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Company Registration No. 06163539 (England and Wales)
Generation Asset Management (UK) Limited Unaudited accounts for the year ended 31 December 2023
Generation Asset Management (UK) Limited Unaudited accounts Contents
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Generation Asset Management (UK) Limited Company Information for the year ended 31 December 2023
Directors
Frederick Dalley Cyril Le Tonqueze James McGovern
Secretary
CNG ASSOCIATES LTD
Company Number
06163539 (England and Wales)
Registered Office
Devonshire House 1 Mayfair Place London W1J 8AJ United Kingdom
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Generation Asset Management (UK) Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,813 
1,398 
Current assets
Debtors
94,034 
56,281 
Cash at bank and in hand
486 
16,172 
94,520 
72,453 
Creditors: amounts falling due within one year
(24,668)
(17,746)
Net current assets
69,852 
54,707 
Net assets
71,665 
56,105 
Capital and reserves
Called up share capital
850,000 
850,000 
Profit and loss account
(778,335)
(793,895)
Shareholders' funds
71,665 
56,105 
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2024 and were signed on its behalf by
Cyril Le Tonqueze Director Company Registration No. 06163539
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Generation Asset Management (UK) Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Generation Asset Management (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 06163539. The registered office is Devonshire House, 1 Mayfair Place, London, W1J 8AJ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Presentation currency
The accounts are presented in £ sterling.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
33% - straight line basis
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 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.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Generation Asset Management (UK) Limited Notes to the Accounts for the year ended 31 December 2023
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 January 2023
2,346 
Additions
1,238 
At 31 December 2023
3,584 
Depreciation
At 1 January 2023
948 
Charge for the year
823 
At 31 December 2023
1,771 
Net book value
At 31 December 2023
1,813 
At 31 December 2022
1,398 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
1,183 
- 
Amounts falling due after more than one year
Trade debtors
39,120 
45,106 
Accrued income and prepayments
46,691 
11,175 
Other debtors
7,040 
- 
92,851 
56,281 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
- 
986 
Trade creditors
2,996 
1,435 
Taxes and social security
244 
432 
Other creditors
390 
6,926 
Loans from directors
19,466 
- 
Accruals
200 
6,286 
Deferred income
1,372 
1,681 
24,668 
17,746 
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Generation Asset Management (UK) Limited Notes to the Accounts for the year ended 31 December 2023
7
Pension commitments
The Company operates a defined contributions 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 £605 (2022: £1,424).
8
Operating lease commitments
2023 
2022 
£ 
£ 
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
52,800 
- 
9
Transactions with related parties
As at 31 December 2023, the company owed £19,466 (2022 - £0) to its Director.The director have agreed to provide this loan on an interest free basis and the loan is repayable on demand, therefore, the amount due has been included under Creditors: amounts falling due within one year.
10
Average number of employees
During the year the average number of employees was 2 (2022: 4).
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