Registered number
09752981
GENIUS STAR LIMITED
Filleted Accounts
31 October 2023
GENIUS STAR LIMITED
Registered number: 09752981
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 231,331 248,345
Current assets
Stocks 16,741 8,574
Debtors 4 121,809 759,457
Cash at bank and in hand 5,572 32,754
144,122 800,785
Creditors: amounts falling due within one year 5 (166,240) (1,057,743)
Net current liabilities (22,118) (256,958)
Total assets less current liabilities 209,213 (8,613)
Provisions for liabilities (1,662) (1,386)
Net assets/(liabilities) 207,551 (9,999)
Capital and reserves
Called up share capital 100 100
Profit and loss account 207,451 (10,099)
Shareholders' funds 207,551 (9,999)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Hives
Director
Approved by the board on 27 November 2023
GENIUS STAR LIMITED
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer & Office Equipment 25% Reducing Balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 13
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 344,236 30,640 374,876
Additions - 5,590 5,590
Disposals - (21,523) (21,523)
At 31 October 2023 344,236 14,707 358,943
Depreciation
At 1 November 2022 103,187 23,344 126,531
Charge for the year 18,468 3,677 22,145
On disposals - (21,064) (21,064)
At 31 October 2023 121,655 5,957 127,612
Net book value
At 31 October 2023 222,581 8,750 231,331
At 31 October 2022 241,049 7,296 248,345
4 Debtors 2023 2022
£ £
Trade debtors 2,040 2,040
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 641,785
Prepayments 119,684 115,632
Other debtors 85 -
121,809 759,457
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 30,833 40,833
Trade creditors 105,926 129,571
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 865,000
Taxation and social security costs 6,164 14,544
Accruals 23,317 7,795
166,240 1,057,743
6 Controlling party
As a result of the company's shareholding, there is no one ultimate controlling party. The company is controlled by its directors.
7 Other information
GENIUS STAR LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
359 Bethnal Green Road
London
E2 6LG
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