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Registered number: 05281091










GEOS GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023



 
GEOS GROUP LIMITED
 

COMPANY INFORMATION


Directors
B J Newton 
V Newton 




Company secretary
S Wheatley



Registered number
05281091



Registered office
Chiltern House
45 Station Road

Henley-on-Thames

Oxfordshire

RG9 1AT




Independent auditors
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS




Bankers
HSBC UK Bank plc
Stratus House

Emperor Way

Exeter Business Park

Exeter

Devon

EX1 3QS





 
GEOS GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditors' Report
6 - 9
Consolidated Statement of Comprehensive Income
10
Consolidated Balance Sheet
11
Company Balance Sheet
12
Consolidated Statement of Changes in Equity
13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15 - 16
Notes to the Financial Statements
17 - 36


 
GEOS GROUP LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal Activity
 
The principal activity of the group are that of the storage, transportation and distribution of Marine gas oil and inland fuels.

Business review
 
The Group continues to be one of the largest independent marine fuel suppliers in the UK.
Its main trading subisdery Sea Bunkering Limited is one of the largest marine fuel suppliers in the UK engaged in the marketing, sale and distribution of marine fuel products. In the UK fuel is supplied from its own seven dedicated storage locations, other supply partners or direct from trusted oil refineries giving it many competitive advantages.
The group has its own dedicated vessels that ensure security of supply and these vessels also provide direct bunkering services and shipping to third parties.

The group now employs 49 permanent members of staff in the UK specialising in trading, storage and distribution, they ensure consistency of supply of fuel by transporting the company’s own product directly from UK based Oil Refiners guaranteeing product quality.

The Group has successfully developed its physical storage locations to provide flexibility and security of supply, with a wide choice of locations for customers. To this end, it has invested in storage and is continually expanding its network of storage locations and will continue to do so.

The group has also added to its fleet of lorries to grow the business in relation marine and inland fuel deliveries.

During 2023 there were major movements in the price of fuel, the group has used its expertise and the necessary risk management tools to mitigate the price volatility and supply risks. This together with the company's finance facility has meant that the group has been able to manage through these turbulent times with the necessary cash to fund its working capital and acquisition requirements.

In terms of supply and demand both have continued to remain in line with prior years and the company has continued to secure new customers. 

The group’s financial key performance indicators are gross profit and operating profit.   During the year the group performed satisfactorily against these KPIs with both gross and operating profit at reasonable levels compared to the previous year.

The Board anticipate the group continuing to generate positive cash flows during 2024 and beyond but if the future impact of market conditions  was significantly worse than now or for longer than anticipated potentially and this resulted in a period of losses, then the company has sufficient access to cash reserves and financial facilities to enable it to weather a period of losses and emerge strong, in all but the most extreme of scenarios.

Looking ahead, management continue to take a conservative view on the market and overall demand, with the Group’s continued focus on financial strength, innovation and risk management, the company remains favourably positioned to profitably grow in the marine and inland segments.

Financial and non-financial key performance indicators
 
The director considers the key performance indicator of the SBL to be the degree to which it is able to profitably grow the business in the physical supply of marine fuel to a growing customer base and therefore both turnover growth and operating profit are under constant review. It must also ensure that is successfully manages and, if necessary, hedges any exposure to the market such as oil price volatility, logistical and distribution costs and currency fluctuations.

Page 1

 
GEOS GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The principal risk to the business is the unpredictability of the price of marine distillates, this can be hedged with either physical trades or with derivatives. To a lesser extent the time taken to physically ship products can also have an impact on logistical costs and therefore profitability.
The Group uses various financial instruments including trade finance, future fuel price hedges, cash, foreign exchange hedges and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company’s operations and mitigate risk.

Financial risk management objectives and policies
 
The main risks arising from the company’s financial instruments are market risk, cash flow interest rate risk, credit risk and liquidity risk. Management review and agree policies for managing each of these risks which are summarised below. These policies remain unchanged from previous years.
Market risk
Market risk encompasses three types of risk, being currency risk, fair value interest rate risk and price risk. The company’s policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection entitled “interest rate risk” below. The company is exposed to price risk due to volatility in the price of oil. This is managed by future fuel price hedge contracts.
Currency risk
The company is exposed to translation and transaction foreign exchange risk which is managed by forward exchange contracts for currency. All sales and cost of sales of the company are invoiced in sterling.
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
Interest rate risk
The company finances its operations through trade loan facilities and term loan as well as through retained profits. The company’s debtors and creditors do not attract interest, and are therefore subject to fair value interest rate risk..
Credit risk
The company’s principal financial assets are cash and trade debtors. The credit risk associated with the cash balances is managed by the company monitoring the financial position of the counter parties involved.
In order to manage the credit risk arising from trade debtors, the director sets limits for customers based on a combination of payment history and third party credit references.
Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.
The company has reviewed debtor balances at 31 December 2023 and provided for balances where the risk of non-recovery is considered to be significant.
The director monitors the performance of counter-parties and addresses the problems with customers where the risk on non-performance of contractual obligations is considered to be significant.





 
Page 2

 
GEOS GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Director's statement of compliance with duty to promote the success of the Company and the Group 
The Directors of the Group, as those of all UK companies, must act in accordance with a set of general duties which are set out in detail in section 172 of UK Companies Act 2006. The following paragraphs summarise how the Directors’ fulfil their duties:
Risk Management: We provide business critical services in a highly regulated environment, it is therefore vital we effectively identify, evaluate, manage and mitigate these risks and continue to evolve our approach to risk management.
Our People: We are committed to be a responsible business, aligned with expectations of our people, clients, investors, communities’ and society. People are at the heart of our services, so we need to manage and develop our people’s performance and bring through talent. We must ensure we share common values and guide behaviour, so we achieve our goals the right way.
Business Relationships: Our strategy prioritises organic growth. To do its we need to develop and maintain strong client relationships. We value all our suppliers and have long term contracts with our key suppliers.
Community and Environment: The company approach is to create positive change for the people and communities with which it interacts, and we want to leverage our expertise to support the communities around us.
Shareholders: The board is committed to engaging with its shareholders so that they understand our strategy and objectives, so they must be explained clearly to them and their feedback heard and properly considered.

 



This report was approved by the board and signed on its behalf.



................................................
B J Newton
Director

Date: 17 September 2024

Page 3

 
GEOS GROUP LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,149,548 (2022 - £2,176,204).

Interim dividends of £331,337 (2022: £99,837) were paid.

Directors

The directors who served during the year were:

B J Newton 
V Newton 

Future developments

See Strategic Report.

Engagement with suppliers, customers and others

See Strategic Report

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Page 4

 
GEOS GROUP LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


See Strategic Report

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsJames Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
B J Newton
Director

Date: 17 September 2024

Page 5

 
GEOS GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOS GROUP LIMITED
 

Opinion


We have audited the financial statements of GEOS Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
GEOS GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOS GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
GEOS GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOS GROUP LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

The specific procedures for this engagement that we designed and performed to detect material misstatements
in respect of irregularities, including fraud, were as follows:

Enquiry of management and those charged with governance around actual and potential        litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of noncompliance with laws and regulations; 
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 8

 
GEOS GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOS GROUP LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Alan Poole BA (Hons) FCA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
Reading Bridge House
George Street
Reading
Berkshire
RG1 8LS

18 September 2024
Page 9

 
GEOS GROUP LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
321,587,957
384,877,110

Cost of sales
  
(313,882,118)
(377,410,200)

Gross profit
  
7,705,839
7,466,910

Administrative expenses
  
(5,047,615)
(4,179,428)

Operating profit
 5 
2,658,224
3,287,482

Interest receivable and similar income
 9 
1,195
2,151

Interest payable and similar expenses
 10 
(1,174,619)
(523,085)

Profit before taxation
  
1,484,800
2,766,548

Tax on profit
 11 
(335,252)
(590,344)

Profit for the financial year
  
1,149,548
2,176,204

Profit for the year attributable to:
  

Owners of the parent Company
  
1,149,548
2,176,204

  
1,149,548
2,176,204

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 17 to 36 form part of these financial statements.

Page 10

 
GEOS GROUP LIMITED
REGISTERED NUMBER: 05281091

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
2,025,162
2,211,143

Tangible assets
 14 
3,791,073
3,811,893

  
5,816,235
6,023,036

Current assets
  

Stocks
 16 
12,189,420
6,430,428

Debtors: amounts falling due within one year
 17 
18,343,084
24,814,377

Cash at bank and in hand
 18 
957,098
1,130,900

  
31,489,602
32,375,705

Creditors: amounts falling due within one year
 19 
(25,418,463)
(27,208,492)

Net current assets
  
 
 
6,071,139
 
 
5,167,213

Total assets less current liabilities
  
11,887,374
11,190,249

Creditors: amounts falling due after more than one year
 20 
(211,761)
(312,621)

Provisions for liabilities
  

Deferred taxation
 23 
(892,038)
(912,264)

  
 
 
(892,038)
 
 
(912,264)

Net assets
  
10,783,575
9,965,364


Capital and reserves
  

Called up share capital 
 24 
33,052
33,052

Profit and loss account
 25 
10,750,523
9,932,312

Equity attributable to owners of the parent Company
  
10,783,575
9,965,364

  
10,783,575
9,965,364


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2024.


................................................
B J Newton
Director

The notes on pages 17 to 36 form part of these financial statements.

Page 11

 
GEOS GROUP LIMITED
REGISTERED NUMBER: 05281091

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 15 
6,935,134
6,935,134

  
6,935,134
6,935,134

Current assets
  

Debtors: amounts falling due within one year
 17 
50,000
-

  
50,000
-

Creditors: amounts falling due within one year
 19 
(6,427,814)
(6,354,787)

Net current liabilities
  
 
 
(6,377,814)
 
 
(6,354,787)

Total assets less current liabilities
  
557,320
580,347

  

  

Net assets
  
557,320
580,347


Capital and reserves
  

Called up share capital 
 24 
33,052
33,052

Profit and loss account carried forward
  
524,268
547,295

  
557,320
580,347


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2024.


................................................
B J Newton
Director

The notes on pages 17 to 36 form part of these financial statements.

Page 12

 
GEOS GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 January 2023
33,052
9,932,312
9,965,364
9,965,364


Comprehensive income for the year

Profit for the year
-
1,149,548
1,149,548
1,149,548


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
1,149,548
1,149,548
1,149,548


Contributions by and distributions to owners

Dividends: Equity capital
-
(331,337)
(331,337)
(331,337)


Total transactions with owners
-
(331,337)
(331,337)
(331,337)


At 31 December 2023
33,052
10,750,523
10,783,575
10,783,575


The notes on pages 17 to 36 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 January 2022
33,052
8,155,945
8,188,997
8,188,997


Comprehensive income for the year

Profit for the year
-
2,176,204
2,176,204
2,176,204


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
2,176,204
2,176,204
2,176,204


Contributions by and distributions to owners

Dividends: Equity capital
-
(399,837)
(399,837)
(399,837)


Total transactions with owners
-
(399,837)
(399,837)
(399,837)


At 31 December 2022
33,052
9,932,312
9,965,364
9,965,364


The notes on pages 17 to 36 form part of these financial statements.

Page 13

 
GEOS GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
33,052
547,295
580,347


Comprehensive income for the year

Profit for the year
-
308,310
308,310


Other comprehensive income for the year
-
-
-


Contributions by and distributions to owners

Dividends: Equity capital
-
(331,337)
(331,337)


Total transactions with owners
-
(331,337)
(331,337)


At 31 December 2023
33,052
524,268
557,320


The notes on pages 17 to 36 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
33,052
562,683
595,735


Comprehensive income for the year

Profit for the year
-
384,449
384,449


Other comprehensive income for the year
-
-
-


Contributions by and distributions to owners

Dividends: Equity capital
-
(399,837)
(399,837)


Total transactions with owners
-
(399,837)
(399,837)


At 31 December 2022
33,052
547,295
580,347


The notes on pages 17 to 36 form part of these financial statements.

Page 14

 
GEOS GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,149,548
2,176,204

Adjustments for:

Amortisation of intangible assets
197,318
185,283

Depreciation of tangible assets
356,024
341,561

Loss on disposal of tangible assets
11,834
-

Interest paid
1,175,257
523,085

Interest received
(1,195)
(2,151)

Taxation charge
335,252
590,344

(Increase)/decrease in stocks
(5,758,992)
1,654,322

Decrease/(increase) in debtors
4,391,650
(9,747,020)

(Decrease)/increase in creditors
(10,454,048)
10,163,949

Increase/(decrease) in provisions
-
(364,155)

Corporation tax (paid)
(343,149)
(465,779)

Net cash generated from operating activities

(8,940,501)
5,055,643


Cash flows from investing activities

Purchase of intangible fixed assets
(11,337)
-

Purchase of tangible fixed assets
(347,038)
(588,995)

Interest received
1,195
2,151

Acquisition
-
(207,063)

Net cash from investing activities

(357,180)
(793,907)

Cash flows from financing activities

Net of new loan drawdown and repayments
10,368,593
(3,849,267)

Repayment of/new finance leases
(42,336)
-

Dividends paid
(331,337)
(399,837)

Interest paid
(1,175,257)
(523,085)

Net cash used in financing activities
8,819,663
(4,772,189)

Net (decrease) in cash and cash equivalents
(478,018)
(510,453)

Cash and cash equivalents at beginning of year
(261,869)
248,584

Cash and cash equivalents at the end of year
(739,887)
(261,869)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
957,098
1,130,900

Bank overdrafts
(1,696,985)
(1,392,769)

(739,887)
(261,869)

Page 15

 
GEOS GROUP LIMITED
 

The notes on pages 17 to 36 form part of these financial statements.

Page 16

 
GEOS GROUP LIMITED
 

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

1.


General information

GEOS Group Limited is a private company limited by shares incorporate in the United Kingdom. Its registered office and principal place of business is Chiltern House, 45 Station Road, Henley-on-Thames, Oxfordshire, RG9 1AT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The financial position of the group, its liquidity position and principal risks and uncertainties are described in the Strategic report.
The group has remained committed to growth, developing new business opportunities, strengthening its balance sheet and above all, focusing on providing value to its customers beyond best price. This value includes leveraging off the company’s market knowledge and its unique expertise, which enables the group to limit customers’ exposure to price volatility, supply issues and quality.
As a result, the director believes that the group has adequate resources to continue operations for the foreseeable future being a period of not less that twelve months from the date of signing the financial statements. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.

Page 17

 
GEOS GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: Lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 18

 
GEOS GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 19

 
GEOS GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life, estimated to be 20 years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
3-5 & 25 years
Motor vehicles
-
3-7 years
Fixtures and fittings
-
3-4 & 15 years
Computer equipment
-
5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stock.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 20

 
GEOS GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

The group recognises a provision for annual leave accrued by employees as a result of services rendered in the current period and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary costs payable for the period of absence.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.20

Impairment of non-financial assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimates and compared with its carrying amount. If estimated recoverable amount is lower, carrying amount is reduced to its estimates recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised immediately in the statement of comprehensive income.

Page 21

 
GEOS GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.21

Financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans
and other accounts receivable and payable, are initially measured at present value of the future cash
flows and subsequently at amortised cost using the effective interest method. Debt instruments that
are payable or receivable within one year, typically trade debtors and creditors, are measured,
initially and subsequently, at the undiscounted amount of the cash or other consideration expected
to be paid or received. However, if the arrangements of a short-term instrument constitute a
financing transaction, like the payment of a trade debt deferred beyond normal business terms or in
case of an out-right short-term loan that is not at market rate, the financial asset or liability is
measured, initially at the present value of future cash flows discounted at a market rate of interest
for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a
director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Consolidated Statement of Comprehensive
Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found,
an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference
between an asset's carrying amount and the present value of estimated cash flows discounted at the
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount
rate for measuring any impairment loss is the current effective interest rate determined under the
contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate of the recoverable amount, which
is an approximation of the amount that the Group would receive for the asset if it were to be sold at
the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when
there is an 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic
financial instruments. Derivatives are initially recognised at fair value on the date a derivative
contract is entered into and are subsequently re-measured at their fair value. Changes in the fair
value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The
company does not currently apply hedge accounting for interest rate and foreign exchange
derivatives.
 

Page 22

 
GEOS GROUP LIMITED
 

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in the Statement of Comprehensive Income, when, and if, better information is obtained.
Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustment within the next financial year are included below.
Critical judgements that management has made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relates to the following:
Provisions
In recognising provisions, the company evaluates the extent to which it is probable that it has incurred a legal or constructive obligation in respect of past events and the probability that there will be an outflow of benefits as a result. The judgements used to recognise provisions are based on currently known factors which may vary over time, resulting in changes in the measurement of recorded amounts as compared to initial estimates.
Stocks
Management applies judgement at each balance sheet date position to estimate the net realisable values of stock, taking into account the most reliable evidence at each reporting date.
Fixed assets
Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to obsolescence and "wear and tear" that may change the utility of certain plant and machinery.
Where there are indicators of impairment of individual assets, management perform impairment tests based on the fair value less costs to sell at a value in use calculation. The value in use calculation is based on a discounted cash flow model, cash flows being based on budgets and estimated discount rates.
In undertaking this impairment assessment, the director has taken into consideration the benefits that the Blyth terminal brings to the performance of the company's other terminals.

Page 23

 
GEOS GROUP LIMITED
 

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

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Fuel sales
320,898,506
384,656,677

Vehicle maintenance
689,451
220,433

321,587,957
384,877,110


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
243,637,889
349,502,165

Rest of Europe
58,455,558
23,636,753

Rest of the world
19,494,510
11,738,192

321,587,957
384,877,110



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
4,605
50,697

Other operating lease rentals
234,176
230,880


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
38,900
37,175

Fees payable to the Company's auditors and their associates in respect of:

Taxation compliance services
5,850
5,500

Other assurance services
3,250
3,000

Page 24

 
GEOS GROUP LIMITED
 

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

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,128,835
1,575,274
-
-

Social security costs
239,760
270,391
-
-

Cost of defined contribution scheme
164,196
199,058
-
-

2,532,791
2,044,723
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Director
1
1



Administration, sales, operations and drivers
48
39

49
40


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
47,986
12,000

47,986
12,000


During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.


9.


Interest receivable

2023
2022
£
£


Other interest receivable
1,195
2,151

1,195
2,151

Page 25

 
GEOS GROUP LIMITED
 

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

10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
1,154,468
517,148

Finance leases and hire purchase contracts
20,151
5,937

1,174,619
523,085


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
389,120
528,453

Adjustments in respect of previous periods
(33,642)
45


355,478
528,498


Total current tax
355,478
528,498

Deferred tax


Origination and reversal of timing differences
(20,226)
42,750

Effect of tax rate change on opening balance
-
19,096

Total deferred tax
(20,226)
61,846


Taxation on profit on ordinary activities
335,252
590,344
Page 26

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,484,800
2,766,548


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
349,225
525,644

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,323
517

Capital allowances for year in excess of depreciation
1,041
(24,111)

Adjustments to tax charge in respect of prior periods
(33,641)
46

Remeasurement of deferred tax for changes in tax rates
18,433
88,248

Non-taxable income
(1,129)
-

Total tax charge for the year
335,252
590,344


12.


Dividends

2023
2022
£
£


Interim dividend paid
331,337
399,837

During the year, interim dividends of £10.02 (2022: £12.09) per share were paid.

Page 27

 
GEOS GROUP LIMITED
 

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

13.


Intangible assets

Group 





Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
14,448
3,726,948
3,741,396


Additions
11,337
-
11,337



At 31 December 2023

25,785
3,726,948
3,752,733



Amortisation


At 1 January 2023
1,926
1,528,327
1,530,253


Charge for the year on owned assets
3,446
193,872
197,318



At 31 December 2023

5,372
1,722,199
1,727,571



Net book value



At 31 December 2023
20,413
2,004,749
2,025,162



At 31 December 2022
12,522
2,198,621
2,211,143





Page 28

 
GEOS GROUP LIMITED
 

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

14.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
4,252,884
1,571,195
151,398
67,917
6,043,394


Additions
46,319
276,421
23,858
440
347,038


Disposals
(21,755)
(379,149)
(34,922)
-
(435,826)



At 31 December 2023

4,277,448
1,468,467
140,334
68,357
5,954,606



Depreciation


At 1 January 2023
1,285,328
871,587
33,524
41,062
2,231,501


Charge for the year on owned assets
175,431
157,807
10,444
12,342
356,024


Disposals
(21,769)
(378,779)
(23,444)
-
(423,992)



At 31 December 2023

1,438,990
650,615
20,524
53,404
2,163,533



Net book value



At 31 December 2023
2,838,458
817,852
119,810
14,953
3,791,073



At 31 December 2022
2,967,556
699,608
117,874
26,855
3,811,893

Page 29

 
GEOS GROUP LIMITED
 

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

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
6,935,134



At 31 December 2023
6,935,134






Net book value



At 31 December 2023
6,935,134



At 31 December 2022
6,935,134


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Sea Bunkering Holding Limited
Ordinary
100%
Sea Bunkering Limited *
Ordinary
100%
Sea Tankers Limited *
Ordinary
100%
Refinery Direct Limited *
Ordinary
100%
Maren Limited *
Ordinary
100%
Wilton Transport Limited
Ordinary
100%
Pressick Commercials Limited
Ordinary
100%

* indirectly held by Geos Group Limited through its investment in Sea Bunkering Holding Limited.
 
Pressick Commercials Limited have taken advantage of the exemption from a statutory audit under the
parent company guarantees as per the Companies Act 479A
Page 30

 
GEOS GROUP LIMITED
 

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

16.


Stocks

Group
Group
2023
2022
£
£

Fuel stocks
12,047,390
6,251,156

Work in progress
142,030
179,272

12,189,420
6,430,428



17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
14,905,568
21,956,507
-
-

Other debtors
1,915,649
1,540,093
50,000
-

Prepayments and accrued income
1,189,041
1,001,248
-
-

Derivative financial instruments
332,826
316,529
-
-

18,343,084
24,814,377
50,000
-


Included within other debtors is a director's current account balance of £1,214,933 (2022: £1,170,475). See note 31 for further details.

The derivative financial instruments above relate to Gasoil futures stated at the quotes market value.


18.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
957,098
1,130,900

Less: bank overdrafts
(1,696,985)
(1,392,769)

(739,887)
(261,869)


Page 31

 
GEOS GROUP LIMITED
 

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

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
1,696,985
1,392,769
-
-

Bank loans
15,515,268
5,163,480
-
-

Trade creditors
6,710,607
19,293,553
-
-

Amounts owed to group undertakings
-
-
6,427,814
6,354,787

Corporation tax
390,893
378,564
-
-

Other taxation and social security
288,942
229,692
-
-

Obligations under finance lease and hire purchase contracts
136,676
61,347
-
-

Other creditors
2,505
218,313
-
-

Accruals and deferred income
676,587
470,774
-
-

25,418,463
27,208,492
6,427,814
6,354,787


The group has a trade loan facility of £24,000,000 (2022: £18,000,000) and a loan facility of £3,000,000.
The trade financing facility is secured by debentures including fixed and floating charges over all assets and a guarantee from Geos Group Limited. It carries interest at LIBOR plus a margin of 2.25%.
The bank loan is subject to an interest rate of LIBOR plus a margin of 2.5%. (These are secured over tank storage assets). The loan is repayable in equal monthly instalments over four years.
 

20.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
211,761
312,621

211,761
312,621




Page 32

 
GEOS GROUP LIMITED
 

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

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
15,515,268
5,163,480


15,515,268
5,163,480




15,515,268
5,163,480



22.


Financial instruments

Group
Group
2023
2022
£
£

Financial assets

Derivative financial instruments measured at fair value through profit or loss
332,826
468,338

Financial assets that are debt instruments measured at amortised cost
16,821,217
23,145,452

Cash and cash equivalents
957,098
1,130,900

18,111,141
24,744,690


Financial liabilities

Financial liabilities measured at amortised cost
(24,350,983)
(26,805,871)

Page 33

 
GEOS GROUP LIMITED
 

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

23.


Deferred taxation


Group



2023


£






At beginning of year
(912,264)


Charged to profit or loss
20,226



At end of year
(892,038)

Company


2023






At end of year
-
The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
(885,484)
(905,710)

Short term timing differences
(6,554)
(6,554)

(892,038)
(912,264)


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



33,052 (2022 - 33,052) Ordinary shares of £1.00 each
33,052
33,052



25.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.


26.


Contingent liabilities

As at 31 December 2023 and at 31 December 2022 there were no contingent liabilities. 

Page 34

 
GEOS GROUP LIMITED
 

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

27.


Capital commitments

The group had no capital commitments at the end of the financial year 31 December 2023 (2022: £nil).





28.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £130,151 (2022: £226,214). Contributions totalling £nil (2022: £nil) were payable to the fund at the balance sheet date and are included in creditors.


29.


Operating lease commitments

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
105,618
159,022

Later than 1 year and not later than 5 years
225,560
230,388

Later than 5 years
549,803
606,193

880,981
995,603

30.


Parent Company profit for the year

The company has taken advantage of the exemption allowed under section 408 Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent company for the year was £308,310 (2022: £384,449).


31.


Director's loan

2023
2022
£
£
BJ Newton
Balance at the start of the year

1,170,475

1,005,695

Amounts advanced

84,149

164,780

Amounts repaid

(39,691)

-

Balance outstanding at the year end
1,214,933

1,170,475


The maximum outstanding amount during the year was £1,214,933 (2022: £1,170,475).

Page 35

 
GEOS GROUP LIMITED
 

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

32.Other financial commitments

Guarantees
Geos Group Limited and Sea Bunkering Holdings Limited have a composite company limited multilateral guarantee provided to HSBC UK Bank plc in respect of the financing facility in Sea Bunkering Limited.


33.


Related party transactions

The director considers key management personnel to comprise the members of the senior management team. The total employment benefits, including employer pension contributions for the senior management team were £460,691 (2022: £365,655).


34.


Ultimate controlling party

The ultimate controlling party is Barry J Newton, by virtue of his controlling shareholding of the company.

Page 36