Company Registration No. 09664803 (England and Wales)
GENTECH HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GENTECH HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GENTECH HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
565,309
565,574
Current assets
Debtors
4
12,000
-
0
Cash at bank and in hand
200
200
12,200
200
Creditors: amounts falling due within one year
5
(8,725)
(9,769)
Net current assets/(liabilities)
3,475
(9,569)
Total assets less current liabilities
568,784
556,005
Creditors: amounts falling due after more than one year
6
(566,089)
(550,760)
Net assets
2,695
5,245
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
2,495
5,045
Total equity
2,695
5,245

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 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 members have 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 22 February 2024
Mr D N P Farla
Director
Company registration number 09664803 (England and Wales)
GENTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information

Gentech Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is T54 Business Park, Nedge Hill, Telford, Shropshire, TF3 3AL.

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
Turnover

Turnover 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 the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

1.3
Tangible fixed assets

Tangible fixed assets 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:

Freehold land and buildings
not depreciated
Fixtures and fittings
20% reducing balance

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.

The directors' consider market value of the freehold land and buildings to not be less than the historic cost. Therefore the freehold land and buildings are not depreciated as to do so would not show a true and fair position.

GENTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Cash at bank and in hand

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
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.

Deferred tax

Deferred tax liabilities are generally not recognised because the directors consider the market value of the fixed assets to be broadly in line with historic cost.

2
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 October 2022 and 30 September 2023
564,249
3,235
567,484
Depreciation and impairment
At 1 October 2022
-
0
1,910
1,910
Depreciation charged in the year
-
0
265
265
At 30 September 2023
-
0
2,175
2,175
Carrying amount
At 30 September 2023
564,249
1,060
565,309
At 30 September 2022
564,249
1,325
565,574
GENTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
12,000
-
0
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8,712
8,815
Corporation tax
-
0
941
Other creditors
13
13
8,725
9,769
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
189,158
197,768
Other creditors
376,931
352,992
566,089
550,760
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100 Ordinary "A" shares of £1 each
100
100
200
200
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Rent receivable
2023
2022
£
£
Entities under common control and ownership
12,000
12,036
GENTECH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
8
Related party transactions
(Continued)
- 5 -

 

2023
2022
Amounts due to related parties
£
£
Entities under common control and ownership
376,931
352,991
9
Directors' transactions

Dividends totalling £0 (2022 - £58,437) were paid in the year in respect of shares held by the company's directors.

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