Registered number
03904096
GENEL 86 LIMITED
Filleted Accounts
31 January 2024
GENEL 86 LIMITED
Registered number: 03904096
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 9,126 14,147
9,127 14,148
Current assets
Stocks 140,650 178,320
Debtors 5 160,922 194,529
Cash at bank and in hand 48,821 41,909
350,393 414,758
Creditors: amounts falling due within one year 6 (80,955) (140,308)
Net current assets 269,438 274,450
Total assets less current liabilities 278,565 288,598
Creditors: amounts falling due after more than one year 7 (151,477) (154,477)
Net assets 127,088 134,121
Capital and reserves
Called up share capital 200,000 200,000
Profit and loss account (72,912) (65,879)
Shareholders' funds 127,088 134,121
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 members have 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.
A Patas
Director
Approved by the board on 23 January 2025
GENEL 86 LIMITED
Notes to the Accounts
for the year ended 31 January 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Goodwill has been written off in equal annual instalments over the estimated economic life of 5 years.
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, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 15% per annum on cost
Plant and machinery 15% per annum on cost
Motor vehicles 25% per annum on cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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 recognised at transaction price including any transaction costs 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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 9
3 Intangible fixed assets Goodwill
£
Cost
At 1 February 2023 14,000
At 31 January 2024 14,000
Amortisation
At 1 February 2023 13,999
At 31 January 2024 13,999
Net book value
At 31 January 2024 1
At 31 January 2023 1
4 Tangible fixed assets
Furniture, Fixtures & equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 113,478 7,456 16,950 137,884
Additions 360 - - 360
At 31 January 2024 113,838 7,456 16,950 138,244
Depreciation
At 1 February 2023 104,294 5,107 14,336 123,737
Charge for the year 2,068 701 2,612 5,381
At 31 January 2024 106,362 5,808 16,948 129,118
Net book value
At 31 January 2024 7,476 1,648 2 9,126
At 31 January 2023 9,184 2,349 2,614 14,147
5 Debtors 2024 2023
£ £
Trade debtors 154,119 186,697
Prepayments 6,803 7,832
160,922 194,529
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 57,832 114,028
Director's and shareholders loans 607 138
Taxation and social security costs 14,154 15,208
Accruals 6,115 8,480
Other creditors 2,247 2,454
80,955 140,308
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 151,477 154,477
8 Other information
GENEL 86 LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
9 Beech Street
Leicester
LE5 0DF
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