Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-1742022-12-01falseNo description of principal activity4falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04065418 2023-11-30 04065418 2022-12-01 2023-11-30 04065418 2021-12-01 2022-11-30 04065418 2022-11-30 04065418 c:Director1 2022-12-01 2023-11-30 04065418 c:Director2 2022-12-01 2023-11-30 04065418 d:CurrentFinancialInstruments 2023-11-30 04065418 d:CurrentFinancialInstruments 2022-11-30 04065418 d:Non-currentFinancialInstruments 2023-11-30 04065418 d:Non-currentFinancialInstruments 2022-11-30 04065418 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 04065418 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 04065418 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 04065418 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 04065418 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 04065418 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 04065418 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 04065418 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 04065418 d:ShareCapital 2023-11-30 04065418 d:ShareCapital 2022-11-30 04065418 d:RetainedEarningsAccumulatedLosses 2023-11-30 04065418 d:RetainedEarningsAccumulatedLosses 2022-11-30 04065418 c:FRS102 2022-12-01 2023-11-30 04065418 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 04065418 c:FullAccounts 2022-12-01 2023-11-30 04065418 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 04065418 2 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 04065418









Genesis Asset Finance Limited







Unaudited

Financial statements

Information for filing with the registrar

For the year ended 30 November 2023

 
Genesis Asset Finance Limited
Registered number: 04065418

Balance Sheet
As at 30 November 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 4 
1,975,259
1,642,813

Debtors: amounts falling due within one year
 4 
1,341,386
1,104,304

Cash at bank and in hand
  
48,316
93,170

  
3,364,961
2,840,287

Creditors: amounts falling due within one year
 5 
(1,283,634)
(1,188,987)

Net current assets
  
 
 
2,081,327
 
 
1,651,300

Total assets less current liabilities
  
2,081,327
1,651,300

Creditors: amounts falling due after more than one year
 6 
(1,508,768)
(1,096,274)

Provisions for liabilities
  

Deferred tax
  
(48,262)
(34,243)

  
 
 
(48,262)
 
 
(34,243)

Net assets
  
524,297
520,783


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
523,297
519,783

  
524,297
520,783


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
Genesis Asset Finance Limited
Registered number: 04065418
    
Balance Sheet (continued)
As at 30 November 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A D Frost
E D Frost
Director
Director


Date: 17 May 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
Genesis Asset Finance Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 November 2023

1.


General information

Genesis Asset Finance Limited is a private company limited by shares incorporated in England. The address of the registered office is 60 Surrey Street, Glossop, SK13 7AJ. The company's registered number is 04065418.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which the directors have reached their conclusion. 
The Company has Total assets less current liabilities of £2,081,327 (2022: £1,651,300), and net assets of £524,297 (2022: £520,783) at 30 November 2023.
The Company currently meets its working capital requirements through its cash balances and goverment backed loan funding. The directors believe they have sufficient facilities to trade through the next 12 month period.
Therefore, the directors believe it is appropriate to prepare the accounts to 30 November 2023 on a going concern basis and there will be no adverse effect on solvency for more than 12 months after the date of approval of the financial statements.

Page 3

 
Genesis Asset Finance Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Leased assets: the Company as lessor

Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.

A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
Genesis Asset Finance Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.7

Borrowing costs

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

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Net investments in finance leases are calculated by discounting the gross investment in the lease by the interest rate implicit in the lease. The gross investment in the lease is the aggregate of the minimum lease payments receivable and any unguaranteed residual value accruing to the Company as lessor.

Page 5

 
Genesis Asset Finance Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 November 2023

2.Accounting policies (continued)

  
2.11

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

  
2.14

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.

Page 6

 
Genesis Asset Finance Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 November 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Debtors

2023
2022
£
£

Due after more than one year

Net investment in finance leases, hire purchase & loan agreements
1,975,259
1,642,813


2023
2022
£
£

Due within one year

Net investment in finance leases, hire purchase & loan agreements
1,160,964
918,325

Trade debtors
17,861
38,839

Other debtors
25,542
52,370

Prepayments and accrued income
137,019
94,770

1,341,386
1,104,304





Page 7

 
Genesis Asset Finance Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 November 2023

5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
22,906
21,900

Loans from block discounters
1,015,715
912,011

Trade creditors
15,853
21,401

Corporation tax
31,088
63,327

Other taxation and social security
5,471
-

Other creditors
46,660
2,784

Accruals and deferred income
145,941
167,564

1,283,634
1,188,987


Bank loans represent a government backed bank loan. The loan attracts interest at 3.125% over Bank of England Base Rate per annum, is repayable over a 5.5 years term after an initial 6 month period of no repayments required and is secured along with the bank overdraft by way of guarantee from Genesis Asset Finance Holdings Limited.


6.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
53,240
75,364

Loans from block discounters
1,455,528
1,020,910

1,508,768
1,096,274


Bank loans represent a government backed bank loan. The loan attracts interest at 3.125% over Bank of England Base Rate per annum, is repayable over a 5.5 years term after an initial 6 month period of no repayments required and is secured along with the bank overdraft by way of guarantee from Genesis Asset Finance Holdings Limited.

Page 8

 
Genesis Asset Finance Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 November 2023

7.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
22,906
21,900

Loans from block discounters
1,015,715
912,011


1,038,621
933,911

Amounts falling due 1-2 years

Bank loans
22,906
22,906

Loans from block discounters
1,455,528
1,020,910


1,478,434
1,043,816

Amounts falling due 2-5 years

Bank loans
30,334
52,458


30,334
52,458


2,547,389
2,030,185


Secured loans
The loans from block discounters are secured against £2,027,408 (2022: £1,415,217) of the net investment in finance leases, hire purchase & loan agreements. 
The directors have personally guaranteed the bank overdraft and certain loans from the block discounters. These guarantees are limited.
Bank loans represent a government backed bank loan. The loan attracts interest at 3.125% over Bank of England Base Rate per annum, is repayable over a 5.5 years term after an initial 6 month period of no repayments required and is secured along with the bank overdraft by way of guarantee from Genesis Asset Finance Holdings Limited.

Page 9

 
Genesis Asset Finance Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 November 2023


8.


Pension commitments

The Company operates a defined contributions pension scheme. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,736 (2022: £11,987). Contributions totalling £1,780 (2022: £1,780) were payable to the fund at the balance sheet date and are included in other creditors.


9.


Transactions with directors

At the balance sheet date, 2 directors owe the Company in total £22,957 (2022: £33,290) in respect of loans. The loans are interest free, provided in the ordinary course of the Company's business on standard commercial terms (save for the interest rate applicable) with the repayment of each loan on a fully amortising basis over a maximum period of 60 months from drawdown.


10.


Controlling party

The company's ultimate holding company and immediate controlling party is Genesis Asset Finance Holdings Limited.  The address of the registered office is 60 Surrey Street, Glossop, SK13 7AJ. 
There is no overall controlling party.
 
Page 10