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Company No: 12949062 (England and Wales)

GENESIS ASSET FINANCE HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

GENESIS ASSET FINANCE HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

GENESIS ASSET FINANCE HOLDINGS LIMITED

BALANCE SHEET

As at 30 November 2023
GENESIS ASSET FINANCE HOLDINGS LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 800,000 800,000
800,000 800,000
Current assets
Debtors 4 100 100
100 100
Creditors: amounts falling due within one year 5 ( 75,000) ( 75,000)
Net current liabilities (74,900) (74,900)
Total assets less current liabilities 725,100 725,100
Creditors: amounts falling due after more than one year 6 ( 450,000) ( 525,000)
Net assets 275,100 200,100
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 275,000 200,000
Total shareholders' funds 275,100 200,100

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 financial statements of Genesis Asset Finance Holdings Limited (registered number: 12949062) were approved and authorised for issue by the Board of Directors on 17 May 2024. They were signed on its behalf by:

A Frost
Director
E Frost
Director
GENESIS ASSET FINANCE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
GENESIS ASSET FINANCE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Genesis Asset Finance Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 60 Surrey Street, Glossop, SK13 7AJ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Investments
Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

The Company has no employees other than the directors, who did not receive any remuneration (2022: £NIL).

3. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 December 2022 800,000
At 30 November 2023 800,000
Carrying value at 30 November 2023 800,000
Carrying value at 30 November 2022 800,000

4. Debtors

2023 2022
£ £
Other debtors 100 100

5. Creditors: amounts falling due within one year

2023 2022
£ £
Other creditors 75,000 75,000

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 450,000 525,000

The loan notes are secured by way of a Guarantee, supported by a Debenture, executed by Genesis Asset Finance Limited in favour of the Loan Note holders.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Other creditors 75,000 150,000

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100