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Registration number: 08631391

Genie Lamps Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 July 2024

 

Genie Lamps Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Genie Lamps Limited

(Registration number: 08631391)
Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

2,065

2,583

 

2,066

2,584

Current assets

 

Debtors

6

14,482

5,162

Cash at bank and in hand

 

17,768

19,607

 

32,250

24,769

Creditors: Amounts falling due within one year

7

(7,567)

(6,211)

Net current assets

 

24,683

18,558

Total assets less current liabilities

 

26,749

21,142

Provisions for liabilities

(517)

(646)

Net assets

 

26,232

20,496

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

26,132

20,396

Shareholders' funds

 

26,232

20,496

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 21 January 2025 and signed on its behalf by:
 

 

Genie Lamps Limited

(Registration number: 08631391)
Statement of Financial Position as at 31 July 2024

.........................................

T J B Hanbury
Director

 

Genie Lamps Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: 56B High Street, Haslemere, Surrey, GU27 2LA.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Genie Lamps Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development

25% straight line

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Genie Lamps Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Website
£

Total
£

Cost or valuation

At 1 August 2023

3,630

3,630

At 31 July 2024

3,630

3,630

Amortisation

At 1 August 2023

3,629

3,629

At 31 July 2024

3,629

3,629

Carrying amount

At 31 July 2024

1

1

At 31 July 2023

1

1

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2023

16,138

16,138

At 31 July 2024

16,138

16,138

Depreciation

At 1 August 2023

13,555

13,555

Charge for the year

518

518

At 31 July 2024

14,073

14,073

Carrying amount

At 31 July 2024

2,065

2,065

At 31 July 2023

2,583

2,583

 

Genie Lamps Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Debtors

2024
£

2023
£

Other debtors

358

302

Prepayments

66

-

Accrued income

14,058

4,860

14,482

5,162

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Taxation and social security

4,252

5,106

Accruals and deferred income

3,315

1,105

7,567

6,211