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REGISTERED NUMBER: 04365704 (England and Wales)















GENE HOMES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






GENE HOMES LIMITED (REGISTERED NUMBER: 04365704)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GENE HOMES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mrs A A Adenuga
Mr A Adenuga





SECRETARY: Mrs A A Adenuga





REGISTERED OFFICE: The Stone House
Penkridge Bank Road
Slitting Mill
Rugeley
Staffordshire
WS15 2UE





REGISTERED NUMBER: 04365704 (England and Wales)





ACCOUNTANTS: Spurling Cannon
Chartered Certified Accountants
424 Margate Road
Westwood
Ramsgate
Kent
CT12 6SJ

GENE HOMES LIMITED (REGISTERED NUMBER: 04365704)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 809 953
Investment property 5 853,000 835,000
853,809 835,953

CURRENT ASSETS
Debtors 6 14,145 13,710
Cash at bank 29,643 42,898
43,788 56,608
CREDITORS
Amounts falling due within one year 7 410,450 474,266
NET CURRENT LIABILITIES (366,662 ) (417,658 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

487,147

418,295

PROVISIONS FOR LIABILITIES 40,675 36,175
NET ASSETS 446,472 382,120

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 446,470 382,118
SHAREHOLDERS' FUNDS 446,472 382,120

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GENE HOMES LIMITED (REGISTERED NUMBER: 04365704)

BALANCE SHEET - continued
31 MARCH 2024


The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2024 and were signed on its behalf by:




Mrs A A Adenuga - Director



Mr A Adenuga - Director


GENE HOMES LIMITED (REGISTERED NUMBER: 04365704)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Gene Homes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixture & Fittings - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

GENE HOMES LIMITED (REGISTERED NUMBER: 04365704)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Plant and Fixture &
machinery Fittings Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 1,356 5,283 6,639
DEPRECIATION
At 1 April 2023 1,340 4,346 5,686
Charge for year 4 140 144
At 31 March 2024 1,344 4,486 5,830
NET BOOK VALUE
At 31 March 2024 12 797 809
At 31 March 2023 16 937 953

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 835,000
Revaluations 18,000
At 31 March 2024 853,000
NET BOOK VALUE
At 31 March 2024 853,000
At 31 March 2023 835,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2018 104,406
Valuation in 2019 (3,341 )
Valuation in 2020 47,000
Valuation in 2023 56,000
Valuation in 2024 18,000
Cost 630,935
853,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 14,145 13,710

GENE HOMES LIMITED (REGISTERED NUMBER: 04365704)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 15,835 8,494
Other creditors 394,615 465,772
410,450 474,266

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company made payments totalling £88,552 to Genesis Homes (Essex) Limited of which Mr & Mrs Adenuga are both Directors Mr & Mrs Adenuga each holds 1 ordinary share (together being 100% of the issued share capital). The payments were in respect of a rent for the properties managed by the company in the year.