Company Registration No. 13768049 (England and Wales)
Genie Internet Technologies Ltd
Unaudited accounts
for the year ended 31 December 2024
Genie Internet Technologies Ltd
Unaudited accounts
Contents
Genie Internet Technologies Ltd
Company Information
for the year ended 31 December 2024
Company Number
13768049 (England and Wales)
Registered Office
128 CITY ROAD
LONDON
EC1V 2NX
UNITED KINGDOM
Genie Internet Technologies Ltd
Statement of financial position
as at 31 December 2024
Tangible assets
17,704
18,142
Cash at bank and in hand
804,513
2,196,476
Creditors: amounts falling due within one year
(14,687)
(8,157)
Net current assets
802,427
2,549,629
Net assets
820,131
2,567,771
Called up share capital
182
182
Share premium
5,757,131
5,757,131
Profit and loss account
(4,937,182)
(3,189,542)
Shareholders' funds
820,131
2,567,771
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 3 September 2025 and were signed on its behalf by
Mr S Debrouwere
Director
Company Registration No. 13768049
Genie Internet Technologies Ltd
Notes to the Accounts
for the year ended 31 December 2024
Genie Internet Technologies Ltd is a private company, limited by shares, registered in England and Wales, registration number 13768049. The registered office is 128 CITY ROAD, LONDON, EC1V 2NX, UNITED KINGDOM.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
33.3% reducing balance
Fixtures & fittings
33.3% reducing balance
Computer equipment
33.3% reducing balance
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The directors have assessed the future prospects of the company and have concluded that it is not appropriate to prepare the financial statements on a going concern basis. The company is expected to cease trading within the next 12 months due to planned liquidation.
As a result, the financial statements have been prepared on a break-up basis. Under this basis, assets are stated at their estimated realisable value and liabilities are recognised as they fall due, including any estimated costs associated with the closure of the business.
The directors believe that this basis of preparation provides a more appropriate presentation of the company’s financial position in the circumstances.
Genie Internet Technologies Ltd
Notes to the Accounts
for the year ended 31 December 2024
Post balance sheet events
Subsequent to the balance sheet date, the directors have taken the decision to cease trading and wind down the operations of the company. This decision was made due to ongoing financial losses.
The financial statements have therefore not been prepared on a going concern basis (see Going concern note), and have instead been prepared on a break-up basis. The cessation of trade is expected to occur on 31 August 2025. The directors are currently assessing the implications of the wind-down, including the realisation of assets and settlement of liabilities.
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Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2024
3,016
3,527
18,365
24,908
Additions
-
98
6,514
6,612
At 31 December 2024
3,016
3,625
24,879
31,520
At 1 January 2024
926
1,049
4,791
6,766
Charge for the year
697
834
5,519
7,050
At 31 December 2024
1,623
1,883
10,310
13,816
At 31 December 2024
1,393
1,742
14,569
17,704
At 31 December 2023
2,090
2,478
13,574
18,142
Amounts falling due within one year
Accrued income and prepayments
4,968
2,986
Other debtors
3,233
352,728
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Creditors: amounts falling due within one year
2024
2023
Taxes and social security
5,848
5,796
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Average number of employees
During the year the average number of employees was 2 (2023: 5).