REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
GENMED CAPITAL MANAGEMENT LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
GENMED CAPITAL MANAGEMENT LIMITED |
GENMED CAPITAL MANAGEMENT LIMITED (REGISTERED NUMBER: 05563089) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
GENMED CAPITAL MANAGEMENT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
GENMED CAPITAL MANAGEMENT LIMITED (REGISTERED NUMBER: 05563089) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Fair value reserve | 147,498 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
GENMED CAPITAL MANAGEMENT LIMITED (REGISTERED NUMBER: 05563089) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GENMED CAPITAL MANAGEMENT LIMITED (REGISTERED NUMBER: 05563089) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Genmed Capital Management Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Land and buildings | No depreciation is charged |
Fixtures, fitting and equipment | Straight line over 3 years, 5 years and 10 years. |
Motor vehicles | 25% on cost |
The remaining useful economic life of freehold buildings is estimated to be greater than 50 years and therefore no depreciation is provided on the grounds that this would be immaterial. To ensure that the carrying amount of the freehold can be supported it shall be subjected to an impairment review at the end of each accounting period in accordance with Financial Reporting Standards. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
GENMED CAPITAL MANAGEMENT LIMITED (REGISTERED NUMBER: 05563089) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period. |
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. |
Group accounts |
The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts. |
Investments |
Fixed asset investments are stated at cost less provisions for permanent diminution in value. |
Investment property |
The company's freehold investment properties are included in the fixed assets at their latest valuation plus subsequent additions at cost; surpluses and deficits on valuation are taken to revaluation reserve. |
This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount might otherwise have been shown cannot be separately identified or qualified. |
GENMED CAPITAL MANAGEMENT LIMITED (REGISTERED NUMBER: 05563089) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Trade debtors |
Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment. |
Trade creditors |
Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method. |
Cash at bank |
Cash at bank in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. |
Employee benefits |
The company recognises an accrual for accumulated annual leave accrued by employees as a result of services rendered in the current period for which employees can carry forward and use within the next year. The accrual is measured at the salary cost of the respective employee in relation to the period of absence. |
Joint Venture |
The company's share of a joint venture partnership's profit or loss is included in the profit and loss account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
Freehold | Farm | and |
property | equipment | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
GENMED CAPITAL MANAGEMENT LIMITED (REGISTERED NUMBER: 05563089) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Included within fixed assets and stock are assets for lease to third parties. Total cost of these assets is £1,585,020 (2022 : £1,582,020) with accumulated depreciation totalling £275,012 (2022 : £275,012). |
Included within transactions related income is the total of rentals less direct costs for the leased assets amounting to £372,351 (2022 : £711,743). |
The freehold properties are investment properties and were valued at the directors' valuation of fair value as at 31 December 2023. |
Cost or valuation at 31 December 2023 is represented by: |
Fixtures, |
fittings |
Freehold | Farm | and |
property | equipment | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2022 | 182,096 | - | - | 182,096 |
Cost | 2,041,993 | 23,430 | 425,518 | 2,490,941 |
2,224,089 | 23,430 | 425,518 | 2,673,037 |
5. | FIXED ASSET INVESTMENTS |
Interest |
Shares in | in other |
group | participating | Other |
undertakings | interests | investments | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 321,273 | 709,098 |
Additions | - | 99,999 |
At 31 December 2023 | 321,273 | 809,097 |
NET BOOK VALUE |
At 31 December 2023 | 321,273 | 809,097 |
At 31 December 2022 | 321,273 | 709,098 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
31.12.23 | 31.12.22 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
GENMED CAPITAL MANAGEMENT LIMITED (REGISTERED NUMBER: 05563089) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
Joint venture |
The company has a 50% share in the Solomons Alpacas partnership. The company's partner capital account is included under debtors. |
Associated company |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) |
Details of the company's aggregate capital and reserves and net profit for the year ended 30 September 2023 were not available. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by participating interests | 8,008 | 7,408 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 900 | 900 |
GENMED CAPITAL MANAGEMENT LIMITED (REGISTERED NUMBER: 05563089) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | 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: |
31.12.23 | 31.12.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |