Genesis Contracting Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08984060 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Genesis Contracting Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

S A Baldwin

J G Smith

D M Roberts

REGISTERED OFFICE:

Unit 11a, Mill Place

90 Bristol Road

Gloucester

GL1 5SQ

REGISTERED NUMBER:

08984060 (England and Wales)

ACCOUNTANTS:

HATS Gloucester Ltd

48 Hucclecote Road

Gloucester

Gloucestershire

GL3 3RS

BANKERS:

Lloyds Bank

19 Eastgate Street

Gloucester

Gloucestershire

GL1 1NU

FIXED ASSETS

Tangible assets

4

159

45,694

CURRENT ASSETS

Stocks

-

1,412

Debtors

5

66,462

237,075

Cash at bank and in hand

21,114

122,360

87,576

360,847

CREDITORS

Amounts falling due within one year

6

87,350

346,910

NET CURRENT ASSETS

226

13,937

TOTAL ASSETS LESS CURRENT LIABILITIES

385

59,631

PROVISIONS FOR LIABILITIES

-

8,682

NET ASSETS

385

50,949

CAPITAL AND RESERVES

Called up share capital

6

6

Capital redemption reserve

2

2

Retained earnings

377

50,941

SHAREHOLDERS' FUNDS

385

50,949

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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 6 February 2024 and were signed on its behalf by:

J G Smith - Director

1.	STATUTORY INFORMATION

Genesis Contracting 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.

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 represents net invoiced sales of goods and services, excluding value added tax.

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

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 1 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

Cost

At 1 June 2022

97,729

1,804

99,533

Additions

-

239

239

Disposals

(97,729

)

(1,804

)

(99,533

)

At 31 May 2023

-

239

239

Depreciation

At 1 June 2022

52,079

1,760

53,839

Charge for year

-

80

80

Eliminated on disposal

(52,079

)

(1,760

)

(53,839

)

At 31 May 2023

-

80

80

Net book value

At 31 May 2023

-

159

159

At 31 May 2022

45,650

44

45,694

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/23

31/5/22

£

£

Other debtors

66,462

237,075

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/23

31/5/22

£

£

Trade creditors

37

17,802

Amounts owed to group undertakings

58,580

281,580

Taxation and social security

27,508

46,300

Other creditors

1,225

1,228

87,350

346,910

7.	RELATED PARTY DISCLOSURES

Genesis Contracting Holdings (Gloucester) Ltd

Parent company

At the year end Genesis Contracting Ltd owed £58,580 (2022 - £281,580) to the above parent company. The balance is interest free and has no set repayment terms.

Genesis Timber Engineering Ltd

Related party through common onwership and directorship

At the year end Genesis Contracting Ltd was owed £2,000 (2022 - £nil) from the above company. The balance is interest free and has no set repayment terms.

8.	ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is Genesis Contracting Holdings (Gloucester) Ltd, a company registered in England and Wales. The company is controlled by S A Baldwin, J G Smith and D M Roberts, directors of Genesis Contracting Ltd. Genesis Contracting Holdings (Gloucester) Ltd, which shares the same registered office as Genesis Contracting Ltd, has taken the option under Section 399(2A) of the Companies Act 2006 not to prepare consolidated financial statements.