Company registration number 03324804 (England and Wales)
GENER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
GENER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
GENER LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
31 October 2023
28 February 2023
Notes
£
£
£
£
Fixed assets
Investment property
3
107,274
Current assets
Debtors
4
315
4
Cash at bank and in hand
188,676
8,911
188,991
8,915
Creditors: amounts falling due within one year
5
(32,983)
(1,498)
Net current assets
156,008
7,417
Total assets less current liabilities
156,008
114,691
Provisions for liabilities
(10,745)
Net assets
156,008
103,946
Capital and reserves
Called up share capital
6
4
4
Revaluation reserve
68,255
Profit and loss reserves
156,004
35,687
Total equity
156,008
103,946
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GENER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 January 2024 and are signed on its behalf by:
Mrs S Edmonds
Mrs C M Edmonds
Director
Director
Mr M James
Director
Company registration number 03324804 (England and Wales)
GENER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 March 2022
4
68,255
38,783
107,042
Year ended 28 February 2023:
Loss and total comprehensive income
-
-
(3,096)
(3,096)
Balance at 28 February 2023
4
68,255
35,687
103,946
Period ended 31 October 2023:
Profit
-
-
41,317
41,317
Other comprehensive income:
Tax relating to other comprehensive income
-
10,745
10,745
Total comprehensive income
-
10,745
41,317
52,062
Transfers
-
(79,000)
79,000
-
Balance at 31 October 2023
4
156,004
156,008
GENER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information
Gener Limited is a private company limited by shares incorporated in England and Wales. The registered office is 48 Station Street, Ashbourne, Derbyshire, DE6 1DF. The company registration number is 03324804.
1.1
Reporting period
The reporting period has been shortened to 31 October 2023.
The period has shortened as the company is no longer trading as the investment property was sold on 22 August 2023.
The comparatives are for the 12 months to 28 February 2023.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Basic financial assets
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GENER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
31 October
28 February
2023
2023
Number
Number
Total
3
3
3
Investment property
2023
£
Fair value
At 1 March 2023
107,274
Disposals
(107,274)
At 31 October 2023
Investment property comprises one property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 28 February 2013.
4
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
311
Other debtors
4
4
315
4
GENER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2023
£
£
Trade creditors
1,020
364
Corporation tax
29,984
Accruals and deferred income
1,979
1,134
32,983
1,498
6
Called up share capital
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary of 1p each
4
4
4
4
Issued and fully paid
Ordinary of 1p each
400
4
4
4
On 31 October 2023 the shareholding in the company was subdivided into 1p ordinary shares.