Genesis Manufacturing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02823250 (England and Wales)

Financial Statements

for the Year Ended 31 March 2019

for

Genesis Manufacturing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Dr M Anderson

REGISTERED OFFICE:

Unit 4

Merlin Way

Bowerhill Industrial Estate

Melksham

Wiltshire

SN12 6TJ

REGISTERED NUMBER:

02823250 (England and Wales)

ACCOUNTANTS:

Mander Duffill

Chartered Accountants

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

FIXED ASSETS

Intangible assets

4

20,200

20,200

Tangible assets

5

786,750

369,362

Investments

6

100,308

100,308

907,258

489,870

CURRENT ASSETS

Stocks

309,001

156,000

Debtors

7

1,522,570

1,120,353

Cash at bank and in hand

39,123

308,102

1,870,694

1,584,455

CREDITORS

Amounts falling due within one year

8

1,971,854

1,329,229

NET CURRENT (LIABILITIES)/ASSETS

(101,160

)

255,226

TOTAL ASSETS LESS CURRENT LIABILITIES

806,098

745,096

PROVISIONS FOR LIABILITIES

31,062

-

NET ASSETS

775,036

745,096

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

775,034

745,094

SHAREHOLDERS' FUNDS

775,036

745,096

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director on 5 September 2019 and were signed by:

Dr M Anderson - Director

1.	STATUTORY INFORMATION

Genesis Manufacturing 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

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

Leasehold improvements

-

10% on cost and 5% on reducing balance

Plant and machinery

-

20% on reducing balance

Office equipment

-

25% on reducing balance and 20% on reducing balance

Motor vehicles

-

20% on reducing balance

Tooling

-

33% on cost

Stocks

Stock has been valued at the lower of cost and estimated selling price less costs to sell. In respect of

work in progress, cost includes a relevant proportion of overheads according to the stage manufacture

or completion.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2018

and 31 March 2019

20,200

NET BOOK VALUE

At 31 March 2019

20,200

At 31 March 2018

20,200

5.	TANGIBLE FIXED ASSETS

Leasehold

Plant and

Office

improvements

machinery

equipment

£

£

£

COST

At 1 April 2018

517,094

260,114

100,220

Additions

311,909

209,500

-

At 31 March 2019

829,003

469,614

100,220

DEPRECIATION

At 1 April 2018

207,556

219,332

87,476

Charge for year

50,151

50,058

2,552

At 31 March 2019

257,707

269,390

90,028

NET BOOK VALUE

At 31 March 2019

571,296

200,224

10,192

At 31 March 2018

309,538

40,782

12,744

Motor

vehicles

Tooling

Totals

£

£

£

COST

At 1 April 2018

18,145

240,146

1,135,719

Additions

-

-

521,409

At 31 March 2019

18,145

240,146

1,657,128

DEPRECIATION

At 1 April 2018

11,847

240,146

766,357

Charge for year

1,260

-

104,021

At 31 March 2019

13,107

240,146

870,378

NET BOOK VALUE

At 31 March 2019

5,038

-

786,750

At 31 March 2018

6,298

-

369,362

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2018

and 31 March 2019

100,308

NET BOOK VALUE

At 31 March 2019

100,308

At 31 March 2018

100,308

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

445,211

210,585

Other debtors

1,077,359

909,768

1,522,570

1,120,353

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

104,235

92,865

Other creditors

1,867,619

1,236,364

1,971,854

1,329,229

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Genesis Industries Europe Limited.

The registered office of Genesis Industries Europe Limited is Unit 4, Merlin Way, Bowerhill Industrial

Estate, Melksham, Wiltshire SN12 6TJ.