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Company No: 04270139 (England and Wales)

GENTWORKS LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

GENTWORKS LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

GENTWORKS LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2024
GENTWORKS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2024
DIRECTORS Mr. D. Doherty
Mr. S. Pearce
SECRETARY Mr. D. White
REGISTERED OFFICE Century House
Wargrave Road
Henley-On-Thames
RG9 2LT
United Kingdom
COMPANY NUMBER 04270139 (England and Wales)
ACCOUNTANT Verallo
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
GENTWORKS LIMITED

BALANCE SHEET

As at 30 September 2024
GENTWORKS LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 16,157 13,779
16,157 13,779
Current assets
Stocks 260,190 218,025
Debtors 4 189,215 309,880
Cash at bank and in hand 64,896 57,921
514,301 585,826
Creditors: amounts falling due within one year 5 ( 311,102) ( 316,666)
Net current assets 203,199 269,160
Total assets less current liabilities 219,356 282,939
Creditors: amounts falling due after more than one year 6 ( 20,487) 0
Provision for liabilities ( 4,039) ( 3,445)
Net assets 194,830 279,494
Capital and reserves
Called-up share capital 7 25,800 25,800
Capital redemption reserve 1,200 1,200
Profit and loss account 167,830 252,494
Total shareholders' funds 194,830 279,494

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Gentworks Limited (registered number: 04270139) were approved and authorised for issue by the Board of Directors on 19 January 2025. They were signed on its behalf by:

Mr. S. Pearce
Director
Mr. D. Doherty
Director
GENTWORKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
GENTWORKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gentworks Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Century House, Wargrave Road, Henley-On-Thames, RG9 2LT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 3 years straight line
Fixtures and fittings 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Derivative financial instruments
The Company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Profit and Loss Account immediately.

The Company does not apply hedge accounting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 October 2023 11,611 300 1,205 9,216 22,332
Additions 0 8,831 0 1,492 10,323
At 30 September 2024 11,611 9,131 1,205 10,708 32,655
Accumulated depreciation
At 01 October 2023 3,907 223 118 4,305 8,553
Charge for the financial year 2,322 2,022 402 3,199 7,945
At 30 September 2024 6,229 2,245 520 7,504 16,498
Net book value
At 30 September 2024 5,382 6,886 685 3,204 16,157
At 30 September 2023 7,704 77 1,087 4,911 13,779

4. Debtors

2024 2023
£ £
Trade debtors 132,818 222,914
Prepayments 15,832 46,401
Other debtors 40,565 40,565
189,215 309,880

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,380 18,833
Trade creditors 133,388 150,601
Amounts owed to directors 124 14
Accruals 48,696 49,105
Corporation tax 22,269 12,287
Other taxation and social security 41,600 41,604
Other creditors 59,645 44,222
311,102 316,666

The aggregate amount of creditors for which security has been given amounted to £48,147 (2023 - £48,149).

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 20,487 0

The aggregate amount of creditors for which security has been given amounted to £20,487 (2023 - £nil).

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
4,500 Ordinary A shares of £ 3.00 each 13,500 13,500
1,250 Ordinary B shares of £ 3.00 each 3,750 3,750
1,000 Ordinary C shares of £ 3.00 each 3,000 3,000
260 Ordinary D shares of £ 3.00 each 780 780
500 Ordinary E shares of £ 3.00 each 1,500 1,500
500 Ordinary F shares of £ 3.00 each 1,500 1,500
230 Ordinary G shares of £ 3.00 each 690 690
360 Ordinary H shares of £ 3.00 each 1,080 1,080
25,800 25,800

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 48,161 30,180
between one and five years 7,761 0
55,922 30,180