Registered number
05135377
GENERATION LTD
Filleted Accounts
31 May 2021
GENERATION LTD
Registered number: 05135377
Balance Sheet
as at 31 May 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 8,120 3,922
Current assets
Stocks - 1,083,360
Debtors 4 1,168,160 132,889
Cash at bank and in hand 176 36,013
1,168,336 1,252,262
Creditors: amounts falling due within one year 5 (290,037) (414,619)
Net current assets 878,299 837,643
Total assets less current liabilities 886,419 841,565
Creditors: amounts falling due after more than one year 6 (850,000) (800,000)
Net assets 36,419 41,565
Capital and reserves
Called up share capital 2 2
Profit and loss account 36,417 41,563
Shareholders' funds 36,419 41,565
The directors are 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 directors acknowledge their 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.
Shehzad Anwar Chaudhri
Director
Approved by the board on 17 February 2025
GENERATION LTD
Notes to the Accounts
for the year ended 31 May 2021
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.
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:
Fixtures, fittings, tools and equipment 15% reducing balance
Plant and Machinery 20% Straight Line
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 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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Fixtures, fittings, tools and equipment Plant and Machinery Total
£ £ £
Cost
At 1 June 2020 4,614 - 4,614
Additions - 6,381 6,381
At 31 May 2021 4,614 6,381 10,995
Depreciation
At 1 June 2020 692 - 692
Charge for the year 588 1,595 2,183
At 31 May 2021 1,280 1,595 2,875
Net book value
At 31 May 2021 3,334 4,786 8,120
At 31 May 2020 3,922 - 3,922
4 Debtors 2021 2020
£ £
Trade debtors 16,178 -
Other debtors 1,151,982 132,889
1,168,160 132,889
5 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 1,800 -
Taxation and social security costs (10,059) (10,281)
Other creditors 298,296 424,900
290,037 414,619
6 Creditors: amounts falling due after one year 2021 2020
£ £
Obligations under finance lease and hire purchase contracts 50,000 -
Other creditors 800,000 800,000
850,000 800,000
7 Other information
GENERATION LTD is a private company limited by shares and incorporated in England. Its registered office is:
448-452 Chester Road
Manchester
M16 9HD
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