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Registration number: NI670434

Geometry Civils Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Geometry Civils Ltd

(Registration number: NI670434)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

277,972

198,853

Current assets

 

Debtors

5

107,850

147,039

Cash at bank and in hand

 

590,559

415,544

 

698,409

562,583

Creditors: Amounts falling due within one year

6

(53,354)

(83,456)

Net current assets

 

645,055

479,127

Total assets less current liabilities

 

923,027

677,980

Provisions for liabilities

(44,220)

(22,930)

Net assets

 

878,807

655,050

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

878,707

654,950

Shareholders' funds

 

878,807

655,050

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.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Geometry Civils Ltd

(Registration number: NI670434)
Balance Sheet as at 31 March 2023

Approved and authorised by the director on 11 October 2023
 

.........................................
Mr Mark O'Loan
Director

 

Geometry Civils Ltd

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 Northern Ireland.

The address of its registered office is: 78 Glenravel Road, Martinstown, County Antrim, BT43 6QQ.

These financial statements were authorised for issue by the director on 11 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.

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 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.

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.

 

Geometry Civils Ltd

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

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

Plant and machinery

10% 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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Geometry Civils Ltd

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

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

 

Geometry Civils Ltd

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 8).

 

Geometry Civils Ltd

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

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

224,730

224,730

Additions

126,283

126,283

Disposals

(20,000)

(20,000)

At 31 March 2023

331,013

331,013

Depreciation

At 1 April 2022

25,877

25,877

Charge for the year

30,514

30,514

Eliminated on disposal

(3,350)

(3,350)

At 31 March 2023

53,041

53,041

Carrying amount

At 31 March 2023

277,972

277,972

At 31 March 2022

198,853

198,853

5

Debtors

2023
£

2022
£

Trade debtors

88,174

124,979

Other debtors

19,676

22,060

 

107,850

147,039

 

Geometry Civils Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

8

-

24,515

Directors current account

 

10,128

5,006

Taxation and social security

 

-

4,078

Accruals and deferred income

 

14,374

9,491

Other creditors

 

28,852

40,366

 

53,354

83,456

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary £1 shares of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

-

24,515

9

Related party transactions

The following balance was owed to the director at the year end:

2023
£

2022
 £

Directors current account

10,128

5,006