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NEEDHAM GEOSCIENCE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






NEEDHAM GEOSCIENCE LIMITED (REGISTERED NUMBER: 06361681)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NEEDHAM GEOSCIENCE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Dr D T Needham
Mrs F J Needham





SECRETARY: Mrs F J Needham





REGISTERED OFFICE: 47 Lawn Avenue
Burley in Wharfedale
West Yorkshire
LS29 7ET





REGISTERED NUMBER: 06361681 (England and Wales)





ACCOUNTANTS: Wilkinson and Partners
Moors House
11 South Hawksworth Street
Ilkley
West Yorkshire
LS29 9DX

NEEDHAM GEOSCIENCE LIMITED (REGISTERED NUMBER: 06361681)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,184 3,054

CURRENT ASSETS
Debtors 5 60,157 44,742
Cash at bank 6,136 9,278
66,293 54,020
CREDITORS
Amounts falling due within one year 6 12,449 25,582
NET CURRENT ASSETS 53,844 28,438
TOTAL ASSETS LESS CURRENT LIABILITIES 57,028 31,492

CREDITORS
Amounts falling due after more than one year 7 (24,610 ) (30,627 )

PROVISIONS FOR LIABILITIES 8 (605 ) (581 )
NET ASSETS 31,813 284

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 31,713 184
SHAREHOLDERS' FUNDS 31,813 284

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

NEEDHAM GEOSCIENCE LIMITED (REGISTERED NUMBER: 06361681)

BALANCE SHEET - continued
31ST DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19th July 2024 and were signed on its behalf by:





Dr D T Needham - Director


NEEDHAM GEOSCIENCE LIMITED (REGISTERED NUMBER: 06361681)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. STATUTORY INFORMATION

Needham Geoscience Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the net invoiced sales of services provided, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

NEEDHAM GEOSCIENCE LIMITED (REGISTERED NUMBER: 06361681)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2023 39,215
Additions 1,733
At 31st December 2023 40,948
DEPRECIATION
At 1st January 2023 36,161
Charge for year 1,603
At 31st December 2023 37,764
NET BOOK VALUE
At 31st December 2023 3,184
At 31st December 2022 3,054

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 58,983 17,750
Directors' current accounts 679 25,904
Prepayments 495 1,088
60,157 44,742

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,890 5,890
Other loans 3,539 3,539
Trade creditors 155 2,073
Corporation tax 313 10,598
VAT 288 1,293
Accrued expenses 2,264 2,189
12,449 25,582

NEEDHAM GEOSCIENCE LIMITED (REGISTERED NUMBER: 06361681)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 16,058 18,535
Other loans 8,552 12,092
24,610 30,627

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 605 581

Deferred
tax
£   
Balance at 1st January 2023 581
Charge to Statement of Income and Retained Earnings during year 24
Balance at 31st December 2023 605

The movement in the deferred tax provision is wholly attributable to accelerated capital allowances.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2023 and 31st December 2022:

2023 2022
£    £   
Dr D T Needham and Mrs F J Needham
Balance outstanding at start of year 25,904 20,166
Amounts advanced - 5,738
Amounts repaid (25,225 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 679 25,904

NEEDHAM GEOSCIENCE LIMITED (REGISTERED NUMBER: 06361681)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

The directors loan account is interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Dr D T Needham.