Gen Ex Design Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05434919 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Gen Ex Design Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

J Sweeney

SECRETARY:

Mrs L A Sweeney

REGISTERED OFFICE:

Datum House

Electra Way

Crewe

Cheshire

CW1 6ZF

REGISTERED NUMBER:

05434919 (England and Wales)

FIXED ASSETS

Tangible assets

5

-

246

Investments

6

-

1,000

-

1,246

CURRENT ASSETS

Debtors

7

13,493

43,937

Cash at bank and in hand

43,525

30,024

57,018

73,961

CREDITORS

Amounts falling due within one year

8

(56,908

)

(28,295

)

NET CURRENT ASSETS

110

45,666

TOTAL ASSETS LESS CURRENT LIABILITIES

110

46,912

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

9

-

(29,000

)

Retained earnings

10

75,812

SHAREHOLDERS' FUNDS

110

46,912

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 23 September 2019 and were signed by:

J Sweeney - Director

1.	STATUTORY INFORMATION

Gen Ex Design Limited ('The Company') is primarily engaged in the provision of the design and manufacture of

offshore power generators.

The company is a private company limited by shares and is incorporated in England and Wales. The address of

the registered office is Datum House, Electra Way, Crewe, Cheshire, CW1 6ZF. The registered number can be

found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The principle accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented, unless otherwise stated.

Basis of preparation

The financial statements are prepared on the going concern basis under the historical cost convention and comply

with the United Kingdom Accounting Standards and Companies Act 2000.

Going concern

No other material uncertainties that may cast significant doubt about the ability of the company to continue as a

going concern have been identified by the director.

On this basis the director consider it appropriate to prepare the financial statements on the going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts

receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership

have transferred to them.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment

losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates so as to write off their cost less residual amounts over their

estimated useful economic lives. Assets are also reviewed for impairment whenever events or changes in

circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for

the amount by which the assets carrying amount exceeds its recoverable amount.

Computer equipment

- 33% on cost

The residual values and useful lives of assets are reviewed and adjusted if appropriate at each statement of

financial position date.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank

loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest,

and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the discounted

amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective

evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the

Statement of Income and Retained Earnings

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

Long term contracts

The amount of profit attributable to a long term contract is recognised when the outcome of the contract can be

foreseen with reasonable certainty. Turnover for such contracts is stated at cost appropriate to their stage of

completion plus attributable profits, less amounts recognised in previous years. Provision is made for any losses

as soon as they are foreseen.

Contract work in progress is stated at costs incurred, less those transferred to the profit and loss account, after

deducting foreseeable losses and payments on account not matched with turnover.

Amounts recoverable on contracts are included in debtors and represents turnover recognised in excess of

payments on account.

Impairment of assets

Assets not measured at fair value are reviewed for any indications that the asset maybe impaired at each

statement of financial position date. If such indications exists the recoverable amount of the asset or the assets

cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its

recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the

appropriate heading.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2018

and 31 March 2019

4,421

DEPRECIATION

At 1 April 2018

4,175

Charge for year

246

At 31 March 2019

4,421

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

246

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2018

1,000

Disposals

(1,000

)

At 31 March 2019

-

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

1,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

-

39,327

Other debtors

-

2,154

Director's loan account

11,264

-

VAT

216

-

Prepayments and accrued income

2,013

2,456

13,493

43,937

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

2,450

15,228

VAT

-

868

Other creditors

52,951

6,200

Director's loan account

-

3,749

Accruals and deferred income

1,507

2,250

56,908

28,295

9.

RESERVES

Revaluation

reserve

£

At 1 April 2018

(29,000

)

Transfer

29,000

At 31 March 2019

-

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2019 and

31 March 2018:

2019

2018

£

£

J Sweeney

Balance outstanding at start of year

-

-

Amounts advanced

11,264

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

11,264

-