Registration number:
Prepared for the registrar
for the
Year Ended 31 March 2024
Genus Assets Ltd
(Registration number: 10061033)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
|
Retained earnings |
2,597,684 |
2,600,386 |
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Shareholders' funds |
2,597,784 |
2,600,486 |
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.
Director's responsibilities:
• |
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• |
The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Genus Assets Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Genus Assets Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Financial instruments
Classification
Impairment
Recognition and measurement
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Genus Assets Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Debtors |
2024 |
2023 |
|
Amounts owed by related parties |
4,335,000 |
4,335,000 |
Other debtors |
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Creditors |
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
- |
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Corporation tax liability |
- |
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Accrued expenses |
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Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Director's loan |
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- |
Loan from Coetus Limited |
- |
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Related party transactions |
Transactions with directors |
At 31 March 2024 the company owed the director N C Bampton £1,736,728 (2023: £Nil) in the form of a director's loan account. The loan has no repayment terms, is repayable on demand and no interest is payable on the loan.
Transactions with other related parties
At 31 March 2023, the company owed £1,734,753 to Coetus Limited. The loan was repaid in full in the year to 31 March 2024 and no interest was charged on the loan. Coetus Limited is related to the company by virtue of the director, N C Bampton.
At 31 March 2024, the company was owed £4,335,000 (2023: £4,335,000) by Verus Amor Ltd. The loan has no fixed repayment terms, is repayable on demand and no interest is chargeable on the loan. Verus Amor Ltd is related to the company by virtue of Mrs G Bampton, a shareholder.