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REGISTERED NUMBER: 04691011 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

GEOTECH DEVELOPMENTS LIMITED

GEOTECH DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04691011)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GEOTECH DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: M M F M Bosch





SECRETARY: Mrs J E C Bosch





REGISTERED OFFICE: Waters End Farm
Standen Street
Iden Green
Cranbrook
Kent
TN17 4LA





BUSINESS ADDRESS: Masons Farm
Queen Street
Paddock Wood
Kent
TN12 6PJ





REGISTERED NUMBER: 04691011 (England and Wales)





ACCOUNTANTS: Advanta
Chartered Accountants
29 Gildredge Road
Eastbourne
East Sussex
BN21 4RU

GEOTECH DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04691011)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 455,061 380,941

CURRENT ASSETS
Stocks 5 147,680 274,776
Debtors 6 759,853 611,864
Cash at bank 902 86,639
908,435 973,279
CREDITORS
Amounts falling due within one year 7 583,014 874,368
NET CURRENT ASSETS 325,421 98,911
TOTAL ASSETS LESS CURRENT
LIABILITIES

780,482

479,852

CREDITORS
Amounts falling due after more than one
year

8

(105,750

)

(161,415

)

PROVISIONS FOR LIABILITIES 10 (111,835 ) (93,182 )
NET ASSETS 562,897 225,255

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 562,597 224,955
SHAREHOLDERS' FUNDS 562,897 225,255

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 27 November 2023 and were signed by:




M M F M Bosch - Director


GEOTECH DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04691011)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Geotech Developments 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.

2. ACCOUNTING POLICIES

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

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

Revenue is recognised as work is completed. Revenue not billed is included in debtors as work in progress.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant & machinery - 25% on reducing balance and 10% on reducing balance
Furniture,fittings & equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

Government grants
Grants are accounted for under the accruals method. Grants of a revenue nature are recognised in "other income" within the profit or loss in the same period as the related expenditure.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

GEOTECH DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04691011)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant & Furniture,fittings Motor Computer
machinery & equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 943,554 5,445 108,476 3,893 1,061,368
Additions 112,084 9,601 59,995 850 182,530
Disposals - - (44,342 ) - (44,342 )
At 31 March 2023 1,055,638 15,046 124,129 4,743 1,199,556
DEPRECIATION
At 1 April 2022 594,425 3,308 79,162 3,532 680,427
Charge for year 80,054 2,935 21,512 645 105,146
Eliminated on disposal - - (41,078 ) - (41,078 )
At 31 March 2023 674,479 6,243 59,596 4,177 744,495
NET BOOK VALUE
At 31 March 2023 381,159 8,803 64,533 566 455,061
At 31 March 2022 349,129 2,137 29,314 361 380,941

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant &
machinery
£   
COST
At 1 April 2022 78,800
Transfer to ownership (78,800 )
At 31 March 2023 -
DEPRECIATION
At 1 April 2022 53,867
Transfer to ownership (53,867 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 24,933

GEOTECH DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04691011)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. STOCKS
2023 2022
£    £   
Stocks 32,130 274,776
Work-in-progress 115,550 -
147,680 274,776

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 687,067 465,790
Other debtors 10,549 110,427
CIS tax & PAYE 3,243 -
VAT 43,139 33,771
Prepayments 15,855 1,876
759,853 611,864

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 135,786 492,275
Hire purchase contracts - 5,516
Trade creditors 141,313 186,375
Tax 183,440 93,778
CIS tax & PAYE - 8,204
Other creditors 32,825 37,073
Credit card 9,974 8,296
Directors' current accounts 61,006 32,107
Accrued expenses 18,670 10,744
583,014 874,368

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 47,000 55,665
Bank loans - 2-5 years 58,750 105,750
105,750 161,415

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 80,121 51,715
Hire purchase contracts - 5,516
Bank loan 152,750 199,750
232,871 256,981

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 111,835 93,182

GEOTECH DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04691011)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2022 93,182
Provided during year 18,653
Balance at 31 March 2023 111,835

11. EXCEPTIONAL ITEM

Last year there was a fire at the business premises. In the year the company received insurance proceeds of £113,350, relating to partial settlement of stock, assets and motor vehicles lost in the fire. Further monies may be received in the future, but the timing and value of these are uncertain.

Included within other income is a gross profit of £142,294, resulting from the sale of plant & machinery purchased for resale.