancialInstruments2023-03-3111021362ns5:Non-currentFinancialInstruments2022-03-3111021362ns5:ShareCapital2023-03-3111021362ns5:ShareCapital2022-03-3111021362ns5:RetainedEarningsAccumulatedLosses2023-03-3111021362ns5:RetainedEarningsAccumulatedLosses2022-03-31



























GENESIS PROTECT LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023






GENESIS PROTECT LTD (REGISTERED NUMBER: 11021362)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GENESIS PROTECT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTOR: M Cohen





REGISTERED OFFICE: 2 Villiers Court
40 Upper Mulgrave Road
Cheam
Surrey
SM2 7AJ





REGISTERED NUMBER: 11021362 (England and Wales)





ACCOUNTANTS: Halsey & Co (Accountants) Ltd.
Chartered Certified Accountants
Registered Auditors
2 Villiers Court
40 Upper Mulgrave Road
Cheam
Surrey
SM2 7AJ

GENESIS PROTECT LTD (REGISTERED NUMBER: 11021362)

BALANCE SHEET
31ST MARCH 2023

31.3.23 31.3.22
Notes £    £   
CURRENT ASSETS
Debtors 4 200,135 85,670
Cash at bank 794 1,703
200,929 87,373
CREDITORS
Amounts falling due within one year 5 50,060 34,081
NET CURRENT ASSETS 150,869 53,292
TOTAL ASSETS LESS CURRENT
LIABILITIES

150,869

53,292

CREDITORS
Amounts falling due after more than one
year

6

53,329

42,629
NET ASSETS 97,540 10,663

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 97,539 10,662
97,540 10,663

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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.

GENESIS PROTECT LTD (REGISTERED NUMBER: 11021362)

BALANCE SHEET - continued
31ST MARCH 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 31st August 2023 and were signed by:





M Cohen - Director


GENESIS PROTECT LTD (REGISTERED NUMBER: 11021362)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023

1. STATUTORY INFORMATION

Genesis Protect 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.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding certain discounts, rebates, value added tax and other sales taxes. It is also included net of clawbacks that exist in respect of previously received commissions becoming repayable when policies sold are subsequently cancelled.

The following criteria must also be met before revenue is recognised:

Rendering of Services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- The amount of revenue can be measured reliably
- it is probably that the company will receive the consideration due under the contract
- the stage of completion of the contract at the end of the reporting period can be measured reliably and
- the costs incurred and the costs to complete the contract can be measured reliably.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


GENESIS PROTECT LTD (REGISTERED NUMBER: 11021362)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

2. ACCOUNTING POLICIES - continued
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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Contingent liabilities in the form of repayable commissions from income previously received are provided for to the extent that it is likely that such clawbacks will occur.

3. EMPLOYEES AND DIRECTORS

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

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Amounts owed by group undertakings 200,135 85,670

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 5,556 10,000
Trade creditors 17,662 6,694
Other creditors 26,842 17,387
50,060 34,081

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 35,667 35,935
Trade creditors 17,662 6,694
53,329 42,629

GENESIS PROTECT LTD (REGISTERED NUMBER: 11021362)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

7. CONTINGENT LIABILITIES

The company receives commission for leads provided to insurers for various financial products. Under the terms of the sales made, a clawback exists whereby commissions previously paid in respect of policies sold, may be repayable if policyholders cancel their policies within four years of the relevant product being taken out. It is not possible to quantify this as it will be subject to fluctuation and timings so no provision has been made.

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.