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Registered number: 06898418
Genesis Process Solutions Limited
Financial Statements
For The Year Ended 31 May 2024
Arthur G Edwards & Co Limited
Chartered Certified Accountants
Alexandra House
74 Moorland Road
Stoke-on-Trent
Staffs
ST6 1DY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06898418
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 8,750 10,500
Tangible Assets 5 25,504 26,370
34,254 36,870
CURRENT ASSETS
Stocks 138,299 476,225
Debtors 6 1,055,053 1,059,186
Cash at bank and in hand 815,466 832,191
2,008,818 2,367,602
Creditors: Amounts Falling Due Within One Year 7 (254,945 ) (693,953 )
NET CURRENT ASSETS (LIABILITIES) 1,753,873 1,673,649
TOTAL ASSETS LESS CURRENT LIABILITIES 1,788,127 1,710,519
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,115 ) (6,274 )
NET ASSETS 1,782,012 1,704,245
CAPITAL AND RESERVES
Called up share capital 8 10 10
Profit and Loss Account 1,782,002 1,704,235
SHAREHOLDERS' FUNDS 1,782,012 1,704,245
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For the year ending 31 May 2024 the company was entitled to exemption from audit 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.
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 Philip Cameron
Director
18/12/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Genesis Process Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06898418 . The registered office is Alexandra House, 74 Moorland Road, Stoke-on-Trent, Staffs, ST6 1DY.
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 comprises of the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less depreciation. 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:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.5. Leasing and Hire Purchase Contracts
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.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 
2.7. 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
The corporation tax currently payable is based on taxable profit for the year.Taxable profit differs from pfofit before taxation as reported in the profit and loss account because of adjustments made for disallowable items of expenditure.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 recogised on timing differences between the carrying amounts of assets in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax is measured at the tax rates that are expected to apply in the period in which the assets are realised. Deferred tax liabilities are presented within provisions for liabilities.
2.9. Pensions
The company operates a defined pension contribution schemes. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the schemes.
2.10. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 7)
8 7
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 35,000
As at 31 May 2024 35,000
Amortisation
As at 1 June 2023 24,500
Provided during the period 1,750
As at 31 May 2024 26,250
Net Book Value
As at 31 May 2024 8,750
As at 1 June 2023 10,500
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 127,223 18,562 - - 145,785
Additions 2,254 - 947 4,434 7,635
Transfers (86,606 ) - 59,100 27,506 -
As at 31 May 2024 42,871 18,562 60,047 31,940 153,420
Depreciation
As at 1 June 2023 105,195 14,220 - - 119,415
Provided during the period 2,323 1,085 2,793 2,300 8,501
Transfers (71,616 ) - 48,874 22,742 -
As at 31 May 2024 35,902 15,305 51,667 25,042 127,916
Net Book Value
As at 31 May 2024 6,969 3,257 8,380 6,898 25,504
As at 1 June 2023 22,028 4,342 - - 26,370
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 373,674 482,330
Prepayments and accrued income 7,705 7,988
Other debtors 661,400 561,713
VAT 6,001 -
Directors' loan accounts 6,273 7,155
1,055,053 1,059,186
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 170,390 537,022
Corporation tax 56,922 55,166
Other taxes and social security - 75,091
Other creditors 11,374 20,374
Accruals and deferred income 16,259 6,300
254,945 693,953
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Philip Cameron 7,155 - - - -
The above loan is unsecured, interest free and repayable on demand.
10. Ultimate Controlling Party
The company's ultimate controlling party is Genesis Process Group Ltd by virtue of its ownership of 100% of the issued share capital in the company.
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