GEOSMART INFORMATION GROUP LIMITED
Company registration number 09996069 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
GEOSMART INFORMATION GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GEOSMART INFORMATION GROUP LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
328,000
328,750
Current assets
Debtors
4
988
988
Creditors: amounts falling due within one year
5
(328,000)
(328,750)
Net current liabilities
(327,012)
(327,762)
Net assets
988
988
Capital and reserves
-
-
Called up share capital
988
988
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 16 February 2024
Mr M A Fermor
Director
Company registration number 09996069 (England and Wales)
GEOSMART INFORMATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
Geosmart Information Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 9-11, 1st Floor, Old Bank Buildings, Bellstone, Shrewsbury, Shropshire, SY1 1HU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
GEOSMART INFORMATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
328,000
328,750
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2022
328,750
Disposals
(750)
At 30 June 2023
328,000
Carrying amount
At 30 June 2023
328,000
At 30 June 2022
328,750
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
988
988
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
328,000
328,750
6
Financial commitments, guarantees and contingent liabilities
The company has a registered deed of accession and charge at Companies House acceding to a guarantee and debenture which includes fixed and floating charges.
GEOSMART INFORMATION GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
7
Related party transactions
Included in Creditors falling due within one year is an amount of £328,000 (2022 £328,000) due to Geosmart Information Limited, and an amount of £0 (2022 £750) due to Geosmart Risk Limited.