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Registered number: 13805548









GENIEMODE UK LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2024

 
GENIEMODE UK LTD
REGISTERED NUMBER: 13805548

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
146,105
4,657

Bank and cash balances
  
39,498
97,122

  
185,603
101,779

Creditors: amounts falling due within one year
 5 
(164,792)
(18,100)

Net current assets
  
 
 
20,811
 
 
83,679

Total assets less current liabilities
  
20,811
83,679

  

Net assets
  
20,811
83,679


Capital and reserves
  

Called up share capital 
 6 
100,000
100,000

Profit and loss account
  
(79,189)
(16,321)

  
20,811
83,679


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
T Gangwani
Director

Date: 19 September 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 
GENIEMODE UK LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Loss for the period
-
(16,321)
(16,321)


Contributions by and distributions to owners

Shares issued during the period
100,000
-
100,000



At 1 April 2023
100,000
(16,321)
83,679


Comprehensive income for the Period

Loss for the Period
-
(62,868)
(62,868)


At 31 March 2024
100,000
(79,189)
20,811


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
GENIEMODE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

The principal activity of Geniemode UK Ltd ("the Company") is to engage in wholesale B2B trade of fashion including accessories.
The Company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is 3 Windrush Avenue, Slough, England, SL3 8ER.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IAS 7 Statement of Cash Flows
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Geniemode Global Private Limited as at 31 March 2024 and these financial statements may be obtained from C-2/83, Himalayan CGHS Sec-22,Plot No.10 Dwarka, Opposite Police Station, NA, Delhi, New Delhi, Delhi.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
The directors have reviewed forecasts and budgets and are confident of the Company's ability to continue trading as a going concern for the foreseeable future. The Company keeps its management accounts under constant review to ensure that no further action or changes are required to the business in order for it to continue as a going concern. Based on the results to date and future projections, the directors are confident that the Company will continue to meet its liabilities as they fall due. As a result, the directors have prepared the financial statements on a going concern basis.

Page 3

 
GENIEMODE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the Company and the customer. The point of recognition varies between both date of shipment or date of delivery.

A receivable is recognised either when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due, or at the point of shipment depending on the terms of the contract.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

(i) Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in Statement of Comprehensive Income.
 
Page 4

 
GENIEMODE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in Statement of Comprehensive Income.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.





3.


Employees




The average monthly number of employees, including the Directors, during the Period was as follows:


       31 March
     Period ended
        31 March
        2024
        2023
            No.
            No.







Directors
2
2

Page 5

 
GENIEMODE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Debtors

2024
2023
£
£


Trade debtors
143,255
293

Other debtors
2,850
4,364

146,105
4,657



5.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Trade creditors
122,526
8,600

Amounts owed to group undertakings
3,003
-

Other taxation and social security
7,067
-

Accruals and other payables
32,196
9,500

164,792
18,100



6.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023 - 100,000) Ordinary shares of £1.00 each
100,000
100,000



7.


Prior year adjustment

The comparative information in the financial statements has been restated from the figures previously reported in the prior year financial statements as follows:
A prior year restatement was necessary to reclassify trade creditors of £8,600 which were previously included in accruals and other payables. This adjustment resulted in an increase in trade creditors reported of 8,600 and a decrease in accruals and other payables of the same amount.
These adjustments had no impact on net assets or profit or loss for the year.

Page 6

 
GENIEMODE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

8.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
5,700
-


9.


Related party transactions

Geniemode UK Limited has taken advantage of the exemption under FRS 101 paragraph 8(k) not to disclose information about transactions entered into between two or more members of the group where any subsidiary which is a party to the transactions is wholly owned by such a member.


10.


Controlling party

The ultimate parent undertaking is Geniemode Global Private Limited. 


11.


Auditors' information

The auditors' report on the financial statements for the Period ended 31 March 2024 was unqualified.

The audit report was signed on 19 September 2024 by Geeta Morgan FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 7