Company registration number 03923391 (England and Wales)
GENESIS TECHNOLOGY SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
GENESIS TECHNOLOGY SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr P C Jena
Mr P R Challa
(Appointed 14 February 2025)
Company number
03923391
Registered office
7 The Forum
Minerva Business Park
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FT
Auditor
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
GENESIS TECHNOLOGY SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 23
GENESIS TECHNOLOGY SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

Company overview

Genesis Technology Services Limited is a specialised service provider in the Mobile Telecommunications Network industry. We support Mobile Network Operators (MNOs), Original Equipment Manufacturers (OEMs), and other stakeholders involved in the operation and management of telecom networks.

Customer Base

Our primary customers include:

- Mobile Network Operators (MNOs)

- Original Equipment Manufacturers (OEMs)

- Other organisations supporting operator network infrastructure and services

Our Services

Genesis delivers comprehensive solutions by integrating skilled resources with advanced automation, artificial intelligence, and analytical methodologies. Our services span all technologies, platforms, OEM equipment, and both physical and logical network constructs.

While our focus remains on the Mobile Telecommunications industry, we are committed to deepening engagement with existing customers and expanding our footprint to new clients and verticals.

Performance Summary - Last Reporting Period

During the last reporting period, Genesis concentrated on the following priorities:

- Strengthening and expanding our existing customer relationships

- Driving cost optimisation without compromising delivery or quality

- Enhancing workforce productivity and upskilling personnel

- Increasing brand recognition and market presence within the UK telecom sector

A significant milestone was the successful commencement of our largest project to date – direct deployment services for the one of UK’s largest telecommunications service provider

network across London and the South of England, we anticipate this partnership will grow in scope and value. Simultaneously, we aim to grow project volume, revenue, and profitability across both existing and new customer segments.

Our senior management actively monitored project performance in real-time to ensure delivery met client specifications. Regular reviews of management accounts and key performance indicators – including gross margin, operating profit, net earnings, and operational cash flow – ensured continued alignment with strategic objectives.

Strategic Direction

Genesis is pursuing a two-pronged strategy:

1. Telecom Sector Growth

- Increase service depth within existing telecom customers

- Expand into higher-value service areas such as Rigging and Microwave Deployment & Upgrades, which offer strong potential despite higher delivery risks

2. Diversification into New Verticals

- Enter related service areas, including:

- Resource & Recruitment

- Facilities Management

- Software Services

- Data Centre Services which would involve supporting Data Center operators in the construction, commissioning, and rollout of new data center facilities

This will allow us to broaden our customer base and leverage operational expertise across new industries.

To support our growth strategy, we have introduced the role of Assistant Project Managers (APMs). These individuals will take on operational and financial responsibilities under the mentorship of senior project leads, helping reduce delivery costs compared to traditional project management roles.

GENESIS TECHNOLOGY SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
Market Landscape & Risk Management

Customer expectations continue to shift toward higher productivity at lower or constant cost. This demands continuous efficiency improvements and technological innovation. In response, Genesis has invested substantially in IT development to support automation and streamlined service delivery.

We face ongoing pressure on revenue and margins. To mitigate this, we conduct detailed job- and site-level cost reviews to identify and eliminate inefficiencies. For example, the APM model is already reducing costs and improving margins.

Recognising the need for scalable and cost-effective support, Genesis plans to establish an offshore Global Delivery Centre (GDC). This will enable us to maintain high-quality service at lower operational costs or deliver greater value for the same price.

Future Outlook

Genesis will continue to:

- Expand within existing customer accounts and services (e.g. Microwave deployment)

- Diversify into new sectors and services (e.g. Recruitment and Resourcing verticals)

By aligning strategic initiatives with operational execution, Genesis is well-positioned for sustainable growth and continued market leadership in telecom and beyond.

On behalf of the board

Mr P R Challa
Director
4 March 2026
GENESIS TECHNOLOGY SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the company continued to be that of telecommunication engineering services and consultancies.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,767,364. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P C Jena
Mr V V Sulakhe
(Resigned 14 February 2025)
Mr P R Challa
(Appointed 14 February 2025)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr P R Challa
Director
4 March 2026
GENESIS TECHNOLOGY SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GENESIS TECHNOLOGY SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GENESIS TECHNOLOGY SERVICES LIMITED
- 5 -
Opinion

We have audited the financial statements of Genesis Technology Services Limited (the 'company') for the year ended 30 June 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

GENESIS TECHNOLOGY SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GENESIS TECHNOLOGY SERVICES LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

GENESIS TECHNOLOGY SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GENESIS TECHNOLOGY SERVICES LIMITED (CONTINUED)
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Mark Jackson FCA DChA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FZ
5 March 2026
GENESIS TECHNOLOGY SERVICES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
17,446,597
13,624,437
Cost of sales
(13,168,899)
(10,233,371)
Gross profit
4,277,698
3,391,066
Administrative expenses
(1,830,102)
(1,620,896)
Other operating expenses
-
0
(17,668)
Operating profit
4
2,447,596
1,752,502
Interest receivable and similar income
7
8,567
4,184
Interest payable and similar expenses
9
(39,056)
(14,705)
Amounts written off investments
8
(1)
-
Profit before taxation
2,417,106
1,741,981
Tax on profit
10
(616,411)
(439,758)
Profit for the financial year
1,800,695
1,302,223

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GENESIS TECHNOLOGY SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
2025
2024
£
£
Profit for the year
1,800,695
1,302,223
Other comprehensive income
-
-
Total comprehensive income for the year
1,800,695
1,302,223
GENESIS TECHNOLOGY SERVICES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
658,321
16,080
Investments
13
-
0
1
658,321
16,081
Current assets
Stocks
15
61,695
5,250
Debtors
16
4,156,664
6,503,210
Cash at bank and in hand
453,590
626,003
4,671,949
7,134,463
Creditors: amounts falling due within one year
17
(3,479,517)
(5,645,362)
Net current assets
1,192,432
1,489,101
Total assets less current liabilities
1,850,753
1,505,182
Creditors: amounts falling due after more than one year
18
(296,196)
-
0
Provisions for liabilities
Deferred tax liability
20
16,044
-
0
(16,044)
-
Net assets
1,538,513
1,505,182
Capital and reserves
Called up share capital
22
500,000
500,000
Profit and loss reserves
1,038,513
1,005,182
Total equity
1,538,513
1,505,182

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 4 March 2026 and are signed on its behalf by:
Mr P R Challa
Director
Company registration number 03923391 (England and Wales)
GENESIS TECHNOLOGY SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2023
500,000
307,738
807,738
Year ended 30 June 2024:
Profit and total comprehensive income
-
1,302,223
1,302,223
Dividends
11
-
(604,779)
(604,779)
Balance at 30 June 2024
500,000
1,005,182
1,505,182
Year ended 30 June 2025:
Profit and total comprehensive income
-
1,800,695
1,800,695
Dividends
11
-
(1,767,364)
(1,767,364)
Balance at 30 June 2025
500,000
1,038,513
1,538,513
GENESIS TECHNOLOGY SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
4,080,874
(837,265)
Interest paid
(39,056)
(14,705)
Income taxes paid
(438,952)
(136,290)
Net cash inflow/(outflow) from operating activities
3,602,866
(988,260)
Investing activities
Purchase of tangible fixed assets
(679,197)
(17,244)
Interest received
8,567
4,184
Net cash used in investing activities
(670,630)
(13,060)
Financing activities
Repayment of borrowings
(1,337,285)
1,726,865
Dividends paid
(1,767,364)
(604,779)
Net cash (used in)/generated from financing activities
(3,104,649)
1,122,086
Net (decrease)/increase in cash and cash equivalents
(172,413)
120,766
Cash and cash equivalents at beginning of year
626,003
505,237
Cash and cash equivalents at end of year
453,590
626,003
GENESIS TECHNOLOGY SERVICES LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

Genesis Technology Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 The Forum, Minerva Business Park, Lynch Wood, Peterborough, Cambridgeshire, United Kingdom, PE2 6FT.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Growval International Limited. These consolidated financial statements are available from its registered office, 3rd Floor, 72-75 Marylebone High Street, London, W1U 5JW.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

GENESIS TECHNOLOGY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2
Accounting policies
(Continued)
- 14 -
2.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3
Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year exclusive of Value Added Tax. Revenue from services rendered is recognised as the service is performed. Income from turnkey projects is recognised as a percentage and in proportion to work completion. However, in cases of contracts where consideration is separately defined/identified for supply of goods/materials whose distinct identity remains even after project completion, revenue is recognised based on delivery at site to the customers. In case of fixed-price contracts, revenue is recognised based on the milestones acheived as specified in the contracts.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

2.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised from when the asset is first brought into use so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line on buildings
Plant and equipment
50% straight line
Fixtures and fittings
20% straight line

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.

2.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

2.6
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.

GENESIS TECHNOLOGY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
2
Accounting policies
(Continued)
- 15 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.7
Stocks

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 of stocks 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.

2.8
Cash and cash equivalents

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.

2.9
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 recognised 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 recognised 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.

GENESIS TECHNOLOGY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
2
Accounting policies
(Continued)
- 16 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts 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. A m ounts 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 are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

GENESIS TECHNOLOGY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
2
Accounting policies
(Continued)
- 17 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2.10
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.

2.11
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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2.12
Employee benefits

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

GENESIS TECHNOLOGY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
2
Accounting policies
(Continued)
- 18 -
2.13
Retirement benefits

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

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sales of services
17,446,597
13,624,437
2025
2024
£
£
Other revenue
Interest income
8,567
4,184
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(1,600)
5,956
Fees payable to the company's auditor for the audit of the company's financial statements
13,500
11,750
Depreciation of owned tangible fixed assets
36,956
15,576
Operating lease charges
71,290
50,922
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
65
52

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,605,473
2,598,865
Social security costs
427,327
280,255
Pension costs
45,071
47,779
4,077,871
2,926,899
GENESIS TECHNOLOGY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
61,090
66,844
Company pension contributions to defined contribution schemes
-
220
61,090
67,064

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
8,567
4,184
8
Amounts written off investments
2025
2024
£
£
Other gains and losses
(1)
-
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
39,056
14,705
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
600,367
439,758
Deferred tax
Origination and reversal of timing differences
16,044
-
0
Total tax charge
616,411
439,758
GENESIS TECHNOLOGY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
10
Taxation
(Continued)
- 20 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,417,106
1,741,981
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
604,277
435,495
Tax effect of expenses that are not deductible in determining taxable profit
8,331
5,351
Permanent capital allowances in excess of depreciation
(275)
(1,088)
Depreciation on assets not qualifying for tax allowances
4,078
-
0
Taxation charge for the year
616,411
439,758
11
Dividends
2025
2024
£
£
Interim paid
1,767,364
604,779
12
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2024
-
0
1,782
422,248
424,030
Additions
595,293
25,204
58,700
679,197
Disposals
-
0
-
0
(66,505)
(66,505)
At 30 June 2025
595,293
26,986
414,443
1,036,722
Depreciation and impairment
At 1 July 2024
-
0
1,782
406,168
407,950
Depreciation charged in the year
16,311
1,680
18,965
36,956
Eliminated in respect of disposals
-
0
-
0
(66,505)
(66,505)
At 30 June 2025
16,311
3,462
358,628
378,401
Carrying amount
At 30 June 2025
578,982
23,524
55,815
658,321
At 30 June 2024
-
0
-
0
16,080
16,080
GENESIS TECHNOLOGY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
13
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
14
-
0
1
Movements in fixed asset investments

The original cost of investment in GTL International Bangladesh Private Limited of £36,269 was written down to £1 in 2013, to reflect the significant reduction in shareholders' funds, with a further £1 impairment included in the year ended 30 June 2025.

14
Subsidiaries

Details of the company's subsidiary, which was dormant throughout the year, is as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
GTL International Bangladesh Private Limited
Bangladesh
Ordinary share capital
100.00
15
Stocks
2025
2024
£
£
Project costs
61,695
5,250
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,413,512
4,486,105
Other debtors
1,900
1,346
Prepayments and accrued income
741,252
2,015,759
4,156,664
6,503,210
17
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Other borrowings
19
93,384
1,726,865
Trade creditors
2,074,001
1,686,734
Corporation tax
600,367
438,952
Other taxation and social security
484,227
544,268
Other creditors
21,277
33,321
Accruals and deferred income
206,261
1,215,222
3,479,517
5,645,362
GENESIS TECHNOLOGY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
18
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Other borrowings
19
296,196
-
0
19
Loans and overdrafts
2025
2024
£
£
Loans from group undertakings
389,580
1,562,865
Other loans
-
0
164,000
389,580
1,726,865
Payable within one year
93,384
1,726,865
Payable after one year
296,196
-
0
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
16,044
-
2025
Movements in the year:
£
Liability at 1 July 2024
-
Charge to profit or loss
16,044
Liability at 30 June 2025
16,044
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
45,071
47,779

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

GENESIS TECHNOLOGY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 23 -
22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500,000
500,000
500,000
500,000
23
Related party transactions
2025
2024
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
389,580
754,652
Other related parties
-
805,630
24
Ultimate controlling party

The company's immediate and ultimate holding company is Growval International Limited and the ultimate controlling party is Mr. Rudolf Ledermann.

25
Analysis of changes in net funds/(debt)
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
626,003
(172,413)
453,590
Borrowings excluding overdrafts
(1,726,865)
1,337,285
(389,580)
(1,100,862)
1,164,872
64,010
26
Cash generated from/(absorbed by) operations
2025
2024
£
£
Profit after taxation
1,800,695
1,302,223
Adjustments for:
Taxation charged
616,411
439,758
Finance costs
39,056
14,705
Investment income
(8,567)
(4,184)
Depreciation and impairment of tangible fixed assets
36,956
15,576
Other gains and losses
1
-
Movements in working capital:
(Increase)/decrease in stocks
(56,445)
8,579
Decrease/(increase) in debtors
2,346,546
(4,728,008)
(Decrease)/increase in creditors
(693,779)
2,114,086
Cash generated from/(absorbed by) operations
4,080,874
(837,265)
2025-06-30 2024-07-01 false false false CCH Software CCH Accounts Production 2025.300 Mr P C Jena Mr V V Sulakhe Mr P R Challa 03923391 2024-07-01 2025-06-30 03923391 bus:Director1 2024-07-01 2025-06-30 03923391 bus:Director3 2024-07-01 2025-06-30 03923391 bus:Director2 2024-07-01 2025-06-30 03923391 bus:RegisteredOffice 2024-07-01 2025-06-30 03923391 2025-06-30 03923391 2023-07-01 2024-06-30 03923391 core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 03923391 core:RetainedEarningsAccumulatedLosses 2024-07-01 2025-06-30 03923391 2024-06-30 03923391 core:LandBuildings core:OwnedOrFreeholdAssets 2025-06-30 03923391 core:PlantMachinery 2025-06-30 03923391 core:FurnitureFittings 2025-06-30 03923391 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 03923391 core:PlantMachinery 2024-06-30 03923391 core:FurnitureFittings 2024-06-30 03923391 core:WithinOneYear 2025-06-30 03923391 core:WithinOneYear 2024-06-30 03923391 core:AfterOneYear 2025-06-30 03923391 core:AfterOneYear 2024-06-30 03923391 core:CurrentFinancialInstruments 2025-06-30 03923391 core:CurrentFinancialInstruments 2024-06-30 03923391 core:ShareCapital 2025-06-30 03923391 core:ShareCapital 2024-06-30 03923391 core:RetainedEarningsAccumulatedLosses 2025-06-30 03923391 core:RetainedEarningsAccumulatedLosses 2024-06-30 03923391 core:ShareCapital 2023-06-30 03923391 core:RetainedEarningsAccumulatedLosses 2023-06-30 03923391 core:ShareCapitalOrdinaryShareClass1 2025-06-30 03923391 core:ShareCapitalOrdinaryShareClass1 2024-06-30 03923391 2024-06-30 03923391 2023-06-30 03923391 core:LandBuildings core:OwnedOrFreeholdAssets 2024-07-01 2025-06-30 03923391 core:PlantMachinery 2024-07-01 2025-06-30 03923391 core:FurnitureFittings 2024-07-01 2025-06-30 03923391 core:UKTax 2024-07-01 2025-06-30 03923391 core:UKTax 2023-07-01 2024-06-30 03923391 1 2024-07-01 2025-06-30 03923391 1 2023-07-01 2024-06-30 03923391 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 03923391 core:PlantMachinery 2024-06-30 03923391 core:FurnitureFittings 2024-06-30 03923391 core:Non-currentFinancialInstruments 2025-06-30 03923391 core:Non-currentFinancialInstruments 2024-06-30 03923391 core:Subsidiary1 2024-07-01 2025-06-30 03923391 core:Subsidiary1 1 2024-07-01 2025-06-30 03923391 bus:OrdinaryShareClass1 2024-07-01 2025-06-30 03923391 bus:OrdinaryShareClass1 2025-06-30 03923391 bus:OrdinaryShareClass1 2024-06-30 03923391 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2025-06-30 03923391 bus:PrivateLimitedCompanyLtd 2024-07-01 2025-06-30 03923391 bus:FRS102 2024-07-01 2025-06-30 03923391 bus:Audited 2024-07-01 2025-06-30 03923391 bus:FullAccounts 2024-07-01 2025-06-30 xbrli:pure xbrli:shares iso4217:GBP