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Registration number: 07122930

Generation Three Family Partners (Administrative Services) Limited



Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Generation Three Family Partners (Administrative Services) Limited
 

Company Information

Director

Asaf Yehuda Almagor

Registered office

11-13 Lower Grosvenor Place
London
SW1W 0EX

Accountants

Mehta & Tengra 9 Berners Place
London
W1T 3AD

 

Generation Three Family Partners (Administrative Services) Limited
 

(Registration number: 07122930)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

14,279

20,957

Current assets

 

Debtors

6

556,004

378,586

Cash at bank and in hand

 

21,849

30,263

 

577,853

408,849

Creditors: Amounts falling due within one year

7

(606,256)

(451,089)

Net current liabilities

 

(28,403)

(42,240)

Net liabilities

 

(14,124)

(21,283)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(14,125)

(21,284)

Shareholders' deficit

 

(14,124)

(21,283)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 February 2025
 

.........................................
Asaf Yehuda Almagor
Director

 

Generation Three Family Partners (Administrative Services) Limited
 

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1

(21,284)

(21,283)

Profit for the year

-

7,159

7,159

At 31 December 2023

1

(14,125)

(14,124)

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

1

(23,561)

(23,560)

Profit for the year

-

2,277

2,277

At 31 December 2022

1

(21,284)

(21,283)

 

Generation Three Family Partners (Administrative Services) Limited
 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
11-13 Lower Grosvenor Place
London
SW1W 0EX

These financial statements were authorised for issue by the director on 21 February 2025.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

 

Generation Three Family Partners (Administrative Services) Limited
 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Tangible assets

Tangible assets are stated in the balance sheet 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 & machinery

20% on cost

Fixtures & fittings

15% on cost

Office & computer equipment

33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Generation Three Family Partners (Administrative Services) Limited
 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 8).

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

1,460

(43)

 

Generation Three Family Partners (Administrative Services) Limited
 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

10,927

8,965

43,016

62,908

At 31 December 2023

10,927

8,965

43,016

62,908

Depreciation

At 1 January 2023

5,613

1,942

34,396

41,951

Charge for the year

797

1,793

4,088

6,678

At 31 December 2023

6,410

3,735

38,484

48,629

Carrying amount

At 31 December 2023

4,517

5,230

4,532

14,279

At 31 December 2022

5,314

7,023

8,620

20,957

6

Debtors

Note

2023
£

2022
£

Amounts due from an entity with joint control or significant influence

9

7,255

30,584

Prepayments

 

68,846

62,244

Other debtors

 

6,511

7,259

Amounts due from other companies

 

473,392

267,932

VAT

 

-

10,567

 

556,004

378,586

 

Generation Three Family Partners (Administrative Services) Limited
 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amount due to an entity with joint control or significant influence

175,276

99,136

Trade creditors

 

156,963

253,253

Taxation and social security

 

179,075

40,947

Accruals and deferred income

 

53,272

48,320

Wages and salaries control

 

6,816

3,919

Pension fund

 

1,334

2,831

Amounts due to other companies

 

33,520

2,683

 

606,256

451,089

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         
 

Generation Three Family Partners (Administrative Services) Limited
 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Related party transactions

Summary of transactions with all entities with joint control or significant interest

Generation Three Family Partner LLP

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Rendering of services

51,300

2022

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

10,237

10,237

Advanced

7,018

7,018

Repaid

(10,000)

(10,000)

At end of period

7,255

7,255

2022

Entities with joint control or significant influence
£

Total
£

At start of period

4,951

4,951

Advanced

5,286

5,286

At end of period

10,237

10,237

 

Generation Three Family Partners (Administrative Services) Limited
 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

99,136

99,136

Advanced

99,150

99,150

Repaid

(23,010)

(23,010)

At end of period

175,276

175,276

2022

Entities with joint control or significant influence
£

Total
£

At start of period

81,936

81,936

Advanced

31,200

31,200

Repaid

(14,000)

(14,000)

At end of period

99,136

99,136