Company registration number 04697933 (England and Wales)
GENONE CONSTRUCTION LIMITED
(FORMERLY MCD CONSTRUCTION LIMITED )
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GENONE CONSTRUCTION LIMITED
(FORMERLY MCD CONSTRUCTION LIMITED )
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
GENONE CONSTRUCTION LIMITED
(FORMERLY MCD CONSTRUCTION LIMITED )
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GENONE CONSTRUCTION LIMITED FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GenOne Construction Limited for the year ended 31 December 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of GenOne Construction Limited, as a body, in accordance with the terms of our engagement letter dated 18 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of GenOne Construction Limited and state those matters that we have agreed to state to the board of directors of GenOne Construction Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GenOne Construction Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that GenOne Construction Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of GenOne Construction Limited. You consider that GenOne Construction Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of GenOne Construction Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
8 April 2025
Chartered Accountants
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
GENONE CONSTRUCTION LIMITED
(FORMERLY MCD CONSTRUCTION LIMITED )
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,323
Investments
4
500
8,823
Current assets
Debtors
5
1,247,758
858,326
Cash at bank and in hand
327,025
52,083
1,574,783
910,409
Creditors: amounts falling due within one year
6
(1,327,136)
(771,372)
Net current assets
247,647
139,037
Total assets less current liabilities
256,470
139,037
Provisions for liabilities
(1,900)
Net assets
254,570
139,037
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
253,570
138,037
Total equity
254,570
139,037
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GENONE CONSTRUCTION LIMITED
(FORMERLY MCD CONSTRUCTION LIMITED )
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 8 April 2025 and are signed on its behalf by:
Mr D B Corley
Director
Company registration number 04697933 (England and Wales)
GENONE CONSTRUCTION LIMITED
(FORMERLY MCD CONSTRUCTION LIMITED )
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
GenOne Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% per annum on a straight line basis
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
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 current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
GENONE CONSTRUCTION LIMITED
(FORMERLY MCD CONSTRUCTION LIMITED )
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 - 2).
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2024
Additions
9,688
At 31 December 2024
9,688
Depreciation and impairment
At 1 January 2024
Depreciation charged in the year
1,365
At 31 December 2024
1,365
Carrying amount
At 31 December 2024
8,323
At 31 December 2023
GENONE CONSTRUCTION LIMITED
(FORMERLY MCD CONSTRUCTION LIMITED )
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
500
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 January 2024
-
Additions
500
At 31 December 2024
500
Carrying amount
At 31 December 2024
500
At 31 December 2023
-
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
743,220
258,036
Corporation tax recoverable
10,615
Other debtors
241,437
150,249
Prepayments and accrued income
263,101
439,426
1,247,758
858,326
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
926,172
677,860
Taxation and social security
226,286
15,330
Other creditors
174,678
78,182
1,327,136
771,372
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000