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REGISTERED NUMBER: 03775971 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Genesis Timber Engineering Ltd

Genesis Timber Engineering Ltd (Registered number: 03775971)

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










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Genesis Timber Engineering Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTORS: J G Smith
S A Baldwin



REGISTERED OFFICE: Units 11a & 11b
Mill Place
90 Bristol Road
Gloucester
Gloucestershire
GL1 5SQ



REGISTERED NUMBER: 03775971 (England and Wales)



ACCOUNTANTS: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
Gloucestershire
GL3 3RS



BANKERS: HSBC
4 King Street
Stroud
Gloucestershire
GL5 3DS

Genesis Timber Engineering Ltd (Registered number: 03775971)

Statement of Financial Position
31 May 2023

31/5/23 31/5/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 34,655 26,217

CURRENT ASSETS
Stocks 160,381 227,645
Debtors 5 348,769 408,183
Cash at bank and in hand 109,047 255,669
618,197 891,497
CREDITORS
Amounts falling due within one year 6 468,952 740,328
NET CURRENT ASSETS 149,245 151,169
TOTAL ASSETS LESS CURRENT
LIABILITIES

183,900

177,386

CREDITORS
Amounts falling due after more than one
year

7

-

(1,055

)

PROVISIONS FOR LIABILITIES (4,507 ) (1,585 )
NET ASSETS 179,393 174,746

CAPITAL AND RESERVES
Called up share capital 2 2
Capital redemption reserve 1 1
Retained earnings 179,390 174,743
SHAREHOLDERS' FUNDS 179,393 174,746

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

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

The directors acknowledge their 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 Timber Engineering Ltd (Registered number: 03775971)

Statement of Financial Position - continued
31 May 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 Board of Directors and authorised for issue on 6 February 2024 and were signed on its behalf by:




J G Smith - Director



S A Baldwin - Director


Genesis Timber Engineering Ltd (Registered number: 03775971)

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


1. STATUTORY INFORMATION

Genesis Timber Engineering 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.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost and 10% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Genesis Timber Engineering Ltd (Registered number: 03775971)

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


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 June 2022 123,864 13,423 120,187 13,717 271,191
Additions 20,653 - 2,000 2,976 25,629
Disposals (5,500 ) (2,715 ) - (374 ) (8,589 )
At 31 May 2023 139,017 10,708 122,187 16,319 288,231
Depreciation
At 1 June 2022 109,007 8,318 113,932 13,717 244,974
Charge for year 8,455 989 6,755 992 17,191
Eliminated on disposal (5,500 ) (2,715 ) - (374 ) (8,589 )
At 31 May 2023 111,962 6,592 120,687 14,335 253,576
Net book value
At 31 May 2023 27,055 4,116 1,500 1,984 34,655
At 31 May 2022 14,857 5,105 6,255 - 26,217

Genesis Timber Engineering Ltd (Registered number: 03775971)

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


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
Cost
At 1 June 2022
and 31 May 2023 25,017
Depreciation
At 1 June 2022 18,762
Charge for year 6,255
At 31 May 2023 25,017
Net book value
At 31 May 2023 -
At 31 May 2022 6,255

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/23 31/5/22
£    £   
Trade debtors 285,740 366,883
Other debtors 63,029 41,300
348,769 408,183

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/23 31/5/22
£    £   
Hire purchase contracts (see note 8) 1,055 6,333
Payments on account 39,902 68,293
Trade creditors 126,104 137,178
Amounts owed to group undertakings 158,768 361,414
Taxation and social security 139,343 111,791
Other creditors 3,780 55,319
468,952 740,328

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/5/23 31/5/22
£    £   
Hire purchase contracts (see note 8) - 1,055

Genesis Timber Engineering Ltd (Registered number: 03775971)

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


8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/5/23 31/5/22
£    £   
Net obligations repayable:
Within one year 1,055 6,333
Between one and five years - 1,055
1,055 7,388

Non-cancellable operating leases
31/5/23 31/5/22
£    £   
Within one year 13,333 40,000

9. RELATED PARTY DISCLOSURES

Genesis Holdings (Gloucester) Ltd
Parent company

During the year consultancy fees of £240,000 (2022 - £340,000) were paid to the parent company.

At the year end, the company owed £156,768 (2022 - £361,414) to the parent company.

Genesis Contracting Ltd
Related party through common ownership and directorship

At the year end, the company owed £2,000 (2022 - £nil) to Genesis Contracting Ltd.

10. POST BALANCE SHEET EVENTS

Prior to the date of approval of the financial statements, the company entered into a new financial commitment by signing a 5 year lease, with a break clause option after 3 years, on their existing commercial premises at a rate of £60,000 per annum.

11. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is Genesis Holdings (Gloucester) Ltd, a company registered in England and Wales. The company is controlled by S A Baldwin and J G Smith, directors of Genesis Timber Engineering Ltd. Genesis Holdings (Gloucester) Ltd, which shares the same registered office as Genesis Timber Engineering Ltd, has taken the option under Section 399(2A) of the Companies Act 2006 not to prepare consolidated financial statements.