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Registration number: 13266431

Geton I.T. Consultants Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Geton I.T. Consultants Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 11

 

Geton I.T. Consultants Limited

Company Information

Directors

Mr M P Roberts

Mr L M Roberts

Registered office

Unit A7 The Arena
9 Nimrod Way
Ferndown
Wimborne
Dorset
BH21 7UH

Accountants

Elysium
Chartered Accountants
Unit A7 The Arena
9 Nimrod Way
Ferndown
Wimborne
Dorset
BH21 7UH

 

Geton I.T. Consultants Limited

(Registration number: 13266431)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

72,000

96,000

Tangible assets

6

2,293

3,083

 

74,293

99,083

Current assets

 

Debtors

7

80,988

67,847

Cash at bank and in hand

 

17,261

21,524

 

98,249

89,371

Creditors: Amounts falling due within one year

8

(84,666)

(107,789)

Net current assets/(liabilities)

 

13,583

(18,418)

Total assets less current liabilities

 

87,876

80,665

Creditors: Amounts falling due after more than one year

8

(40,500)

(75,000)

Net assets

 

47,376

5,665

Capital and reserves

 

Called up share capital

9

100

1

Retained earnings

47,276

5,664

Shareholders' funds

 

47,376

5,665

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
Mr M P Roberts
Director

 

Geton I.T. Consultants Limited

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

1

5,664

5,665

Profit for the year

-

82,112

82,112

Dividends

-

(40,500)

(40,500)

New share capital subscribed

99

-

99

At 31 March 2023

100

47,276

47,376

Share capital
£

Retained earnings
£

Total
£

Profit for the year

-

45,664

45,664

Dividends

-

(40,000)

(40,000)

New share capital subscribed

1

-

1

At 31 March 2022

1

5,664

5,665

 

Geton I.T. Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales..

The address of its registered office is:
Unit A7 The Arena
9 Nimrod Way
Ferndown
Wimborne
Dorset
BH21 7UH

The principal place of business is:
27 Queens Road
Westbourne
Bournemouth
Dorset
BH2 6BA
England

These financial statements were authorised for issue by the Board on 24 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Geton I.T. Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Geton I.T. Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Asset class

Amortisation method and rate

Goodwill

5 Years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Geton I.T. Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,068

1,027

Amortisation expense

24,000

24,000

 

Geton I.T. Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

120,000

120,000

At 31 March 2023

120,000

120,000

Amortisation

At 1 April 2022

24,000

24,000

Amortisation charge

24,000

24,000

At 31 March 2023

48,000

48,000

Carrying amount

At 31 March 2023

72,000

72,000

At 31 March 2022

96,000

96,000

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

4,110

4,110

Additions

279

279

At 31 March 2023

4,389

4,389

Depreciation

At 1 April 2022

1,027

1,027

Charge for the year

1,069

1,069

At 31 March 2023

2,096

2,096

Carrying amount

At 31 March 2023

2,293

2,293

At 31 March 2022

3,083

3,083

 

Geton I.T. Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Debtors

2023
£

2022
£

Trade debtors

78,733

67,263

Prepayments

2,255

584

80,988

67,847

 

Geton I.T. Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,126

1,175

Taxation and social security

45,071

52,526

Other creditors

37,469

54,088

84,666

107,789

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

40,500

75,000

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

£1 Ordinary "A" of £1 each

80

80

1

1

£1 Ordinary "B" of £1 (2022 - £0) each

10

10

-

-

£1 Ordinary "C" of £1 (2022 - £0) each

10

10

-

-

 

100

100

1

1

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

40,500

75,000

 

Geton I.T. Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

11

Dividends

Interim dividends paid

 

2023
£

2022
£

Interim dividend of £40,500 (2022 - £40,000) per each £1 Ordinary "A" share

40,500

40,000