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Registered number: 06849869
Genesis Town Planning Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Garrett Adam Accountants Limited
ACCA
3 Johnsons Barns
Waterworks Road
Sheet
Hampshire
GU32 2BY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06849869
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 48,381 50,604
48,381 50,604
CURRENT ASSETS
Debtors 5 352,457 376,626
Cash at bank and in hand 3,153 536
355,610 377,162
Creditors: Amounts Falling Due Within One Year 6 (223,743 ) (260,975 )
NET CURRENT ASSETS (LIABILITIES) 131,867 116,187
TOTAL ASSETS LESS CURRENT LIABILITIES 180,248 166,791
Creditors: Amounts Falling Due After More Than One Year 7 (169,751 ) (68,644 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (9,192 ) (11,386 )
NET ASSETS 1,305 86,761
CAPITAL AND RESERVES
Called up share capital 11 1 1
Profit and Loss Account 1,304 86,760
SHAREHOLDERS' FUNDS 1,305 86,761
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr K Mitra
Director
17/01/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Genesis Town Planning Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06849869 . The registered office is 3 Johnsons Barns, Waterworks Road, Sheet, Hampshire, GU32 2BY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Work in progress is valued unbilled on a cost/time basis.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 33% straight line
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 78,640 12,348 11,531 102,519
Additions 24,650 - - 24,650
As at 30 June 2024 103,290 12,348 11,531 127,169
Depreciation
As at 1 July 2023 32,439 7,945 11,531 51,915
Provided during the period 26,213 660 - 26,873
As at 30 June 2024 58,652 8,605 11,531 78,788
Net Book Value
As at 30 June 2024 44,638 3,743 - 48,381
As at 1 July 2023 46,201 4,403 - 50,604
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 70,725 116,785
Prepayments and accrued income 7,470 -
Other debtors 188,104 231,951
Corporation tax recoverable assets 27,890 27,890
Amounts owed by group undertakings 58,268 -
352,457 376,626
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 14,481 12,728
Trade creditors 16,703 45,948
Bank loans and overdrafts 27,184 5,556
Corporation tax 37,405 65,700
Other taxes and social security 3,003 42,265
VAT 25,499 -
Other creditors 18,582 22,351
Accruals and deferred income 4,085 -
Amounts owed to group undertakings 76,801 66,427
223,743 260,975
Page 4
Page 5
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 47,186 35,002
Bank loans 122,565 33,642
169,751 68,644
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 14,481 12,728
Later than one year and not later than five years 47,186 35,002
61,667 47,730
61,667 47,730
9. Deferred Taxation
The deferred tax has been calculated at the effective rate of 19% (2023:22.5%)
The deferred tax provision is expected to reverse over a number of years as accelerated capital allowances reduce.
2024 2023
£ £
Other timing differences 9,192 11,386
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 July 2023 11,386 11,386
Additions 4,683 4,683
Utilised (6,877 ) (6,877)
Balance at 30 June 2024 9,192 9,192
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
12. Related Party Transactions
The company took out a bounce back loan which has been personally guaranteed by the director.
The company is owed £45,473 (2023: £7,316) by Bright Star Records Ltd, a related party.
The company is owed £12,795 (2023: £nil) by SBG Holdings Limited, a related party.
The company owed £76,801 (2023: £66,350) to Sandbanks Estates Limited, a related party.
The company owed £nil (2023: £77) to SGB Holdings Limited, a related party.
Page 5
Page 6
13. Ultimate Controlling Party
The company's ultimate controlling party is SBG Holdings Limited by virtue of his ownership of 100% of the issued share capital in the company.
Page 6