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Registration number: 04515690

Geometric Manufacturing Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Geometric Manufacturing Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Geometric Manufacturing Ltd

Company Information

Directors

PA Wenham

GJ Darby

J Wenham

H Bian

Y Zhuang

Registered office

Unit 10 Station Drive
Bredon
Tewkesbury
Gloucestershire
GL20 7HH

Accountants

Clement Rabjohns Limited
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Geometric Manufacturing Ltd

(Registration number: 04515690)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed Assets

 

Intangible assets

4

42,000

48,000

Tangible assets

5

1,451,683

1,728,022

Investments

6

717,121

717,121

 

2,210,804

2,493,143

Current assets

 

Stocks

7

571,255

281,348

Debtors

8

1,127,460

973,008

Cash at bank and in hand

 

26,970

49,041

 

1,725,685

1,303,397

Creditors: Amounts falling due within one year

9

(1,973,340)

(1,707,926)

Net current liabilities

 

(247,655)

(404,529)

Total assets less current liabilities

 

1,963,149

2,088,614

Creditors: Amounts falling due after more than one year

9

(867,953)

(1,442,760)

Provisions for liabilities

(262,796)

(46,989)

Net assets

 

832,400

598,865

Capital reserves

 

Called up share capital

2

2

Profit and loss account

832,398

598,863

Shareholders' funds

 

832,400

598,865

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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Geometric Manufacturing Ltd

(Registration number: 04515690)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 29 November 2023 and signed on its behalf by:
 

.........................................
J Wenham
Director

 

Geometric Manufacturing Ltd

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 and Wales.

The address of its registered office is:
Unit 10 Station Drive
Bredon
Tewkesbury
Gloucestershire
GL20 7HH

These financial statements were authorised for issue by the Board on 29 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.

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.

 

Geometric Manufacturing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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% on cost

Motor vehicles

25% on cost

Office equipment

33.3% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line over 10 years

 

Geometric Manufacturing Ltd

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Geometric Manufacturing Ltd

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 48 (2022 - 54).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

60,000

60,000

At 28 February 2023

60,000

60,000

Amortisation

At 1 March 2022

12,000

12,000

Amortisation charge

6,000

6,000

At 28 February 2023

18,000

18,000

Carrying amount

At 28 February 2023

42,000

42,000

At 28 February 2022

48,000

48,000

 

Geometric Manufacturing Ltd

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

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

16,089

3,114,966

66,159

66,559

3,263,773

Additions

522

23,578

11,180

-

35,280

At 28 February 2023

16,611

3,138,544

77,339

66,559

3,299,053

Depreciation

At 1 March 2022

6,726

1,443,919

35,955

49,151

1,535,751

Charge for the year

3,322

277,175

17,451

13,671

311,619

At 28 February 2023

10,048

1,721,094

53,406

62,822

1,847,370

Carrying amount

At 28 February 2023

6,563

1,417,450

23,933

3,737

1,451,683

At 28 February 2022

9,363

1,671,047

30,204

17,408

1,728,022

Revaluation

The fair value of the company's plant and machinery was revalued on 28 February 2015 by an independent valuer.
Plant and machinery were valued on open market basis. The name and qualification of the independent valuer are State Securities.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2022 - £Nil).

 

Geometric Manufacturing Ltd

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

6

Investments

2023
£

2022
£

Investments in subsidiaries

717,121

717,121

Subsidiaries

£

Cost or valuation

At 1 March 2022

1,367,121

Provision

Provision

650,000

Carrying amount

At 28 February 2023

717,121

At 28 February 2022

717,121

7

Stocks

2023
£

2022
£

Other inventories

571,255

281,348

8

Debtors

Current

2023
£

2022
£

Trade debtors

840,834

865,952

Prepayments

73,600

49,805

Other debtors

213,026

57,251

 

1,127,460

973,008

 

Geometric Manufacturing Ltd

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

1,325,278

1,137,971

Trade creditors

 

359,601

277,842

Amounts owed to group undertakings and undertakings in which the company has a participating interest

758

1,352

Taxation and social security

 

185,178

215,830

Accruals and deferred income

 

98,525

71,032

Other creditors

 

4,000

3,899

 

1,973,340

1,707,926

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £925,278 (2022 - £1,137,971).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

867,953

1,442,760

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £867,953 (2022 - £1,042,760).

 

Geometric Manufacturing Ltd

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

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

205,162

589,635

Redeemable preference shares

-

400,000

Other borrowings

662,791

453,125

867,953

1,442,760

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

164,155

401,361

Redeemable preference shares

400,000

-

Other borrowings

761,123

736,610

1,325,278

1,137,971

Other borrowings

Preference shares is denominated in with a nominal interest rate of 3.5%, and the final instalment is due on 6 June 2023. The carrying amount at year end is £200,000 (2022 - £200,000).

Preference shares A is denominated in with a nominal interest rate of 3%, and the final instalment is due on 6 June 2023. The carrying amount at year end is £200,000 (2022 - £200,000).