REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2019 |
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GENIUS IP LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2019 |
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FOR |
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GENIUS IP LTD |
GENIUS IP LTD (REGISTERED NUMBER: 08185075) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 9 |
GENIUS IP LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Russell House |
140 High Street |
Edgware |
Middlesex |
HA8 7LW |
GENIUS IP LTD (REGISTERED NUMBER: 08185075) |
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STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Share premium | 10 |
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Retained earnings | 10 | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
GENIUS IP LTD (REGISTERED NUMBER: 08185075) |
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STATEMENT OF FINANCIAL POSITION - continued |
30 NOVEMBER 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
were signed on its behalf by: |
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GENIUS IP LTD (REGISTERED NUMBER: 08185075) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Genius IP Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Monetary amounts are rounded to the nearest pound. |
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Turnover |
Turnover represents net invoiced sales of intellectual property rights and royalties, excluding value added tax. |
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Amortisation of intangible fixed assets |
Patents and Trade marks are carried at cost less accumulated amortisation and impairment losses. |
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Amortisation is calculated using the straight-line method to allocate the cost of the assets over their estimated |
useful lives of twenty years. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured |
at transaction price including transaction and where material are subsequently measured at amortise cost using |
the effective interest method, less any impairment |
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Impairment of financial assets |
Financial assets, other than those held at fair value are assessed for indicators or impairment at each reporting |
end date. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that |
occured after the initial recognition of the financial asset, the estimated future cash flows have been affected. |
The impairment loss is recognised in the Statement of Total Comprehensive Income. |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or |
when it transfer the financial asset and substantially all the risks and rewards of ownership to another entity. |
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Basic financial liabilities |
Basic financial liabilities, including trade and other payables and loans from company undertakings that are |
classified as debt are initially measured at transaction price unless the arrangement constitute a financing |
transaction, where the debt instrument is measured at the present value of the future payments discounted at |
the market rate of interest. |
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Trade creditors are obligations to pay for goods or services that have been acquired int he ordinary course of |
business from suppliers. Accounts payables are classified as current liabilities if a payment is due within one |
year or less. If not, they are present as non current liabilities. Short term creditors are initially recognised at |
transaction price and where material are subsequently measured at amortised cost using the effective interest |
method. |
GENIUS IP LTD (REGISTERED NUMBER: 08185075) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Going concern |
The financial statements have been prepared under the going concern basis, which the directors deem to be |
appropriate due to their continued support. |
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Cash and cash equivalent |
Cash and cash equivalent include cash in hand, deposits held at call with banks, other short term liquid |
investments with original maturities of three months or less. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 December 2018 |
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Additions |
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At 30 November 2019 |
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AMORTISATION |
At 1 December 2018 |
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Charge for year |
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At 30 November 2019 |
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NET BOOK VALUE |
At 30 November 2019 |
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At 30 November 2018 |
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GENIUS IP LTD (REGISTERED NUMBER: 08185075) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2019 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 December 2018 |
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Additions |
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Disposals | ( |
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At 30 November 2019 |
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DEPRECIATION |
At 1 December 2018 |
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Charge for year |
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At 30 November 2019 |
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NET BOOK VALUE |
At 30 November 2019 |
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At 30 November 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Other creditors |
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9. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary 1p Shares | 1p | 1,127 | 1,077 |
GENIUS IP LTD (REGISTERED NUMBER: 08185075) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2019 |
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10. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 December 2018 | ( |
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258,692 |
Deficit for the year | ( |
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Purchase of own shares | 5 | - | 5 |
Cash share issue | - | 344,807 | 344,807 |
At 30 November 2019 | ( |
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167,505 |
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11. | RELATED PARTY DISCLOSURES |
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E B Brown |
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During the period the following transactions occured between the company and the director: |
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2019 | 2018 |
£ | £ |
Advances by the director to the company | 34,092 | 58,950 |
Repayments by the company to the director | 203,308 | 975 |
Amount due to director at end of the period | 37,349 | 206,565 |
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The directors long term transactions are as follows |
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2019 | 2018 |
£ | £ |
Advances by the director to the company | 112,500 | - |
Repayments by the company to the director | - | - |
Amount due to director at end of the period | 112,500 | - |
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T Sebhatu |
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During the period the following transactions occured between the company and the director: |
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2019 | 2018 |
£ | £ |
Advances by the director to the company | 55,000 | 17 |
Repayments by the company to the director | 26,800 | 05 |
Amount due to director at end of the period | 28,200 | 17 |
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The directors long term transactions are as follows |
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2019 | 2018 |
£ | £ |
Advances by the director to the company | 112,500 | - |
Repayments by the company to the director | - | - |
Amount due to director at end of the period | 112,500 | - |
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Genius Velo Ltd |
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2019 | 2018 |
£ | £ |
Amount due to related party at the balance sheet date | 38,411 | 32,364 |
GENIUS IP LTD (REGISTERED NUMBER: 08185075) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2019 |
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12. | ULTIMATE CONTROLLING PARTY |
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The company is under the joint control of the directors. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
GENIUS IP LTD |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary |
statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Genius IP Ltd for the year ended 30 November 2019 which comprise the Income Statement, |
Statement of Financial Position and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Genius IP Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Genius IP Ltd and state those matters that we have agreed to state to the Board of Directors of Genius IP Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Genius IP Ltd and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Genius IP Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Genius IP Ltd. You consider that Genius IP Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Genius IP Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
Russell House |
140 High Street |
Edgware |
Middlesex |
HA8 7LW |
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