Company registration number 04286247 (England and Wales)
GEODESIC LIMITED
TRADING AS DOMUS
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
GEODESIC LIMITED
TRADING AS DOMUS
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 6
GEODESIC LIMITED
TRADING AS DOMUS
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GEODESIC LIMITED FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Geodesic Limited for the year ended 31 October 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Geodesic Limited, as a body, in accordance with the terms of our engagement letter dated 23 July 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Geodesic Limited and state those matters that we have agreed to state to the board of directors of Geodesic Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Geodesic Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Geodesic Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Geodesic Limited. You consider that Geodesic Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Geodesic Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
30 July 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
GEODESIC LIMITED
TRADING AS DOMUS
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
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2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
186,237
181,451
Tangible assets
4
5,206
5,929
191,443
187,380
Current assets
Debtors
5
16,501
23,995
Cash at bank and in hand
177,679
201,735
194,180
225,730
Creditors: amounts falling due within one year
6
(161,885)
(162,917)
Net current assets
32,295
62,813
Total assets less current liabilities
223,738
250,193
Provisions for liabilities
(1,000)
(35,400)
Net assets
222,738
214,793
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
221,738
213,793
Total equity
222,738
214,793
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 31 October 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 member has 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 30 July 2024
Mr J D Attfield
Director
Company registration number 04286247 (England and Wales)
GEODESIC LIMITED
TRADING AS DOMUS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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1
Accounting policies
Company information
Geodesic Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21/22 Old Steine, Brighton, East Sussex, BN1 1EL.
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
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true
1.3
Turnover
Turnover represents amounts receivable for good and services provided in the normal course of business, and is shown net of VAT and trade discounts. Turnover is recognised on an invoice basis.
1.4
Intangible fixed assets other than goodwill
Intangibles are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Website development
Straight line over 10 years
Domain name
Straight line over 10 years
1.5
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.
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 and fittings
15% p.a. dimishing balance
Office equipment
15% p.a. dimishing balance
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.
GEODESIC LIMITED
TRADING AS DOMUS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
1.8
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.
1.9
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling 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 in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2022 - 3).
GEODESIC LIMITED
TRADING AS DOMUS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Intangible fixed assets
Website development
Domain name
Total
£
£
£
Cost
At 1 November 2022
427,934
1,007
428,941
Additions
40,492
40,492
At 31 October 2023
468,426
1,007
469,433
Amortisation and impairment
At 1 November 2022
246,483
1,007
247,490
Amortisation charged for the year
35,706
35,706
At 31 October 2023
282,189
1,007
283,196
Carrying amount
At 31 October 2023
186,237
186,237
At 31 October 2022
181,451
181,451
4
Tangible fixed assets
Fixtures and fittings
Office equipment
Total
£
£
£
Cost
At 1 November 2022
7,092
22,672
29,764
Additions
192
192
At 31 October 2023
7,092
22,864
29,956
Depreciation and impairment
At 1 November 2022
4,744
19,091
23,835
Depreciation charged in the year
352
563
915
At 31 October 2023
5,096
19,654
24,750
Carrying amount
At 31 October 2023
1,996
3,210
5,206
At 31 October 2022
2,348
3,581
5,929
GEODESIC LIMITED
TRADING AS DOMUS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
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5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,117
9,460
Other debtors
9,384
14,535
16,501
23,995
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,689
6,951
Amounts owed to group undertakings
98,245
Taxation and social security
21,099
26,887
Other creditors
36,852
129,079
161,885
162,917
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
8
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
£
£
26,880
26,460