Genu Limited
Genu Limited
Registered number: 06979654
Unaudited Financial Statements
For The Year Ended 31 August 2023
LAS Accountants LLP
Genu Limited
Unaudited Financial Statements
For The Year Ended 31 August 2023
Unaudited Financial Statements
Contents | |
Page | |
---|---|
Statement of Financial Position | 1—2 |
Notes to the Financial Statements | 3—6 |
Genu Limited
Statement of Financial Position
As At
31 August 2023
Statement of Financial Position
Registered number:
06979654
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Income Statement.
2023 | 2022 | ||||
---|---|---|---|---|---|
Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 4 |
|
|
||
Investments | 5 |
|
|
||
|
|
||||
CURRENT ASSETS | |||||
Debtors | 6 |
|
|
||
Cash at bank and in hand |
|
|
|||
|
|
||||
Creditors: Amounts Falling Due Within One Year | 7 |
( |
( |
||
NET CURRENT ASSETS (LIABILITIES) |
|
|
|||
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
( |
( |
|||
NET ASSETS |
|
|
|||
CAPITAL AND RESERVES | |||||
Called up share capital | 8 |
|
|
||
Fair Value Reserve | 10 |
|
( |
||
Income Statement |
|
|
|||
SHAREHOLDERS' FUNDS | 651,455 | 630,941 | |||
Genu Limited
Statement of Financial Position (continued)
As At
31 August 2023
On behalf of the board
Director
|
|
The notes on pages 3 to 6 form part of these financial statements.
Genu Limited
Notes to the Financial Statements
For The Year Ended 31 August 2023
Notes to the Financial Statements
1.
General Information
Genu Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
06979654
. The registered office is C/O LAS Accountants LLP, No.1 Royal Exchange, London, EC3V 3DG.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in UK sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
2.2.
Going Concern Disclosure
The directors have considered the prospect of the business for the next twelve months and beyond and have arrived at a reasonable expectation the company will continue to meet its obligations as they fall due. The directors have also pledged their financial support to assist with this if required. On this basis, the directors will continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4.
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:
Computer Equipment |
|
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.
2.5.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
2.6.
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.7.
Pensions
The company contributes direct to employee personal pension schemes. These amounts are recognised in the income statement as and when they are paid into the employees’ pension scheme.
Genu Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2023
2.8.
Investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
2.9.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.10.
Critical Accounting Judgements and Key Sources of Estimation Uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are
described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
3.
Average Number of Employees
Average number of employees, including directors, during the year was:
2023 | 2022 | ||
---|---|---|---|
Office and administration |
|
|
|
|
|
||
4.
Tangible Assets
Computer Equipment | |
---|---|
£ | |
Cost | |
As at 1 September 2022 |
|
Additions |
|
As at 31 August 2023 |
|
Depreciation | |
As at 1 September 2022 |
|
Provided during the period |
|
As at 31 August 2023 |
|
Net Book Value | |
As at 31 August 2023 |
|
As at 1 September 2022 |
|
Genu Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2023
5.
Investments
Listed | |
---|---|
£ | |
Cost | |
As at 1 September 2022 |
|
Additions |
|
Disposals |
( |
As at 31 August 2023 |
|
Provision | |
As at 1 September 2022 |
|
As at 31 August 2023 |
|
Net Book Value | |
As at 31 August 2023 |
|
As at 1 September 2022 |
|
6.
Debtors
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Due within one year | |||
Trade debtors |
|
|
|
Directors' loan accounts | - |
|
|
|
|
||
7.
Creditors: Amounts Falling Due Within One Year
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Corporation tax |
|
|
|
Other creditors |
|
|
|
Intercompany - H V Parmar Ltd |
|
|
|
Accruals and deferred income | - |
|
|
Directors' loan accounts |
|
- | |
|
|
||
9.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 September 2022 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 August 2023 | |
---|---|---|---|---|---|
£ | £ | £ | £ | £ | |
Dr Harish Parmar |
|
|
( |
- |
( |
Genu Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2023
10.
Reserves
Fair Value Reserve | |
---|---|
£ | |
As at 1 September 2022 |
( |
Movements in fair value reserve | 10,819 |
Deferred tax on fair value adjustment | (2,106) |
As at 31 August 2023 |
|
11.
Related Party Transactions
The Director's loan account balance of £90 as at the year end, is a current liability, interest free and repayable on demand.
The amount owed to H V Parmar Limited, a company related via common control and directorship, totalled £43,881 as at the year-end, which is a current liability, interest free and repayable on demand.