Genr8 Smithfield Works Limited - Period Ending 2021-12-31
Genr8 Smithfield Works Limited - Period Ending 2021-12-31
Registration number:
Genr8 Smithfield Works Limited
Financial Statements
for the Period from 22 June 2021 to 31 December 2021
Genr8 Smithfield Works Limited
Contents
Statement of Financial Position |
|
Notes to the Financial Statements |
Genr8 Smithfield Works Limited
(Registration number: 13470627)
Statement of Financial Position as at 31 December 2021
Note |
2021 |
|
Fixed assets |
||
Tangible assets |
|
|
Current assets |
||
Debtors |
|
|
Creditors: Amounts falling due within one year |
( |
|
Net current liabilities |
( |
|
Net assets |
|
|
Capital and reserves |
||
Called up share capital |
1,000 |
|
Shareholders' funds |
1,000 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
......................................... |
Genr8 Smithfield Works Limited
Notes to the Financial Statements for the Period from 22 June 2021 to 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The presentational and functional currency is pound sterling.
.........................................
Genr8 Smithfield Works Limited
Notes to the Financial Statements for the Period from 22 June 2021 to 31 December 2021
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognsied until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which is becomes receivables.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grants proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants are received prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Genr8 Smithfield Works Limited
Notes to the Financial Statements for the Period from 22 June 2021 to 31 December 2021
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Tangible assets |
Assets under construction |
Total |
|
Cost or valuation |
||
Additions |
|
|
At 31 December 2021 |
|
|
Depreciation |
||
Carrying amount |
||
At 31 December 2021 |
|
|
Debtors |
2021 |
|
Other debtors |
|
|
Creditors |
Creditors: amounts falling due within one year
2021 |
|
Due within one year |
|
Trade creditors |
|
Accruals and deferred income |
|
|
Related party transactions |
Summary of transactions with all subsidiaries
Genr8 Smithfield Works Limited
Notes to the Financial Statements for the Period from 22 June 2021 to 31 December 2021
Genr8 Developments LLP
Genr8 Developments LLP is providing services in relation to the development of the site from which the company will trade. It also charges a management fee for managing this project. These costs are capitalised, and at the reporting date £112,551 remains outstanding and payable on demand.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
These financial statements are available upon request from Companies House