Gen Ex Design Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05434919 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Gen Ex Design Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

J Sweeney

SECRETARY:

Mrs L A Sweeney

REGISTERED OFFICE:

Datum House

Electra Way

Crewe

Cheshire

CW1 6ZF

REGISTERED NUMBER:

05434919 (England and Wales)

ACCOUNTANTS:

Banks Sheridan

Datum House

Electra Way

Crewe

Cheshire

CW1 6ZF

FIXED ASSETS

Tangible assets

5

540

94

Investments

6

3,000

2,000

3,540

2,094

CURRENT ASSETS

Debtors

7

91,266

6,351

Cash at bank and in hand

63,938

23,761

155,204

30,112

CREDITORS

Amounts falling due within one year

8

(141,689

)

(6,905

)

NET CURRENT ASSETS

13,515

23,207

TOTAL ASSETS LESS CURRENT LIABILITIES

17,055

25,301

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

9

(27,000

)

(28,000

)

Retained earnings

43,955

53,201

SHAREHOLDERS' FUNDS

17,055

25,301

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 18 October 2017 and were signed by:

J Sweeney - Director

1.	STATUTORY INFORMATION

Gen Ex Design Limited ('The Company') is primarily engaged in the provision of the design and manufacture of

offshore power generators.

The company is a private company limited by shares and is incorporated in England and Wales. The address of

the principle place of business is 11 Victoria Mill Drive, Willaston, Nantwich, Cheshire, CW5 6RR and the

registered office is First Floor, 7 Pillory Street, Nantwich, Cheshire, CW5 5BZ. The registered number can be

found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

This is the first set of financial statements prepared by the company in accordance with FRS 102 (Section 1A)

and an explanation of how the transition has affected the reporting financial position and financial performance is

given in note 12.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The principle accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented, unless otherwise stated.

Basis of preparation

The financial statements are prepared on the going concern basis under the historical cost convention and comply

with the United Kingdom Accounting Standards and Companies Act 2006.

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.

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 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

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.

Long term contracts

The amount of profit attributable to a long term contract is recognised when the outcome of the contract can be

foreseen with reasonable certainty. Turnover for such contracts is stated at cost appropriate to their stage of

completion plus attributable profits, less amounts recognised in previous years. Provision is made for any losses

as soon as they are foreseen.

Contract work in progress is stated at costs incurred, less those transferred to the profit and loss account, after

deducting foreseeable losses and payments on account not matched with turnover.

Amounts recoverable on contracts are included in debtors and represents turnover recognised in excess of

payments on account.

Impairment of assets

Assets not measured at fair value are reviewed for any indications that the asset maybe impaired at each

statement of financial position date. If such indications exists the recoverable amount of the asset or the assets

cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its

recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the

appropriate heading.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2016

3,681

Additions

740

At 31 March 2017

4,421

DEPRECIATION

At 1 April 2016

3,587

Charge for year

294

At 31 March 2017

3,881

NET BOOK VALUE

At 31 March 2017

540

At 31 March 2016

94

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 April 2016

2,000

Revaluations

1,000

At 31 March 2017

3,000

NET BOOK VALUE

At 31 March 2017

3,000

At 31 March 2016

2,000

Cost or valuation at 31 March 2017 is represented by:

Other

investments

£

Valuation in 2017

3,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

86,657

1,515

Other debtors

2,154

2,154

VAT

-

280

Prepayments and accrued income

2,455

2,402

91,266

6,351

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

21,430

1,268

VAT

4,556

-

Other creditors

7,166

-

Director's loan account

43,087

4,137

Accruals and deferred income

65,450

1,500

141,689

6,905

9.

RESERVES

Revaluation

reserve

£

At 1 April 2016

(28,000

)

Unrealised surplus on

investments

1,000

At 31 March 2017

(27,000

)

10.	TRANSITION TO FRS 102 (SECTION 1A)

The company has adopted FRS 102 (Section 1A) for the year ended 31 March 2017. No restatement of the

comparative prior year amounts has been required.