Company Registration No. 10903332 (England and Wales)
Gener8 Ads Limited
Unaudited accounts
for the year ended 31 August 2023
Gener8 Ads Limited
Unaudited accounts
Contents
Gener8 Ads Limited
Company Information
for the year ended 31 August 2023
Directors
Sam Nicholas George Jones
Margaret Walker McPherson
Company Number
10903332 (England and Wales)
Registered Office
9, Hatton Street
Floor 2
London
NW8 8PL
England
Accountants
The Accountancy Cloud
12-18 Hoxton Street
London
N1 6NG
UK
Gener8 Ads Limited
Statement of financial position
as at 31 August 2023
Tangible assets
37,438
52,066
Cash at bank and in hand
2,465,219
4,898,531
Creditors: amounts falling due within one year
(125,905)
(166,379)
Net current assets
2,355,912
4,769,106
Net assets
2,393,350
4,821,172
Called up share capital
242
242
Share premium
8,380,591
8,380,591
Profit and loss account
(5,987,483)
(3,559,661)
Shareholders' funds
2,393,350
4,821,172
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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2024 and were signed on its behalf by
Sam Nicholas George Jones
Director
Company Registration No. 10903332
Gener8 Ads Limited
Notes to the Accounts
for the year ended 31 August 2023
Gener8 Ads Limited is a private company, limited by shares, registered in England and Wales, registration number 10903332. The registered office is 9, Hatton Street, Floor 2, London, NW8 8PL, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% Straight Line
Computer equipment
20% Straight Line
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.
Expenditure on research and development is written off in the year in which it is incurred.
Research and development tax credit
During the financial year, Gener8 Ads Limited received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Income Statement in line with disclosure requirements under FRS 102.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Gener8 Ads Limited
Notes to the Accounts
for the year ended 31 August 2023
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 September 2022
31,533
32,538
64,071
Additions
1,624
3,661
5,285
Disposals
(10,130)
(166)
(10,296)
At 31 August 2023
23,027
36,033
59,060
At 1 September 2022
3,394
8,611
12,005
Charge for the year
4,380
6,742
11,122
On disposals
(1,408)
(97)
(1,505)
At 31 August 2023
6,366
15,256
21,622
At 31 August 2023
16,661
20,777
37,438
At 31 August 2022
28,139
23,927
52,066
Amounts falling due within one year
Accrued income and prepayments
1,203
1,680
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
60,227
117,483
Taxes and social security
64,575
48,783
Other creditors
1,103
(27)
Loans from directors
-
140
Allotted, called up and fully paid:
24,135 Ordinary shares of £0.01 each
241.35
241.35
Gener8 Ads Limited
Notes to the Accounts
for the year ended 31 August 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Sam Nicholas George Jones
Director's Loan Accounts
(140)
140
-
-
The loan is interest-free and repayable on demand.
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Average number of employees
During the year the average number of employees was 20 (2022: 13).