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REGISTERED NUMBER: 13289030 (England and Wales)















Financial Statements

for the Year Ended 31 December 2022

for

Geotec U.K. Limited

Geotec U.K. Limited (Registered number: 13289030)

Contents of the Financial Statements
for the Year Ended 31 December 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Geotec U.K. Limited

Company Information
for the Year Ended 31 December 2022







DIRECTOR: N Zumholz



REGISTERED OFFICE: Bridge House
Old Grantham Road
Whatton
Nottingham
NG13 9FG



REGISTERED NUMBER: 13289030 (England and Wales)



SENIOR STATUTORY AUDITOR: Caroline Peverett BA FCA



AUDITORS: Tuerner Audit Limited
Bridge House
Old Grantham Road
Whatton
Nottingham
NG13 9FG

Geotec U.K. Limited (Registered number: 13289030)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 - 146,560

CURRENT ASSETS
Stocks 100,250 69,464
Debtors 6 78,534 38,942
Cash at bank 197,359 402,699
376,143 511,105
CREDITORS
Amounts falling due within one year 7 98,498 621,065
NET CURRENT ASSETS/(LIABILITIES) 277,645 (109,960 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

277,645

36,600

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 277,644 36,599
SHAREHOLDERS' FUNDS 277,645 36,600

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 November 2023 and were signed by:





N Zumholz - Director


Geotec U.K. Limited (Registered number: 13289030)

Notes to the Financial Statements
for the Year Ended 31 December 2022


1. STATUTORY INFORMATION

Geotec U.K. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a basis other than going concern as the company will cease trading on 31 December 2023 and it is the intention of the directors to begin proceedings to dissolve the company within the next 12 months.

The prior period covers an 11 month period due to being the first set of accounts prepared from incorporation. Accordingly, the comparative results are not comparable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue for the hire of equipment to customers is recognised based on the period of rental. Rental income received in advance of the rental period at the balance sheet date is deferred and recognised as a creditor on the balance sheet. Rental income not yet received for a rental period at the balance sheet date is recognised as a debtor on the balance sheet.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery- 6 years straight line

Tangible fixed assets are originally recognised at cost. Residual values and useful economic lives are reviewed at each year end.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Geotec U.K. Limited (Registered number: 13289030)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2022 164,825
Disposals (164,825 )
At 31 December 2022 -
DEPRECIATION
At 1 January 2022 18,265
Charge for year 18,320
Eliminated on disposal (36,585 )
At 31 December 2022 -
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 146,560

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 72,203 36,061
Other debtors 6,331 2,881
78,534 38,942

Geotec U.K. Limited (Registered number: 13289030)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade creditors 14,181 3,638
Amounts owed to group undertakings 7,255 550,141
Taxation and social security 65,259 59,936
Other creditors 11,803 7,350
98,498 621,065

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 31.12.21
value: £    £   
1 Ordinary 1 1 1

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We have concerns that certain debtors valued at £29,998 at 31 December 2022 are not recoverable. Consequently we were unable to determine whether any adjustment to this value was necessary.

Matters required to report by exception

Caroline Peverett BA FCA (Senior Statutory Auditor)
for and on behalf of Tuerner Audit Limited