Generational Investments Limited

Generational Investments Limited

GENERATIONAL INVESTMENTS LIMITED - Company Information

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1 August 2017 false No description of principal activity Taxfiler 2019.6.Web 07623344business:PrivateLimitedCompanyLtd2017-08-012018-07-31 076233442017-07-31 076233442017-08-012018-07-31 07623344business:AuditExemptWithAccountantsReport2017-08-012018-07-31 07623344business:FullAccounts2017-08-012018-07-31 076233442018-07-31 07623344business:Director12017-08-012018-07-31 07623344business:Director22017-08-012018-07-31 07623344business:Director32017-08-012018-07-31 07623344business:RegisteredOffice2017-08-012018-07-31 076233442017-07-31 07623344core:WithinOneYear2018-07-31 07623344core:WithinOneYear2017-07-31 07623344core:AfterOneYear2018-07-31 07623344core:AfterOneYear2017-07-31 07623344core:ShareCapital2018-07-31 07623344core:ShareCapital2017-07-31 07623344core:SharePremium2018-07-31 07623344core:SharePremium2017-07-31 07623344core:RevaluationReserve2018-07-31 07623344core:RevaluationReserve2017-07-31 07623344core:RetainedEarningsAccumulatedLosses2018-07-31 07623344core:RetainedEarningsAccumulatedLosses2017-07-31 07623344business:SmallEntities2017-08-012018-07-31 07623344countries:EnglandWales2017-08-012018-07-31 07623344core:PlantMachinery2017-08-012018-07-31 07623344core:ComputerEquipment2017-08-012018-07-31 07623344core:PlantMachinery2017-07-31 07623344core:PlantMachinery2018-07-31 07623344core:RevaluationsIncreaseDecreaseInInvestments2018-07-31 07623344core:AfterOneYear2017-08-012018-07-31 07623344core:OtherProvisionsContingentLiabilities2017-07-31 07623344core:OtherProvisionsContingentLiabilities2017-08-012018-07-31 07623344core:OtherProvisionsContingentLiabilities2018-07-31 07623344business:OrdinaryShareClass12017-08-012018-07-31 07623344business:OrdinaryShareClass12016-08-012017-07-31 076233442016-08-012017-07-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 07623344 (England and Wales)
Generational Investments Limited Unaudited accounts for the year ended 31 July 2018
Generational Investments Limited Unaudited accounts Contents
Page
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Generational Investments Limited Company Information for the year ended 31 July 2018
Directors
Stephen Abletshauser Fiona Lascelles James Parkins
Company Number
07623344 (England and Wales)
Registered Office
28 Bruton Street London W1J 6QW United Kingdom
Accountants
The Accountancy Cloud 12-18 Hoxton Street London N1 6NG UK
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Generational Investments Limited Statement of financial position as at 31 July 2018
2018 
2017 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
11,633 
15,996 
Investment property
5
1,500,000 
1,000,000 
Investments
6
- 
447,610 
1,511,633 
1,463,606 
Current assets
Debtors
7
512,001 
537,511 
Cash at bank and in hand
115,936 
144,722 
627,937 
682,233 
Creditors: amounts falling due within one year
8
(1,415,293)
(1,467,592)
Net current liabilities
(787,356)
(785,359)
Total assets less current liabilities
724,277 
678,247 
Creditors: amounts falling due after more than one year
9
(238,108)
(269,453)
Provisions for liabilities
Other provisions
10
(450,000)
- 
Net assets
36,169 
408,794 
Capital and reserves
Called up share capital
11
784 
784 
Share premium
389,866 
389,866 
Revaluation reserve
500,000 
- 
Profit and loss account
(854,481)
18,144 
Shareholders' funds
36,169 
408,794 
For the year ending 31 July 2018 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 directors acknowledge their 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.
Approved by the Board on 3 May 2019.
Stephen Abletshauser Director Company Registration No. 07623344
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Generational Investments Limited Notes to the Accounts for the year ended 31 July 2018
1
Statutory information
Generational Investments Limited is a private company, limited by shares, registered in England and Wales, registration number 07623344. The registered office is 28 Bruton Street, London, W1J 6QW, United Kingdom.
2
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Prior year restatement
Given the trading activities of Generational Investments Limited, rental income has been classified as turnover in the Statement of Profit or Loss in line with FRS102. The prior year comparative has been restated to accurately present rental income as revenue in the financial statements. During the previous financial year there was a downward revaluation of an investment property held for £1,255,160 on the balance sheet at year end to £1,000,000, in line with a formal valuation made by a chartered surveyor. This was incorrectly recognised in the financial statements and the downward revaluation has been restated and presented in the Statement of Profit or Loss in line with FRS102. A loan arrangement entered into with Barclays Bank PLC for £400,000 was incorrectly presented in the prior year financial statements as a creditor due within one year. This has been corrected to accurately reflected the amount due within one year, and the remainder due in greater than one year.
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
25%
Computer equipment
25%
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Generational Investments Limited Notes to the Accounts for the year ended 31 July 2018
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 August 2017
17,450 
At 31 July 2018
17,450 
Depreciation
At 1 August 2017
1,454 
Charge for the year
4,363 
At 31 July 2018
5,817 
Net book value
At 31 July 2018
11,633 
At 31 July 2017
15,996 
5
Investment property
2018 
£ 
Fair value at 1 August 2017
1,000,000 
Net gain from fair value adjustments
500,000 
At 31 July 2018
1,500,000 
Generational Investments Limited holds a commercial party that is rented to its subsidiary, Courier Mailing Services Limited. A formal valuation was performed in 2015 by a chartered surveyor on behalf of Barclays Bank. Based on current market conditions, the Director's value the property at £1,500,000 and expect to perform a formal valuation in the next financial year.
6
Investments
Other investments 
£ 
Valuation at 1 August 2017
447,610 
Fair value adjustments
(447,610)
Valuation at 31 July 2018
- 
Generational Investment Limited's investment in Courier Mailing Services Limited has been fully impaired following Courier Mailing Services restructuring its operations post year end.
7
Debtors
2018 
2017 
£ 
£ 
Trade debtors
42,001 
66,516 
Amounts due from group undertakings etc.
470,000 
470,000 
Other debtors
- 
995 
512,001 
537,511 
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Generational Investments Limited Notes to the Accounts for the year ended 31 July 2018
8
Creditors: amounts falling due within one year
2018 
2017 
£ 
£ 
Bank loans and overdrafts
52,185 
52,185 
Taxes and social security
18,178 
15,728 
Loans from directors
1,344,930 
1,399,679 
1,415,293 
1,467,592 
9
Creditors: amounts falling due after more than one year
2018 
2017 
£ 
£ 
Bank loans
238,108 
269,453 
There is a loan from Barclays Bank Plc for £400,000, which is accrued on a fixed rate basis of 5.210% per annum and is repayable within 120 instalments.
10
Provisions for liabilities
£ 
At 1 August 2017
- 
Additional provisions made during the period
450,000 
At 31 July 2018
450,000 
Generational Investments Limited holds an intercompany loan balance of £525,422 with Courier Mailing Services Limited at 31st July 2018. Courier Mailing Services Limited is in the process of restructuring it's trading activities, resulting in the balance being provided for in full at the balance sheet date.
11
Share capital
2018 
2017 
£ 
£ 
Allotted, called up and fully paid:
784 Ordinary shares of £1 each
784 
784 
12
Transactions with related parties
The other creditors balance contains £1,320,805 that is owed to Directors' and immediate family members. Character Mailing Services Limited holds an intercompany loan balance of £525,422 at 31st July 2018. The balance has been fully provided for at the balance sheet date.
13
Average number of employees
During the year the average number of employees was 3 (2017: 3).
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