Registered number
12035593
Geneci & Co Ltd
Filleted Accounts
30 June 2023
Geneci & Co Ltd
Registered number: 12035593
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 20,000 20,000
Tangible assets 4 10,023 12,998
30,023 32,998
Current assets
Stocks 50,000 50,000
Debtors 5 5,450 5,450
Cash at bank and in hand 6,501 1,643
61,951 57,093
Creditors: amounts falling due within one year 6 (94,124) (104,824)
Net current liabilities (32,173) (47,731)
Net liabilities (2,150) (14,733)
Capital and reserves
Called up share capital 100 100
Profit and loss account (2,250) (14,833)
Shareholders' funds (2,150) (14,733)
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.
Alican Geneci
Director
Approved by the board on 5 February 2024
Geneci & Co Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
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.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 20,000
At 30 June 2023 20,000
Amortisation
At 30 June 2023 -
Net book value
At 30 June 2023 20,000
At 30 June 2022 20,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 9,550 10,000 19,550
At 30 June 2023 9,550 10,000 19,550
Depreciation
At 1 July 2022 4,052 2,500 6,552
Charge for the year 1,100 1,875 2,975
At 30 June 2023 5,152 4,375 9,527
Net book value
At 30 June 2023 4,398 5,625 10,023
At 30 June 2022 5,498 7,500 12,998
5 Debtors 2023 2022
£ £
Other debtors 5,450 5,450
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 250 6,500
Taxation and social security costs 2,571 3,187
Other creditors 91,303 95,137
94,124 104,824
7 Controlling party
Alican Geneci, a company director controls the company by virtue of holding 100% of the issued share capital.
8 Other information
Geneci & Co Ltd is a private company limited by shares and incorporated in England. Its registered office is:
8 Clock House Parade
North Circular Road
London
N13 6BG
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