11 false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 92,100 1,218 93,318 88,865 2,284 91,149 2,169 3,235 18,750 18,749 1 1 xbrli:pure xbrli:shares iso4217:GBP 04590729 2023-01-01 2023-12-31 04590729 2023-12-31 04590729 2022-12-31 04590729 2022-01-01 2022-12-31 04590729 2022-12-31 04590729 bus:Director5 2023-01-01 2023-12-31 04590729 bus:Director6 2023-01-01 2023-12-31 04590729 bus:Director7 2023-01-01 2023-12-31 04590729 core:WithinOneYear 2023-12-31 04590729 core:WithinOneYear 2022-12-31 04590729 core:ShareCapital 2023-12-31 04590729 core:ShareCapital 2022-12-31 04590729 core:CapitalRedemptionReserve 2023-12-31 04590729 core:CapitalRedemptionReserve 2022-12-31 04590729 core:RetainedEarningsAccumulatedLosses 2023-12-31 04590729 core:RetainedEarningsAccumulatedLosses 2022-12-31 04590729 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 04590729 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-12-31 04590729 core:Non-currentFinancialInstruments 2023-12-31 04590729 core:Non-currentFinancialInstruments 2022-12-31 04590729 bus:SmallEntities 2023-01-01 2023-12-31 04590729 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04590729 bus:FullAccounts 2023-01-01 2023-12-31 04590729 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04590729 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04590729 core:OfficeEquipment 2022-12-31 04590729 core:OfficeEquipment 2023-01-01 2023-12-31 04590729 core:OfficeEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: 04590729
BADLEY GEOSCIENCE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
BADLEY GEOSCIENCE LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
2,169
3,235
Investments
6
1
1
-------
-------
2,170
3,236
Current assets
Stocks
2,400
2,442
Debtors
7
401,815
375,967
Cash at bank and in hand
740,561
927,590
-------------
-------------
1,144,776
1,305,999
Creditors: amounts falling due within one year
8
587,991
854,487
-------------
-------------
Net current assets
556,785
451,512
----------
----------
Total assets less current liabilities
558,955
454,748
Provisions
Taxation including deferred tax
167
352
----------
----------
Net assets
558,788
454,396
----------
----------
BADLEY GEOSCIENCE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
1,333
1,333
Capital redemption reserve
8,667
8,667
Profit and loss account
548,788
444,396
----------
----------
Shareholders funds
558,788
454,396
----------
----------
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 income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 February 2024 , and are signed on behalf of the board by:
R Hudson
A Foster
Director
Director
Dr D Quinn
Director
Company registration number: 04590729
BADLEY GEOSCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 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 North Beck House, North Beck Lane, Hundleby, Spilsby, Lincolnshire, PE23 5NB.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Equipment
-
25% Reducing balance and 50% Straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Financial instruments
A financial asset or a financial liability is recognized only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognized at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognized at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortized cost. Other financial instruments, including derivatives, are recognized at fair value, with any subsequent changes to fair value recognized in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 11 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 January 2023
92,100
92,100
Additions
1,218
1,218
---------
---------
At 31 December 2023
93,318
93,318
---------
---------
Depreciation
At 1 January 2023
88,865
88,865
Charge for the year
2,284
2,284
---------
---------
At 31 December 2023
91,149
91,149
---------
---------
Carrying amount
At 31 December 2023
2,169
2,169
---------
---------
At 31 December 2022
3,235
3,235
---------
---------
6. Investments
Other investments other than loans
£
Cost
At 1 January 2023 and 31 December 2023
18,750
---------
Impairment
At 1 January 2023 and 31 December 2023
18,749
---------
Carrying amount
At 31 December 2023
1
---------
At 31 December 2022
1
---------
7. Debtors
2023
2022
£
£
Trade debtors
359,849
315,116
Amounts owed by group undertakings and undertakings in which the company has a participating interest
300
Other debtors
41,666
60,851
----------
----------
401,815
375,967
----------
----------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
33,390
28,269
Amounts owed to group undertakings and undertakings in which the company has a participating interest
360,000
Corporation tax
43,154
19,343
Social security and other taxes
76,177
70,635
Other creditors
435,270
376,240
----------
----------
587,991
854,487
----------
----------
9. Controlling party
100% of the company's ordinary issued share capital is owned by Badley Geoscience Holdings Limited. The company is ultimately controlled by the directors.