Registered number
06931974
GENCOM TECHNOLOGIES LTD
Filleted Accounts
30 June 2023
GENCOM TECHNOLOGIES LTD
Registered number: 06931974
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 156,016 189,448
Tangible assets 4 56,045 42,983
212,061 232,431
Current assets
Stocks 12,500 9,500
Debtors 5 100,732 57,424
Cash at bank and in hand 162,444 265,037
275,676 331,961
Creditors: amounts falling due within one year 6 (240,276) (169,289)
Net current assets 35,400 162,672
Total assets less current liabilities 247,461 395,103
Creditors: amounts falling due after more than one year 7 (49,766) (193,362)
Provisions for liabilities (7,143) (7,143)
Net assets 190,552 194,598
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 189,552 193,598
Shareholders' funds 190,552 194,598
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.
S Joseph
Director
Approved by the board on 14 March 2024
GENCOM TECHNOLOGIES LTD
Notes to the Accounts
for the year ended 30 June 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:
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 382,310
At 30 June 2023 382,310
Amortisation
At 1 July 2022 192,862
Provided during the year 33,432
At 30 June 2023 226,294
Net book value
At 30 June 2023 156,016
At 30 June 2022 189,448
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
£
Cost
At 1 July 2022 199,996
Additions 27,074
At 30 June 2023 227,070
Depreciation
At 1 July 2022 157,013
Charge for the year 14,012
At 30 June 2023 171,025
Net book value
At 30 June 2023 56,045
At 30 June 2022 42,983
5 Debtors 2023 2022
£ £
Trade debtors 43,434 55,634
Other debtors 57,298 1,790
100,732 57,424
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 79,657 13,164
Trade creditors 10,083 58,600
Taxation and social security costs 29,663 22,619
Other creditors 120,873 74,906
240,276 169,289
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 49,766 193,362
8 Other information
GENCOM TECHNOLOGIES LTD is a private company limited by shares and incorporated in England. Its registered office is:
69 The Enterprise Centre
Cranborne Road
Potters Bar
Hertfordshire
EN6 3DQ
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