Genie Construction Ltd 14146611 false 2022-06-01 2023-06-30 2023-06-30 The principal activity of the company is Construction of domestic buildings Digita Accounts Production Advanced 6.30.9574.0 true 14146611 2022-06-01 2023-06-30 14146611 2023-06-30 14146611 bus:OrdinaryShareClass1 2023-06-30 14146611 bus:Revised 2023-06-30 14146611 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 14146611 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-06-30 14146611 core:CurrentFinancialInstruments 2023-06-30 14146611 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 14146611 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 14146611 core:FurnitureFittingsToolsEquipment 2023-06-30 14146611 core:MotorVehicles 2023-06-30 14146611 bus:SmallEntities 2022-06-01 2023-06-30 14146611 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-06-30 14146611 bus:FullAccounts 2022-06-01 2023-06-30 14146611 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-06-30 14146611 bus:RegisteredOffice 2022-06-01 2023-06-30 14146611 bus:Director1 2022-06-01 2023-06-30 14146611 bus:Director2 2022-06-01 2023-06-30 14146611 bus:OrdinaryShareClass1 2022-06-01 2023-06-30 14146611 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-06-30 14146611 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-06-30 14146611 core:MotorVehicles 2022-06-01 2023-06-30 14146611 countries:England 2022-06-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14146611

Genie Construction Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 June 2022 to 30 June 2023

 

Genie Construction Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Genie Construction Ltd

Company Information

Directors

Mrs Faye Bamberger

Mr Yechiel David Bamberger

Registered office

8 Woodstock Avenue
London
NW11 9SG

Accountants

EJS Accounting Ltd
128 Clitterhouse Road
London
NW2 1DN

 

Genie Construction Ltd

(Registration number: 14146611)
Balance Sheet as at 30 June 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

13,487

Current assets

 

Debtors

5

436,553

Cash at bank and in hand

 

25,427

 

461,980

Creditors: Amounts falling due within one year

6

(406,258)

Net current assets

 

55,722

Total assets less current liabilities

 

69,209

Creditors: Amounts falling due after more than one year

6

(9,582)

Net assets

 

59,627

Capital and reserves

 

Called up share capital

7

100

Retained earnings

59,527

Shareholders' funds

 

59,627

For the financial period ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 February 2024 and signed on its behalf by:
 

 

Genie Construction Ltd

(Registration number: 14146611)
Balance Sheet as at 30 June 2023

.........................................
Mrs Faye Bamberger
Director

.........................................
Mr Yechiel David Bamberger
Director

 

Genie Construction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
8 Woodstock Avenue
London
NW11 9SG
England

These financial statements were authorised for issue by the Board on 19 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Genie Construction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 June 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicle

20% straight line method

Furniture,fittings,tools and equipment

20% straight line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Genie Construction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 June 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

 

Genie Construction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

Additions

1,208

15,650

16,858

At 30 June 2023

1,208

15,650

16,858

Depreciation

Charge for the period

241

3,130

3,371

At 30 June 2023

241

3,130

3,371

Carrying amount

At 30 June 2023

967

12,520

13,487

5

Debtors

Current

2023
£

Trade debtors

412,198

Other debtors

24,355

 

436,553

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Loans and borrowings

8

3,774

Trade creditors

 

258,311

Taxation and social security

 

16,193

Accruals and deferred income

 

70,348

Other creditors

 

57,632

 

406,258

Creditors: amounts falling due after more than one year

 

Genie Construction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 June 2023

Note

2023
£

Due after one year

 

Loans and borrowings

8

9,582

7

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary of £1 each

100

100

     

8

Loans and borrowings

2023
£

Non-current loans and borrowings

Hire purchase contracts

9,582

2023
£

Current loans and borrowings

Hire purchase contracts

3,774

9

Dividends

   

2023

 
   

£

 

Interim dividend of £200.00 per ordinary share

 

20,000

 
       

10

Related party transactions

 

Genie Construction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 June 2023

Directors' remuneration

The directors' remuneration for the period was as follows:

2023
£

Remuneration

7,330