GEOSMART INFORMATION LIMITED
Company registration number 05475394 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
GEOSMART INFORMATION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
GEOSMART INFORMATION LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,601
18,254
Current assets
Debtors
4
634,247
506,467
Cash at bank and in hand
283,594
317,980
917,841
824,447
Creditors: amounts falling due within one year
5
(452,867)
(366,371)
Net current assets
464,974
458,076
Total assets less current liabilities
479,575
476,330
Creditors: amounts falling due after more than one year
6
(981,273)
(1,026,093)
Net liabilities
(501,698)
(549,763)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(501,798)
(549,863)
Total equity
(501,698)
(549,763)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 10 October 2023 and are signed on its behalf by:
Mr M A Fermor
Director
Company Registration No. 05475394
GEOSMART INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

Geosmart Information Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 9-11, 1st Floor, Old Bank Buildings, Bellstone, Shrewsbury, Shropshire, SY1 1HU.

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 amounts 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.

1.2
Going concern

Although at the end of the year the balance sheet shows an insolvent position of £501,698true (2022: £549,763), this is covered by a loan note agreement with a flexible repayment schedule. The directors hold the loan notes and have prepared forecasts that support a proposed repayment schedule but this will be amended if there are not sufficient funds to support the repayment schedule. The directors are therefore of the opinion that the going concern basis is appropriate.

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the Company will continue in operational existence for the foreseeable future. The directors continue to monitor and manage the challenges and opportunities that the Company faces. As a result of the Company's activities for the last year, it invested in growth and recorded the highest ever revenue to date. The directors consider that GeoSmart is in a strong position to weather the economic shocks being experienced due to inflation and prospects for the business remain positive.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% pa straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

GEOSMART INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
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.

1.7
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.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

GEOSMART INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
27
22
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
44,522
Additions
5,817
At 30 June 2023
50,339
Depreciation and impairment
At 1 July 2022
26,268
Depreciation charged in the year
9,470
At 30 June 2023
35,738
Carrying amount
At 30 June 2023
14,601
At 30 June 2022
18,254
GEOSMART INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
247,174
133,920
Corporation tax recoverable
32,960
10,848
Amounts owed by group undertakings
328,000
328,750
Other debtors
26,113
32,949
634,247
506,467
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,110
10,000
Trade creditors
27,510
34,300
Taxation and social security
132,539
95,612
Other creditors
282,708
226,459
452,867
366,371
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,557
30,704
Other creditors
959,716
995,389
981,273
1,026,093

The bank loan is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The BBLS guarantee is provided to the lender.

 

 

 

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
GEOSMART INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
1,221
15,871
9
Related party transactions

Included in other creditors is an amount of £1,087,116 (2022: £1,121,789), due to the directors.

10
Parent company

The ultimate parent company is Geosmart Information Group Limited, a company registered in England & Wales. The registered office is Suite 9 to 11, First Floor, Old Bank Buildings, Bellstone, Shrewsbury SY1 1HU. This address is also the principal place of business.

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