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Registration number: 04784485

Generalco Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Generalco Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Generalco Ltd

(Registration number: 04784485)
Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4

180

Other financial assets

5

127,480

128,167

 

127,484

128,347

Current assets

 

Debtors

6

7,900

2,616

Cash at bank and in hand

 

15,644

20,925

 

23,544

23,541

Creditors: Amounts falling due within one year

7

(46,303)

(43,107)

Net current liabilities

 

(22,759)

(19,566)

Net assets

 

104,725

108,781

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

60,256

57,548

Profit and loss account

44,468

51,232

Shareholders' funds

 

104,725

108,781

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 28 April 2024 and signed on its behalf by:
 

.........................................
General Sir Rupert Smith
Director

 

Generalco Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Queens House
42-44 New Street
Honiton
Devon
EX14 1BJ

Principal activity

The principal activity of the company is consultancy work to the military, Defence and Security Industries and academia.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Generalco Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fittings, fixtures and equipment

15% reducing balance

Computer equipment

33% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Generalco Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit and loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 1).

 

Generalco Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 October 2022

4,687

4,687

At 30 September 2023

4,687

4,687

Depreciation

At 1 October 2022

4,507

4,507

Charge for the year

176

176

At 30 September 2023

4,683

4,683

Carrying amount

At 30 September 2023

4

4

At 30 September 2022

180

180

5

Investments

Other investments other than loans
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2022

128,167

128,167

Fair value adjustments

4,588

4,588

Disposals

(5,275)

(5,275)

At 30 September 2023

127,480

127,480

Impairment

Carrying amount

At 30 September 2023

127,480

127,480

 

Generalco Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

6

Debtors

2023
£

2022
£

Other debtors

7,900

2,616

7,900

2,616

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

29

Accruals and deferred income

2,255

2,722

Other creditors

44,048

40,356

46,303

43,107

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(1,880)

(1,880)

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Directors

(40,239)

512

(4,006)

(43,733)

         
       

 

 

Generalco Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

9

Related party transactions (continued)

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Directors

(41,260)

5,083

(4,062)

(40,239)