Company Registration No. 12095845 (England and Wales)
GENESIS ANALYTICS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
GENESIS ANALYTICS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
GENESIS ANALYTICS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
9,729
3,052
Current assets
Debtors
7
724,137
841,963
Cash at bank and in hand
1,768,984
329,914
2,493,121
1,171,877
Creditors: amounts falling due within one year
8
(1,808,818)
(801,718)
Net current assets
684,303
370,159
Total assets less current liabilities
694,032
373,211
Provisions for liabilities
(2,432)
(763)
Net assets
691,600
372,448
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
691,599
372,447
Total equity
691,600
372,448
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 by the board of directors and authorised for issue on 28 July 2024 and are signed on its behalf by:
M.J. Olver
Director
Company Registration No. 12095845
GENESIS ANALYTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Genesis Analytics Limited is a private company limited by shares incorporated in England and Wales. The registered office is 88 Kingsway, Office 4.06, 4th Floor, Holborn, London, WC2B 6AA.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have considered the forecasted future operations of the company and that the ultimate parent undertaking has confirmed to provide continuing financial support to the company, and have concluded that the company will have adequate resources to continue in business for the foreseeable future, being at least 12 months from the date of approval of these financial statements. With this, the directors continue to adopt the going concern basis of accounting in preparing these financial statements.true
At the balance sheet date, £182,563 is due from a connected company and £590,520 is due to a connected company which the ultimate parent undertaking has confirmed in writing to the directors will not be recalled until the companies are in a position to repay this and for at least 12 months from the date these financial statements are signed.
1.3
Turnover
The company derives its income from economics-based consulting services through performing commercial , marketing, opinion, and other economic research.
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
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.
Company also has other income from management charges from its group companies. The basic principle is that of shared costs between group companies. The total amount receivable net of VAT from the management activities of the company is recognised in the statement of income. VAT is generally not applicable as the group companies are based in locations where no VAT is chargeable on such transactions.Revenue is recognised when it is probable that the Company will receive consideration due under the transaction.
GENESIS ANALYTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.4
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:
Plant and equipment
5 Years Straight Line
Computers
3 Years Straight Line
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
GENESIS ANALYTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
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 income statement 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 recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
GENESIS ANALYTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In preparing these financial statements, the directors have made no judgements that could have material effect on the results or shareholders funds.
The following judgements were made to arrive at the amounts recognised in the financial statements.
Revenue recognition
Work in progress is considered at the year end based on hourly costs and hours worked per employee per project. Invoices are issued to customers on completion of pre-agreed milestones and work carried on between invoicing points are treated as work in progress. The company maintains a timesheet that actively tracks the hours spent on projects and the costs associated with unbilled hours are considered as unbilled receivables.
Estimating useful life of tangible assets
The useful lives of the company's tangible assets with definitive life are estimated based on the period over which the assets are expected to be available for use.
Recoverability of receivables
The company makes an estimate of the recoverable value of its receivables, including intercompany and other receivables when assessing the impairment of receivables. The management considers factors like the ongoing relation with the customer and the history of non-payment to identify any indication that the receivables will not be recovered in full.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
35
22
GENESIS ANALYTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
4
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
394,266
444,120
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
108,991
38,648
Deferred tax
Origination and reversal of timing differences
1,669
763
Total tax charge
110,660
39,411
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023
3,157
Additions
9,248
At 29 February 2024
12,405
Depreciation
At 1 March 2023
105
Depreciation charged in the year
2,571
At 29 February 2024
2,676
Carrying amount
At 29 February 2024
9,729
At 28 February 2023
3,052
GENESIS ANALYTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
527,945
463,222
Other debtors
196,192
378,741
724,137
841,963
Other debtors include £182,563 (2023: £94,588) due from Genesis Analytics Limited Kenya, a related company within the group.
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
210
5,536
Corporation tax
108,991
19,512
Other taxation and social security
73,661
110,497
Other creditors
1,625,956
666,173
1,808,818
801,718
Other creditors include £590,520 due to Genesis Analytics (Pty) Limited (2023: £283,559 due from) , South Africa, a related company within the group.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Shaun Roberts
Statutory Auditor:
LB Group Limited (Colchester)
Date of audit report:
29 July 2024
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
34,043
53,933
34,043
53,933
GENESIS ANALYTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
11
Related party transactions
At the balance sheet date £590,520 (2023: £283,559 owed by) was owed to Genesis Analytics (Pty) Ltd, South Africa, a company under common control. During the year Genesis Analytics charged £2,245,650 (2023: £584,570) of management charges to Genesis Analytics (Pty) Ltd, and received management charges of £479,177 (2023: £93,130) from them.
At the balance sheet date £182,563 (2023: £94,588) was owed by Genesis Analytics Limited,Kenya, a company under common control.
Genesis Analytics Limited is owned entirely by its parent company Genesis Intellectual Holdings (Pty) Ltd, a company registered in South Africa.
12
Directors' transactions
There were no guarantees with the directors in the year. Director's account had a overdrawn balance of £594 (2023: £594) at the year end.
Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.
13
Parent company
The parent of the Company is Genesis Intellectual Holdings (Pty) Limited, a company incorporated in the South Africa (Regn number: 2005/000896/07) with registered office at Office 3, 50 Sixth Road, Hyde Park, Johannesburg,Gauteng, 2196.
The smallest group into which Genesis Analytics Limited is consolidated is Genesis Intellectual Holdings (Pty) Limited. The consolidated accounts are not available publicly and are kept at the registered office of the parent company.