Registration number:
Genesis Real Estate Ltd
for the Year Ended 30 November 2023
Genesis Real Estate Ltd
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Genesis Real Estate Ltd
Company Information
Directors |
M Yianni H Varsani S Ali |
Registered office |
|
Accountants |
|
Genesis Real Estate Ltd
(Registration number: 09872897)
Balance Sheet as at 30 November 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Investment property |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
3 |
3 |
|
Revaluation reserve |
140,799 |
140,799 |
|
Retained earnings |
135,501 |
127,911 |
|
Shareholders' funds |
276,303 |
268,713 |
Genesis Real Estate Ltd
(Registration number: 09872897)
Balance Sheet as at 30 November 2023
For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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 Profit and Loss Account.
Approved and authorised by the
......................................... |
Genesis Real Estate Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
4 Crossfield Chambers
Gladbeck Way
Enfield
EN2 7HT
These financial statements were authorised for issue by the
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.
Group accounts not prepared
Revenue recognition
Turnover represents amounts derived from rents charged to tenants during the year, and is recognised at the date the rental period occured. This is stated after trade discounts and sales taxes.
Tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Investment property
Genesis Real Estate Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, 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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Genesis Real Estate Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2023 |
|
At 1 December |
|
Additions |
|
At 30 November |
|
The investment property is valued based on an assessment of the property and the market by the company directors. There has been no valuation of investment property by an independent valuer.
Genesis Real Estate Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Investments |
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 December 2022 |
|
Provision |
|
Carrying amount |
|
At 30 November 2023 |
|
At 30 November 2022 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2023 |
2022 |
|||
Subsidiary undertakings |
||||
|
590 Green Lanes, London, N13 5RY UK |
|
|
|
Subsidiary undertakings |
Genesis Estate 1 Ltd The principal activity of Genesis Estate 1 Ltd is |
Genesis Real Estate Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Prepayments |
|
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
||
Bank borrowings |
2,948 |
21,800 |
Director loan account |
348 |
348 |
Other creditors |
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
2023 |
2022 |
|
Due after more than five years |
||
After more than five years by instalments |
|
|
After more than five years not by instalments |
|
|
1,194,475 |
1,176,537 |
Creditors include bank loans which are secured by way of a fixed and floating charge over the assets of the company.
Genesis Real Estate Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
3 |
|
3 |
Related party transactions |
Summary of transactions with subsidiaries
Included in debtors is an amount of £300,000 owed from Genesis Real Estate 1 Limited, a wholly owned subsidiary.
Summary of transactions with other related parties
Included in creditors is an amount of £348 (2022: £348) owed to the directors of the company.
Included in other creditors is an amount of £958,00 (2022: £1,028,061) owed to BM Holdings Ltd, a company under common control.