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Registration number: 07122930

Generation Three Family Partners (Administrative Services) Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 31 December 2024

Generation Three Family Partners (Administrative Services) Limited

Company Information

Director | A Y Almagor

Registered office | 11-13 Lower Grosvenor Place London SW1W 0EX

Accountants | Mehta & Tengra 9 Berners Place London W1T 3AD

Generation Three Family Partners (Administrative Services) Limited

(Registration number: 07122930)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 5 | 9,433 | 14,279
Current assets |  |  |
Debtors | 6 | 680,416 | 556,004
Cash at bank and in hand |  | 47,389 | 21,849
|  | 727,805 | 577,853
Creditors: Amounts falling due within one year | 7 | (749,471) | (606,256)
Net current liabilities |  | (21,666) | (28,403)
Net liabilities |  | (12,233) | (14,124)
Capital and reserves |  |  |
Called up share capital | 9 | 1 | 1
Retained earnings |  | (12,234) | (14,125)
Shareholders' deficit |  | (12,233) | (14,124)

For the financial 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.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 September 2025

......................................... A Y Almagor Director

Generation Three Family Partners (Administrative Services) Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

| Share capital £ | Retained earnings £ | Total £
At 1 January 2024 | 1 | (14,125) | (14,124)
Profit for the year | - | 1,891 | 1,891
At 31 December 2024 | 1 | (12,234) | (12,233)

| Share capital £ | Retained earnings £ | Total £
At 1 January 2023 | 1 | (21,284) | (21,283)
Profit for the year | - | 7,159 | 7,159
At 31 December 2023 | 1 | (14,125) | (14,124)

Generation Three Family Partners (Administrative Services) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1 | General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
11-13 Lower Grosvenor Place
London
SW1W 0EX

These financial statements were authorised for issue by the director on 30 September 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Generation Three Family Partners (Administrative Services) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant & machinery | 20% on cost
Fixtures & fittings | 15% on cost
Office & computer equipment | 33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Generation Three Family Partners (Administrative Services) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 8).

4 | Taxation

Tax charged/(credited) in the profit and loss account

| 2024 £ | 2023 £
Current taxation |  |
UK corporation tax | 1,788 | 1,460

Generation Three Family Partners (Administrative Services) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5 | Tangible assets

| Fixtures and fittings £ | Plant and machinery £ | Office equipment £ | Total £
Cost or valuation
At 1 January 2024 | 10,927 | 8,965 | 43,016 | 62,908
Additions | - | - | 386 | 386
At 31 December 2024 | 10,927 | 8,965 | 43,402 | 63,294
Depreciation
At 1 January 2024 | 6,410 | 3,735 | 38,484 | 48,629
Charge for the year | 677 | 1,793 | 2,762 | 5,232
At 31 December 2024 | 7,087 | 5,528 | 41,246 | 53,861
Carrying amount
At 31 December 2024 | 3,840 | 3,437 | 2,156 | 9,433
At 31 December 2023 | 4,517 | 5,230 | 4,532 | 14,279

6 | Debtors

| Note | 2024 £ | 2023 £
Trade debtors |  | 3,393 | -
Amounts due from an entity with common control or significant influence | 10 | 123,437 | 7,255
Prepayments |  | 15,247 | 68,846
Accrued income |  | 202,000 | -
Other debtors |  | - | 6,511
Amounts due from other companies |  | 333,404 | 473,392
VAT |  | 2,935 | -
|  | 680,416 | 556,004

Generation Three Family Partners (Administrative Services) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Amount due to an entity with common control or significant influence | 10 | 160,696 | 175,276
Trade creditors |  | 206,756 | 156,963
Taxation and social security |  | 200,078 | 179,075
Accruals and deferred income |  | 96,336 | 53,272
Other creditors |  | 375 | -
Net wages due |  | 20,452 | 6,816
Pension fund |  | 1,552 | 1,334
Amounts due to other companies |  | 63,226 | 33,520
|  | 749,471 | 606,256

8 | Review of business

The business faced significant challenges due to the economic impact of the Covid-19 pandemic, with little support. These unprecedented trading difficulties affected the company’s financial integrity and cash flow management, resulting in difficulties in meeting tax obligations in a timely manner. Management has taken active steps to address these issues and restructure the liabilities in order to return to financial stability.

9 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary of £1 each | 1 | 1 | 1 | 1

Generation Three Family Partners (Administrative Services) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

10 | Related party transactions

Summary of transactions with all entities with common control or significance influence

Generation Three Family Partner LLP

Expenditure with and payables to related parties

2024 | Entities with common control or significant influence £
Rendering of services | 40,000

2023 | Entities with common control or significant influence £
Rendering of services | 51,300

Loans to related parties

2024 | Entities with common control or significant influence £ | Total £
At start of period | 7,255 | 7,255
Advanced | 116,182 | 116,182
At end of period | 123,437 | 123,437

Generation Three Family Partners (Administrative Services) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2023 | Entities with common control or significant influence £ | Total £
At start of period | 10,237 | 10,237
Advanced | 7,018 | 7,018
Repaid | (10,000) | (10,000)
At end of period | 7,255 | 7,255

Generation Three Family Partners (Administrative Services) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Loans from related parties

2024 | Entities with common control or significant influence £ | Total £
At start of period | 175,276 | 175,276
Repaid | (14,580) | (14,580)
At end of period | 160,696 | 160,696

2023 | Entities with common control or significant influence £ | Total £
At start of period | 99,136 | 99,136
Advanced | 99,150 | 99,150
Repaid | (23,010) | (23,010)
At end of period | 175,276 | 175,276