6 false false false false false false false false false true false false false false false false No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2021 - FRS102_2021 267,002 267,002 89,001 89,001 178,001 4,083 4,083 722 722 3,361 23,311 23,311 xbrli:pure xbrli:shares iso4217:GBP 11976415 2022-06-01 2023-05-31 11976415 2023-05-31 11976415 2021-06-01 2022-05-31 11976415 2022-05-31 11976415 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-01 2023-05-31 11976415 bus:RegisteredOffice 2022-06-01 2023-05-31 11976415 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 11976415 bus:LeadAgentIfApplicable 2022-06-01 2023-05-31 11976415 bus:Director1 2022-06-01 2023-05-31 11976415 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 11976415 core:DeferredTaxation 2022-06-01 2023-05-31 11976415 core:WithinOneYear 2023-05-31 11976415 core:WithinOneYear 2022-05-31 11976415 core:AfterOneYear 2023-05-31 11976415 core:AfterOneYear 2022-05-31 11976415 core:ShareCapital 2023-05-31 11976415 core:ShareCapital 2022-05-31 11976415 core:RetainedEarningsAccumulatedLosses 2023-05-31 11976415 core:RetainedEarningsAccumulatedLosses 2022-05-31 11976415 core:DeferredTaxation 2023-05-31 11976415 bus:SmallEntities 2022-06-01 2023-05-31 11976415 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 11976415 bus:FullAccounts 2022-06-01 2023-05-31 11976415 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 11976415 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 11976415 bus:OrdinaryShareClass1 2023-05-31 11976415 bus:OrdinaryShareClass1 2022-05-31 11976415 core:OfficeEquipment 2022-06-01 2023-05-31 11976415 core:OfficeEquipment 2023-05-31
COMPANY REGISTRATION NUMBER: 11976415
GEO Offers Limited
Filleted Unaudited Financial Statements
31 May 2023
GEO Offers Limited
Financial Statements
Year ended 31 May 2023
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
GEO Offers Limited
Officers and Professional Advisers
Director
M J Fraser
Registered office
727-729 High Road
London
N12 0BP
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
GEO Offers Limited
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of GEO Offers Limited
Year ended 31 May 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 May 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
8 February 2024
GEO Offers Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
178,001
Tangible assets
6
3,361
---------
----
181,362
Current assets
Debtors
7
655,343
255,771
Cash at bank and in hand
99,058
26,256
---------
---------
754,401
282,027
Creditors: amounts falling due within one year
8
811,979
438,022
---------
---------
Net current liabilities
57,578
155,995
---------
---------
Total assets less current liabilities
123,784
( 155,995)
Creditors: amounts falling due after more than one year
9
24,923
34,623
Provisions
10
23,311
---------
---------
Net assets/(liabilities)
75,550
( 190,618)
---------
---------
Capital and reserves
Called up share capital
11
100
100
Profit and loss account
75,450
( 190,718)
--------
---------
Shareholders funds/(deficit)
75,550
( 190,618)
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GEO Offers Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , and are signed on behalf of the board by:
M J Fraser
Director
Company registration number: 11976415
GEO Offers Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 727-729 High Road, London, N12 0BP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis .
Going concern
In the opinion of the director, on the basis of information and enquiries that are pertinent to the company's circumstances and which the director believe to be adequate, it is appropriate to continue to treat the company as a going concern. In particular the director believes that adequate cash resources will be available to cover the company's requirements for working capital for at least twelve months from the date of signing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Equipment
-
33% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 2 ).
5. Intangible assets
Development costs
£
Cost
Additions
267,002
---------
At 31 May 2023
267,002
---------
Amortisation
Charge for the year
89,001
---------
At 31 May 2023
89,001
---------
Carrying amount
At 31 May 2023
178,001
---------
At 31 May 2022
---------
6. Tangible assets
Equipment
£
Cost
At 1 June 2022
Additions
4,083
-------
At 31 May 2023
4,083
-------
Depreciation
At 1 June 2022
Charge for the year
722
-------
At 31 May 2023
722
-------
Carrying amount
At 31 May 2023
3,361
-------
At 31 May 2022
-------
7. Debtors
2023
2022
£
£
Trade debtors
272,135
181,603
Other debtors
383,208
74,168
---------
---------
655,343
255,771
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,648
10,648
Trade creditors
43,873
7,262
Corporation tax
69,626
Social security and other taxes
93,471
46,004
Other creditors
594,361
374,108
---------
---------
811,979
438,022
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
24,923
34,623
--------
--------
10. Provisions
Deferred tax
£
At 1 June 2022
Additions
23,311
--------
At 31 May 2023
23,311
--------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.10 each
1,000
100
1,000
100
-------
----
-------
----
12. Related party transactions
At the year end, M J Fraser , sole director, owed £250,527 (2022 : £44,227) to the company. No interest is charged by the company on these amounts.