Company Registration No. 07623344 (England and Wales)
Generational Investments Limited
Unaudited accounts
for the year ended 31 July 2021
Generational Investments Limited
Unaudited accounts
Contents
Generational Investments Limited
Company Information
for the year ended 31 July 2021
Directors
Stephen Abletshauser
Fiona Lascelles
James Parkins
Company Number
07623344 (England and Wales)
Registered Office
59 St. Martin's Lane
Suite 8
London
WC2N 4JS
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 2021
Tangible assets
295,855
338,742
Investment property
2,500,000
2,100,000
Investments
16,210
12,236
Cash at bank and in hand
23,326
19,780
Creditors: amounts falling due within one year
(2,621,757)
(2,613,972)
Net current liabilities
(2,220,495)
(2,241,390)
Net assets
591,570
209,588
Called up share capital
784
784
Share premium
389,866
389,866
Revaluation reserve
1,500,000
1,100,000
Profit and loss account
(1,299,080)
(1,281,062)
Shareholders' funds
591,570
209,588
For the year ending 31 July 2021 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 29 April 2022 and were signed on its behalf by
Stephen Abletshauser
Director
Company Registration No. 07623344
Generational Investments Limited
Notes to the Accounts
for the year ended 31 July 2021
Generational Investments Limited is a private company, limited by shares, registered in England and Wales, registration number 07623344. The registered office is 59 St. Martin's Lane, Suite 8, London, WC2N 4JS, 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.
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:
In the current year, it was identified that the financial statements for 2020 incorrectly omitted the interest accrued on the Intercompany loan between the Company and Character Mailing Services Ltd. In addition, it was also highlighted that the Loans from Directors excluded the accumulated interest in the prior year financial statements. Therefore, the following adjustment has been posted to correct the prior year position of the Intercompany Loans and Loans from Directors, to correctly disclose the accumulated interest in the year:
Prior Period Errors correction on the 2020 accounts restatement
Dr Accounts Receivable (Trade Debtors) 58,999
Cr Rent Income (Fee) 58,999
To correct the additional Rental Income that was incorrectly omitted in previous periods to match Subsidiary records
Dr Due from Group 88,516
Cr Investment in Subsidiary 88,516
Dr Investment in Subsidiary 88,516
Cr Exceptional Items (Bad Debts) 88,516
To reinstate part of an Intercompany investment which was incorrectly written off for its entirety in the previous period.
Dr Due from Group 17,450
Cr Office Equipment 17,450
Dr Accumulated Depreciation 17,450
Cr Depreciation Expense 17,450
This is to correct the cash loan (intercompany loan) for an asset purchase by the subsidiary. It was incorrectly recorded as an asset instead of Intercompany loan outstanding.
Generational Investments Limited
Notes to the Accounts
for the year ended 31 July 2021
Dr Investment 12,042
Cr Interest Income 12,042
This is unrecorded interest from the additional Intercompany Loan that are considered interest free. It is treated as investment in subsidiary.
Dr Due from Group 90,405
Cr Interest Income 90,405
This is interest income from the Intercompany Loan with an interest rate of 3.75% that was unrecorded in previous periods.
Dr Interest Expense 764,763
Cr Director's Loan 764,763
This is interest from a 5% loan issued by director's that was unrecorded in previous periods.
4
Tangible fixed assets
Plant & machinery
Cost or valuation
At cost
Charge for the year
42,887
5
Investment property
2021
Fair value at 1 August 2020
2,100,000
Net gain from fair value adjustments
400,000
At 31 July 2021
2,500,000
6
Investments
Subsidiary undertakings
Valuation at 1 August 2020
12,236
Valuation at 31 July 2021
16,210
Generational Investments Limited
Notes to the Accounts
for the year ended 31 July 2021
7
Debtors: amounts falling due within one year
2021
2020
Trade debtors
119,003
82,000
Amounts due from group undertakings etc.
202,966
196,371
Accrued income and prepayments
11,211
10,416
8
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
196,258
227,603
Obligations under finance leases and hire purchase contracts
234,527
277,347
Loans from directors
2,190,972
2,109,022
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
Share capital
2021
2020
Allotted, called up and fully paid:
784 Ordinary shares of £1 each
784
784
11
Average number of employees
During the year the average number of employees was 0 (2020: 0).