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Registered number: 05026328
Genesis Dental Ceramics Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Ashmore & McGill CCA Ltd
Chartered Certified Accountants
1 Fisher Lane
Bingham
Nottingham
NG13 8BQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05026328
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 82,768 100,934
Investments 5 304,965 304,965
387,733 405,899
CURRENT ASSETS
Stocks 6 3,800 4,000
Debtors 7 197,143 213,437
Cash at bank and in hand 8,468 3,276
209,411 220,713
Creditors: Amounts Falling Due Within One Year 8 (196,006 ) (257,370 )
NET CURRENT ASSETS (LIABILITIES) 13,405 (36,657 )
TOTAL ASSETS LESS CURRENT LIABILITIES 401,138 369,242
Creditors: Amounts Falling Due After More Than One Year 9 (197,396 ) (240,791 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (15,726 ) (19,177 )
NET ASSETS 188,016 109,274
CAPITAL AND RESERVES
Called up share capital 11 4 4
Profit and Loss Account 188,012 109,270
SHAREHOLDERS' FUNDS 188,016 109,274
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Kevin Rolling
Director
25 October 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Genesis Dental Ceramics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05026328 . The registered office is 1 Fisher Lane, Bingham, Nottingham, NG13 8BQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 33.3% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the 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 a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 19 (2023: 19)
19 19
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 463,811 14,506 54,090 532,407
Additions 9,540 - - 9,540
As at 31 January 2024 473,351 14,506 54,090 541,947
Depreciation
As at 1 February 2023 364,245 14,203 53,025 431,473
Provided during the period 27,275 76 355 27,706
As at 31 January 2024 391,520 14,279 53,380 459,179
Net Book Value
As at 31 January 2024 81,831 227 710 82,768
As at 1 February 2023 99,566 303 1,065 100,934
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5. Investments
Unlisted
£
Cost
As at 1 February 2023 304,965
As at 31 January 2024 304,965
Provision
As at 1 February 2023 -
As at 31 January 2024 -
Net Book Value
As at 31 January 2024 304,965
As at 1 February 2023 304,965
6. Stocks
2024 2023
£ £
Stock 3,800 4,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 94,800 119,292
Prepayments and accrued income 5,240 7,268
Other debtors 97,103 86,877
197,143 213,437
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 15,809 22,100
Trade creditors 39,468 69,680
Bank loans and overdrafts 99,587 47,510
Corporation tax 20,236 -
Other taxes and social security 9,077 11,620
Other creditors 11,829 106,460
196,006 257,370
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 20,082 35,890
Bank loans 154,814 182,401
Other creditors 22,500 22,500
197,396 240,791
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10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 15,809 22,100
Later than one year and not later than five years 20,082 35,890
35,891 57,990
35,891 57,990
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4 4
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