Company No:
Contents
| Note | 30.11.2024 | |
| £ | ||
| Fixed assets | ||
| Investments | 3 |
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| 111,900 | ||
| Current assets | ||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 1,225,090 | ||
| Creditors: amounts falling due within one year | 5 | (
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| Net current assets | 1,144,888 | |
| Total assets less current liabilities | 1,256,788 | |
| Net assets |
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| Capital and reserves | ||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Genatec Group Limited (registered number:
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D Mack
Director |
J Mack
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Genatec Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hill Farm Rectory Road, Lower Bodham, Holt, NR25 6PR, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
| Period from 06.12.2023 to 30.11.2024 |
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| Number | |
| Monthly average number of persons employed by the Company during the period, including directors |
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The Company has no employees other than the Directors, who did not receive any remuneration.
| 30.11.2024 | |
| £ | |
| Subsidiary undertakings |
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| Other investments and loans |
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| 111,900 |
Investments in subsidiaries
| 30.11.2024 | |
| £ | |
| Cost | |
| At 06 December 2023 | 0 |
| Additions |
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| At 30 November 2024 |
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| Carrying value at 30 November 2024 |
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| Other investments | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 06 December 2023 |
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| Additions |
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| At 30 November 2024 |
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| Carrying value at 30 November 2024 |
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| 30.11.2024 | |
| £ | |
| Amounts owed by own subsidiaries |
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| Prepayments and accrued income |
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| 30.11.2024 | |
| £ | |
| Amounts owed to directors |
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| Accruals |
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| Other creditors |
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Transactions with the entity's directors
| 30.11.2024 | |
| £ | |
| Balance owed to Directors | 8,202 |
The above balance was owed to the Directors of the company at the year end, no interest is charged on this balance and the amount is deemed repayable on demand.
Other related party transactions
The company has taken advantage of the exemption under 33.1A, allowing wholly owned group members to depart from the requirements to disclose transactions with other group companies.