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Registration number: 11842686

Geekazzsaurus Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Geekazzsaurus Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 11

Detailed Profit and Loss Account

12 to 13

 

Geekazzsaurus Limited

Company Information

Director

Mr A L Simpson

Registered office

7 Southbourne Avenue
Poulton-le-Fylde
Lancashire
FY6 8AW

Accountants

Howard & Co
10-12 Wellington Street
St Johns
Blackburn
Lancashire
BB1 8AG

 

Geekazzsaurus Limited

Director's Report for the Year Ended 28 February 2023

The director presents his report and the financial statements for the year ended 28 February 2023.

Director of the company

The director who held office during the year was as follows:

Mr A L Simpson

Principal activity

The principal activity of the company is that of online gift sales.

Small companies provision statement

This report has 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 director on 3 November 2023
 

.........................................
Mr A L Simpson
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Geekazzsaurus Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Geekazzsaurus Limited for the year ended 28 February 2023 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Geekazzsaurus Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Geekazzsaurus Limited and state those matters that we have agreed to state to the Board of Directors of Geekazzsaurus Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Geekazzsaurus Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Geekazzsaurus Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Geekazzsaurus Limited. You consider that Geekazzsaurus Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Geekazzsaurus Limited. 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 accounts.

......................................

Howard & Co
10-12 Wellington Street
St Johns
Blackburn
Lancashire
BB1 8AG

3 November 2023

 

Geekazzsaurus Limited

Profit and Loss Account for the Year Ended 28 February 2023

Note

2023
£

2022
£

Turnover

 

51,485

63,079

Cost of sales

 

(34,719)

(44,969)

Gross profit

 

16,766

18,110

Administrative expenses

 

(15,776)

(14,464)

Operating profit

 

990

3,646

Profit before tax

4

990

3,646

Tax on profit

 

(1,684)

(692)

(Loss)/profit for the financial year

 

(694)

2,954

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Geekazzsaurus Limited

Statement of Comprehensive Income for the Year Ended 28 February 2023

2023
£

2022
£

(Loss)/profit for the year

(694)

2,954

Total comprehensive income for the year

(694)

2,954

 

Geekazzsaurus Limited

(Registration number: 11842686)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

9,924

4,855

Current assets

 

Cash at bank and in hand

 

4,961

8,205

Creditors: Amounts falling due within one year

6

(11,471)

(7,915)

Net current (liabilities)/assets

 

(6,510)

290

Total assets less current liabilities

 

3,414

5,145

Provisions for liabilities

(1,885)

(922)

Net assets

 

1,529

4,223

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

1,429

4,123

Shareholders' funds

 

1,529

4,223

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities.

Approved and authorised by the director on 3 November 2023
 

.........................................
Mr A L Simpson
Director

 

Geekazzsaurus Limited

Statement of Changes in Equity for the Year Ended 28 February 2023

Share capital
£

Retained earnings
£

Total
£

At 1 March 2022

100

4,123

4,223

Loss for the year

-

(694)

(694)

Dividends

-

(2,000)

(2,000)

At 28 February 2023

100

1,429

1,529

Share capital
£

Retained earnings
£

Total
£

At 1 March 2021

100

3,169

3,269

Profit for the year

-

2,954

2,954

Dividends

-

(2,000)

(2,000)

At 28 February 2022

100

4,123

4,223

 

Geekazzsaurus Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
7 Southbourne Avenue
Poulton-le-Fylde
Lancashire
FY6 8AW
United Kingdom

These financial statements were authorised for issue by the director on 3 November 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.

The financial statements are presented in Sterling which is the functional currency of the company. The accounts are rounded to the nearest pound.

Going concern

The director, having made reasonable enquiries, considers that the company will have sufficient resources to continue trading for the forseeable future. As a result the director has continued to adopt the going concern basis in preparing the financial statements.

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 and deferred 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.

 

Geekazzsaurus Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Fixtures and equipment

25% reducing balance

Motor vehicles

25% reducing balance

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 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.

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.

 

Geekazzsaurus Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which employee's services are received.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

3,308

1,619

5

Tangible assets

Motor vehicles
 £

Fixtures and equipment
£

Total
£

Cost or valuation

At 1 March 2022

8,690

2,819

11,509

Additions

8,377

-

8,377

At 28 February 2023

17,067

2,819

19,886

Depreciation

At 1 March 2022

5,024

1,630

6,654

Charge for the year

3,011

297

3,308

At 28 February 2023

8,035

1,927

9,962

Carrying amount

At 28 February 2023

9,032

892

9,924

At 28 February 2022

3,666

1,189

4,855

 

Geekazzsaurus Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Taxation and social security

720

1,132

Accruals

180

880

Directors loan account

10,571

5,903

11,471

7,915

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         

8

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil (2022 - £20.00) per each Ordinary share

 

2,000

 

2,000

         
 

Geekazzsaurus Limited

Detailed Profit and Loss Account for the Year Ended 28 February 2023

2023
 £

2022
 £

Turnover

51,485

63,079

Cost of sales

(34,719)

(44,969)

Gross profit

16,766

18,110

Gross profit (%)

32.56%

28.71%

Administrative expenses

Employment costs

8,638

9,400

Establishment costs

2,136

1,327

General administrative expenses

1,694

2,075

Finance charges

-

43

Depreciation costs

3,308

1,619

15,776

14,464

Operating profit

990

3,646

Profit before tax

990

3,646

 

Geekazzsaurus Limited

Detailed Profit and Loss Account for the Year Ended 28 February 2023

2023
£

2022
£

   

Turnover

Sales

51,485

63,079

   

Cost of sales

Purchases

34,719

44,969

34,719

44,969

   

Employment costs

Directors remuneration

7,538

8,200

Directors pensions

1,100

1,200

8,638

9,400

   

Establishment costs

Storage

1,510

900

Insurance

418

219

Use of home as office

208

208

2,136

1,327

   

General administrative expenses

Telephone and fax

136

301

Motor expenses

478

694

Accountancy fees

1,080

1,080

1,694

2,075

   

Finance charges

Bank charges

-

43

   

Depreciation costs

Depreciation of fixtures and equipment

297

397

Depreciation of motor vehicles

3,011

1,222

3,308

1,619