Genesis One Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 10486420 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2022

for

Genesis One Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

W R Jackson

SECRETARY:

REGISTERED OFFICE:

4a Front Street

Sedgefield

Stockton on Tees

Cleveland

TS21 3AT

REGISTERED NUMBER:

10486420 (England and Wales)

FIXED ASSETS

Tangible assets

4

35,519

7,934

CURRENT ASSETS

Stocks

6,178,698

3,355,321

Debtors

5

325

325

Cash at bank and in hand

25,143

25,129

6,204,166

3,380,775

CREDITORS

Amounts falling due within one year

6

6,227,660

3,379,277

NET CURRENT (LIABILITIES)/ASSETS

(23,494

)

1,498

TOTAL ASSETS LESS CURRENT LIABILITIES

12,025

9,432

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

11,725

9,132

SHAREHOLDERS' FUNDS

12,025

9,432

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 10 March 2023 and were signed by:

W R Jackson - Director

1.	STATUTORY INFORMATION

Genesis One Limited 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 etc

-

20% on cost and 15% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2021

13,418

Additions

32,107

At 30 November 2022

45,525

DEPRECIATION

At 1 December 2021

5,484

Charge for year

4,522

At 30 November 2022

10,006

NET BOOK VALUE

At 30 November 2022

35,519

At 30 November 2021

7,934

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.22

30.11.21

£

£

Other debtors

325

325

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.22

30.11.21

£

£

Trade creditors

680,484

284,049

Taxation and social security

22,701

50,551

Other creditors

5,524,475

3,044,677

6,227,660

3,379,277