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

REGISTERED NUMBER: 02550944 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2019

FOR

GENESIS SEVEN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J Bynon

C Topping

P A Jolleys

SECRETARY:

Mrs L Bynon

REGISTERED OFFICE:

Unit 4, Scotshaw Brook Industrial Estate

Branch Road

Lower Darwen

Blackburn

Lancashire

BB3 0PR

REGISTERED NUMBER:

02550944 (England and Wales)

ACCOUNTANTS:

Ainsworths Limited

Charter House

Stansfield Street

Nelson

Lancashire

BB9 9XY

FIXED ASSETS

Tangible assets

4

-

117,556

CURRENT ASSETS

Stocks

-

6,350

Debtors

5

228,454

190,467

Cash at bank and in hand

72,309

170,318

300,763

367,135

CREDITORS

Amounts falling due within one year

6

39,448

71,901

NET CURRENT ASSETS

261,315

295,234

TOTAL ASSETS LESS CURRENT LIABILITIES

261,315

412,790

PROVISIONS FOR LIABILITIES

-

20,528

NET ASSETS

261,315

392,262

CAPITAL AND RESERVES

Called up share capital

270

270

Capital redemption reserve

90

90

Retained earnings

260,955

391,902

SHAREHOLDERS' FUNDS

261,315

392,262

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

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

The directors acknowledge their 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 Board of Directors and authorised for issue on 9th June 2020 and were signed on its behalf by:

C Topping - Director

A J Bynon - Director

P A Jolleys - Director

1.	STATUTORY INFORMATION

Genesis Seven 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.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Computer equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2018 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1st January 2019

16,679

350,521

83,609

450,809

Disposals

(16,679

)

(350,521

)

(83,609

)

(450,809

)

At 31st December 2019

-

-

-

-

DEPRECIATION

At 1st January 2019

9,675

254,103

69,475

333,253

Charge for year

1,051

14,463

4,945

20,459

Eliminated on disposal

(10,726

)

(268,566

)

(74,420

)

(353,712

)

At 31st December 2019

-

-

-

-

NET BOOK VALUE

At 31st December 2019

-

-

-

-

At 31st December 2018

7,004

96,418

14,134

117,556

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

-

160,762

Other debtors

228,454

29,705

228,454

190,467

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

-

13,375

Taxation and social security

32,115

51,106

Other creditors

7,333

7,420

39,448

71,901

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2019 and

31st December 2018:

31.12.19

31.12.18

£

£

A J Bynon

Balance outstanding at start of year

1,039

1,040

Amounts advanced

130,311

75,499

Amounts repaid

(60,828

)

(75,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

70,522

1,039

C Topping

Balance outstanding at start of year

2,703

2,704

Amounts advanced

125,280

36,494

Amounts repaid

(60,000

)

(36,495

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

67,983

2,703

P A Jolleys

Balance outstanding at start of year

21,886

21,937

Amounts advanced

127,524

65,783

Amounts repaid

(60,000

)

(65,834

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

89,410

21,886

Directors' loans are interest free and are repayable on demand.