Genistar Limited 06315485 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the provison of non-advised financial intermidiary services. Digita Accounts Production Advanced 6.30.9574.0 true 06315485 2023-01-01 2023-12-31 06315485 2023-12-31 06315485 bus:OrdinaryShareClass1 2023-12-31 06315485 core:CurrentFinancialInstruments 2023-12-31 06315485 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 06315485 core:FurnitureFittingsToolsEquipment 2023-12-31 06315485 bus:SmallEntities 2023-01-01 2023-12-31 06315485 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06315485 bus:FullAccounts 2023-01-01 2023-12-31 06315485 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06315485 bus:RegisteredOffice 2023-01-01 2023-12-31 06315485 bus:CompanySecretary1 2023-01-01 2023-12-31 06315485 bus:Director2 2023-01-01 2023-12-31 06315485 bus:Director3 2023-01-01 2023-12-31 06315485 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 06315485 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06315485 core:FurnitureFittings 2023-01-01 2023-12-31 06315485 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 06315485 countries:England 2023-01-01 2023-12-31 06315485 dpl:AdministrativeExpenses 2023-01-01 2023-12-31 06315485 dpl:CostSales 2023-01-01 2023-12-31 06315485 2022-12-31 06315485 core:FurnitureFittingsToolsEquipment 2022-12-31 06315485 2022-01-01 2022-12-31 06315485 2022-12-31 06315485 bus:OrdinaryShareClass1 2022-12-31 06315485 core:CurrentFinancialInstruments 2022-12-31 06315485 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 06315485 core:FurnitureFittingsToolsEquipment 2022-12-31 06315485 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 06315485 dpl:AdministrativeExpenses 2022-01-01 2022-12-31 06315485 dpl:CostSales 2022-01-01 2022-12-31 06315485 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06315485

Genistar Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Genistar Limited

Contents

Company Information

1

Profit and Loss Account

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Genistar Limited

Company Information

Directors

Mr Mark Kecek

Mr Jeffrey Lestz

Company secretary

Sawhney & Co Limited

Registered office

Victoria House
Harestone Valley Road
Caterham
Surrey
CR3 6HY

 

Genistar Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

5,306,324

4,149,940

Cost of sales

 

(3,591,777)

(2,347,864)

Gross profit

 

1,714,547

1,802,076

Administrative expenses

 

(1,757,443)

(1,806,892)

Operating loss

 

(42,896)

(4,816)

Other interest receivable and similar income

 

50,767

4,816

Profit before tax

4

7,871

-

Tax on profit

 

18,218

33,574

Profit for the financial year

 

26,089

33,574

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Genistar Limited

(Registration number: 06315485)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

7,237

10,472

Current assets

 

Debtors

6

60,703

65,079

Cash at bank and in hand

 

3,813,902

3,981,091

 

3,874,605

4,046,170

Creditors: Amounts falling due within one year

7

(3,365,027)

(3,565,302)

Net current assets

 

509,578

480,868

Total assets less current liabilities

 

516,815

491,340

Provisions for liabilities

(1,887)

(2,501)

Net assets

 

514,928

488,839

Capital and reserves

 

Called up share capital

8

80,000

80,000

Retained earnings

434,928

408,839

Shareholders' funds

 

514,928

488,839

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 24 May 2024 and signed on its behalf by:
 

.........................................
Mr Mark Kecek
Director

 

Genistar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Victoria House
Harestone Valley Road
Caterham
Surrey
CR3 6HY
England

These financial statements were authorised for issue by the Board on 24 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

Genistar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture fittings and equipment

20% - 33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Genistar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

7,896

12,831

 

Genistar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

155,010

155,010

Additions

4,662

4,662

At 31 December 2023

159,672

159,672

Depreciation

At 1 January 2023

144,538

144,538

Charge for the year

7,897

7,897

At 31 December 2023

152,435

152,435

Carrying amount

At 31 December 2023

7,237

7,237

At 31 December 2022

10,472

10,472

6

Debtors

Current

2023
£

2022
£

Prepayments

60,703

65,079

 

60,703

65,079

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

8,470

7,325

Taxation and social security

2,273

1,108

Accruals and deferred income

68,306

144,231

Other creditors

3,285,978

3,412,638

3,365,027

3,565,302

8

Share capital

Allotted, called up and fully paid shares

 

Genistar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023

2022

No.

£

No.

£

Ordinary of £1 each

80,000

80,000

80,000

80,000

       

9

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £Nil per each Ordinary

-

-

 

 
 

Genistar Limited

iXBRL Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

Turnover/revenue

5,306,324

4,149,940

Cost of sales

Opening stock/inventories

-

-

Closing stock/inventories

-

-

Other staff costs

(3,553,175)

(2,347,864)

Other operational and administration costs

(38,602)

-

Gross profit

1,714,547

1,802,076

Distribution costs

Administrative expenses

Audit and accountancy other services

(18,325)

(34,475)

Advertising, promotions and marketing costs

(81,888)

(77,155)

Rent, rates and services costs

(84,541)

(86,109)

Utilities costs

(12,612)

(12,522)

Other repairs and maintenance costs

(3,883)

(3,514)

Depreciation of fixed assets

(7,896)

(12,831)

Wages and salaries excluding directors

(118,204)

(114,635)

Salaries and fees, directors

(161,702)

(140,024)

Subcontractor costs

(10,080)

(9,017)

Travel and subsistence

(32,637)

(37,522)

Training

(24,352)

(45,352)

Legal and professional costs

(50,383)

(60,920)

Bank charges

(7,130)

(5,459)

Inter-company management fees

(18,206)

(27,661)

Insurance costs

(101,841)

(111,154)

IT and computing

(1,008,250)

(997,474)

Telecommunications

(9,551)

(24,191)

Printing, postage and stationery

(4,880)

(5,137)

Charitable donations

(435)

(1,590)

Subscriptions

(647)

(150)

Other operating income

Other items

Loss on ordinary activities before finance charges and interest

(42,896)

(4,816)

Bank interest and similar income receivable

50,767

4,816

Profit on ordinary activities before taxation

7,871

-

Tax on profit or loss on ordinary activities

18,218

33,574

Profit for the financial year

26,089

33,574