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Company No: 06915657 (England and Wales)

GENATEC LIMITED

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

GENATEC LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

GENATEC LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 November 2023
GENATEC LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 16,094 18,937
Investments 4 3,071 3,071
19,165 22,008
Current assets
Debtors 5 1,582,395 1,599,253
Cash at bank and in hand 5,064 256,208
1,587,459 1,855,461
Creditors: amounts falling due within one year 6 ( 710,940) ( 974,169)
Net current assets 876,519 881,292
Total assets less current liabilities 895,684 903,300
Creditors: amounts falling due after more than one year 7 ( 6,333) ( 10,333)
Provision for liabilities ( 4,024) ( 3,599)
Net assets 885,327 889,368
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 884,327 888,368
Total shareholders' funds 885,327 889,368

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 Limited (registered number: 06915657) 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 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
GENATEC 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

Genatec 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 Highland Farm Long Lane, 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 £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

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 to which the services are provided in accordance with a stage of completion when all of the following conditions are satisfied:
- the amount of turnover can be measured reliable;
- 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 are measured reliably.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Income Statement 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 Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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

Leases


The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

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

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.

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.

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

The Company has no employees other than the Directors, one of which did not receive any remuneration.

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 December 2022 52,508 4,657 57,165
At 30 November 2023 52,508 4,657 57,165
Accumulated depreciation
At 01 December 2022 33,574 4,654 38,228
Charge for the financial year 2,840 3 2,843
At 30 November 2023 36,414 4,657 41,071
Net book value
At 30 November 2023 16,094 0 16,094
At 30 November 2022 18,934 3 18,937

4. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 3,071 3,071

5. Debtors

2023 2022
£ £
Trade debtors 0 7,653
Amounts owed by Group undertakings 1,295,794 1,498,651
Prepayments and accrued income 95,574 159
VAT recoverable 7,492 9,435
Other debtors 183,535 83,355
1,582,395 1,599,253

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 4,000 4,000
Trade creditors 33,562 19,464
Amounts owed to Group undertakings 5,969 8,500
Amounts owed to directors 662,393 927,871
Accruals 2,950 10,196
Corporation tax 0 3,466
Other taxation and social security 2,066 672
710,940 974,169

The company has provided an unlimited guarantee to a Director in respect of a loan provided to the Group.

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

2023 2022
£ £
Bank loans 6,333 10,333

8. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Balance owed to a Director 654,832 915,079
Balance owed to a Director 7,561 12,792

The above balances were owed to Directors of the company at the year end and are deemed to be repayable on demand. The balance of £654,832 includes interest charged at a variable commercial rate.

Other related party transactions

Included within debtors is a balance of £182,820 (2022 - £82,640) owed from a company with a common director. This amount is deemed repayable on demand and interest is charged at a variable commercial rate.

9. Events after the Balance Sheet date

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

Following the year end, the Group disposed of its full shareholding in a subsidiary Dunmow Solar Limited.