GENESIS GLOBAL TECHNOLOGY LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09498568 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2019

for

GENESIS GLOBAL TECHNOLOGY LIMITED

Page

Company Information

1

Report of the Accountants

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr Stephen Murphy

Mr James Harrison

Mr Mark Beeston

Mr Nick Ogurtsov

SECRETARY:

Mr Khurshid Baqa

REGISTERED OFFICE:

Craftworks Studio

1 - 3 Dufferin Street

London

EC1Y 8NA

REGISTERED NUMBER:

09498568 (England and Wales)

ACCOUNTANTS:

Golder Baqa Limited

Ground Floor

1 Baker's Row

London

EC1R 3DB

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of GENESIS GLOBAL TECHNOLOGY LIMITED for the year ended 31 December 2019 which

comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

This report is made solely to the Board of Directors of GENESIS GLOBAL TECHNOLOGY LIMITED, as a body, in

accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the

financial statements of GENESIS GLOBAL TECHNOLOGY LIMITED and state those matters that we have agreed to

state to the Board of Directors of GENESIS GLOBAL TECHNOLOGY LIMITED, as a body. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than GENESIS GLOBAL TECHNOLOGY

LIMITED and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that GENESIS GLOBAL TECHNOLOGY LIMITED has kept adequate accounting records and

to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss

of GENESIS GLOBAL TECHNOLOGY LIMITED.

Golder Baqa Limited

Ground Floor

1 Baker's Row

London

EC1R 3DB

17 June 2020

FIXED ASSETS

Tangible assets

4

156,384

16,612

Investments

5

3,520

3,520

159,904

20,132

CURRENT ASSETS

Debtors

6

1,308,360

823,327

Cash at bank

1,527,516

1,966,606

2,835,876

2,789,933

CREDITORS

Amounts falling due within one year

7

379,534

254,397

NET CURRENT ASSETS

2,456,342

2,535,536

TOTAL ASSETS LESS CURRENT LIABILITIES

2,616,246

2,555,668

CREDITORS

Amounts falling due after more than one year (including convertible debt)

8

(1,379,704

)

-

ACCRUALS AND DEFERRED INCOME

(4,850

)

(199,961

)

NET ASSETS

1,231,692

2,355,707

CAPITAL AND RESERVES

Called up share capital

95

95

Share premium

2,323,396

2,323,396

Retained earnings

(1,091,799

)

32,216

1,231,692

2,355,707

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 17 June 2020 and were signed on its behalf by:

Mr James Harrison - Director

1.	STATUTORY INFORMATION

GENESIS GLOBAL TECHNOLOGY 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 represents net invoiced sales of services, excluding Value Added Tax.

Tangible fixed assets

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

Improvements to property

-

25% on reducing balance

Plant & machinery

-

25% on reducing balance

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 26 (2018 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant &

property

machinery

Totals

£

£

£

COST

At 1 January 2019

-

23,446

23,446

Additions

150,244

41,655

191,899

At 31 December 2019

150,244

65,101

215,345

DEPRECIATION

At 1 January 2019

-

6,834

6,834

Charge for year

37,561

14,566

52,127

At 31 December 2019

37,561

21,400

58,961

NET BOOK VALUE

At 31 December 2019

112,683

43,701

156,384

At 31 December 2018

-

16,612

16,612

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2019

and 31 December 2019

3,520

NET BOOK VALUE

At 31 December 2019

3,520

At 31 December 2018

3,520

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

373,476

306,703

Other debtors

885,993

516,624

Rent deposits

48,891

-

1,308,360

823,327

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

9,159

13,033

Social security and other taxes

65,533

40,689

VAT

148,252

42,260

Other creditors

156,217

156,217

Directors' loan account

373

2,198

379,534

254,397

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Other loans more 5yrs non-inst

1,379,704

-

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

1,379,704

-

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.19

31.12.18

£

£

Within one year

146,674

68,750

Between one and five years

586,696

275,000

733,370

343,750

10.	FINANCIAL INSTRUMENTS

The company has loans of £1,379,704 in the form of a convertible note

11.	RELATED PARTY DISCLOSURES

Genesis Global Fintech LLC is a wholly owned overseas subsidiary of the company and at the year end there is

an amount receivable of £885,993 in respect of loans advanced from the above overseas subsidiary.

The amount receivable is interest free and is repayable on demand.

The company does not prepare consolidated accounts as the group is small and has taken advantage of the

companies act exemptions.