Genr8 Management Services Limited - Period Ending 2021-12-31

Genr8 Management Services Limited

Contents

Statement of Directors' Responsibilities	1
Statement of Financial Position	2
Notes to the Financial Statements	3 to 6

Genr8 Management Services Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Genr8 Management Services Limited

(Registration number: 11969403)
Statement of Financial Position as at 31 December 2021

	Note	31 December 2021 £	31 December 2020 £
Current assets
Debtors	5	109,430	15,794
Cash at bank and in hand		654,506	489,788
		763,936	505,582
Creditors: Amounts falling due within one year	6	(771,144)	(531,747)
Net liabilities		(7,208)	(26,165)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(7,308)	(26,265)
Total equity		(7,208)	(26,165)

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 Board on 16 September 2022 and signed on its behalf by:
 

......................................... Richard Ingham Director

Genr8 Management Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5th Floor
Parsonage Chambers
3 The Parsonage
Manchester
Lancashire
M3 2HW

These financial statements were authorised for issue by the Board on 16 September 2022.

2	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.

Going concern

The financial statements have been prepared on a going concern basis. The company has net liabilities supported by the group companies.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 16 September 2022 was Caroline Monk FCA, who signed for and on behalf of Beever and Struthers.

.........................................

Genr8 Management Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for 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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2020 - 3).

Genr8 Management Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

4	Auditors' remuneration

The audit fee for December 2020 is borne by the group company, Genr8 Developments LLP

5

Debtors

	31 December 2021 £	31 December 2020 £
Trade debtors	5,932	7,854
Other debtors	103,498	7,940
Total current trade and other debtors	109,430	15,794

6

Creditors

Creditors: amounts falling due within one year

	Note	31 December 2021 £	31 December 2020 £
Due within one year
Trade creditors		612,696	3,708
Taxation and social security		-	10,150
Group company creditors		158,448	517,889
		771,144	531,747

7	Related party transactions

Summary of transactions with all subsidiaries

The company provides management services to two fellow subsidiary entities,

Genr8 Developments LLP
The company received management services income of £98,120 (2020: £105,369) during the year of which £9,532 remained outstanding at the reporting date and is included in trade debtors.

Genr8 (Rochdale) Limited
The company received management services income of £12,500 (2020: £93,250) during the year.

In addition Genr8 Developments LLP charges for management services provided. The charge for the year amounted to £150,608 (2020: £510,049), and £770,506 (£510,049) remains outstanding within both trade creditors and other creditors. This balance is payable on demand.
 

Genr8 Management Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

8	Parent and ultimate parent undertaking

The company's immediate parent is Genr8 Investments Limited, incorporated in England.

  These financial statements are available upon request from Companies House