1 November 2022 v2024.12.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activity0falsetruexbrli:purexbrli:sharesiso4217:GBPSC2774222022-11-012023-10-31SC2774222023-10-31SC2774222022-10-31SC277422core:WithinOneYear2023-10-31SC277422core:WithinOneYear2022-10-31SC277422core:AfterOneYear2023-10-31SC277422core:AfterOneYear2022-10-31SC277422core:ShareCapital2023-10-31SC277422core:ShareCapital2022-10-31SC277422core:RetainedEarningsAccumulatedLosses2023-10-31SC277422core:RetainedEarningsAccumulatedLosses2022-10-31SC277422bus:Director12022-11-012023-10-31SC277422bus:RegisteredOffice2022-11-012023-10-31SC277422core:NetGoodwill2022-11-012023-10-31SC277422core:Goodwill2022-11-012023-10-31SC277422core:LandBuildings2022-11-012023-10-31SC277422core:FurnitureFittings2022-11-012023-10-31SC277422core:PlantMachinery2022-11-012023-10-31SC277422core:FurnitureFittingsToolsEquipment2022-11-012023-10-31SC277422core:MotorVehicles2022-11-012023-10-31SC2774222021-11-012022-10-31SC277422core:NetGoodwill2023-10-31SC277422core:LandBuildings2022-11-01SC277422core:PlantMachinery2022-11-01SC2774222022-11-01SC277422core:LandBuildings2023-10-31SC277422core:PlantMachinery2023-10-31SC277422core:LandBuildings2022-10-31SC277422core:PlantMachinery2022-10-31SC277422core:CostValuation2022-11-01SC277422core:CostValuation2023-10-31SC27742212022-11-012023-10-31SC277422countries:Scotland2022-11-012023-10-31SC277422bus:AuditExemptWithAccountantsReport2022-11-012023-10-31SC277422bus:PrivateLimitedCompanyLtd2022-11-012023-10-31SC277422bus:SmallEntities2022-11-012023-10-31SC277422bus:FullAccounts2022-11-012023-10-31
Company registration number:
SC277422
Genesis (J & T) Limited
Unaudited Filleted Financial Statements for the year ended
31 October 2023
Genesis (J & T) Limited
Report of the Accountant to the directors of Genesis (J & T) Limited
Year ended
31 October 2023
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended
31 October 2023
.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the statement of financial position you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give a "true and fair view".
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the directors for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
IRD Accountancy
30 Beaton Drive
Winchburgh
West Lothian
EH52 6FS
United Kingdom
Date:
18 April 2024
Genesis (J & T) Limited
Statement of Financial Position
31 October 2023
20232022
Note££
Fixed assets    
Tangible assets 6
288,163
 
334,554
 
Investments 7
585,510
 
585,510
 
873,673
 
920,064
 
Current assets    
Debtors 8
176,568
 
318,248
 
Cash at bank and in hand
138,246
 
32,110
 
314,814
 
350,358
 
Creditors: amounts falling due within one year 9
(137,051
)
(29,218
)
Net current assets
177,763
 
321,140
 
Total assets less current liabilities 1,051,436   1,241,204  
Creditors: amounts falling due after more than one year 10
(1,043,537
)
(1,254,363
)
Provisions for liabilities
(7,789
)
(7,789
)
Net assets/(liabilities)
110
 
(20,948
)
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
109
 
(20,949
)
Shareholders funds/(deficit)
110
 
(20,948
)
For the year ending
31 October 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
18 April 2024
, and are signed on behalf of the board by:
V Wilson
Director
Company registration number:
SC277422
Genesis (J & T) Limited
Notes to the Financial Statements
Year ended
31 October 2023

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
127 High Street
,
Dalkeith
,
Midlothian
,
EH22 1BE
, .

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
10% straight line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Straight line over 25 years
Fixtures and fittings
10% straight line
Plant and machinery
25% straight line
Fixtures, fittings and equipment
25% straight line
Motor vehicles
25% straight line

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

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.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

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 or 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 in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was nil (2022:
94
).

5 Intangible assets

Goodwill
£
Cost  
At
1 November 2022
and
31 October 2023
730,149
 
Amortisation  
At
1 November 2022
and
31 October 2023
730,149
 
Carrying amount  
At
31 October 2023
-  
At 31 October 2022 -  

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 November 2022
691,441
 
392,637
 
1,084,078
 
Additions
9,964
 
3,573
 
13,537
 
Disposals -  
(8,528
)
(8,528
)
At
31 October 2023
701,405
 
387,682
 
1,089,087
 
Depreciation      
At
1 November 2022
394,728
 
354,796
 
749,524
 
Charge
46,370
 
13,558
 
59,928
 
Disposals -  
(8,528
)
(8,528
)
At
31 October 2023
441,098
 
359,826
 
800,924
 
Carrying amount      
At
31 October 2023
260,307
 
27,856
 
288,163
 
At 31 October 2022
296,713
 
37,841
 
334,554
 

7 Investments

Other investments other than loans
£
Cost  
At
1 November 2022
585,510
 
At
31 October 2023
585,510
 
Impairment  
At
1 November 2022
and
31 October 2023
-  
Carrying amount  
At
31 October 2023
585,510
 
At 31 October 2022
585,510
 

Investments held at valuation

In respect of fixed asset investments held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
20232022
Shares in group undertakings and participating interestsShares in group undertakings and participating interests
££
Aggregate historical cost 585,510   585,510  
Carrying amount 585,510   585,510  

8 Debtors

20232022
££
Other debtors
176,568
 
318,248
 

9 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
115,865
  -  
Trade creditors
21,768
 
39,971
 
Taxation and social security
92,275
 
44,701
 
Other creditors
(92,857
)
(55,454
)
137,051
 
29,218
 

10 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
1,029,774
 
1,224,966
 
Other creditors
13,763
 
29,397
 
1,043,537
 
1,254,363
 
Included within bank loans is a facility from Clydesdale Bank Plc, which is secured by a fixed and floating rate charge over the property or undertaking of the company.
Hire purchase contracts are secured over the assets to which they relate.
Amounts included above which fall due after five years are as follows:
Bank Loans and overdrafts - £

11 Directors' advances, credit and guarantees

Included within other debtors is a balance of £XXXX (2022 - £23,189) due from C S Walters, one of the company directors. The balance is unsecured, interest free and has no fixed terms of repayment.
Included within other debtors is a balance of £XXXX (2022 - £44,051) due from V T Wilson, one of the company directors. The balance is unsecured, interest free and has no fixed terms of repayment.