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Registered Number: 07812171
England and Wales

 

 

 

GENIUSIN LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
 
 
Notes
 
31/03/2024
£
  31/03/2023
£
Fixed assets      
Intangible fixed assets 3 235,295    235,295 
235,295    235,295 
Current assets      
Debtors 3,230    2,611 
Cash at bank and in hand 3,965    2,470 
7,195    5,081 
Creditors: amount falling due within one year (881,270)   (864,689)
Net current assets (874,075)   (859,608)
 
Total assets less current liabilities (638,780)   (624,313)
Net assets (638,780)   (624,313)
 

Capital and reserves
     
Called up share capital 4 108    108 
Profit and loss account (638,888)   (624,421)
Shareholders' funds (638,780)   (624,313)
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the profit and loss account has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 25 November 2024 and were signed by:


-------------------------------
Paul Nicholas TOMBS
Director
1
General Information
GENIUSIN LIMITED is a private company, limited by shares, registered in England and Wales, registration number 07812171, registration address 22 WEST STREET, OLNEY BUCKINGHAMSHIRE, MK46 5HR.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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)
Going concern basis
As shown by the financial statements the liabilities of the company exceed its assets and the company meets its day to day working capital requirements through financial support from the director.  The loan from the director to the company will not be called in until the company has sufficient funds to repay the loan.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Development Costs
Development costs are capitalised where there is a clearly defined project, related expenditure is separately identifiable, the outcome of the project has been assessed with reasonable certainty as to its technical feasibility and commercial viability, related future sales or other revenues are expected to exceed costs and adequate resources exist to enable the project to be completed.

Development costs are amortised from the date of application of the project, on a systematic basis over the period over which the project is expected to be sold or used.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other parties, loans to related parties and investments in ordinary shares.
2.

Average number of employees


Average number of employees during the year was 1 (2023 : 1).
3.

Intangible fixed assets

Cost Other intangible assets   Total
  £   £
At 01 April 2023 235,295    235,295 
Additions  
Disposals  
At 31 March 2024 235,295    235,295 
Amortisation
At 01 April 2023  
Charge for year  
On disposals  
At 31 March 2024  
Net book values
At 31 March 2024 235,295    235,295 
At 31 March 2023 235,295    235,295 


4.

Share Capital

Allotted, called up and fully paid
31/03/2024
£
  31/03/2023
£
108 Class A shares of £1.00 each 108    108 
108    108 

5.

Director’s loan

Related party transactions

At the balance sheet date the company owed £726,597 (2023 : £710,250) to P N Tombs, a director of the company
2