Company Registration No. 10063664 (England and Wales)
The Genesys Power Company Ltd
Financial statements
for the year ended 31 December 2024
Pages for filing with the registrar
The Genesys Power Company Ltd
Company information
Director
Simon Johnson
Secretary
Stephen Bonney
Company number
10063664
Registered office
Unit 9 Court Lane Industrial Estate
Court Lane
Iver
Buckinghamshire
SL0 9HL
Independent auditors
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Business address
Unit 9 Court Lane Industrial Estate
Court Lane
Iver
Bucks
SL0 9HL
The Genesys Power Company Ltd
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
The Genesys Power Company Ltd
Statement of financial position
As at 31 December 2024
1
2024
2023
Notes
£
£
£
£
Current assets
Debtors
5
1,270,408
732,144
Cash at bank and in hand
148,611
57,052
1,419,019
789,196
Creditors: amounts falling due within one year
6
(907,680)
(480,609)
Net current assets
511,339
308,587
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
511,338
308,586
Total equity
511,339
308,587

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 14 August 2025.
Simon Johnson
Director
Company Registration No. 10063664
The Genesys Power Company Ltd
Statement of changes in equity
For the year ended 31 December 2024
2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
1
592,448
592,449
Year ended 31 December 2023:
Profit and total comprehensive income
-
306,138
306,138
Dividends
-
(590,000)
(590,000)
Balance at 31 December 2023
1
308,586
308,587
Year ended 31 December 2024:
Profit and total comprehensive income
-
857,752
857,752
Dividends
-
(655,000)
(655,000)
Balance at 31 December 2024
1
511,338
511,339
The Genesys Power Company Ltd
Notes to the financial statements
For the year ended 31 December 2024
3
1
Accounting policies
Company information

The Genesys Power Company Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9 Court Lane Industrial Estate, Court Lane, Iver, Buckinghamshire, SL0 9HL.

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.

The financial statements of the company are consolidated in the financial statements of Translux International Limited. These consolidated financial statements are available from the Company Register at Companies House.

1.2
Going concern

The going concern basis of reporting has not been applied for the year ended 31 December 2024 as the directors have deemed this to be inappropriate. As disclosed further in note 8 this is because since the end of the reporting period, the company is no longer required by the group to carry out its principal activity. These financial statements are therefore prepared on a break up basis. Accordingly all assets are stated at the recoverable amount and all known liabilities have been recognised. true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received for the hire of electrical power generators, and is shown net of VAT and other sales related taxes. Income from the hire of electrical power generators is recognised in the period during which they are out for hire on an accruals basis. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
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.

1.5
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.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The Genesys Power Company Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
4
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
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. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The Genesys Power Company Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
5
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,250
5,250
4
Employees

The company has no employees other than the directors during the current and previous accounting period. There were no amounts paid to employees in the current and previous accounting period.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
556,003
170,133
Amounts owed by group undertakings
714,405
562,011
1,270,408
732,144
The Genesys Power Company Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
6
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,798
3,540
Amounts owed to group undertakings
851,133
459,913
Taxation and social security
38,749
14,156
Other creditors
3,000
3,000
907,680
480,609
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of £1 each
1
1
1
1
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter

We draw to your attention to the company's accounting policies note 1.2 within the financial statements which explain that the directors intend to close the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a break up basis.

Senior Statutory Auditor:
Darren Drake
Statutory Auditors:
Saffery LLP
Date of audit report:
18 August 2025
9
Events after the reporting date

As further disclosed in the accounting policies note 1.2, since the end of the reporting period the company is no longer required by the group to carry out its principal activity. The going concern basis is therefore not deemed appropriate and the financial statements have been prepared on a break up basis. All assets as at 31 December 2024 have accordingly been stated at the recoverable amount and all known liabilities have been recognised.

10
Ultimate controlling party

The company is a subsidiary of Translux International Limited, a company incorporated in England and Wales with the registered office address Unit 5, Court Lane Industrial Estate, Court Lane, Iver, Buckinghamshire, United Kingdom, SL0 9HL. Genesys Power Company Limited is included in the consolidated accounts of Translux International Limited which are publicly available.

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