Company Registration No. 05414146 (England and Wales)
GENESE PROPERTY GROUP LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
GENESE PROPERTY GROUP LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
GENESE PROPERTY GROUP LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
20,389
24,455
Investments
2
3
3
20,392
24,458
Current assets
Stocks
15,978
15,455
Debtors
52,748
16,323
Cash at bank and in hand
26
15,116
68,752
46,894
Creditors: amounts falling due within one year
3
(80,419)
(59,143)
Net current liabilities
(11,667)
(12,249)
Total assets less current liabilities
8,725
12,209
Creditors: amounts falling due after more than one year
4
(4,808)
(7,667)
Provisions for liabilities
(3,737)
(4,475)
180
67
Capital and reserves
Called up share capital
5
1
1
Profit and loss account
179
66
Shareholders' funds
180
67
GENESE PROPERTY GROUP LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2015
31 March 2015
- 2 -
For the financial year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 5 December 2015
C Genese
Director
Company Registration No. 05414146
GENESE PROPERTY GROUP LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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 for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
33% straight line
Motor vehicles
25% straight line
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.6
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Stock
Stock is valued at the lower of cost and net realisable value.
1.8
Revenue recognition
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
GENESE PROPERTY GROUP LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
1
Accounting policies
(Continued)
- 4 -
1.9
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.10
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 April 2014
43,888
3
43,891
Additions
6,075
-
6,075
At 31 March 2015
49,963
3
49,966
Depreciation
At 1 April 2014
19,433
-
19,433
Charge for the year
10,141
-
10,141
At 31 March 2015
29,574
-
29,574
Net book value
At 31 March 2015
20,389
3
20,392
At 31 March 2014
24,455
3
24,458
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Genese Property Maintenance Limited
England
Ordinary
100.00
Swift UPVC UK Limited
England
Ordinary
100.00
Be Fire Smart Limited
England
Ordinary
100.00
GENESE PROPERTY GROUP LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
2
Fixed assets
(Continued)
- 5 -
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2015
2015
Principal activity
£
£
Genese Property Maintenance Limited
Dormant and non-trading
1
-
Swift UPVC UK Limited
Dormant and non-trading
(3,739)
-
Be Fire Smart Limited
Dormant and non-trading
1
-
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £2,875 (2014 - £2,875).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £4,808 (2014 - £7,667).
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1 Ordinary shares of £1 each
1
1
6
Related party relationships and transactions
Advances and credits to directors
Advances and credits granted to the directors during the year are outlined in the table below:
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
C Genese - DCA
3.25
(8,535)
69,666
385
46,990
14,526
(8,535)
69,666
385
46,990
14,526
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