Gen X Limited 06727656 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is property managament Digita Accounts Production Advanced 6.30.9574.0 true 06727656 2023-04-01 2024-03-31 06727656 2024-03-31 06727656 core:CurrentFinancialInstruments 2024-03-31 06727656 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06727656 core:FurnitureFittings 2024-03-31 06727656 core:OfficeEquipment 2024-03-31 06727656 bus:SmallEntities 2023-04-01 2024-03-31 06727656 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06727656 bus:FullAccounts 2023-04-01 2024-03-31 06727656 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06727656 bus:RegisteredOffice 2023-04-01 2024-03-31 06727656 bus:Director1 2023-04-01 2024-03-31 06727656 bus:Director2 2023-04-01 2024-03-31 06727656 bus:Director3 2023-04-01 2024-03-31 06727656 bus:Director4 2023-04-01 2024-03-31 06727656 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06727656 core:FurnitureFittings 2023-04-01 2024-03-31 06727656 core:OfficeEquipment 2023-04-01 2024-03-31 06727656 countries:EnglandWales 2023-04-01 2024-03-31 06727656 2023-03-31 06727656 core:FurnitureFittings 2023-03-31 06727656 core:OfficeEquipment 2023-03-31 06727656 2022-04-01 2023-03-31 06727656 2023-03-31 06727656 core:CurrentFinancialInstruments 2023-03-31 06727656 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06727656 core:FurnitureFittings 2023-03-31 06727656 core:OfficeEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06727656

Gen X Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Gen X Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Gen X Limited

Company Information

Directors

Mr Jason Silcox

Mr Elliot Gould

Ms Charlotte Saffron Martindale

Mrs Nicola Gould

Registered office

Unit 21 Apex Court
Woodlands
Bradley Stoke
Bristol
BS32 4JT

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Gen X Limited

(Registration number: 06727656)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

         

Fixed assets

   

Tangible assets

4

 

22,342

33,511

Current assets

   

Debtors

5

68,270

 

54,263

Cash at bank and in hand

 

6,021

 

8,522

 

74,291

 

62,785

Creditors: Amounts falling due within one year

6

(69,959)

 

(67,857)

Net current assets/(liabilities)

   

4,332

(5,072)

Total assets less current liabilities

   

26,674

28,439

Provisions for liabilities

 

(7,089)

(9,190)

Net assets

   

19,585

19,249

Capital and reserves

   

Called up share capital

100

 

100

Profit and loss account

19,485

 

19,149

Total equity

   

19,585

19,249

 

Gen X Limited

(Registration number: 06727656)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

.........................................

Mr Jason Silcox
Director

 

Gen X Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 21 Apex Court
Woodlands
Bradley Stoke
Bristol
BS32 4JT

These financial statements were authorised for issue by the Board on 30 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Gen X Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

33% reducing balance

Fixtures and fittings

33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Gen X Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Tangible assets

Fixtures and fittings
£

Equipment
£

Total
£

Cost or valuation

At 1 April 2023

42,075

4,793

46,868

At 31 March 2024

42,075

4,793

46,868

Depreciation

At 1 April 2023

8,900

4,457

13,357

Charge for the year

11,058

111

11,169

At 31 March 2024

19,958

4,568

24,526

Carrying amount

At 31 March 2024

22,117

225

22,342

At 31 March 2023

33,175

336

33,511

5

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings

7

61,380

43,800

Prepayments

 

6,351

6,779

Other debtors

 

539

3,684

 

68,270

54,263

 

Gen X Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

6,601

7,057

Amounts owed to group undertakings

7

60,721

60,000

Taxation and social security

 

2,250

-

Accruals and deferred income

 

350

800

Other creditors

 

37

-

 

69,959

67,857

7

Related party transactions

The company was under the control of Mr J Silcox, Mr E Gould, Ms C Martindale and Mrs N Gould throughout the current year.

Property Solutions Management Group Limited is the parent company and owns 100% of the issued share capital. Property Solutions Management Group Limited is jointly and wholly owned by Mr J Silcox, Mr E Gould, Ms C Martindale and Mrs N Gould.

Property Solutions Management Group Limited is also the parent company of Ideal M & E Services and Detail Developments Limited.

Advantage has been taken of the exemption in FRS 102 to not disclose transactions with companies that are owned 100% by Property Solutions Management Group Limited.

No further transactions were undertaken which are required to be disclosed under FRS102.