Genesis Contracting Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08984060 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2020

for

Genesis Contracting Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

S A Baldwin

J G Smith

D M Roberts

REGISTERED OFFICE:

Unit 11a, Mill Place

90 Bristol Road

Gloucester

GL1 5SQ

REGISTERED NUMBER:

08984060 (England and Wales)

ACCOUNTANTS:

HATS Gloucester Ltd

The White House

162 Hucclecote Road

Hucclecote

Gloucester

Gloucestershire

GL3 3SH

BANKERS:

Lloyds Bank

19 Eastgate Street

Gloucester

Gloucestershire

GL1 1NU

FIXED ASSETS

Tangible assets

4

21,440

28,250

CURRENT ASSETS

Stocks

100,552

14,250

Debtors

5

42,500

89,149

Cash at bank and in hand

114,913

175,614

257,965

279,013

CREDITORS

Amounts falling due within one year

6

109,662

227,415

NET CURRENT ASSETS

148,303

51,598

TOTAL ASSETS LESS CURRENT LIABILITIES

169,743

79,848

CREDITORS

Amounts falling due after more than one year

7

(50,001

)

-

PROVISIONS FOR LIABILITIES

(4,073

)

(5,367

)

NET ASSETS

115,669

74,481

CAPITAL AND RESERVES

Called up share capital

6

6

Capital redemption reserve

2

2

Retained earnings

115,661

74,473

SHAREHOLDERS' FUNDS

115,669

74,481

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 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 22 February 2021 and were signed on its behalf by:

J G Smith - Director

1.	STATUTORY INFORMATION

Genesis Contracting 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.

Turnover

Turnover represents net invoiced sales of goods and 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.

Plant and machinery

-

25% on reducing balance

Computer equipment

-

33% on cost

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the amount receivable. Grants relating to revenue are recognised in income over the period in which the income is receivable. The company received a grant in relation to the Coronavirus Job Retention Scheme (CJRS), which is accounted as a revenue grant. £5,871 (2019 - £Nil) has been credited to the income statement in relation to this grant.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

Cost

At 1 June 2019

58,588

1,671

60,259

Additions

475

-

475

At 31 May 2020

59,063

1,671

60,734

Depreciation

At 1 June 2019

30,754

1,255

32,009

Charge for year

7,077

208

7,285

At 31 May 2020

37,831

1,463

39,294

Net book value

At 31 May 2020

21,232

208

21,440

At 31 May 2019

27,834

416

28,250

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/20

31/5/19

£

£

Trade debtors

12,506

78,422

Other debtors

29,994

10,727

42,500

89,149

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/20

31/5/19

£

£

Trade creditors

3,069

37,020

Amounts owed to group undertakings

27,000

128,820

Taxation and social security

19,759

34,471

Other creditors

59,834

27,104

109,662

227,415

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/5/20

31/5/19

£

£

Bank loans

50,001

-

31/5/20

31/5/19

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

8,334

-

8.	RELATED PARTY DISCLOSURES

Genesis Contracting Holdings (Gloucester) Ltd

The company's parent company

At the year end Genesis Contracting Ltd owed £27,000 (2019 - £128,820) to the above parent company. The balance is interest free and has no set repayment terms.

9.	ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is Genesis Contracting Holdings (Gloucester) Ltd, a company registered in England and Wales. The company is controlled by S A Baldwin, J G Smith and D M Roberts, directors of Genesis Contracting Ltd.