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REGISTERED NUMBER: 11449612 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JULY 2024

FOR

GENERATION VR LTD

GENERATION VR LTD (REGISTERED NUMBER: 11449612)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GENERATION VR LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JULY 2024







DIRECTORS: Mr J H Tipton
Dr P A Tipton





REGISTERED OFFICE: C/o Christian Douglass
Accountants Limited
2 Jordan Street, Knott Mill
Manchester
M15 4PY





REGISTERED NUMBER: 11449612 (England and Wales)





ACCOUNTANTS: Christian Douglass Accountants Limited
Chartered Accountants
2 Jordan Street
Knott Mill
Manchester
M15 4PY

GENERATION VR LTD (REGISTERED NUMBER: 11449612)

BALANCE SHEET
30 JULY 2024

30.7.24 30.7.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 24,574 25,569
Tangible assets 5 22,739 35,908
47,313 61,477

CURRENT ASSETS
Debtors 6 33,897 35,075
Cash at bank 3,066 1,663
36,963 36,738
CREDITORS
Amounts falling due within one year 7 726,650 628,701
NET CURRENT LIABILITIES (689,687 ) (591,963 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(642,374

)

(530,486

)

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (642,376 ) (530,488 )
(642,374 ) (530,486 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 July 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 28 April 2025 and were signed on its behalf by:





Mr J H Tipton - Director


GENERATION VR LTD (REGISTERED NUMBER: 11449612)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2024

1. STATUTORY INFORMATION

Generation VR Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 11449612 and its registered office is at 2 Jordan Street, Knott Mill, Manchester, M15 4PY.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
At the balance sheet date, the company had net liabilities of £642,374 (2023: £530,486). The directors have considered the projected trading and cash position for a period of twelve months following the approval of the accounts and considers it appropriate to prepare the accounts on a going concern basis.

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

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.

Patents is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

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.

3. EMPLOYEES AND DIRECTORS

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

GENERATION VR LTD (REGISTERED NUMBER: 11449612)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JULY 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 31 July 2023 31,922
Additions 2,249
At 30 July 2024 34,171
AMORTISATION
At 31 July 2023 6,353
Charge for year 3,244
At 30 July 2024 9,597
NET BOOK VALUE
At 30 July 2024 24,574
At 30 July 2023 25,569

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 31 July 2023
and 30 July 2024 61,695
DEPRECIATION
At 31 July 2023 25,787
Charge for year 13,169
At 30 July 2024 38,956
NET BOOK VALUE
At 30 July 2024 22,739
At 30 July 2023 35,908

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.7.24 30.7.23
£    £   
Other debtors 33,897 35,075

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.7.24 30.7.23
£    £   
Trade creditors 2,585 (1 )
Taxation and social security 1,842 -
Other creditors 722,223 628,702
726,650 628,701

GENERATION VR LTD (REGISTERED NUMBER: 11449612)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JULY 2024

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.7.24 30.7.23
£    £   
Within one year - 29,040
Between one and five years - 48,400
- 77,440