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Company No: 12987168 (England and Wales)

GENATEC DEVELOPMENTS LTD

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

GENATEC DEVELOPMENTS LTD

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

GENATEC DEVELOPMENTS LTD

BALANCE SHEET

As at 30 November 2023
GENATEC DEVELOPMENTS LTD

BALANCE SHEET (continued)

As at 30 November 2023
2023 2022
£ £
Current assets
Debtors 3 5,969 8,500
5,969 8,500
Creditors: amounts falling due within one year 4 ( 1,035) ( 2,215)
Net current assets 4,934 6,285
Total assets less current liabilities 4,934 6,285
Net assets 4,934 6,285
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 3,934 5,285
Total shareholder's funds 4,934 6,285

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 Genatec Developments Ltd (registered number: 12987168) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D Mack
Director
J Mack
Director

22 August 2024

GENATEC DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
GENATEC DEVELOPMENTS LTD

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

Genatec Developments Ltd (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 Highland Farm, West Beckham, Holt, NR25 6PL, 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 £.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services:

Turnover 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 turnover 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.

Taxation

Current 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.

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 enter 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.

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.

3. Debtors

2023 2022
£ £
Amounts owed by Parent undertakings 5,969 8,500

4. Creditors: amounts falling due within one year

2023 2022
£ £
Corporation tax 0 1,240
Other creditors 1,035 975
1,035 2,215

5. Related party transactions

The company has taken advantage of the exemption under 33.1A, allowing wholly owned group members to depart from the requirements to disclose transactions with other group companies.

6. Events after the Balance Sheet date

Following the year end, a Group restructure was undertaken and the new parent company of the Group became Genatec Group Limited.