Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseFinancial services99falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06572193 2023-04-01 2024-03-31 06572193 2022-04-01 2023-03-31 06572193 2024-03-31 06572193 2023-03-31 06572193 2022-04-01 06572193 1 2023-04-01 2024-03-31 06572193 d:Director1 2023-04-01 2024-03-31 06572193 d:Director2 2023-04-01 2024-03-31 06572193 c:OfficeEquipment 2023-04-01 2024-03-31 06572193 c:OfficeEquipment 2024-03-31 06572193 c:OfficeEquipment 2023-03-31 06572193 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06572193 c:CurrentFinancialInstruments 2024-03-31 06572193 c:CurrentFinancialInstruments 2023-03-31 06572193 c:Non-currentFinancialInstruments 2024-03-31 06572193 c:Non-currentFinancialInstruments 2023-03-31 06572193 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 06572193 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 06572193 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 06572193 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 06572193 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2024-03-31 06572193 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2023-03-31 06572193 c:ShareCapital 2024-03-31 06572193 c:ShareCapital 2023-03-31 06572193 c:ShareCapital 2022-04-01 06572193 c:CapitalRedemptionReserve 2024-03-31 06572193 c:CapitalRedemptionReserve 2023-03-31 06572193 c:CapitalRedemptionReserve 2022-04-01 06572193 c:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 06572193 c:RetainedEarningsAccumulatedLosses 2024-03-31 06572193 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 06572193 c:RetainedEarningsAccumulatedLosses 2023-03-31 06572193 c:RetainedEarningsAccumulatedLosses 2022-04-01 06572193 d:OrdinaryShareClass1 2023-04-01 2024-03-31 06572193 d:OrdinaryShareClass1 2024-03-31 06572193 d:OrdinaryShareClass1 2023-03-31 06572193 d:OrdinaryShareClass2 2023-04-01 2024-03-31 06572193 d:OrdinaryShareClass2 2024-03-31 06572193 d:OrdinaryShareClass2 2023-03-31 06572193 d:OrdinaryShareClass3 2023-04-01 2024-03-31 06572193 d:OrdinaryShareClass3 2024-03-31 06572193 d:FRS102 2023-04-01 2024-03-31 06572193 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06572193 d:FullAccounts 2023-04-01 2024-03-31 06572193 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06572193 2 2023-04-01 2024-03-31 06572193 6 2023-04-01 2024-03-31 06572193 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06572193









GENERATION FINANCIAL SERVICES LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
GENERATION FINANCIAL SERVICES LTD
REGISTERED NUMBER: 06572193

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
7,575
7,326

Investments
 5 
15,111
15,111

  
22,686
22,437

Current assets
  

Debtors: amounts falling due within one year
 6 
27,540
76,488

Cash at bank and in hand
 7 
419,049
257,647

  
446,589
334,135

Creditors: amounts falling due within one year
 8 
(121,985)
(97,035)

Net current assets
  
 
 
324,604
 
 
237,100

Total assets less current liabilities
  
347,290
259,537

Creditors: amounts falling due after more than one year
 9 
(14,578)
(14,578)

  

Net assets
  
332,712
244,959


Capital and reserves
  

Called up share capital 
 11 
10,000
10,000

Capital redemption reserve
  
5,000
5,000

Profit and loss account
  
317,712
229,959

  
332,712
244,959


Page 1

 
GENERATION FINANCIAL SERVICES LTD
REGISTERED NUMBER: 06572193
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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: 




S Patel
A Waller
Director
Director


Date: 23 September 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
GENERATION FINANCIAL SERVICES LTD
 

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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2023
10,000
5,000
229,959
244,959



Profit for the year
-
-
243,753
243,753

Dividends: Equity capital
-
-
(156,000)
(156,000)


At 31 March 2024
10,000
5,000
317,712
332,712


The notes on pages 4 to 10 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
10,000
5,000
165,225
180,225



Profit for the year
-
-
244,734
244,734

Dividends: Equity capital
-
-
(180,000)
(180,000)


At 31 March 2023
10,000
5,000
229,959
244,959


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
GENERATION FINANCIAL SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company, incorporated in England and Wales, has its registered office at Charles Lake House, Claire Causeway, Crossways Business Park, Dartford, Kent, DA2 6QA.
The principal activity of the company is the provision of financial services.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
GENERATION FINANCIAL SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

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 Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
GENERATION FINANCIAL SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office and computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

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.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 6

 
GENERATION FINANCIAL SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 9).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2023
20,386


Additions
5,216



At 31 March 2024

25,602



Depreciation


At 1 April 2023
13,060


Charge for the year on owned assets
4,967



At 31 March 2024

18,027



Net book value



At 31 March 2024
7,575



At 31 March 2023
7,326

Page 7

 
GENERATION FINANCIAL SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2023
15,111



At 31 March 2024
15,111




Page 8

 
GENERATION FINANCIAL SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
7,709
29,444

Other debtors
10,552
34,010

Prepayments and accrued income
9,279
13,034

27,540
76,488



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
419,049
257,647

419,049
257,647



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
68,936
57,867

Other taxation and social security
24,969
28,538

Other creditors
21,880
3,176

Accruals and deferred income
6,200
7,454

121,985
97,035



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
14,578
14,578

14,578
14,578


Page 9

 
GENERATION FINANCIAL SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due after more than 5 years

Other loans
14,578
14,578

14,578
14,578



11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3,404 (2023 - 5,000) Oridnary B shares of £1.00 each
3,404
5,000
3,404 (2023 - 5,000) Ordinary C shares of £1.00 each
3,404
5,000
3,192 (2023 - ) S & P shares of £1.00 each
3,192
-

10,000

10,000



12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.


13.


Related party transactions

Directors had an interest in dividends paid in the year of £156,000 (2023: £180,000).
Included within other creditors due within one year are amounts owed to directors of £23,033 (2023: £1,820).
Included within other debtors due within one year are amounts owed by directors of £Nil (2023: £23,460).


14.


Post balance sheet events

Subsequent to the date of the statement of financial position the directors have proposed a final dividend of £12,419 on the S&P shares in July 24, which was based on the results in the March 24 accounts.

 
Page 10