GENERATION SYSTEMS LIMITED

Company Registration Number:
02798034 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2024

Period of accounts

Start date: 01 April 2023

End date: 31 March 2024

GENERATION SYSTEMS LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2024

Balance sheet
Notes

GENERATION SYSTEMS LIMITED

Balance sheet

As at 31 March 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 1,942 2,589
Total fixed assets: 1,942 2,589
Current assets
Debtors:   49,808 64,571
Cash at bank and in hand: 627,340 732,857
Total current assets: 677,148 797,428
Creditors: amounts falling due within one year:   (129,692) (149,351)
Net current assets (liabilities): 547,456 648,077
Total assets less current liabilities: 549,398 650,666
Provision for liabilities: (456) (413)
Total net assets (liabilities): 548,942 650,253
Capital and reserves
Called up share capital: 750 750
Profit and loss account: 548,192 649,503
Shareholders funds: 548,942 650,253

The notes form part of these financial statements

GENERATION SYSTEMS LIMITED

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 27 December 2024
and signed on behalf of the board by:

Name: B S James
Status: Director

The notes form part of these financial statements

GENERATION SYSTEMS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents amounts receivable by the company for services provided as a principal in the course of its principal activity, net of VAT.

Tangible fixed assets and depreciation policy

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Computer & Office Equipment - 25% on written down value

Valuation and information policy

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Other accounting policies

Debtors and Creditors Receivable/Payable Within One Year: Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Taxation: Taxation represents the sum of tax currently payable and deferred tax. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Debtors: Known bad debts are written off and provision is made for any considered to be doubtful. Leased Assets: Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit as incurred. Maintenance Income: Maintenance income, included within turnover, is recognised equally over the period of the maintenance contracts provided by Generation Systems Limited for software support and upgrades. Foreign Currencies: Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

GENERATION SYSTEMS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

2. Employees

2024 2023
Average number of employees during the period 6 6

GENERATION SYSTEMS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Tangible Assets

Total
Cost £
At 01 April 2023 12,167
At 31 March 2024 12,167
Depreciation
At 01 April 2023 9,578
Charge for year 647
At 31 March 2024 10,225
Net book value
At 31 March 2024 1,942
At 31 March 2023 2,589

GENERATION SYSTEMS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Financial commitments

The Company has commitments in respect of a non- cancellable operating lease for its business premises of £5,750 falling due within one year (2023- £11,500 falling due within one year and £5,750 falling due after more than one year.

GENERATION SYSTEMS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Loans to directors

Name of director receiving advance or credit: BS James
Description of the loan: Debtors include £9,138 (2023 - £9,138) owed to the Company by B S James , Director and Shareholder in the Company . The maximum amount owed in the year was £9,138 (2023 - £9,138) , No interest has been charged on this amount.
£
Balance at 01 April 2023 9,138
Balance at 31 March 2024 9,138