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REGISTERED NUMBER: 05967652 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Go Geothermal Ltd

Go Geothermal Ltd (Registered number: 05967652)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Go Geothermal Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S Sowden
T Williams
H Erlandsson
M Lindgrens
Ms H Richmond





REGISTERED OFFICE: Unit 9 Maple Way
Newton Aycliffe
Co. Durham
DL5 6BF





REGISTERED NUMBER: 05967652 (England and Wales)





AUDITORS: Haines Watts
Chartered Accountants & Statutory Auditors
3rd Floor
56 Wellington Street
Leeds
LS1 2EE

Go Geothermal Ltd (Registered number: 05967652)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 202,711 81,590

CURRENT ASSETS
Stocks 1,361,915 1,550,698
Debtors 6 1,420,329 1,266,257
Cash at bank 225,022 742,916
3,007,266 3,559,871
CREDITORS
Amounts falling due within one year 7 945,556 1,291,355
NET CURRENT ASSETS 2,061,710 2,268,516
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,264,421

2,350,106

CREDITORS
Amounts falling due after more than one
year

8

31,940

24,722
NET ASSETS 2,232,481 2,325,384

CAPITAL AND RESERVES
Called up share capital 11 4 4
Retained earnings 2,232,477 2,325,380
SHAREHOLDERS' FUNDS 2,232,481 2,325,384

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 4 September 2024 and were signed on its behalf by:





S Sowden - Director


Go Geothermal Ltd (Registered number: 05967652)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Go Geothermal Ltd 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value,
over the useful economic life of that asset as follows:

Plant and machinery25%
Fixtures and fittings 10%, 15%, 20%, 25%
Motor vehicles 25%
Computer equipment25%

Impairment of fixed asset
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 the possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of asset and generates cash inflows that largely independent of the cash inflows from other assets or group of assets.

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

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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.

Go Geothermal Ltd (Registered number: 05967652)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
Short term employee benefits, including holiday pay and other similar non monetary benefits, are recognised as an expense in the period in which they are incurred.

Debtors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. At the end of each reporting year the financial assets are assessed for evidence of impairment. If an asset is impaired, the impairment loss is recognised in the profit and loss.

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.

Creditors
Trade and other creditors are recognised initially at transaction price plus attributable transaction costs.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 18 ) .

Go Geothermal Ltd (Registered number: 05967652)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 101,847 34,566 56,969 31,342 224,724
Additions 46,206 107,441 - 15,867 169,514
Disposals - (2,660 ) - (45 ) (2,705 )
At 31 December 2023 148,053 139,347 56,969 47,164 391,533
DEPRECIATION
At 1 January 2023 87,696 10,358 19,070 26,010 143,134
Charge for year 16,043 14,592 11,093 4,005 45,733
Eliminated on disposal - - - (45 ) (45 )
At 31 December 2023 103,739 24,950 30,163 29,970 188,822
NET BOOK VALUE
At 31 December 2023 44,314 114,397 26,806 17,194 202,711
At 31 December 2022 14,151 24,208 37,899 5,332 81,590

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,284,815 1,193,598
Other debtors 135,514 72,659
1,420,329 1,266,257

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 9) 7,923 4,215
Trade creditors 617,430 734,688
Amounts owed to group undertakings 52,326 304,971
Taxation and social security 166,278 223,823
Other creditors 101,599 23,658
945,556 1,291,355

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 9) 31,940 24,722

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 7,923 4,215
Between one and five years 31,940 24,722
39,863 28,937

Go Geothermal Ltd (Registered number: 05967652)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 94,570 12,560
Between one and five years 329,473 6,280
In more than five years 372,371 -
796,414 18,840

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 39,863 28,937

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
400 Ordinary 0.01 4 4

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Barton BA (Hons) FCA CTA (Senior Statutory Auditor)
for and on behalf of Haines Watts

13. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension cost charge represents contributions payable by the company to the fund and amounted to £108,103 (2022: £81,682).

14. RELATED PARTY DISCLOSURES

No related party transactions took place as are required to be reported under Section 1A of FRS102.