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Company No: 13895584 (England and Wales)

GEONEXT (UK) LIMITED

Unaudited Financial Statements
For the financial year from 04 February 2022 to 30 June 2023
Pages for filing with the registrar

GEONEXT (UK) LIMITED

Unaudited Financial Statements

For the financial year from 04 February 2022 to 30 June 2023

Contents

GEONEXT (UK) LIMITED

COMPANY INFORMATION

For the financial year from 04 February 2022 to 30 June 2023
GEONEXT (UK) LIMITED

COMPANY INFORMATION (continued)

For the financial year from 04 February 2022 to 30 June 2023
DIRECTOR Mr T J Molloy
REGISTERED OFFICE 66 Prescot Street
London
E1 8NN
United Kingdom
COMPANY NUMBER 13895584 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
66 Prescot Street
London
E1 8NN
United Kingdom
GEONEXT (UK) LIMITED

BALANCE SHEET

As at 30 June 2023
GEONEXT (UK) LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 30.06.2023
£
Fixed assets
Intangible assets 3 15,177
Tangible assets 4 1,354
16,531
Current assets
Debtors 5 34,759
Cash at bank and in hand 254
35,013
Creditors: amounts falling due within one year 6 ( 367,122)
Net current liabilities (332,109)
Total assets less current liabilities (315,578)
Net liabilities ( 315,578)
Capital and reserves
Called-up share capital 7 100
Profit and loss account ( 315,678 )
Total shareholder's deficit ( 315,578)

For the financial year ending 30 June 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 financial statements of GeoNext (UK) Limited (registered number: 13895584) were approved and authorised for issue by the Director on 09 March 2024. They were signed on its behalf by:

Mr T J Molloy
Director
GEONEXT (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year from 04 February 2022 to 30 June 2023
GEONEXT (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year from 04 February 2022 to 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year, unless otherwise stated.

General information and basis of accounting

GeoNext (UK) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 66 Prescot Street, London, E1 8NN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the director has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continued to adopt the going concern basis of accounting in preparing the financial statements. The parent company Geo Limited will continue to provide financial support.

Reporting period length

The financial statements represents the first period of accounts from the period of 04 February 2022 to 30 June 2023, as comparatives are not available in financial statement.

Turnover

Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business, and is shown net of VAT.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expenses as they fall due.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

2. Employees

Period from
04.02.2022 to
30.06.2023
Number
Monthly average number of persons employed by the Company during the year, including the director 2

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 04 February 2022 0 0
Additions 16,317 16,317
At 30 June 2023 16,317 16,317
Accumulated amortisation
At 04 February 2022 0 0
Charge for the financial year 1,140 1,140
At 30 June 2023 1,140 1,140
Net book value
At 30 June 2023 15,177 15,177

4. Tangible assets

Computer equipment Total
£ £
Cost
At 04 February 2022 0 0
Additions 1,862 1,862
At 30 June 2023 1,862 1,862
Accumulated depreciation
At 04 February 2022 0 0
Charge for the financial year 508 508
At 30 June 2023 508 508
Net book value
At 30 June 2023 1,354 1,354

5. Debtors

30.06.2023
£
Trade debtors 1,483
Amounts owed by Parent undertakings 23,600
Other debtors 9,676
34,759

6. Creditors: amounts falling due within one year

30.06.2023
£
Trade creditors 900
Amounts owed to connected companies 322,968
Other taxation and social security 2,533
Other creditors 40,721
367,122

7. Called-up share capital

30.06.2023
£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100

8. Related party transactions

At the balance sheet date the company was owed £23,600 by Geo Limited.

At the balance sheet date the company owed £322,968 to Geo Workforce Solutions.