Silverfin false false 30/11/2024 01/12/2023 30/11/2024 Mr A Frost 26/02/2016 Mr E Frost 26/02/2016 19 March 2025 no description of principal activity 10027925 2024-11-30 10027925 bus:Director1 2024-11-30 10027925 bus:Director2 2024-11-30 10027925 core:CurrentFinancialInstruments 2024-11-30 10027925 core:CurrentFinancialInstruments 2023-11-30 10027925 2023-11-30 10027925 core:Non-currentFinancialInstruments 2024-11-30 10027925 core:Non-currentFinancialInstruments 2023-11-30 10027925 core:ShareCapital 2024-11-30 10027925 core:ShareCapital 2023-11-30 10027925 core:RetainedEarningsAccumulatedLosses 2024-11-30 10027925 core:RetainedEarningsAccumulatedLosses 2023-11-30 10027925 2023-12-01 2024-11-30 10027925 bus:FilletedAccounts 2023-12-01 2024-11-30 10027925 bus:SmallEntities 2023-12-01 2024-11-30 10027925 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 10027925 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 10027925 bus:Director1 2023-12-01 2024-11-30 10027925 bus:Director2 2023-12-01 2024-11-30 10027925 2022-12-01 2023-11-30 10027925 core:CurrentFinancialInstruments 2023-12-01 2024-11-30 10027925 core:Non-currentFinancialInstruments 2023-12-01 2024-11-30 iso4217:GBP xbrli:pure

Company No: 10027925 (England and Wales)

GENESIS BUSINESS FINANCE LIMITED

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

GENESIS BUSINESS FINANCE LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

GENESIS BUSINESS FINANCE LIMITED

BALANCE SHEET

As at 30 November 2024
GENESIS BUSINESS FINANCE LIMITED

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Current assets
Debtors 0 4,787
Cash at bank and in hand 37,616 39,829
37,616 44,616
Creditors: amounts falling due within one year 3 ( 17,139) ( 19,309)
Net current assets 20,477 25,307
Total assets less current liabilities 20,477 25,307
Creditors: amounts falling due after more than one year 4 ( 5,024) ( 13,637)
Net assets 15,453 11,670
Capital and reserves
Called-up share capital 3 3
Profit and loss account 15,450 11,667
Total shareholders' funds 15,453 11,670

For the financial year ending 30 November 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 Genesis Business Finance Limited (registered number: 10027925) were approved and authorised for issue by the Board of Directors on 19 March 2025. They were signed on its behalf by:

Mr A Frost
Director
GENESIS BUSINESS FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
GENESIS BUSINESS FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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

Genesis Business Finance 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 60 Surrey Street, Glossop, SK13 7AJ, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the
revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable,
excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before
revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
• the Company has transferred the significant risks and rewards of ownership to the buyer;
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership
nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance
with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year 0 0

The directors did not receive any remuneration in the year (2023: £nil).

3. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 8,613 8,613
Taxation and social security 8,526 10,696
17,139 19,309

Bank loans represent a government backed loan. The loan attracts interest at 2.5% per annum, is unsecured and repayable monthly over a 5 year term.

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

2024 2023
£ £
Bank loans 5,024 13,637

Bank loans represent a government backed loan. The loan attracts interest at 2.5% per annum, is unsecured and repayable monthly over a 5 year term.