Gen2 Broking Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03469979 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

FOR

GEN2 BROKING LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Nottingham

P Masters

REGISTERED OFFICE:

Highdown House

11 Highdown Road

Leamington Spa

Warwickshire

CV31 1XT

REGISTERED NUMBER:

03469979 (England and Wales)

FIXED ASSETS

Intangible assets

4

29,269

33,715

Tangible assets

5

24,199

27,926

53,468

61,641

CURRENT ASSETS

Debtors

6

631,050

879,675

Cash in hand

5

5

631,055

879,680

CREDITORS

Amounts falling due within one year

7

513,417

738,400

NET CURRENT ASSETS

117,638

141,280

TOTAL ASSETS LESS CURRENT LIABILITIES

171,106

202,921

CREDITORS

Amounts falling due after more than one year

8

(66,000

)

(104,917

)

PROVISIONS FOR LIABILITIES

(5,561

)

(5,306

)

NET ASSETS

99,545

92,698

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

98,545

91,698

SHAREHOLDERS' FUNDS

99,545

92,698

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 7 August 2023 and were signed on its behalf by:

J Nottingham - Director

1.	STATUTORY INFORMATION

Gen2 Broking Ltd 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.

The company trades from premises at Unit C15b Holly Farm Business Park, Honiley, Warwickshire, CV8 1NP.

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.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Turnover

Turnover comprises the value of sales of services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised in the current year.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The company's website is being amortised evenly over its estimated useful life of ten years.

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

-

20% on cost

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% on cost

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 September 2021

and 31 August 2022

44,459

AMORTISATION

At 1 September 2021

10,744

Charge for year

4,446

At 31 August 2022

15,190

NET BOOK VALUE

At 31 August 2022

29,269

At 31 August 2021

33,715

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 September 2021

21,260

34,880

28,893

85,033

Additions

-

-

6,168

6,168

At 31 August 2022

21,260

34,880

35,061

91,201

DEPRECIATION

At 1 September 2021

16,387

16,277

24,443

57,107

Charge for year

2,861

3,721

3,313

9,895

At 31 August 2022

19,248

19,998

27,756

67,002

NET BOOK VALUE

At 31 August 2022

2,012

14,882

7,305

24,199

At 31 August 2021

4,873

18,603

4,450

27,926

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed by group undertakings

438,211

438,211

Other debtors

192,839

441,464

631,050

879,675

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

33,153

46,791

Hire purchase contracts

14,917

5,219

Trade creditors

220,648

377,314

Amounts owed to group undertakings

-

27,131

Taxation and social security

44,371

33,345

Other creditors

200,328

248,600

513,417

738,400

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

66,000

90,000

Hire purchase contracts

-

14,917

66,000

104,917

9.	PENSION COMMITMENTS

The company operates defined contribution pension schemes in respect of employees and directors.

The pension charge for the year was £5,737 (2021: £2,910).

10.	PARENT UNDERTAKING

The company's ultimate parent undertaking is Gen2 Broking Holdings Limited, a company incorporated in England and Wales whose registered office is Highdown House, 11 Highdown Road, Leamington Spa, Warwickshire, CV31 1XT.

11.

CHARGES

Lloyds Bank PLC holds a fixed and floating charge over the assets of the company.