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REGISTERED NUMBER: 04130770 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Generation 10 Limited

Generation 10 Limited (Registered number: 04130770)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Generation 10 Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: A R Williamson
R Williamson





SECRETARY: A R Williamson





REGISTERED OFFICE: Thor's View
11 Backford Road
Irby
Merseyside
CH61 2XH





REGISTERED NUMBER: 04130770 (England and Wales)





ACCOUNTANTS: Bennett Brooks & Co Ltd
Chartered Accountants
Suite 1, First Floor
Coachworks Arcade
Northgate Street
Chester
Cheshire
CH1 2EY

Generation 10 Limited (Registered number: 04130770)

Balance Sheet
31 December 2023

2023 2022
Notes £ £
FIXED ASSETS
Tangible assets 4 36,345 42,113

CURRENT ASSETS
Debtors 5 46,652 87,653
Cash at bank 163,234 370,134
209,886 457,787
CREDITORS
Amounts falling due within one year 6 (416,609 ) (322,801 )
NET CURRENT (LIABILITIES)/ASSETS (206,723 ) 134,986
TOTAL ASSETS LESS CURRENT
LIABILITIES

(170,378

)

177,099

CREDITORS
Amounts falling due after more than one year 7 (31,250 ) (113,750 )
NET (LIABILITIES)/ASSETS (201,628 ) 63,349

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings (201,828 ) 63,149
SHAREHOLDERS' FUNDS (201,628 ) 63,349

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 10 September 2024 and were signed on its behalf by:





R Williamson - Director


Generation 10 Limited (Registered number: 04130770)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Generation 10 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The policies adopted for the recognition of turnover are as follows:

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to a notable milestone.
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Interest and dividends receivable
Interest income is recognised using the effective interest method and dividend income is recognised as the company’s right to receive payment is established.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 30% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Generation 10 Limited (Registered number: 04130770)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Share capital
Ordinary shares are classed as equity.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Distributions to equity holders

Dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Research and development

Expenditure on research and development is written off in the year in which it is incurred. This includes the development of the software which is copyright protected.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£ £ £ £
COST
At 1 January 2023 106,836 25,045 94,366 226,247
Additions 3,110 - 2,604 5,714
At 31 December 2023 109,946 25,045 96,970 231,961
DEPRECIATION
At 1 January 2023 82,379 23,943 77,812 184,134
Charge for year 5,514 221 5,747 11,482
At 31 December 2023 87,893 24,164 83,559 195,616
NET BOOK VALUE
At 31 December 2023 22,053 881 13,411 36,345
At 31 December 2022 24,457 1,102 16,554 42,113

Generation 10 Limited (Registered number: 04130770)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 24,987 55,490
Other debtors 21,665 32,163
46,652 87,653

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 82,500 82,500
Deferred income 251,650 171,579
Trade creditors 24,235 24,486
Taxation and social security 16,605 -
Other creditors 41,619 44,236
416,609 322,801

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Bank loans 31,250 113,750

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£ £
R Williamson
Balance outstanding at start of year - 24,783
Amounts advanced - 55,000
Amounts repaid - (79,783 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

9. LOANS SECURED BY DIRECTORS

Included in creditors is a £20,000 loan that is secured by director R Williamson under a personal guarantee.