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
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
Generation Asset Management (UK) Limited
Statement of financial position
as at 31 December 2023
Tangible assets
1,813
1,398
Cash at bank and in hand
486
16,172
Creditors: amounts falling due within one year
(24,668)
(17,746)
Net current assets
69,852
54,707
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
Generation Asset Management (UK) Limited
Notes to the Accounts
for the year ended 31 December 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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.
The accounts are presented in £ sterling.
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.
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 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.
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.
Generation Asset Management (UK) Limited
Notes to the Accounts
for the year ended 31 December 2023
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
Amounts falling due within one year
Amounts falling due after more than one year
Trade debtors
39,120
45,106
Accrued income and prepayments
46,691
11,175
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
2,996
1,435
Taxes and social security
244
432
Loans from directors
19,466
-
Deferred income
1,372
1,681
Generation Asset Management (UK) Limited
Notes to the Accounts
for the year ended 31 December 2023
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).