Registered number
05090589
Genesis PR LTD
Unaudited Filleted Accounts
30 April 2024
API Partnership Ltd t/a Chandler & Georges
Chartered Accountants
75 Westow Hill
SE19 1TX
Ph: 0208 761 2213
www.cgca.co.uk
Genesis PR LTD
Registered number: 05090589
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,155 15,627
Current assets
Debtors 4 308,701 536,876
Cash at bank and in hand 150,284 154,006
458,985 690,882
Creditors: amounts falling due within one year 5 (213,696) (272,794)
Net current assets 245,289 418,088
Total assets less current liabilities 251,444 433,715
Provisions for liabilities (1,539) (1,561)
Net assets 249,905 432,154
Capital and reserves
Called up share capital 2,000 2,000
Profit and loss account 247,905 430,154
Shareholder's funds 249,905 432,154
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Kevin Daniel Patrick Craig
Director
Approved by the board on 2 January 2025
Genesis PR LTD
Notes to the Accounts
for the period from 1 April 2023 to 30 April 2024
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Moto Vehicle 33% reducing balance
Other assets over 2 years
Plant and machinery over 3 years
Fixtures, fittings, tools and equipment over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 15 18
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 10,000 43,753 53,753
At 30 April 2024 10,000 43,753 53,753
Depreciation
At 1 April 2023 10,000 28,126 38,126
Charge for the period - 9,472 9,472
At 30 April 2024 10,000 37,598 47,598
Net book value
At 30 April 2024 - 6,155 6,155
At 31 March 2023 - 15,627 15,627
4 Debtors 2024 2023
£ £
Trade debtors 148,624 198,370
Amounts owed by group undertakings and undertakings in which the company has a participating interest 104,758 280,000
Other debtors 55,319 58,506
308,701 536,876
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 9,894 21,228
Taxation and social security costs 81,242 105,515
Other creditors 122,560 146,051
213,696 272,794
6 Related party transactions
Included in debtors under group balance there is an amount recoverable from parent company, Political Lobbying & Media Relations Limited.
In accordance with the exemption available in Section 33 of FRS 102; the company has not disclosed transactions with its 100% parent company and fellow subsidiary companies within the Political Lobbying & Media Relations Limited group.
The company has availed of an exemption available in Section 1.12 of FRS 102 from the requirement to disclose details of the remuneration of 'Key Management Personnel'.
7 Controlling party
The company is controlled by Political Lobbying & Media Relations Limited who owns 100% share capital of the company. The registered office is 75 Westow Hill, London, SE19 1TX.
8 Other information
Genesis PR LTD is a private company limited by shares and incorporated in England. Its registered office is:
C/O Chandler & Georges
75 Westow Hill
London
England
SE19 1TX
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