Registered number
11760696
Genesis Contracts Ltd
Filleted Accounts
31 January 2024
Genesis Contracts Ltd
Registered number: 11760696
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 14,311 15,901
Current assets
Stocks 5,880 6,595
Debtors 4 46,007 45,073
Cash at bank and in hand 4,395 3,075
56,282 54,743
Creditors: amounts falling due within one year 5 (47,575) (45,909)
Net current assets 8,707 8,834
Total assets less current liabilities 23,018 24,735
Creditors: amounts falling due after more than one year 6 (11,242) (14,613)
Net assets 11,776 10,122
Capital and reserves
Called up share capital 10 10
Profit and loss account 11,766 10,112
Shareholder's funds 11,776 10,122
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Gavin Ian Mckenzie
Director
Approved by the board on 14 October 2024
Genesis Contracts Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% wdv
Vehicles 10% wdv
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 15,606 8,150 23,756
At 31 January 2024 15,606 8,150 23,756
Depreciation
At 1 February 2023 5,051 2,804 7,855
Charge for the year 1,055 535 1,590
At 31 January 2024 6,106 3,339 9,445
Net book value
At 31 January 2024 9,500 4,811 14,311
At 31 January 2023 10,555 5,346 15,901
4 Debtors 2024 2023
£ £
Trade debtors 30,795 33,840
Other debtors 15,212 11,233
46,007 45,073
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 40,383 41,648
Taxation and social security costs 7,192 3,763
Other creditors - 498
47,575 45,909
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,242 14,613
7 Other information
Genesis Contracts Ltd is a private company limited by shares and incorporated in England. Its registered office is:
37 Priory Road
Reigate
RH2 8JA
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