Genus Assets Ltd 10061033 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of an investment company. The company acquired its first investment property in June 2016. Digita Accounts Production Advanced 6.30.9574.0 true 10061033 2023-04-01 2024-03-31 10061033 2024-03-31 10061033 core:CurrentFinancialInstruments 2024-03-31 10061033 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 10061033 bus:SmallEntities 2023-04-01 2024-03-31 10061033 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10061033 bus:FilletedAccounts 2023-04-01 2024-03-31 10061033 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10061033 bus:RegisteredOffice 2023-04-01 2024-03-31 10061033 bus:Director1 2023-04-01 2024-03-31 10061033 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10061033 countries:EnglandWales 2023-04-01 2024-03-31 10061033 2022-04-01 2023-03-31 10061033 2023-03-31 10061033 core:CurrentFinancialInstruments 2023-03-31 10061033 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 10061033

Prepared for the registrar

Genus Assets Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Genus Assets Ltd

(Registration number: 10061033)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

4,335,443

4,335,909

Cash at bank and in hand

 

482

6,756

 

4,335,925

4,342,665

Creditors: Amounts falling due within one year

5

(1,738,141)

(1,742,179)

Net assets

 

2,597,784

2,600,486

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,597,684

2,600,386

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:

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 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 director on 2 November 2024
 

N C Bampton
Director

   
     
 

Genus Assets Ltd

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:
C/o Ch. Hausmann & Co.
5 De Walden Court
85 New Cavendish Street
London
W1W 6XD

 

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 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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

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
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Genus Assets Ltd

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

 

4

Debtors

2024
£

2023
£

Amounts owed by related parties

4,335,000

4,335,000

Other debtors

443

909

4,335,443

4,335,909

 

5

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6

1,736,728

1,734,753

Trade creditors

 

-

5,352

Corporation tax liability

 

-

545

Accrued expenses

 

1,413

1,529

 

1,738,141

1,742,179

 

6

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Director's loan

1,736,728

-

Loan from Coetus Limited

-

1,734,753

1,736,728

1,734,753

 

7

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.