Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Richard Mark Mathias 05/10/2016 David Francis Speakman 20/09/2016 Maureen Speakman 20/09/2016 05 September 2024 The principal activity of the Company during the financial year was that of a holding company and the undertaking and management of investments. 10384968 2023-12-31 10384968 bus:Director1 2023-12-31 10384968 bus:Director2 2023-12-31 10384968 bus:Director3 2023-12-31 10384968 2022-12-31 10384968 core:CurrentFinancialInstruments 2023-12-31 10384968 core:CurrentFinancialInstruments 2022-12-31 10384968 core:Non-currentFinancialInstruments 2023-12-31 10384968 core:Non-currentFinancialInstruments 2022-12-31 10384968 core:ShareCapital 2023-12-31 10384968 core:ShareCapital 2022-12-31 10384968 core:RetainedEarningsAccumulatedLosses 2023-12-31 10384968 core:RetainedEarningsAccumulatedLosses 2022-12-31 10384968 core:Vehicles 2022-12-31 10384968 core:OfficeEquipment 2022-12-31 10384968 core:ComputerEquipment 2022-12-31 10384968 core:Vehicles 2023-12-31 10384968 core:OfficeEquipment 2023-12-31 10384968 core:ComputerEquipment 2023-12-31 10384968 core:CostValuation 2022-12-31 10384968 core:CostValuation 2023-12-31 10384968 core:DisposalsRepaymentsInvestments 2023-12-31 10384968 core:RevaluationsIncreaseDecreaseInInvestments 2023-12-31 10384968 core:FurtherSpecificIncreaseDecreaseInInvestments1ComponentTotalChangeInInvestments 2023-12-31 10384968 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 10384968 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 10384968 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2023-12-31 10384968 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2022-12-31 10384968 bus:OrdinaryShareClass1 2023-12-31 10384968 bus:PreferenceShareClass1 2023-12-31 10384968 2023-01-01 2023-12-31 10384968 bus:FilletedAccounts 2023-01-01 2023-12-31 10384968 bus:SmallEntities 2023-01-01 2023-12-31 10384968 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 10384968 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10384968 bus:Director1 2023-01-01 2023-12-31 10384968 bus:Director2 2023-01-01 2023-12-31 10384968 bus:Director3 2023-01-01 2023-12-31 10384968 core:Vehicles 2023-01-01 2023-12-31 10384968 core:OfficeEquipment 2023-01-01 2023-12-31 10384968 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 10384968 2022-01-01 2022-12-31 10384968 core:ComputerEquipment 2023-01-01 2023-12-31 10384968 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 10384968 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 10384968 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 10384968 bus:PreferenceShareClass1 2023-01-01 2023-12-31 10384968 bus:PreferenceShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10384968 (England and Wales)

GENUS CAPITAL LIMITED

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

GENUS CAPITAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

GENUS CAPITAL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
GENUS CAPITAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 59,604 74,820
Investments 4 6,323,308 11,983,191
6,382,912 12,058,011
Current assets
Debtors 5 30,436,866 28,036,698
Cash at bank and in hand 3,718,639 7,416,709
34,155,505 35,453,407
Creditors: amounts falling due within one year 6 ( 2,197,790) ( 7,570,045)
Net current assets 31,957,715 27,883,362
Total assets less current liabilities 38,340,627 39,941,373
Creditors: amounts falling due after more than one year 7 ( 2,047,895) ( 5,916,708)
Net assets 36,292,732 34,024,665
Capital and reserves
Called-up share capital 8 33,900,900 33,900,900
Profit and loss account 2,391,832 123,765
Total shareholders' funds 36,292,732 34,024,665

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 Genus Capital Limited (registered number: 10384968) were approved and authorised for issue by the Board of Directors on 05 September 2024. They were signed on its behalf by:

Richard Mark Mathias
Director
GENUS CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
GENUS CAPITAL 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

Genus Capital 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, registered number 10384968. The address of the Company's registered office is 2nd Floor Stratus House, Emperor Way, Exeter Business Park, Exeter, EX1 3QS, 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.

Basis of consolidation

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

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 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.

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.

Pensions - defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

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 and reducing balance basis over its expected useful life, as follows:

Vehicles 20 % reducing balance
Office equipment 20 % reducing balance
Computer equipment 4 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.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each Statement of financial position date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Statement of financial position date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Vehicles Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 73,869 8,882 12,751 95,502
Additions 0 77 1,120 1,197
At 31 December 2023 73,869 8,959 13,871 96,699
Accumulated depreciation
At 01 January 2023 10,536 2,937 7,209 20,682
Charge for the financial year 12,666 1,192 2,555 16,413
At 31 December 2023 23,202 4,129 9,764 37,095
Net book value
At 31 December 2023 50,667 4,830 4,107 59,604
At 31 December 2022 63,333 5,945 5,542 74,820

4. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 1,633,499 1,633,499
Other investments and loans 4,689,809 10,349,692
6,323,308 11,983,191

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 1,633,499
At 31 December 2023 1,633,499
Carrying value at 31 December 2023 1,633,499
Carrying value at 31 December 2022 1,633,499

Listed investments Loans Total
£ £ £
Cost or valuation before impairment
At 01 January 2023 9,847,088 502,604 10,349,692
Disposals ( 4,750,376) 0 ( 4,750,376)
Movement in fair value ( 1,091,883) 0 ( 1,091,883)
Change in value of loans receivable 0 182,376 182,376
At 31 December 2023 4,004,829 684,980 4,689,809
Carrying value at 31 December 2023 4,004,829 684,980 4,689,809
Carrying value at 31 December 2022 9,847,088 502,604 10,349,692

5. Debtors

2023 2022
£ £
Amounts owed by Parent undertakings 91,458 84,419
Amounts owed by own subsidiaries 22,726,018 27,916,205
Amounts owed by directors 7,191,525 25,921
VAT recoverable 48,637 5,925
Other debtors 379,228 4,228
30,436,866 28,036,698

6. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to own subsidiaries 1,504,504 4,483,910
Amounts owed to directors 170,844 2,648,875
Accruals 181,295 111,332
Other taxation and social security 29,784 14,565
Obligations under finance leases and hire purchase contracts 3,597 3,597
Other creditors 307,766 307,766
2,197,790 7,570,045

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

2023 2022
£ £
Amounts owed to directors 221,950 3,687,669
Other loans 1,792,411 2,191,908
Obligations under finance leases and hire purchase contracts 33,534 37,131
2,047,895 5,916,708

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
900 Ordinary shares of £ 1.00 each 900 900
33,900,000 Preference redeemable shares of £ 1.00 each 33,900,000 33,900,000
33,900,900 33,900,900

9. Financial commitments

Other financial commitments

Genus Capital Limited has entered into financial guarantees and counter indemnities in respect of bank and performance bonds issued on behalf of the group undertakings, including joint arrangements and joint ventures, in the normal course of business.

10. Related party transactions

Transactions with the entity's directors

During the year, two directors maintained a current account with the company. Advances were made totalling £9,754,376 and credits totaled £121,781.At the year end, the directors owed the company £7,165,087 (2022: £2,492,830 owed by the company to the directors). Interest is charged on overdrawn balances at HMRC approved rates., totalling £25,322.

During the year, a director maintained a current account with the company. At the year end the company owed the director £392,794 (2022: £3,843,715 ). Interest has been charged at 2.59%.

Advances

During the year, a director maintained a current account with the company. At the year end, the director owed the company £26,438 (2022: £25,921 ). Interest is charged on overdrawn balances at HMRC approved rates.

Other related party transactions

At the year-end The Speakman Discretionary Trust was owed £307,766 by the company (2022: £307,766).

At the year-end, the daughter of the directors was owed £1,792,411 by the company (2021: £2,191,908).