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REGISTERED NUMBER: SC554864 (Scotland)















GEOLINK (UK) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






GEOLINK (UK) LIMITED (REGISTERED NUMBER: SC554864)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GEOLINK (UK) LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2023







DIRECTORS: A M Macrae
P S MacInnes





REGISTERED OFFICE: 220 King's Gate
Aberdeen
AB15 6DQ





REGISTERED NUMBER: SC554864 (Scotland)






GEOLINK (UK) LIMITED (REGISTERED NUMBER: SC554864)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 18,281 29,580
18,281 29,580

CURRENT ASSETS
Stocks 1,098,508 887,040
Debtors 6 316,854 192,339
Cash at bank 16,699 8,983
1,432,061 1,088,362
CREDITORS
Amounts falling due within one year 7 2,439,125 1,873,765
NET CURRENT LIABILITIES (1,007,064 ) (785,403 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(988,783

)

(755,823

)

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings (998,783 ) (765,823 )
SHAREHOLDERS' FUNDS (988,783 ) (755,823 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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.

GEOLINK (UK) LIMITED (REGISTERED NUMBER: SC554864)

BALANCE SHEET - continued
31 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:




P S MacInnes - Director



A M Macrae - Director


GEOLINK (UK) LIMITED (REGISTERED NUMBER: SC554864)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023


1. STATUTORY INFORMATION

Geolink (UK) Limited is a private company, limited by shares , registered in Scotland. 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 sales of goods and services provided in the year, excluding value added tax.

Intangible fixed assets
Intangible fixed assets represent patents and know how acquired on 30 September 2017. These assets were amortised over their expected useful life of 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

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

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

Current 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.

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.

Going concern
The directors have prepared the accounts on a going concern basis despite there being net liabilities at the balance sheet date as the company's main creditors are its majority shareholders who will not seek repayment until the company has sufficient funds.

GEOLINK (UK) LIMITED (REGISTERED NUMBER: SC554864)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and know
how
£   
COST
At 1 January 2023
and 31 December 2023 437,500
AMORTISATION
At 1 January 2023
and 31 December 2023 437,500
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 59,257
Additions 61
At 31 December 2023 59,318
DEPRECIATION
At 1 January 2023 29,677
Charge for year 11,360
At 31 December 2023 41,037
NET BOOK VALUE
At 31 December 2023 18,281
At 31 December 2022 29,580

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 292,020 78,232
Other debtors 13,013 24,513
Tax recoverable 11,821 89,594
316,854 192,339

GEOLINK (UK) LIMITED (REGISTERED NUMBER: SC554864)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 136,357 181,843
Taxation and social security 4,928 4,908
Other creditors 2,297,840 1,687,014
2,439,125 1,873,765

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Loan 605,000 605,000

One of the company's shareholders holds a floating charge over the company's assets for all sums due.

9. OTHER FINANCIAL COMMITMENTS

At 31 December 2023 the company was committed to making total payments under non-cancellable operating leases of £4,600 (2022, £17,433).