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REGISTERED NUMBER: 04531834 (England and Wales)















GENESIS HOMES (ESSEX) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






GENESIS HOMES (ESSEX) LIMITED (REGISTERED NUMBER: 04531834)






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


GENESIS HOMES (ESSEX) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mrs A A Adenuga
Mr A Adenuga





SECRETARY: Mr A Adenuga





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





REGISTERED NUMBER: 04531834 (England and Wales)





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

GENESIS HOMES (ESSEX) LIMITED (REGISTERED NUMBER: 04531834)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,002,048 926,628
Investment property 6 507,000 502,000
1,509,048 1,428,628

CURRENT ASSETS
Stocks 2,400 2,400
Debtors 7 640,201 616,626
Cash at bank 30,082 27,419
672,683 646,445
CREDITORS
Amounts falling due within one year 8 238,129 166,298
NET CURRENT ASSETS 434,554 480,147
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,943,602

1,908,775

CREDITORS
Amounts falling due after more than one
year

9

(915,322

)

(969,169

)

PROVISIONS FOR LIABILITIES (18,625 ) (17,375 )
NET ASSETS 1,009,655 922,231

CAPITAL AND RESERVES
Called up share capital 20 20
Retained earnings 1,009,635 922,211
SHAREHOLDERS' FUNDS 1,009,655 922,231

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.

GENESIS HOMES (ESSEX) LIMITED (REGISTERED NUMBER: 04531834)

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


GENESIS HOMES (ESSEX) LIMITED (REGISTERED NUMBER: 04531834)

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

1. STATUTORY INFORMATION

Genesis Homes (Essex) 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.

Goodwill
Goodwill, being the amounts paid in connection with the acquisitions of businesses in 2003, 2006 and 2007, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 1% on cost
Plant and machinery - 25% on reducing balance
Fixture & Fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% 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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


GENESIS HOMES (ESSEX) LIMITED (REGISTERED NUMBER: 04531834)

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

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
The company's policy is to recognise grant income in the profit and loss account to match the expenditure to which the grant relates. The release of grants to match depreciation is credited to the depreciation charge which relates to the asset for which the grant was provided.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 55 (2023 - 44 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 882,204
AMORTISATION
At 1 April 2023
and 31 March 2024 882,204
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

GENESIS HOMES (ESSEX) LIMITED (REGISTERED NUMBER: 04531834)

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

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 April 2023 757,211 200,403 322,791
Additions - - 14,493
At 31 March 2024 757,211 200,403 337,284
DEPRECIATION
At 1 April 2023 75,720 65,536 259,956
Charge for year 7,572 1,500 19,332
At 31 March 2024 83,292 67,036 279,288
NET BOOK VALUE
At 31 March 2024 673,919 133,367 57,996
At 31 March 2023 681,491 134,867 62,835

Fixture & Motor Computer
Fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 207,737 30,149 24,989 1,543,280
Additions 3,818 131,098 - 149,409
At 31 March 2024 211,555 161,247 24,989 1,692,689
DEPRECIATION
At 1 April 2023 177,197 20,612 17,631 616,652
Charge for year 8,588 35,159 1,838 73,989
At 31 March 2024 185,785 55,771 19,469 690,641
NET BOOK VALUE
At 31 March 2024 25,770 105,476 5,520 1,002,048
At 31 March 2023 30,540 9,537 7,358 926,628

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 502,000
Revaluations 5,000
At 31 March 2024 507,000
NET BOOK VALUE
At 31 March 2024 507,000
At 31 March 2023 502,000

GENESIS HOMES (ESSEX) LIMITED (REGISTERED NUMBER: 04531834)

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

6. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 69,498
Valuation in 2024 5,000
Cost 432,502
507,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 170,184 151,169
Other debtors 470,017 465,457
640,201 616,626

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 3,128 -
Trade creditors 4,821 4,129
Taxation and social security 110,223 120,251
Other creditors 119,957 41,918
238,129 166,298

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 803,499 969,169
Hire purchase contracts 111,823 -
915,322 969,169

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 803,499 969,169

The bank loans are secured by way of a legal charge in the name of the property Newstead Lodge, an unlimited guarantee from an associated company Gene Homes Limited and additionally through a limited guarantee by the directors Mr A Adenuga and Mrs A A Adenuga.