Silverfin 18 October 2023 18 October 2023 G S J Cole Geoffrey Cole & Co Ltd 773,146 754,547 false true 31/12/2022 01/01/2022 31/12/2022 Professor J G T Earls 01/01/2021 Dr A C Johnson 20/01/2023 K P Legg 04/07/2022 15/09/2021 M E Parker 06/01/2017 R K M White 03/02/2012 Dr P K Zawada 10/10/2011 18 October 2023 The principal activity of the Company during the financial year was that of support activities to the mineral and mining related sector. 07475665 2022-12-31 07475665 bus:Director1 2022-12-31 07475665 bus:Director2 2022-12-31 07475665 bus:Director3 2022-12-31 07475665 bus:Director4 2022-12-31 07475665 bus:Director5 2022-12-31 07475665 bus:Director6 2022-12-31 07475665 2021-12-31 07475665 core:CurrentFinancialInstruments 2022-12-31 07475665 core:CurrentFinancialInstruments 2021-12-31 07475665 core:Non-currentFinancialInstruments 2022-12-31 07475665 core:Non-currentFinancialInstruments 2021-12-31 07475665 core:ShareCapital 2022-12-31 07475665 core:ShareCapital 2021-12-31 07475665 core:SharePremium 2022-12-31 07475665 core:SharePremium 2021-12-31 07475665 core:RetainedEarningsAccumulatedLosses 2022-12-31 07475665 core:RetainedEarningsAccumulatedLosses 2021-12-31 07475665 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 07475665 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 07475665 core:ToolsEquipment 2021-12-31 07475665 core:ToolsEquipment 2022-12-31 07475665 core:CostValuation 2021-12-31 07475665 core:CostValuation 2022-12-31 07475665 core:ProvisionsForImpairmentInvestments 2021-12-31 07475665 core:ProvisionsForImpairmentInvestments 2022-12-31 07475665 core:CurrentFinancialInstruments 10 2022-12-31 07475665 core:CurrentFinancialInstruments 10 2021-12-31 07475665 2022-01-01 2022-12-31 07475665 bus:FullAccounts 2022-01-01 2022-12-31 07475665 bus:SmallEntities 2022-01-01 2022-12-31 07475665 bus:Audited 2022-01-01 2022-12-31 07475665 2021-01-01 2021-12-31 07475665 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 07475665 bus:Director1 2022-01-01 2022-12-31 07475665 bus:Director2 2022-01-01 2022-12-31 07475665 bus:Director3 2022-01-01 2022-12-31 07475665 bus:Director4 2022-01-01 2022-12-31 07475665 bus:Director5 2022-01-01 2022-12-31 07475665 bus:Director6 2022-01-01 2022-12-31 07475665 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2022-01-01 2022-12-31 07475665 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-01 2022-12-31 07475665 core:ToolsEquipment core:TopRangeValue 2022-01-01 2022-12-31 07475665 core:ToolsEquipment 2022-01-01 2022-12-31 07475665 core:Associate1 2022-01-01 2022-12-31 07475665 core:Associate1 1 2022-01-01 2022-12-31 07475665 core:Associate1 1 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure decimalUnit

Company No: 07475665 (England and Wales)

IGS (INTERNATIONAL GEOSCIENCE SERVICES) LIMITED

Financial Statements
For the financial year ended 31 December 2022
Pages for filing with the registrar

IGS (INTERNATIONAL GEOSCIENCE SERVICES) LIMITED

Financial Statements

For the financial year ended 31 December 2022

Contents

IGS (INTERNATIONAL GEOSCIENCE SERVICES) LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2022
IGS (INTERNATIONAL GEOSCIENCE SERVICES) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2022
DIRECTORS Professor J G T Earls
Dr A C Johnson
M E Parker
R K M White
Dr P K Zawada
REGISTERED OFFICE Finsgate
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom
COMPANY NUMBER 07475665 (England and Wales)
AUDITOR Geoffrey Cole & Co Ltd
4 Reading Road
Pangbourne
Berkshire
RG8 7LY
United Kingdom
IGS (INTERNATIONAL GEOSCIENCE SERVICES) LIMITED

BALANCE SHEET

As at 31 December 2022
IGS (INTERNATIONAL GEOSCIENCE SERVICES) LIMITED

BALANCE SHEET (continued)

As at 31 December 2022
Note 2022 2021
£ £
Fixed assets
Intangible assets 3 125,000 150,000
Tangible assets 4 4,416 1,023
Investments 5 950 950
130,366 151,973
Current assets
Debtors
- due within one year 6 1,472,535 1,453,461
- due after more than one year 6 552,170 507,289
Cash at bank and in hand 1,409,391 629,522
3,434,096 2,590,272
Creditors: amounts falling due within one year 7 ( 2,096,100) ( 2,037,282)
Net current assets 1,337,996 552,990
Total assets less current liabilities 1,468,362 704,963
Creditors: amounts falling due after more than one year 8 ( 30,746) ( 40,493)
Net assets 1,437,616 664,470
Capital and reserves
Called-up share capital 130 130
Share premium account 667,897 667,897
Profit and loss account 769,589 ( 3,557 )
Total shareholders' funds 1,437,616 664,470

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of IGS (International Geoscience Services) Limited (registered number: 07475665) were approved and authorised for issue by the Board of Directors on 18 October 2023. They were signed on its behalf by:

Dr P K Zawada
Director
IGS (INTERNATIONAL GEOSCIENCE SERVICES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
IGS (INTERNATIONAL GEOSCIENCE SERVICES) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

IGS (International Geoscience Services) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Finsgate, 5-7 Cranwood Street, London, EC1V 9EE, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of IGS (International Geoscience Services) Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Balance Sheet and the likely future cash flows at the date of approving these financial statements and believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 10 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects in such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. Provision is made for any impairment.

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value basis over its expected useful life, as follows:

Tools and equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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 payments 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. Amounts 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year 7 10

3. Intangible assets

Development costs Total
£ £
Cost
At 01 January 2022 347,144 347,144
At 31 December 2022 347,144 347,144
Accumulated amortisation
At 01 January 2022 197,144 197,144
Charge for the financial year 25,000 25,000
At 31 December 2022 222,144 222,144
Net book value
At 31 December 2022 125,000 125,000
At 31 December 2021 150,000 150,000

4. Tangible assets

Tools and equipment Total
£ £
Cost
At 01 January 2022 26,469 26,469
Additions 4,629 4,629
At 31 December 2022 31,098 31,098
Accumulated depreciation
At 01 January 2022 25,446 25,446
Charge for the financial year 1,236 1,236
At 31 December 2022 26,682 26,682
Net book value
At 31 December 2022 4,416 4,416
At 31 December 2021 1,023 1,023

5. Fixed asset investments

Investments in associates Total
£ £
Carrying value before impairment
At 01 January 2022 950 950
At 31 December 2022 950 950
Provisions for impairment
At 01 January 2022 0 0
At 31 December 2022 0 0
Carrying value at 31 December 2022 950 950
Carrying value at 31 December 2021 950 950

Investments in shares

Name of entity Registered office Nature of business Class of
shares
Ownership
31.12.2022
Ownership
31.12.2021
Idpex Private Limited Plot No. K-26, 2nd Floor, Kinkhede Layout, Bharat Nagar, Amravati Road, Nagpur, Maharashtra, India Professional and technical activities Ordinary 33.00% 33.00%

6. Debtors

2022 2021
£ £
Debtors: amounts falling due within one year
Trade debtors 989,511 908,153
Prepayments and accrued income 473,758 513,089
Corporation tax 700 700
Other taxation and social security 8,566 31,519
1,472,535 1,453,461
Debtors: amounts falling due after more than one year
Other debtors 552,170 507,289

7. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans 9,747 9,507
Trade creditors 503,544 309,153
Other loans 0 101,678
Accruals 55,655 27,482
Other taxation and social security 16,402 6,562
Other creditors 1,510,752 1,582,900
2,096,100 2,037,282

8. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans 30,746 40,493

9. Related party transactions

Remuneration was paid to the directors of £94,086 (2021: £73,437). The directors are the only key management personnel of the Company.

The Company receives consultancy services from Equator Gold Limited, a company in which M E Parker is a common director. During the year, costs of £50,749 were charged by Equator Gold Limited (2021: £43,938). At the year end £7,494 (2021: £37,500) was due to to Equator Gold Limited.

10. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2022 was unqualified.

The audit report was signed by G S J Cole on behalf of Geoffrey Cole & Co Ltd.

11. Ultimate controlling party

There is no ultimate controlling party.