Company Registration No. 07623344 (England and Wales)
Generational Investments Limited
Unaudited accounts
for the year ended 31 July 2018
Generational Investments Limited
Unaudited accounts
Contents
Generational Investments Limited
Company Information
for the year ended 31 July 2018
Directors
Stephen Abletshauser
Fiona Lascelles
James Parkins
Company Number
07623344 (England and Wales)
Registered Office
28 Bruton Street
London
W1J 6QW
United Kingdom
Accountants
The Accountancy Cloud
12-18 Hoxton Street
London
N1 6NG
UK
Generational Investments Limited
Statement of financial position
as at
31 July 2018
Tangible assets
11,633
15,996
Investment property
1,500,000
1,000,000
Cash at bank and in hand
115,936
144,722
Creditors: amounts falling due within one year
(1,415,293)
(1,467,592)
Net current liabilities
(787,356)
(785,359)
Total assets less current liabilities
724,277
678,247
Creditors: amounts falling due after more than one year
(238,108)
(269,453)
Provisions for liabilities
Other provisions
(450,000)
-
Net assets
36,169
408,794
Called up share capital
784
784
Share premium
389,866
389,866
Revaluation reserve
500,000
-
Profit and loss account
(854,481)
18,144
Shareholders' funds
36,169
408,794
For the year ending 31 July 2018 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.
Approved by the Board on 3 May 2019.
Stephen Abletshauser
Director
Company Registration No. 07623344
Generational Investments Limited
Notes to the Accounts
for the year ended 31 July 2018
Generational Investments Limited is a private company, limited by shares, registered in England and Wales, registration number 07623344. The registered office is 28 Bruton Street, London, W1J 6QW, United Kingdom.
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.
Given the trading activities of Generational Investments Limited, rental income has been classified as turnover in the Statement of Profit or Loss in line with FRS102. The prior year comparative has been restated to accurately present rental income as revenue in the financial statements.
During the previous financial year there was a downward revaluation of an investment property held for £1,255,160 on the balance sheet at year end to £1,000,000, in line with a formal valuation made by a chartered surveyor. This was incorrectly recognised in the financial statements and the downward revaluation has been restated and presented in the Statement of Profit or Loss in line with FRS102.
A loan arrangement entered into with Barclays Bank PLC for £400,000 was incorrectly presented in the prior year financial statements as a creditor due within one year. This has been corrected to accurately reflected the amount due within one year, and the remainder due in greater than one year.
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:
Generational Investments Limited
Notes to the Accounts
for the year ended 31 July 2018
4
Tangible fixed assets
Plant & machinery
Cost or valuation
At cost
Charge for the year
4,363
5
Investment property
2018
Fair value at 1 August 2017
1,000,000
Net gain from fair value adjustments
500,000
At 31 July 2018
1,500,000
Generational Investments Limited holds a commercial party that is rented to its subsidiary, Courier Mailing Services Limited. A formal valuation was performed in 2015 by a chartered surveyor on behalf of Barclays Bank. Based on current market conditions, the Director's value the property at £1,500,000 and expect to perform a formal valuation in the next financial year.
6
Investments
Other investments
Valuation at 1 August 2017
447,610
Fair value adjustments
(447,610)
Valuation at 31 July 2018
-
Generational Investment Limited's investment in Courier Mailing Services Limited has been fully impaired following Courier Mailing Services restructuring its operations post year end.
Trade debtors
42,001
66,516
Amounts due from group undertakings etc.
470,000
470,000
Generational Investments Limited
Notes to the Accounts
for the year ended 31 July 2018
8
Creditors: amounts falling due within one year
2018
2017
Bank loans and overdrafts
52,185
52,185
Taxes and social security
18,178
15,728
Loans from directors
1,344,930
1,399,679
9
Creditors: amounts falling due after more than one year
2018
2017
Bank loans
238,108
269,453
There is a loan from Barclays Bank Plc for £400,000, which is accrued on a fixed rate basis of 5.210% per annum and is repayable within 120 instalments.
10
Provisions for liabilities
£
Additional provisions made during the period
450,000
Generational Investments Limited holds an intercompany loan balance of £525,422 with Courier Mailing Services Limited at 31st July 2018. Courier Mailing Services Limited is in the process of restructuring it's trading activities, resulting in the balance being provided for in full at the balance sheet date.
11
Share capital
2018
2017
Allotted, called up and fully paid:
784 Ordinary shares of £1 each
784
784
12
Transactions with related parties
The other creditors balance contains £1,320,805 that is owed to Directors' and immediate family members.
Character Mailing Services Limited holds an intercompany loan balance of £525,422 at 31st July 2018. The balance has been fully provided for at the balance sheet date.
13
Average number of employees
During the year the average number of employees was 3 (2017: 3).