1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-30 Sage Accounts Production Advanced 2023 - FRS102_2023 14,641 14,641 14,641 14,641 20,000 20,000 xbrli:pure xbrli:shares iso4217:GBP 05409474 2023-06-30 2024-06-29 05409474 2024-06-29 05409474 2023-06-29 05409474 2022-06-30 2023-06-29 05409474 2023-06-29 05409474 2022-06-29 05409474 core:MotorVehicles 2023-06-30 2024-06-29 05409474 bus:Director1 2023-06-30 2024-06-29 05409474 core:WithinOneYear 2024-06-29 05409474 core:WithinOneYear 2023-06-29 05409474 core:MotorVehicles 2023-06-29 05409474 core:MotorVehicles 2024-06-29 05409474 core:ShareCapital 2024-06-29 05409474 core:ShareCapital 2023-06-29 05409474 core:RetainedEarningsAccumulatedLosses 2024-06-29 05409474 core:RetainedEarningsAccumulatedLosses 2023-06-29 05409474 core:CostValuation core:Non-currentFinancialInstruments 2023-06-29 05409474 core:Non-currentFinancialInstruments 2023-06-29 05409474 core:MotorVehicles 2023-06-29 05409474 bus:SmallEntities 2023-06-30 2024-06-29 05409474 bus:AuditExemptWithAccountantsReport 2023-06-30 2024-06-29 05409474 bus:SmallCompaniesRegimeForAccounts 2023-06-30 2024-06-29 05409474 bus:PrivateLimitedCompanyLtd 2023-06-30 2024-06-29 05409474 bus:FullAccounts 2023-06-30 2024-06-29 05409474 core:ComputerSoftware 2023-06-30 2024-06-29 05409474 core:ComputerEquipment 2023-06-30 2024-06-29 05409474 core:ComputerSoftware 2023-06-29 05409474 core:ComputerEquipment 2024-06-29 05409474 core:ComputerEquipment 2023-06-29
COMPANY REGISTRATION NUMBER: 05409474
Georex UK Limited
Filleted Unaudited Financial Statements
29 June 2024
Georex UK Limited
Statement of Financial Position
29 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
50,650
69,966
Investments
7
20,000
--------
--------
50,650
89,966
Current assets
Debtors
8
2,191,434
2,158,192
Cash at bank and in hand
299,761
205,643
------------
------------
2,491,195
2,363,835
Creditors: amounts falling due within one year
9
( 1,696,653)
( 1,738,938)
------------
------------
Net current assets
794,542
624,897
---------
---------
Total assets less current liabilities
845,192
714,863
Provisions
( 12,662)
( 17,491)
---------
---------
Net assets
832,530
697,372
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
831,530
696,372
---------
---------
Shareholders funds
832,530
697,372
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Georex UK Limited
Statement of Financial Position (continued)
29 June 2024
These financial statements were approved by the board of directors and authorised for issue on 3 October 2024 , and are signed on behalf of the board by:
Mr RL Pettit
Director
Company registration number: 05409474
Georex UK Limited
Notes to the Financial Statements
Year ended 29 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Adlink House, Suite 7a, Hawarden, Flintshire, CH5 3DJ, Wales.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company during this uncertain period.
Judgements and key sources of estimation uncertainty
There are no judgements that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable services rendered, stated net of discounts and of Value Added Tax. Turnover is recognised when the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity, the costs incurred or to be incurred can be measured reliably, and the services are delivered based on contracted rates.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Computer software
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
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:
Motor vehicles
-
20% straight line
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
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 for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Intangible assets
Computer software
£
Cost
At 30 June 2023
14,641
Additions
Disposals
( 14,641)
--------
At 29 June 2024
--------
Amortisation
At 30 June 2023
14,641
Charge for the year
Disposals
( 14,641)
--------
At 29 June 2024
--------
Carrying amount
At 29 June 2024
--------
At 29 June 2023
--------
6. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 30 June 2023 and 29 June 2024
95,320
8,481
103,801
--------
-------
---------
Depreciation
At 30 June 2023
25,627
8,208
33,835
Charge for the year
19,064
252
19,316
--------
-------
---------
At 29 June 2024
44,691
8,460
53,151
--------
-------
---------
Carrying amount
At 29 June 2024
50,629
21
50,650
--------
-------
---------
At 29 June 2023
69,693
273
69,966
--------
-------
---------
7. Investments
Other investments other than loans
£
Cost
At 30 June 2023
20,000
Transfers
(20,000)
--------
At 29 June 2024
--------
Impairment
At 30 June 2023 and 29 June 2024
--------
Carrying amount
At 29 June 2024
--------
At 29 June 2023
20,000
--------
8. Debtors
2024
2023
£
£
Other debtors
2,191,434
2,158,192
------------
------------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,468
3,468
Accruals and deferred income
2,402
2,402
Corporation tax
93,131
65,166
Director loan accounts
1,564,521
1,667,271
Other creditors
33,131
631
------------
------------
1,696,653
1,738,938
------------
------------
10. Related party transactions
As at 29 June 2024 £1,564,521 was owed to a director (2023: £1,667,270).