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Company No: 10027925 (England and Wales)

GENESIS BUSINESS FINANCE LIMITED

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

GENESIS BUSINESS FINANCE LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

GENESIS BUSINESS FINANCE LIMITED

BALANCE SHEET

As at 30 November 2023
GENESIS BUSINESS FINANCE LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Current assets
Debtors 4,787 5,874
Cash at bank and in hand 39,829 50,730
44,616 56,604
Creditors: amounts falling due within one year 4 ( 19,309) ( 19,156)
Net current assets 25,307 37,448
Total assets less current liabilities 25,307 37,448
Creditors: amounts falling due after more than one year 5 ( 13,637) ( 22,250)
Net assets 11,670 15,198
Capital and reserves
Called-up share capital 3 3
Profit and loss account 11,667 15,195
Total shareholders' funds 11,670 15,198

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 Business Finance Limited (registered number: 10027925) were approved and authorised for issue by the Board of Directors on 14 August 2024. They were signed on its behalf by:

Mr A Frost
Director
GENESIS BUSINESS FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
GENESIS BUSINESS FINANCE 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 Business Finance 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, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

2.Transition to FRS102

The Company has transitioned to FRS 102 from FRS 105 for the year ended 30 November 2023. There has been no impact on the comparative year, thus restatement is not required.
On transition to FRS 102 1A Small Entities, there were no changes in accounting policies.

3. Employees

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

The directors did not receive any remuneration in the year (2022: £nil).

4. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 8,613 8,613
Trade creditors 0 1,032
Taxation and social security 10,696 9,511
19,309 19,156

Bank loans represent a government backed loan. The loan attracts interest at 2.5% per annum, is unsecured and repayable monthly over a 5 year term.

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

2023 2022
£ £
Bank loans 13,637 22,250

Bank loans represent a government backed loan. The loan attracts interest at 2.5% per annum, is unsecured and repayable monthly over a 5 year term.