Genalog Limited

Contents
	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. 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 £.

1.2. Going Concern Disclosure

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

In forming this view, the directors have considered the company's forecasts and projections, taking into account reasonably possible changes in trading performance, and are satisfied that the company has sufficient resources to meet its obligations as they fall due. The directors are not aware of any material uncertainties that may cast significant doubt on the company’s ability to continue as a going concern.

1.3. Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the assembly and distribution of electronic components and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	Straight Line Over 50 years
Plant & Machinery	25% reducing balance basis
Motor Vehicles	25% reducing balance basis
Fixtures & Fittings	25% reducing balance basis
Computer Equipment	33% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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Genalog Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

1.5. Stocks and Work in Progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount ofstocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6. 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 recognized in the company's balance sheet 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 recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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 loan, loans from fellow group companies and preference shares that am classified as debt, are initially recognised at transaction price unless the endangerment 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 am recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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Genalog Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

1.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

1.8. 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 profit and loss account 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.

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.

1.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

1.10. Government Assistance

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied isrecognised as a liability.

1.11. Cash at bank and in hand

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.

1.12. Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13. Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless the costs are required to be recognised as part of the cost of stock or fixed assets.

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Genalog Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2. Average Number of Employees

Average number of employees, including directors, during the year was as follows: 24 (2024: 23)

3. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 April 2024	399,627	202,255	35,705	122,911
Additions	-	3,684	-	-

As at 31 March 2025	399,627	205,939	35,705	122,911

Depreciation
As at 1 April 2024	175,085	140,540	15,354	119,765
Provided during the period	5,993	16,354	5,087	788

As at 31 March 2025	181,078	156,894	20,441	120,553

Net Book Value
As at 31 March 2025	218,549	49,045	15,264	2,358

As at 1 April 2024	224,542	61,715	20,351	3,146


	Computer Equipment	Total
	£	£
Cost
As at 1 April 2024	52,099	812,597
Additions	2,516	6,200

As at 31 March 2025	54,615	818,797

Depreciation
As at 1 April 2024	28,080	478,824
Provided during the period	8,757	36,979

As at 31 March 2025	36,837	515,803

Net Book Value
As at 31 March 2025	17,778	302,994

As at 1 April 2024	24,019	333,773

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Genalog Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Stocks

	2025	2024
	£	£
Finished goods	796,131	815,212

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	846,723	777,426
Prepayments and accrued income	32,133	34,749

	878,856	812,175

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	658,022	546,568
Corporation tax	199,570	244,113
Other taxes and social security	16,533	15,876
VAT	95,459	101,802
Pension creditor	375	1,727
Accruals and deferred income	9,106	9,356
Directors' loan accounts	10,113	7,913

	989,178	927,355

7. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Deferred Tax	20,943	27,103

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Genalog Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	99

	Value	Number	2025	2024
Allotted, called up and fully paid	£		£	£
Ordinary Shares	1	93	93	93

Ordinary A convertible shares	1	7	7	6




		100	100	99

	Nominal value	Number	Amount
Shares issued during the period:	£		£
Ordinary A convertible shares	1	1	1

On 25 November 2024, the company issued 1 Ordinary A convertible shares of £1.00 each

9. General Information

Genalog Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01350701 . The registered office is Gills Green Oast, Gills Green, Cranbrook, Kent, TN18 5ET.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	3		302,994		333,773

			302,994		333,773
CURRENT ASSETS
Stocks	4	796,131		815,212
Debtors	5	878,856		812,175
Cash at bank and in hand		3,257,875		2,834,784

		4,932,862		4,462,171
Creditors: Amounts Falling Due Within One Year	6	(989,178 )		(927,355 )

NET CURRENT ASSETS (LIABILITIES)			3,943,684		3,534,816

TOTAL ASSETS LESS CURRENT LIABILITIES			4,246,678		3,868,589

PROVISIONS FOR LIABILITIES
Deferred Taxation	7		(20,943 )		(27,103 )

NET ASSETS			4,225,735		3,841,486

CAPITAL AND RESERVES
Called up share capital	8		100		99
Capital redemption reserve			12		12
Profit and Loss Account			4,225,623		3,841,375

SHAREHOLDERS' FUNDS			4,225,735		3,841,486

Mr G T Reed Director	Mrs B J Reed Director
01/12/2025