Genesis Property Investments Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 09443513 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2020

FOR

GENESIS PROPERTY INVESTMENTS LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

A Matyas

REGISTERED OFFICE:

24 St. Andrew's Grove

London

N16 5NE

REGISTERED NUMBER:

09443513 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Investment property

4

950,000

880,000

CURRENT ASSETS

Cash at bank

2,295

2,309

CREDITORS

Amounts falling due within one year

5

(259,980

)

(259,597

)

NET CURRENT LIABILITIES

(257,685

)

(257,288

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

692,315

622,712

CREDITORS

Amounts falling due after more than one
year

6

(575,798

)

(575,724

)

NET ASSETS

116,517

46,988

CAPITAL AND RESERVES

Called up share capital

7

100

Revaluation reserve

8

134,741

64,741

Retained earnings

8

(18,324

)

(17,853

)

SHAREHOLDERS' FUNDS

116,517

46,988

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 November 2020 and were signed by:

A Matyas - Director

1.	STATUTORY INFORMATION

Genesis Property Investments Ltd 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net rent receivable, excluding value added tax.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2019

880,000

Revaluations

70,000

At 29 February 2020

950,000

NET BOOK VALUE

At 29 February 2020

950,000

At 28 February 2019

880,000

Fair value at 29 February 2020 is represented by:

£

Valuation in 2017

64,741

Valuation in 2020

70,000

Cost

815,259

950,000

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.20

28.2.19

£

Other creditors

259,440

259,057

Accrued expenses

540

259,980

259,597

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

29.2.20

28.2.19

£

Bank loans more 5 yrs non-inst

575,798

575,724

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

575,798

575,724

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

29.2.20

28.2.19

value:

£

100

Ordinary

£1

100

8.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

At 1 March 2019

(17,853

)

64,741

46,888

Profit for the year

69,529

Revaluation reserve

(70,000

)

70,000

-

At 29 February 2020

(18,324

)

134,741

116,417

9.	ULTIMATE CONTROLLING PARTY

The controlling party is A Matyas.

Genesis Property Investments Ltd - Accounts to registrar (filleted) - small 18.2

Genesis Property Investments Ltd - Accounts to registrar (filleted) - small 18.2