REGISTERED NUMBER: 04531834 (England and Wales)

GENESIS HOMES (ESSEX) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs A A Adenuga

Mr A Adenuga

SECRETARY:

Mr A Adenuga

REGISTERED OFFICE:

The Stone House

Penkridge Bank Road

Slitting Mill

Rugeley

Staffordshire

WS15 2UE

REGISTERED NUMBER:

04531834 (England and Wales)

ACCOUNTANTS:

Spurling Cannon

Chartered Certified Accountants

424 Margate Road

Westwood

Ramsgate

Kent

CT12 6SJ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

945,097

1,002,048

Investment property

6

516,000

507,000

1,461,097

1,509,048

CURRENT ASSETS

Stocks

2,400

2,400

Debtors

7

479,559

640,201

Cash at bank

69,357

30,082

551,316

672,683

CREDITORS

Amounts falling due within one year

8

198,546

238,129

NET CURRENT ASSETS

352,770

434,554

TOTAL ASSETS LESS CURRENT LIABILITIES

1,813,867

1,943,602

CREDITORS

Amounts falling due after more than one year

9

(701,981

)

(915,322

)

PROVISIONS FOR LIABILITIES

(20,875

)

(18,625

)

NET ASSETS

1,091,011

1,009,655

CAPITAL AND RESERVES

Called up share capital

20

20

Retained earnings

1,090,991

1,009,635

SHAREHOLDERS' FUNDS

1,091,011

1,009,655

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2025 and were signed on its behalf by:

Mrs A A Adenuga - Director

Mr A Adenuga - Director

1.	STATUTORY INFORMATION

Genesis Homes (Essex) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amounts paid in connection with the acquisitions of businesses in 2003, 2006 and 2007, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

1% on cost

Plant and machinery

-

25% on reducing balance

Fixture & Fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants

The company's policy is to recognise grant income in the profit and loss account to match the expenditure to which the grant relates. The release of grants to match depreciation is credited to the depreciation charge which relates to the asset for which the grant was provided.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 (2024 - 55 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

882,204

AMORTISATION

At 1 April 2024

and 31 March 2025

882,204

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 April 2024

757,211

200,403

337,284

Additions

-

-

-

At 31 March 2025

757,211

200,403

337,284

DEPRECIATION

At 1 April 2024

83,292

67,036

279,288

Charge for year

7,572

1,500

14,499

At 31 March 2025

90,864

68,536

293,787

NET BOOK VALUE

At 31 March 2025

666,347

131,867

43,497

At 31 March 2024

673,919

133,367

57,996

Fixture &

Motor

Computer

Fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2024

211,555

161,247

24,989

1,692,689

Additions

1,691

-

-

1,691

At 31 March 2025

213,246

161,247

24,989

1,694,380

DEPRECIATION

At 1 April 2024

185,785

55,771

19,469

690,641

Charge for year

6,864

26,369

1,838

58,642

At 31 March 2025

192,649

82,140

21,307

749,283

NET BOOK VALUE

At 31 March 2025

20,597

79,107

3,682

945,097

At 31 March 2024

25,770

105,476

5,520

1,002,048

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

507,000

Revaluations

9,000

At 31 March 2025

516,000

NET BOOK VALUE

At 31 March 2025

516,000

At 31 March 2024

507,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2023

69,498

Valuation in 2024

5,000

Valuation in 2025

9,000

Cost

432,502

516,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

38,079

170,184

Other debtors

441,480

470,017

479,559

640,201

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts

18,766

3,128

Trade creditors

2,842

4,821

Taxation and social security

146,488

110,223

Other creditors

30,450

119,957

198,546

238,129

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

624,562

803,499

Hire purchase contracts

77,419

111,823

701,981

915,322

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

624,562

803,499

The bank loans are secured by way of a legal charge in the name of the property Newstead Lodge, an unlimited guarantee from an associated company Gene Homes Limited and additionally through a limited guarantee by the directors Mr A Adenuga and Mrs A A Adenuga.