Silverfin false false 31/12/2023 01/01/2023 31/12/2023 C Blackbourn 01/05/2019 A Gelley 01/05/2019 E Mosafi 01/05/2019 13 May 2024 The principal activity of the Company during the financial year was that of acquisition and disposal of various classes of assets. 03541335 2023-12-31 03541335 bus:Director1 2023-12-31 03541335 bus:Director2 2023-12-31 03541335 bus:Director3 2023-12-31 03541335 core:CurrentFinancialInstruments 2023-12-31 03541335 core:CurrentFinancialInstruments 2022-12-31 03541335 2022-12-31 03541335 core:ShareCapital 2023-12-31 03541335 core:ShareCapital 2022-12-31 03541335 core:RetainedEarningsAccumulatedLosses 2023-12-31 03541335 core:RetainedEarningsAccumulatedLosses 2022-12-31 03541335 core:CostValuation 2022-12-31 03541335 core:CostValuation 2023-12-31 03541335 core:ProvisionsForImpairmentInvestments 2022-12-31 03541335 core:ProvisionsForImpairmentInvestments 2023-12-31 03541335 bus:OrdinaryShareClass1 2023-12-31 03541335 2023-01-01 2023-12-31 03541335 bus:FilletedAccounts 2023-01-01 2023-12-31 03541335 bus:SmallEntities 2023-01-01 2023-12-31 03541335 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03541335 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03541335 bus:Director1 2023-01-01 2023-12-31 03541335 bus:Director2 2023-01-01 2023-12-31 03541335 bus:Director3 2023-01-01 2023-12-31 03541335 2022-01-01 2022-12-31 03541335 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 03541335 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 03541335 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03541335 (England and Wales)

GENACYS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

GENACYS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

GENACYS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
GENACYS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
2023 2022
£ £
Current assets
Debtors 4 235,000 0
Cash at bank and in hand 983 13,129
235,983 13,129
Creditors: amounts falling due within one year 5 ( 1,405,746) ( 2,144,007)
Net current liabilities (1,169,763) (2,130,878)
Total assets less current liabilities (1,169,763) (2,130,878)
Net liabilities ( 1,169,763) ( 2,130,878)
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account ( 1,169,765 ) ( 2,130,880 )
Total shareholder's deficit ( 1,169,763) ( 2,130,878)

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 financial statements of Genacys Limited (registered number: 03541335) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

E Mosafi
Director

13 May 2024

GENACYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
GENACYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Genacys 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 41-44 Great Queen Street, London, WC2B 5AD, England, 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 Statement of Financial Position 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Income and Retained Earnings.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

3. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 25,001
At 31 December 2023 25,001
Provisions for impairment
At 01 January 2023 25,001
At 31 December 2023 25,001
Carrying value at 31 December 2023 0
Carrying value at 31 December 2022 0

4. Debtors

2023 2022
£ £
Trade debtors 40,000 0
Amounts owed by group undertakings 195,000 0
235,000 0

Amounts owed by group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 4,700 0
Amounts owed to group undertakings 0 120,000
Accruals 331,664 184,625
Other creditors 1,069,382 1,839,382
1,405,746 2,144,007

Amounts owed to group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Ultimate controlling party

The immediate controlling party is Cable Capital Partners Limited.

As at the financial year end date of 31 December 2023 the ultimate controlling party was Dubois Group Holdings Ltd.