Genesis-Beginnings LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC321777 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st December 2021

for

Genesis-Beginnings LLP

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

5

7,046

9,396

Investment property

6

902,000

765,000

909,046

774,396

CURRENT ASSETS

Debtors

-

10,752

Cash at bank

422,823

370,572

422,823

381,324

CREDITORS

Amounts falling due within one year

17,837

10,659

NET CURRENT ASSETS

404,986

370,665

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,314,032

1,145,061

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

MEMBERS' OTHER INTERESTS

Capital accounts

1,314,032

1,145,061

1,314,032

1,145,061

TOTAL MEMBERS' INTERESTS

Members' other interests

1,314,032

1,145,061

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31st December 2021.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st December 2021 in accordance with Section 444(2A) of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 27th September 2022 and were signed by:

Mr G Filippelli - Designated member

1.	STATUTORY INFORMATION

Genesis-Beginnings LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number:

OC321777

Registered office:

205a Long Lane

Bexleyheath

Kent

DA7 5AF

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition

Revenue from the provision of rental services is recognised at the point at which those services have been provided to the customer.

Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment property has been revalued to fair value at the balance sheet date by the member based on their own research and experience.There has been no independent professional valuation undertaken during the period

Financial instruments

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2020 - NIL).

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st January 2021

and 31st December 2021

24,987

DEPRECIATION

At 1st January 2021

15,591

Charge for year

2,350

At 31st December 2021

17,941

NET BOOK VALUE

At 31st December 2021

7,046

At 31st December 2020

9,396

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2021

765,000

Revaluations

137,000

At 31st December 2021

902,000

NET BOOK VALUE

At 31st December 2021

902,000

At 31st December 2020

765,000

Fair value at 31st December 2021 is represented by:

£

Valuation in 2016

38,862

Valuation in 2019

75,000

Valuation in 2020

5,000

Valuation in 2021

137,000

Cost

646,138

902,000

7.	ULTIMATE CONTROLLING PARTY

During the year, the ultimate controlling party was Mr G Filippelli by virtue of having control of the designated members.