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Company registration number: 13271723
Geni Financial Services Ltd
Unaudited filleted financial statements
30 November 2024
Geni Financial Services Ltd
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Geni Financial Services Ltd
Statement of financial position
30 November 2024
30/11/24 30/11/23
Note £ £ £ £
Fixed assets
Investments 5 160,477 160,477
_______ _______
160,477 160,477
Creditors: amounts falling due
within one year 6 ( 163,942) ( 108,589)
_______ _______
Net current liabilities ( 163,942) ( 108,589)
_______ _______
Total assets less current liabilities ( 3,465) 51,888
_______ _______
Net (liabilities)/assets ( 3,465) 51,888
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 3,466) 51,887
_______ _______
Shareholder's (deficit)/funds ( 3,465) 51,888
_______ _______
For the year ended 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 August 2025 , and are signed on behalf of the board by:
Mr Anthony Owen
Director
Company registration number: 13271723
Geni Financial Services Ltd
Statement of changes in equity
Year ended 30 November 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2023 1 28,200 28,201
(Loss)/profit for the year 23,687 23,687
_______ _______ _______
Total comprehensive income for the year - 23,687 23,687
_______ _______ _______
At 30 November 2023 and 1 December 2023 1 51,887 51,888
(Loss)/profit for the year ( 55,353) ( 55,353)
_______ _______ _______
Total comprehensive income for the year - ( 55,353) ( 55,353)
_______ _______ _______
At 30 November 2024 1 ( 3,466) ( 3,465)
_______ _______ _______
Geni Financial Services Ltd
Notes to the financial statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Deansfield House, 98 Lancaster Road, Newcastle-Under-Lyme, Staffordshire, ST5 1DS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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 £.
Going Concern
The financial statements have been prepared on the going concern basis as disclosed in note 8.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 1 ).
5. Investments
Investment in subsidiary Total
£ £
Cost
At 1 December 2023 and 30 November 2024 160,477 160,477
_______ _______
Impairment
At 1 December 2023 and 30 November 2024 - -
_______ _______
Carrying amount
At 30 November 2024 160,477 160,477
_______ _______
At 30 November 2023 160,477 160,477
_______ _______
6. Creditors: amounts falling due within one year
30/11/24 30/11/23
£ £
Amounts owed to group undertakings 162,142 104,989
Other creditors 1,800 3,600
_______ _______
163,942 108,589
_______ _______
7. Events after the end of the reporting period
On 14 February 2025, the company acquired the remaining 49% of its subsidiary undertaking, Valid8 IP Ltd, for a total cost of £5,465,362. Consequently, Geni Financial Services Ltd's shareholding has increased from 51% to 100%.
8. Related party transactions
The company is a wholly owned subsidiary of TGG Ltd. As at the balance sheet date, the company held a 51% share of its subsidiary, Valid8 IP Ltd.During the year, TGG Ltd received, on behalf of the company, a £nil dividend payment (2023: £25,500) from Valid8 IP Ltd. At the balance sheet date, the company owed TGG Ltd the sum of £162,142 (2023: £104,989). The loan was unsecured and interest free with no specific repayment terms.
9. Going concern
As reflected within these financial statements, the company has reported a loss in the sum of £55, 953 and has a net deficiency of assets in the sum of £3,465 as at 30 November 2024. The company meets its day to day working capital requirements through support from TGG Ltd, the parent undertaking of the company. The financial statements have been prepared on a going concern basis, the validity of which depends upon the company's ability to continue to receive the financial support of TGG Ltd. The financial statements do not include any adjustments that would result from failure to obtain such support