GENESIS_PROPERTY_SOLUTION - Accounts

GENESIS PROPERTY SOLUTIONS LTD - Company Information

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Company Registration No. 07335330 (England and Wales)

GENESIS PROPERTY SOLUTIONS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2016

GENESIS PROPERTY SOLUTIONS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 4

GENESIS PROPERTY SOLUTIONS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JANUARY 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

960,719

968,636

Current assets

Debtors

1,420

4,986

Cash at bank and in hand

31,736

900

33,156

5,886

Creditors: amounts falling due within one year

(29,036)

(19,747)

Net current assets/(liabilities)

4,120

(13,861)

Total assets less current liabilities

964,839

954,775

Creditors: amounts falling due after more than one year

(822,451)

(838,844)

142,388

115,931

Capital and reserves

Called up share capital

100

Revaluation reserve

96,830

Profit and loss account

45,458

19,001

Shareholders' funds

142,388

115,931

For the financial year ended 31 January 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 20 September 2016

C A Rayson

Director

Company Registration No. 07335330

GENESIS PROPERTY SOLUTIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JANUARY 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of investment properties and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The company is dependant upon the continued financial support of its bankers and C Smith to meet its liabilities as they fall due.

The directors have indicated that Mr Smith has signalled his intention to continue to provide financial support to the company for the foreseeable future and that as husband of one of the directors the indebtedness outstanding to him will not be demanded for repayment in the twelve month period from the date of signing these accounts.

The directors are not aware of any reasons as to why the company's borrowing facilities will not be maintained at their current levels.

The directors therefore consider that in preparing the financial statements, they have taken into account all the information that could reasonably be expected to be available.

On this basis, they consider that it is appropriate to prepare the financial statements on the going concern basis.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable from the operation of energy efficient systems and rent receivable.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

4% or 5% straight line

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

GENESIS PROPERTY SOLUTIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2016

- 3 -

Fixed assets

Tangible assets

Cost or valuation

At 1 February 2015

1,018,461

Additions

10,500

At 31 January 2016

1,028,961

Depreciation

At 1 February 2015

49,825

Charge for the year

18,417

At 31 January 2016

68,242

Net book value

At 31 January 2016

960,719

At 31 January 2015

968,636

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £14,800 (2015 - £4,984).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £262,451 (2015 - £278,844).

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

GENESIS PROPERTY SOLUTIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2016

- 4 -

Related party relationships and transactions

Loans from directors

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

C A Rayson - Director's Loan Account

7,923