Registered number
02933275
Genesis Plastics Ltd
Filleted Accounts
31 May 2024
Genesis Plastics Ltd
Registered number: 02933275
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 41,387 50,734
Current assets
Stocks 25,000 25,000
Debtors 5 110,888 77,453
Cash at bank and in hand 222,264 257,127
358,152 359,580
Creditors: amounts falling due within one year 6 (55,423) (66,868)
Net current assets 302,729 292,712
Total assets less current liabilities 344,116 343,446
Creditors: amounts falling due after more than one year 7 (104) (244)
Provisions for liabilities (10,347) (12,684)
Net assets 333,665 330,518
Capital and reserves
Called up share capital 10 10
Profit and loss account 333,655 330,508
Shareholders' funds 333,665 330,518
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.
Mr C V Russell
Director
Approved by the board on 13 February 2025
Genesis Plastics Ltd
Notes to the Accounts
for the year ended 31 May 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:
Office equipment 20% on cost
Fixtures and fittings 20% on cost
Tools and equipment 20% on cost
Motor vehicles 25% 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 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.
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 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 25,000
At 31 May 2024 25,000
Amortisation
At 1 June 2023 25,000
At 31 May 2024 25,000
Net book value
At 31 May 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Fixtures and fittings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 3,737 287,609 25,196 316,542
Additions - 5,240 - 5,240
At 31 May 2024 3,737 292,849 25,196 321,782
Depreciation
At 1 June 2023 3,737 236,875 25,196 265,808
Charge for the year - 14,587 - 14,587
At 31 May 2024 3,737 251,462 25,196 280,395
Net book value
At 31 May 2024 - 41,387 - 41,387
At 31 May 2023 - 50,734 - 50,734
5 Debtors 2024 2023
£ £
Trade debtors 108,261 77,243
Other debtors 2,627 210
110,888 77,453
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 7,960 20,586
Taxation and social security costs 43,752 37,413
Other creditors 3,711 8,869
55,423 66,868
7 Creditors: amounts falling due after one year 2024 2023
£ £
Director's loan account 104 244
8 Other information
Genesis Plastics Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 21b Stafford Mill
London Road
Stroud
Glos
GL5 2AZ
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