Company No:
Contents
2023 | 2022 | |||
£ | £ | |||
Current assets | ||||
Debtors | 3 |
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5,969 | 8,500 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current assets | 4,934 | 6,285 | ||
Total assets less current liabilities | 4,934 | 6,285 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Genatec Developments Ltd (registered number:
D Mack
Director |
J Mack
Director |
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.
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 £.
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.
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.
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.
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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The Company has no employees other than the Directors, who did not receive any remuneration.
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£ | £ | ||
Amounts owed by Parent undertakings |
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2023 | 2022 | ||
£ | £ | ||
Corporation tax |
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Other creditors |
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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.