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FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

GENIUS VELO LIMITED

GENIUS VELO LIMITED (REGISTERED NUMBER: 08789281)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3

Accountants' Report 6

GENIUS VELO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: E B Brown
J Hodkinson





REGISTERED OFFICE: Russell House
140 High Street
Edgware
Middlesex
HA8 7LW





REGISTERED NUMBER: 08789281 (England and Wales)





ACCOUNTANTS: MGR Paris Limited
Chartered Accountants
Russell House
140 High Street
Edgware
HA8 7LW

GENIUS VELO LIMITED (REGISTERED NUMBER: 08789281)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

30.11.23 30.11.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 1 103,023

CURRENT ASSETS
Debtors 5 1,831 2,817
Cash at bank 62,508 88,964
64,339 91,781
CREDITORS
Amounts falling due within one year 6 (36,368 ) (29,155 )
NET CURRENT ASSETS 27,971 62,626
TOTAL ASSETS LESS CURRENT LIABILITIES 27,972 165,649

CAPITAL AND RESERVES
Called up share capital 7 1,035 1,035
Share premium 8 1,673,566 1,673,566
Retained earnings 8 (1,646,629 ) (1,508,952 )
SHAREHOLDERS' FUNDS 27,972 165,649

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:



E B Brown - Director


GENIUS VELO LIMITED (REGISTERED NUMBER: 08789281)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

Genius Velo Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The monetary amounts are rounded to the nearest pound.

Amortisation of intangible fixed assets
Patents are carried at cost less accumulated amortisation and impairment losses.

Amortisation is calculated using the straight-line method to allocate the costs of the assets over their estimated useful lives of twenty years.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction and where material are subsequently measured at amortise cost using the effective interest method, less any impairment

Impairment of financial assets
Financial assets, other than those held at fair value are assessed for indicators or impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occured after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the Statement of Total Comprehensive Income.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfer the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured at transaction price unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at the market rate of interest.

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

GENIUS VELO LIMITED (REGISTERED NUMBER: 08789281)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Cash and cash equivalent
Cash and cash equivalent include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 December 2022 148,410
Impairments (103,022 )
At 30 November 2023 45,388
AMORTISATION
At 1 December 2022
and 30 November 2023 45,387
NET BOOK VALUE
At 30 November 2023 1
At 30 November 2022 103,023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors - 100
Other debtors 1,831 2,717
1,831 2,817

GENIUS VELO LIMITED (REGISTERED NUMBER: 08789281)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade creditors 4,444 1,258
Other creditors 31,924 27,897
36,368 29,155

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
103,467 Ordinary 0.01 1,035 1,035

8. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 December 2022 (1,508,952 ) 1,673,566 164,614
Deficit for the year (137,677 ) (137,677 )
At 30 November 2023 (1,646,629 ) 1,673,566 26,937

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The director has secured the loan he has provided to the company with a fixed and floating charge against the company's assets.

10. RELATED PARTY DISCLOSURES

During the year, the company made loan repayments to a director of £6,700. The director also advanced additional loans to the company of £4,500 and was owed wages of £9,714.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GENIUS VELO LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Genius Velo Limited for the year ended 30 November 2023 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Genius Velo Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Genius Velo Limited and state those matters that we have agreed to state to the Board of Directors of Genius Velo Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Genius Velo Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Genius Velo Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Genius Velo Limited. You consider that Genius Velo Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Genius Velo Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






MGR Paris Limited
Chartered Accountants
Russell House
140 High Street
Edgware
HA8 7LW


30 August 2024