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Company registration number: 13271723
Geni Financial Services Ltd
Unaudited filleted financial statements
30 November 2023
Geni Financial Services Ltd
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Geni Financial Services Ltd
Statement of financial position
30 November 2023
30/11/23 31/03/23
Note £ £ £ £
Fixed assets
Investments 4 160,477 160,477
_______ _______
160,477 160,477
Creditors: amounts falling due
within one year 5 ( 108,589) ( 132,276)
_______ _______
Net current liabilities ( 108,589) ( 132,276)
_______ _______
Total assets less current liabilities 51,888 28,201
_______ _______
Net assets 51,888 28,201
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 51,887 28,200
_______ _______
Shareholders funds 51,888 28,201
_______ _______
For the period 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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr Daryl Hayes
Director
Company registration number: 13271723
Geni Financial Services Ltd
Statement of changes in equity
Period ended 30 November 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 1 - 1
Profit for the period 28,200 28,200
_______ _______ _______
Total comprehensive income for the period - 28,200 28,200
_______ _______ _______
At 31 March 2023 and 1 April 2023 1 28,200 28,201
Profit for the period 23,687 23,687
_______ _______ _______
Total comprehensive income for the period - 23,687 23,687
_______ _______ _______
At 30 November 2023 1 51,887 51,888
_______ _______ _______
Geni Financial Services Ltd
Notes to the financial statements
Period ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Deansfield House, 98 Lancaster Road, Newcastle-Under-Lyme, Staffordshire, ST5 1DS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Investments
Investments in subsidiary Total
£ £
Cost
At 1 April 2023 and 30 November 2023 160,477 160,477
_______ _______
Impairment
At 1 April 2023 and 30 November 2023 - -
_______ _______
Carrying amount
At 30 November 2023 160,477 160,477
_______ _______
At 31 March 2023 160,477 160,477
_______ _______
5. Creditors: amounts falling due within one year
30/11/23 31/03/23
£ £
Amounts owed to group undertakings 104,989 130,476
Other creditors 3,600 1,800
_______ _______
108,589 132,276
_______ _______
6. Related party transactions
The company, is a wholly owned subsidiary of the TGG Ltd. The company also has a 51% share of its subsidiary Valid8 IP Ltd.During the year, TGG Ltd received on behalf of the compamy, a £25,500 dividend payment from Valid8 IP Ltd, in exchange for a part repayment of the loan from TGG Ltd to the company (31/03/2023 £30,000). At the balance sheet date, the company owed TGG Ltd £104,989 (31/03/2023: £130,476). The loan was unsecured and interest free with no specific repayment terms.