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COMPANY REGISTRATION NUMBER: 06926180
Genesis Construction (UK) Limited
Filleted Unaudited Financial Statements
For the year ended
31 August 2024
Genesis Construction (UK) Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
16,966
20,735
Current assets
Stocks
8,021
Debtors
6
834
14,035
Cash at bank and in hand
84,767
58,308
-------
-------
93,622
72,343
Creditors: amounts falling due within one year
7
18,302
17,522
-------
-------
Net current assets
75,320
54,821
-------
-------
Total assets less current liabilities
92,286
75,556
Provisions
Taxation including deferred tax
615
1,134
-------
-------
Net assets
91,671
74,422
-------
-------
Capital and reserves
Called up share capital
10
10
Capital redemption reserve
90
90
Profit and loss account
91,571
74,322
-------
-------
Shareholders funds
91,671
74,422
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st August 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 January 2025 , and are signed on behalf of the board by:
Mr S Verbic
Director
Company registration number: 06926180
Genesis Construction (UK) Limited
Notes to the Financial Statements
Year ended 31st August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Mannin Way, Lancaster Business Park, Caton Road, Lancaster, LA1 3SW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Equipment
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Office equipment
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1st September 2023
1,519
36,550
1,640
39,709
Additions
802
802
Disposals
( 420)
( 420)
------
-------
------
-------
At 31st August 2024
1,519
36,550
2,022
40,091
------
-------
------
-------
Depreciation
At 1st September 2023
568
17,994
412
18,974
Charge for the year
190
3,711
340
4,241
Disposals
( 90)
( 90)
------
-------
------
-------
At 31st August 2024
758
21,705
662
23,125
------
-------
------
-------
Carrying amount
At 31st August 2024
761
14,845
1,360
16,966
------
-------
------
-------
At 31st August 2023
951
18,556
1,228
20,735
------
-------
------
-------
6. Debtors
2024
2023
£
£
Trade debtors
13,210
Prepayments and accrued income
834
825
---
-------
834
14,035
---
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
381
2,298
Accruals and deferred income
1,767
1,736
Corporation tax
11,344
9,825
Social security and other taxes
4,180
2,536
Director loan accounts
543
892
Other creditors
87
235
-------
-------
18,302
17,522
-------
-------
8. Director's advances, credits and guarantees
The director had a loan account with the company which remained in credit throughout the year.