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REGISTERED NUMBER: 04130770 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Generation 10 Limited

Generation 10 Limited (Registered number: 04130770)






Contents of the Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Generation 10 Limited

Company Information
for the year ended 31 December 2024







DIRECTORS: A R Williamson
R Williamson





SECRETARY: A R Williamson





REGISTERED OFFICE: Thor's View
11 Backford Road
Irby
Merseyside
CH61 2XH





REGISTERED NUMBER: 04130770 (England and Wales)





ACCOUNTANTS: Bennett Brooks & Co Ltd
Chartered Accountants
Suite 1, First Floor
Coachworks Arcade
Northgate Street
Chester
Cheshire
CH1 2EY

Generation 10 Limited (Registered number: 04130770)

Balance Sheet
31 December 2024

2024 2023
as restated
Notes £ £
FIXED ASSETS
Intangible assets 4 541,427 489,580
Tangible assets 5 30,727 36,345
572,154 525,925

CURRENT ASSETS
Debtors 6 168,338 46,652
Cash at bank 96,858 163,234
265,196 209,886
CREDITORS
Amounts falling due within one year 7 (441,073 ) (416,608 )
NET CURRENT LIABILITIES (175,877 ) (206,722 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

396,277

319,203

CREDITORS
Amounts falling due after more than one year 8 - (31,250 )
NET ASSETS 396,277 287,953

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 396,077 287,753
SHAREHOLDERS' FUNDS 396,277 287,953

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 March 2025 and were signed on its behalf by:




R Williamson - Director


Generation 10 Limited (Registered number: 04130770)

Notes to the Financial Statements
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Generation 10 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Change in accounting policies
The company has changed its accounting policy regarding research and development expenditure. Previously, these costs were expensed as incurred. From the financial year ending 31 December 2024, the company has opted to capitalise R&D expenditure as an intangible asset, recognising it as part of the software asset of the business. This change has been applied retrospectively to ensure consistency and comparability of financial information.

The revised policy provides more reliable and relevant information as it better reflects the economic benefits derived from R&D activities, aligning the recognition of expenditure with the expected future benefits. By capitalising the expenditure, the financial statements offer a more accurate representation of the company’s financial position and performance.


The impact of the change in accounting policy on the financial statements is detailed below:

2023 Financial Statements:
Salaries: Decrease of £29,116
Research and Development Costs: Decrease of £89,343
Pensions (Cost of Sales): Decrease of £587
Pensions (Administrative Expenses): Decrease of £4,384
Directors’ Remuneration: Decrease of £3,052
Amortisation Charge: Increase of £72,922

2024 Financial Statements:
Salaries: Decrease of £32,187
Research and Development Costs: Decrease of £101,560
Pensions (Cost of Sales): Decrease of £578
Pensions (Administrative Expenses): Decrease of £4,384
Amortisation Charge: Increase of £86,863

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The policies adopted for the recognition of turnover are as follows:

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to a notable milestone.
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Interest and dividends receivable
Interest income is recognised using the effective interest method and dividend income is recognised as the company’s right to receive payment is established.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Generation 10 Limited (Registered number: 04130770)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 30% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Generation 10 Limited (Registered number: 04130770)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Share capital
Ordinary shares are classed as equity.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Distributions to equity holders

Dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Research and development

Expenditure on research and development is capitalised in the year in which it is incurred. This includes the development of the software which is copyright protected.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£
COST
At 1 January 2024 729,924
Additions 138,710
At 31 December 2024 868,634
AMORTISATION
At 1 January 2024 240,344
Charge for year 86,863
At 31 December 2024 327,207
NET BOOK VALUE
At 31 December 2024 541,427
At 31 December 2023 489,580

Generation 10 Limited (Registered number: 04130770)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£ £ £ £
COST
At 1 January 2024 109,946 25,045 96,970 231,961
Additions - - 4,273 4,273
At 31 December 2024 109,946 25,045 101,243 236,234
DEPRECIATION
At 1 January 2024 87,893 24,164 83,559 195,616
Charge for year 4,410 176 5,305 9,891
At 31 December 2024 92,303 24,340 88,864 205,507
NET BOOK VALUE
At 31 December 2024 17,643 705 12,379 30,727
At 31 December 2023 22,053 881 13,411 36,345

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£ £
Trade debtors 129,553 24,987
Other debtors 38,785 21,665
168,338 46,652

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£ £
Bank loans and overdrafts 31,250 82,500
Deferred income 295,028 251,650
Trade creditors 44,231 24,234
Taxation and social security 23,509 16,605
Other creditors 47,055 41,619
441,073 416,608

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
as restated
£ £
Bank loans - 31,250