Genesis Cellardyke Ltd
Genesis Cellardyke Ltd
Registered number: SC634745
Financial Statements
For The Year Ended
30 June 2021
Gillespie's Fife
Genesis Cellardyke Ltd
Financial Statements
For The Year Ended
30 June 2021
Financial Statements
| Contents | |
| Page | |
|---|---|
| Accountants' Report | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—7 |
Genesis Cellardyke Ltd
Accountants' Report
For The Year Ended
30 June 2021
Accountants' Report
In accordance with the engagement letter dated 09 July 2019, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended
30 June 2021
your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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Fric Ajax Way
Methil
Leven
KY8 3RS
Page 1
Genesis Cellardyke Ltd
Balance Sheet
As at
30 June 2021
Balance Sheet
Registered number:
SC634745
For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2021 | 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
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| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 93,504 | 78,166 | |||
Page 2
Genesis Cellardyke Ltd
Balance Sheet (continued)
As at
30 June 2021
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 4 to 7 form part of these financial statements.
Page 3
Genesis Cellardyke Ltd
Notes to the Financial Statements
For The Year Ended
30 June 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of ten years.
1.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are licences. It is amortised to profit and loss account over its estimated economic life of ten years.
1.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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1.6.
Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 4
Genesis Cellardyke Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
1.7.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 4 (2020: 4)
4.
Intangible Assets
| Goodwill | Licences | Total | |
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| £ | £ | £ | |
| Cost | |||
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| Amortisation | |||
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| Net Book Value | |||
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5.
Tangible Assets
| Plant & Machinery | |
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| Cost | |
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| Additions |
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| Depreciation | |
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| Provided during the period |
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| Net Book Value | |
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Page 5
Genesis Cellardyke Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
6.
Debtors
| 2021 | 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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| Other debtors |
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| VAT |
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| Directors' loan accounts |
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7.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security | - |
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| Other creditor |
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| Accruals and deferred income |
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| Directors' loan accounts | - |
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9.
Directors Advances, Credits and Guarantees
Included within Creditors/Debtors are the following loans (from)/to directors:
| As at
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Amounts advanced | Amounts repaid | Amounts written off | As at
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| £ | £ | £ | £ | £ | |
| Mr Andrew Tod |
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| Mrs Lorraine Tod |
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The above loans are unsecured, interest free and repayable on demand.
10.
Dividends
| 2021 | 2020 | ||
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| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
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| Final dividend paid |
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| 76,000 | 4,000 | ||
Dividends of £34,000 were declared on 19 July 2021.
Page 6
Genesis Cellardyke Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
11.
Ultimate Controlling Party
The company's ultimate controlling party is
Andrew and Lorraine Tod
by virtue of their ownership of 100% of the issued share capital in the company.
12.
General Information
Genesis Cellardyke Ltd
is a private company, limited by shares, incorporated in Scotland, registered number
SC634745
. The registered office is 20 Pickford Crescent Cellardyke, Anstruther, Fife, KY10 3AL.
Page 7