Company registration number 04140208 (England and Wales)
GEOS INTERNATIONAL CONSULTING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GEOS INTERNATIONAL CONSULTING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
GEOS INTERNATIONAL CONSULTING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
€'000
€'000
€'000
€'000
Fixed assets
Tangible assets
5
1
Current assets
Debtors
7
2,308
2,909
Cash at bank and in hand
600
432
2,908
3,341
Creditors: amounts falling due within one year
8
(319)
(809)
Net current assets
2,589
2,532
Total assets less current liabilities
2,589
2,533
Provisions for liabilities
9
(2)
(1)
Net assets
2,587
2,532
Capital and reserves
Called up share capital
10
3,017
3,017
Profit and loss reserves
11
(430)
(485)
Total equity
2,587
2,532
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 by the board of directors and authorised for issue on 11 April 2024 and are signed on its behalf by:
J-C C Grivaux
Director
Company registration number 04140208 (England and Wales)
GEOS INTERNATIONAL CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Geos International Consulting Limited is a private company limited by shares incorporated in England and Wales. The registered office is Salisbury House, 28-29 Finsbury Circus, LG Floor, Suites 7 & 8, London, EC2M 5QQ.
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 Euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €'000. At the balance sheet date £1 equalled €1.15278 (2022: €1.12932).
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Geos International Consulting Limited is a wholly owned subsidiary of GEOS S.A.S and the results of Geos International Consulting Limited are included in the consolidated financial statements of Geos S.A.S, a company incorporated in France.
1.2
Going concern
The company is dependent on the truecontinued financial support of its parent company to continue as a going concern. Confirmation of this support has been provided and the directors consider it appropriate to prepare the financial statements on a going concern basis having considered the forecasted cash flows for the group over the next 12 months. As such, there is no material uncertainty regarding the company's ability to continue as a going concern.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Consideration received from customers is only recognised as revenue to the extent that the company has performed its contractual obligations in respect of that consideration.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
GEOS INTERNATIONAL CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
Computer equipment
33% 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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). 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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
GEOS INTERNATIONAL CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of certain timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.Timing differences are differences between taxable profits and the results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets and liabilities are not discounted.
GEOS INTERNATIONAL CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than Euros are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
GEOS INTERNATIONAL CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
Provisions
The directors review outstanding provisions at the year-end in order to identify if they are complete and accurate given the information available.
Please refer to note 9 for the carrying value of provisions.
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
€'000
€'000
For audit services
Audit of the financial statements of the company
20
19
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
31
64
GEOS INTERNATIONAL CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Tangible fixed assets
Plant and machinery etc
€'000
Cost
At 1 January 2023 and 31 December 2023
5
Depreciation and impairment
At 1 January 2023
4
Depreciation charged in the year
1
At 31 December 2023
5
Carrying amount
At 31 December 2023
At 31 December 2022
1
GEOS INTERNATIONAL CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Geos International Consulting Nigeria
Nigeria
Ordinary
99.00
0
GEOS INTERNATIONAL CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
7
Debtors
2023
2022
Amounts falling due within one year:
€'000
€'000
Trade debtors
4
3
Corporation tax recoverable
38
33
Amounts owed by group undertakings
2,182
2,805
Other debtors
84
68
2,308
2,909
8
Creditors: amounts falling due within one year
2023
2022
€'000
€'000
Trade creditors
23
53
Amounts owed to group undertakings
466
Taxation and social security
192
193
Other creditors
104
97
319
809
9
Provisions for liabilities
2023
2022
€'000
€'000
Balance at 1 January 2023 and 31 December 2023
2
1
Movements on provisions:
Balance at 1 January 2023 and 31 December 2023
€'000
At 1 January 2023
1
Additional provisions in the year
1
At 31 December 2023
2
GEOS INTERNATIONAL CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Provisions for liabilities
(Continued)
- 10 -
This provision relates to FX losses used when they revaluate assets and liabilities in foreign currency at the year end in FX.
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
€'000
€'000
Issued and fully paid
Ordinary shares of €1.117 each
2,700,000
2,700,000
3,017
3,017
11
Profit and loss reserves
2023
2022
€'000
€'000
At the beginning of the year
(485)
(536)
Profit for the year
55
51
At the end of the year
(430)
(485)
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Vinodkumar Vadgama
Statutory Auditor:
UHY Hacker Young
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
€'000
€'000
36
70
GEOS INTERNATIONAL CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
14
Related party transactions
Remuneration of key management personnel
Directors are remunerated by parent companies
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2023
Balance
Provision
Amounts due from related parties
€'000
€'000
Entities over which the entity has control, joint control or significant influence
4,616
4,689
The provision in the accounts has been left at a higher value compared to the debtor balance. This is due to anticipated costs on the closure of GEOS Nigeria.
2022
Balance
Provision
Amounts due in previous period
€'000
€'000
Entities over which the entity has control, joint control or significant influence
4,616
4,689
Other information
The company has taken advantage of the exemption available whereby it has not disclosed transactions and balances with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
15
Parent company
The immediate parent company is GEOS S.A.S. a company registered in France, and the ultimate parent company is ADIT S.A.S. a company registered in France. The ultimate controlling party is Philippe Caduc, president of ADIT S.A.S.
ADIT prepares group accounts and copies can be obtained from 27 bis Quai Anatole France, 75007 Paris.
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