Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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19,165 | 22,008 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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1,587,459 | 1,855,461 | |||
Creditors: amounts falling due within one year | 6 | (
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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 | (
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Provision for liabilities | (
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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 shareholders' funds |
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Directors' responsibilities:
The financial statements of Genatec Limited (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 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 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.
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.
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.
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.
Plant and machinery |
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Office equipment |
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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.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
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.
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.
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
2023 | 2022 | ||
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, one of which did not receive any remuneration.
Plant and machinery | Office equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 December 2022 |
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At 30 November 2023 |
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Accumulated depreciation | |||||
At 01 December 2022 |
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Charge for the financial year |
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At 30 November 2023 |
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Net book value | |||||
At 30 November 2023 |
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At 30 November 2022 |
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2023 | 2022 | ||
£ | £ | ||
Subsidiary undertakings |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Prepayments and accrued income |
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VAT recoverable |
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Other debtors |
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£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to Group undertakings |
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Amounts owed to directors |
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Accruals |
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Corporation tax |
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Other taxation and social security |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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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.
Following the year end, the Group disposed of its full shareholding in a subsidiary Dunmow Solar Limited.