Integrated Geochemical Interpretation Limited SC083927 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is the provision of specialist geological services and computer software to the oil industry. Digita Accounts Production Advanced 6.30.9574.0 true false true SC083927 2022-11-01 2023-10-31 SC083927 2023-10-31 SC083927 core:CurrentFinancialInstruments 2023-10-31 SC083927 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 SC083927 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 SC083927 core:FurnitureFittings 2023-10-31 SC083927 core:LandBuildings core:LongLeaseholdAssets 2023-10-31 SC083927 bus:SmallEntities 2022-11-01 2023-10-31 SC083927 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 SC083927 bus:FilletedAccounts 2022-11-01 2023-10-31 SC083927 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 SC083927 bus:RegisteredOffice 2022-11-01 2023-10-31 SC083927 bus:CompanySecretaryDirector1 2022-11-01 2023-10-31 SC083927 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 SC083927 core:FurnitureFittings 2022-11-01 2023-10-31 SC083927 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 SC083927 core:LandBuildings 2022-11-01 2023-10-31 SC083927 core:LandBuildings core:LongLeaseholdAssets 2022-11-01 2023-10-31 SC083927 1 2022-11-01 2023-10-31 SC083927 countries:Scotland 2022-11-01 2023-10-31 SC083927 2022-10-31 SC083927 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 SC083927 core:FurnitureFittings 2022-10-31 SC083927 core:LandBuildings core:LongLeaseholdAssets 2022-10-31 SC083927 2021-11-01 2022-10-31 SC083927 2022-10-31 SC083927 core:CurrentFinancialInstruments 2022-10-31 SC083927 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 SC083927 core:FurnitureFittings 2022-10-31 SC083927 core:LandBuildings core:LongLeaseholdAssets 2022-10-31 iso4217:GBP xbrli:pure

Registration number: SC083927

Integrated Geochemical Interpretation Limited

trading as IGI Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Integrated Geochemical Interpretation Limited

trading as IGI Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Integrated Geochemical Interpretation Limited

trading as IGI Limited

(Registration number: SC083927)
Statement of Financial Position as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

10,129

77,232

Current assets

 

Stocks

6

3,961

4,209

Debtors

7

370,989

356,446

Cash at bank and in hand

 

434,406

412,659

 

809,356

773,314

Creditors: Amounts falling due within one year

8

(490,188)

(542,702)

Net current assets

 

319,168

230,612

Net assets

 

329,297

307,844

Capital and reserves

 

Called up share capital

106

106

Share premium reserve

11,094

11,094

Profit and loss account

318,097

296,644

Shareholders' funds

 

329,297

307,844

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

 

Integrated Geochemical Interpretation Limited

trading as IGI Limited

(Registration number: SC083927)
Statement of Financial Position as at 31 October 2023 (continued)


Dr S D Cornford
Company secretary and director

 

Integrated Geochemical Interpretation Limited

trading as IGI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
27 Lauriston Street
Edinburgh
Midlothian
EH3 9DQ
Scotland

Principal activity

The principal activity of the company is the provision of specialist geological services and computer software to the oil industry.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Integrated Geochemical Interpretation Limited

trading as IGI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change
attributable to an item of income or expense recognised as other comprehensive income is also
recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits
reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively
enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Integrated Geochemical Interpretation Limited

trading as IGI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold property

1% straight line

Fittings, fixtures and equipment

25% straight line

Impairment

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Integrated Geochemical Interpretation Limited

trading as IGI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2022 - 24).

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 November 2022

134,261

134,261

At 31 October 2023

134,261

134,261

Amortisation

At 1 November 2022

134,261

134,261

At 31 October 2023

134,261

134,261

Carrying amount

At 31 October 2023

-

-

 

Integrated Geochemical Interpretation Limited

trading as IGI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

5

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 November 2022

77,809

367,229

445,038

Additions

-

10,602

10,602

Disposals

(77,809)

(13,567)

(91,376)

At 31 October 2023

-

364,264

364,264

Depreciation

At 1 November 2022

4,256

363,550

367,806

Charge for the year

-

4,152

4,152

Eliminated on disposal

(4,256)

(13,567)

(17,823)

At 31 October 2023

-

354,135

354,135

Carrying amount

At 31 October 2023

-

10,129

10,129

At 31 October 2022

73,553

3,679

77,232

Included within the net book value of land and buildings above is £Nil (2022 - £73,553) in respect of long leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

3,961

4,209

 

Integrated Geochemical Interpretation Limited

trading as IGI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

7

Debtors

2023
£

2022
£

Trade debtors

184,784

245,005

Other debtors

10,635

15,182

Prepayments

32,963

30,375

Accrued income

142,607

65,884

370,989

356,446

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

12,582

4,780

Amounts owed to group undertakings and undertakings in which the company has a participating interest

30,000

30,000

Taxation and social security

 

114,040

122,497

Accruals and deferred income

 

333,566

385,425

 

490,188

542,702

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10

Parent and ultimate parent undertaking

The company's immediate parent is Granary (Holdings) Ltd, incorporated in United Kingdom.