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Registration number: 12153760

Genesis Real Estate 1 Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Genesis Real Estate 1 Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Genesis Real Estate 1 Limited

Company Information

Directors

H Varsani

M Yianni

S Ali

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Co Limited 590 Green Lanes
Palmers Green
London
N13 5RY

 

Genesis Real Estate 1 Limited

(Registration number: 12153760)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

906,318

906,318

Other financial assets

5

50,000

50,000

 

956,318

956,318

Current assets

 

Cash at bank and in hand

 

1,757

8,362

Creditors: Amounts falling due within one year

6

(227,490)

(238,325)

Net current liabilities

 

(225,733)

(229,963)

Total assets less current liabilities

 

730,585

726,355

Creditors: Amounts falling due after more than one year

6

(674,181)

(674,181)

Net assets

 

56,404

52,174

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

56,304

52,074

Shareholders' funds

 

56,404

52,174

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 May 2025 and signed on its behalf by:
 

.........................................
H Varsani
Director

 

Genesis Real Estate 1 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

These financial statements were authorised for issue by the Board on 12 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents amounts derived from rents charged to tenants during the year, and is recognised at the date the rental period occured. This is stated after discounts and other sales taxes.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Genesis Real Estate 1 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Investment properties

2024
£

At 1 December

906,318

At 30 November

906,318

The investment property is valued based on an assessment of the property and the market by the company directors. The directors are of the opinion that the current market value is the same as the original purchase price, and therefore no revaluation is necessary.

 

Genesis Real Estate 1 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

5

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

50,000

50,000

2024
£

2023
£

Current financial assets

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Amounts owed to group undertakings and undertakings in which the company has a participating interest

222,729

232,729

Taxation and social security

992

1,043

Accruals and deferred income

916

3,223

Other payables

2,853

1,330

227,490

238,325

 

Genesis Real Estate 1 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

674,181

674,181


Bank loans totalling £674,178 are secured by way of a fixed and floating charge over the assets of the company.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

674,181

674,181

9

Related party transactions

Summary of transactions with parent


Included in creditors is an amount of £222,729 (2023: £232,729) owed by the Company to Genesis Real Estate Ltd, the ultimate parent company.

 

10

Parent and ultimate parent undertaking

The company is a wholly owned subsidiary of Genesis Real Estate Ltd, a company incorporated in the UK which is under the control of the directors.