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Registered number: 11549574









GENIVOR LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 SEPTEMBER 2024

 
GENIVOR LTD
REGISTERED NUMBER: 11549574

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
2,580,000
3,040,000

Current assets
  

Debtors: amounts falling due within one year
 6 
1,454,724
2,780

Cash at bank and in hand
  
108,031
572,062

  
1,562,755
574,842

Creditors: amounts falling due within one year
 7 
(433,034)
(52,429)

Net current assets
  
 
 
1,129,721
 
 
522,413

  

Net assets
  
3,709,721
3,562,413


Capital and reserves
  

Called up share capital 
 8 
600,002
600,002

Share premium account
  
2,949,999
2,949,999

Profit and loss account
  
159,720
12,412

  
3,709,721
3,562,413


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

 11 April 2025.




L Turnbull
Director

Page 1

 
GENIVOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

1.


General information

Genvior Ltd ("the Company") is a private company limited by shares, incorporated in England and Wales. The Company's principal activity is that of a property investment. Its registered office is Leytonstone House, Leytonstone, London, E11 1GA

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

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:

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.

Rental Income
Rental income is recognised in the period to which it relates.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 2

 
GENIVOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and/or the directors, and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

 
GENIVOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
a) Critical judgements in applying accounting policies:
(i) Valuation of investment properties
The valuation of investment properties has been made by the directors based on their personal knowledge of the market.
b) Critical accounting estimates and assumptions
The Company does not consider there to be any critical estimates and assumptions in applying accounting policies. 


4.


Employees

The average monthly number of employees, including directors, during the period was 3 (2023 - 1).


5.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
3,040,000


Disposals
(460,000)



At 30 September 2024
2,580,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.







6.


Debtors

2024
2023
£
£


Other debtors
1,454,724
2,780


Page 4

 
GENIVOR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
414,059
6,618

Other creditors
14,775
41,611

Accruals and deferred income
4,200
4,200

433,034
52,429



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



600,002 (2023 - 600,002) Ordinary shares £1 each shares of £1.00 each
600,002
600,002



9.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.


10.


Related Parties

Included within other debtors (2023 - creditors) is a balance of £1,084,594 (2023 - £26,836 due to) due from connected persons. 

 
Page 5

 
GENIVOR LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GENIVOR LTD
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Genivor Ltd for the period ended 30 September 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 Genivor Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Genivor Ltd and state those matters that we have agreed to state to the Board of directors of Genivor Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Genivor Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Genivor Ltd 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 Genivor Ltd. You consider that Genivor Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Genivor Ltd. 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.

  



Barnes Roffe LLP
Chartered Accountants
Leytonstone House
3 Hanbury Drive
Leytonstone
London
E11 1GA
13 April 2025
 Page 6