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Registered number: 12877257









GENERATE UK HOLDINGS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
GENERATE UK HOLDINGS LIMITED
REGISTERED NUMBER: 12877257

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
15,678
3,392

Current assets
  

Debtors: amounts falling due within one year
 5 
2,041,296
857,942

Cash at bank and in hand
 6 
797,746
116,722

  
2,839,042
974,664

Creditors: amounts falling due within one year
 7 
(2,693,418)
(915,578)

Net current assets
  
 
 
145,624
 
 
59,086

Net assets
  
161,302
62,478


Capital and reserves
  

Called up share capital 
  
30,000
1

Profit and loss account
  
131,302
62,477

  
161,302
62,478


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
M Kowalski
Director

Date: 9 April 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 
GENERATE UK HOLDINGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Profit for the period
-
62,477
62,477
Total comprehensive income for the period
-
62,477
62,477


Contributions by and distributions to owners

Shares issued during the period
1
-
1


Total transactions with owners
1
-
1



At 1 January 2022 (as previously stated)
1
165,363
165,364

Prior year adjustment - note 8
-
(102,886)
(102,886)


At 1 January 2022 (as restated)
1
62,477
62,478


Comprehensive income for the year

Profit for the year
-
68,825
68,825
Total comprehensive income for the year
-
68,825
68,825


Contributions by and distributions to owners

Shares issued during the year
29,999
-
29,999


Total transactions with owners
29,999
-
29,999


At 31 December 2022
30,000
131,302
161,302


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
GENERATE UK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Generate UK Holdings Limited (the Company) is a company incorporated on 13 September 2020 in the United Kingdom under the Companies Act 2006. 
The Company is a private company limited by shares and is registered in England & Wales. The address of the Company's registered office is 1 Bartholomew Lane, London, EC2N 2AX. 
The principal activity of the Company is the provision of information on UK and European companies, businesses, business opportunities, properties and other tangible and intangible assets.
The Company was incorporated on 13 September 2020 and commenced trading on 17 December 2020. The Company has aligned its year end with that of its parent company, therefore the comparatives represent the period from incorporation to 31 December 2021.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have received a commitment of continued financial support from the Company's ultimate parent company, Generate Capital, PBC, and the directors believe that such financial support will continue to be available for the foreseeable future. Accordingly, they have adopted the going concern basis of accounting in preparing these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest whole GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Revenue represents amounts charged to the ultimate parent company under a services agreement, exclusive of value added tax. Revenue is recognised when chargeable expenses are incurred.

Page 3

 
GENERATE UK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Share-based payments

The Company provides share-based payment arrangements (restricted stock units) to certain employees.
Equity-settled arrangements are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
5 years
Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
GENERATE UK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
GENERATE UK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2021 - 9).


4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2022
2,039
1,449
3,488


Additions
4,916
12,862
17,778



At 31 December 2022

6,955
14,311
21,266



Depreciation


At 1 January 2022
72
24
96


Charge for the year on owned assets
1,406
4,086
5,492



At 31 December 2022

1,478
4,110
5,588



Net book value



At 31 December 2022
5,477
10,201
15,678



At 31 December 2021
1,967
1,425
3,392


5.


Debtors

As restated
2022
2021
£
£


Amounts owed by group undertakings
1,209,084
819,286

Other debtors
811,075
18,003

Prepayments and accrued income
21,137
20,653

2,041,296
857,942


Page 6

 
GENERATE UK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
797,746
116,722



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Amounts owed to group undertakings
4,941
-

Corporation tax
24,409
38,494

Other taxation and social security
-
68,574

Other creditors
10,794
11,968

Accruals and deferred income
2,653,274
796,542

2,693,418
915,578



8.


Prior year adjustment

During the year it was identified that certain costs amounting to £113,499 recognised during the period ended 31 December 2021 were to be recharged to other group companies. Accordingly, these costs have been removed from expenses for the year then ended. Intercompany revenue of £122,579 was also removed.
It was also identified that intra group expense recharges were understated by £45,257.
In addition, there was a change in the method of calculation of intercompany revenue which has resulted in revenue being reduced by £48,549.
The net impact of the adjustments is:
Reduction in revenue £171,128
Reduction in administrative expenses £68,242
Reduction in operating profit £102,886
Reduction in amounts owed by group undertakings £102,886
Reduction in reserves £102,886


9.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £47,573 (2021: £22,266). Contributions totalling £8,205 (2021: £5,663) were payable to the fund at the balance sheet date and are included in creditors.

Page 7

 
GENERATE UK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
61,200
14,400


11.


Controlling party

The Company's immediate parent company is Generate Europe Holdings, LLC, and the ultimate parent company and controlling party is Generate Capital, PBC, a company incorporated in the state of Delaware, United States of America, which is the parent company of the smallest and largest group to consolidate these financial statements. The registered office of Generate Capital, PBC is 251 Little Falls Drive, Wilmington, Delaware 19808, USA with a physical address at 560 Davis Street, Suite 250, San Francisco, CA 94111, USA.


12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 9 April 2024 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 8