Company registration number 07581713 (England and Wales)
GINESS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
GINESS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
GINESS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Non-current assets
Intangible assets
3
294,038
392,051
Property, plant and equipment
4
16,042
22,953
310,080
415,004
Current assets
Trade and other receivables
5
104,244
31,498
Cash and cash equivalents
5,318
43,418
109,562
74,916
Current liabilities
6
(43,602)
(55,050)
Net current assets
65,960
19,866
Total assets less current liabilities
376,040
434,870
Non-current liabilities
8
(580,532)
(563,897)
Net liabilities
(204,492)
(129,027)
Equity
Called up share capital
1
1
Retained earnings
(204,493)
(129,028)
Total equity
(204,492)
(129,027)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year 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.

The financial statements were approved and signed by the director and authorised for issue on 28 September 2023
Mr G Nicolaescu
Director
Company registration number 07581713 (England and Wales)
GINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information

Giness Limited is a private company limited by shares incorporated in England and Wales. The registered office is London Bridge - The News Building, 3rd Floor, 3 London Bridge Street, London, SE1 9SG.

1.1
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.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Intangible assets
5 years straight line
GINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position 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.

GINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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 income statement 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.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

GINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
1
1
3
Intangible fixed assets
Intangible assets
£
Cost
At 1 April 2021 and 31 March 2022
490,066
Amortisation and impairment
At 1 April 2021
98,015
Amortisation charged for the year
98,013
At 31 March 2022
196,028
Carrying amount
At 31 March 2022
294,038
At 31 March 2021
392,051

The above represents a cost to buy a business right to charge commissions on certain company sales.

GINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2021
25,363
Additions
1,591
At 31 March 2022
26,954
Depreciation and impairment
At 1 April 2021
2,410
Depreciation charged in the year
8,502
At 31 March 2022
10,912
Carrying amount
At 31 March 2022
16,042
At 31 March 2021
22,953
5
Trade and other receivables
2022
2021
Amounts falling due within one year:
£
£
Trade receivables
28,955
20,282
Corporation tax recoverable
32
32
Other receivables
75,257
11,184
104,244
31,498
6
Current liabilities
2022
2021
£
£
Bank loans
9,703
7,906
Trade payables
-
0
11,523
Other payables
33,899
35,621
43,602
55,050
GINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
7
Borrowings
2022
2021
£
£
Bank loans
42,110
50,000
Other loans
548,125
521,803
590,235
571,803
Payable within one year
9,703
7,906
Payable after one year
580,532
563,897

The long-term bank loan is part of the Bounce Back Loan Scheme and is guaranteed by the UK Government. It is a fixed rate loan at 2.5% interest, the first 12 months interest is paid as a Business Interruption Payment by the UK Government, the loan is then repaid in equal instalments over 60 months.

The other long term loan is a consolidated loan agreement of the existing loan and the sales commission buyout, it is guaranteed by six related parties. It is a fixed rate loan at 3.5% of the outstanding balance compounded annually, the first 24 months are interest only repayments, the loan is then repaid in equal instalments over 120 months.

8
Non-current liabilities
2022
2021
£
£
Bank loans and overdrafts
32,407
42,094
Other payables
548,125
521,803
580,532
563,897
9
Related party transactions
Transactions with related parties

During the year the company paid amounts of £163,471(2021: £204,126) for platform licences and royalties to Giness SRL, a company under common control.

 

During the year the company paid amounts of £5,349 (2021: £14,729) for platform licences and royalties to Giness Holdings LLC, a company under common control. At the year end the company was owed £52,376 (2021: £nil) from Giness Holdings LLC.

 

Other information

During the previous year Giness LLC, Giness SRL, KVK-Moldova SRL and Media Format SRL, all companies under common control, have provided company guarantees for the amounts included in Other Loans in note 7.

 

During the previous year Mr G Nicolaescu, director of the company and Mrs I Nicolaescu, wife of the director of the company, have provided personal guarantees for the amounts included in Other Loans in note 7.

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