Company Registration No. 10961042 (England and Wales)
GENERATOR DEVELOPMENTS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
PAGES FOR FILING WITH REGISTRAR
GENERATOR DEVELOPMENTS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
GENERATOR DEVELOPMENTS LTD
BALANCE SHEET
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
3
400
200
Current assets
Debtors
4
743,883
44,547
Creditors: amounts falling due within one year
5
(744,183)
(44,647)
Net current liabilities
(300)
(100)
Net assets
100
100
Capital and reserves
Called up share capital
6
100
100
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 October 2021 and are signed on its behalf by:
P S Isaacs
Director
Company Registration No. 10961042
GENERATOR DEVELOPMENTS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2020
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2018
100
100
Period ended 31 May 2019:
Profit and total comprehensive income for the period
-
Balance at 31 May 2019
100
100
Year ended 31 May 2020:
Profit and total comprehensive income for the year
2,419,193
2,419,193
Dividends
-
(2,419,193)
(2,419,193)
Balance at 31 May 2020
100
100
GENERATOR DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
- 3 -
1
Accounting policies
Company information
Generator Developments Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Townfield House, 27-29 Townfield Street, Chelmsford, Essex, CM1 1QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
GENERATOR DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
1
Accounting policies
(Continued)
- 4 -
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
GENERATOR DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
- 5 -
2
Employees
There were no employees during the year (2019: none).
The directors received no remuneration for their services to the company.
3
Fixed asset investments
2020
2019
Notes
£
£
Investments in subsidiaries
400
200
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 June 2019
200
Additions
200
At 31 May 2020
400
Carrying amount
At 31 May 2020
400
At 31 May 2019
200
The company owns 100% of the issued share capital of Generator (Warren Court) Ltd, Generator Optima (Ferry Road II) Ltd, Generator (St Leonards) Ltd and Generator (Liston) Ltd, which are all registered in England and Wales. Generator (St Leonards) Ltd was incorporated on 26 March 2020 and Generator (Liston) Ltd was incorporated on 2 April 2020. The principal activity of all of these companies is that of property development.
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Unpaid share capital
100
100
Amounts owed by group undertakings
743,783
44,447
743,883
44,547
GENERATOR DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
- 6 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Amounts owed to group undertakings
744,183
44,647
6
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
100
100
100
100
At the period end 100 (2019: 100) ordinary shares of £1 each were issued but not fully paid.
7
Parent company
The parent company is Generator Group Holdings Ltd, which is registered in England and Wales.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Marc Waterman.
The auditor was UHY Hacker Young.