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REGISTERED NUMBER: 07475665 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

IGS (International Geoscience Services)
Limited

IGS (International Geoscience Services)
Limited (Registered number: 07475665)






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


IGS (International Geoscience Services)
Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Dr A C Johnson
M E Parker
Dr P K Zawada
Professor J G T Earls
Y Keren
D C Ovadia
Y Zantkeren





REGISTERED OFFICE: Cabourn House
Station Street
Bingham
Nottinghamshire
NG13 8AQ





REGISTERED NUMBER: 07475665 (England and Wales)





AUDITORS: Xeinadin Audit Limited t/a Xeinadin Auditing
Cabourn House, Station Street
Bingham
Nottinghamshire
NG13 8AQ

IGS (International Geoscience Services)
Limited (Registered number: 07475665)

Balance Sheet
31 December 2023

31.12.23 31.12.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 125,000
Tangible assets 5 3,225 4,416
Investments 6 960 950
4,185 130,366

CURRENT ASSETS
Debtors 7 3,221,836 1,687,119
Cash at bank and in hand 1,008,240 1,409,391
4,230,076 3,096,510
CREDITORS
Amounts falling due within one year 8 2,188,336 2,135,130
NET CURRENT ASSETS 2,041,740 961,380
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,045,925

1,091,746

CREDITORS
Amounts falling due after more than one year 9 20,753 30,746
NET ASSETS 2,025,172 1,061,000

CAPITAL AND RESERVES
Called up share capital 130 130
Share premium 667,897 667,897
Retained earnings 1,357,145 392,973
2,025,172 1,061,000

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 16 October 2024 and were signed on its behalf by:




Dr P K Zawada - Director


IGS (International Geoscience Services)
Limited (Registered number: 07475665)

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

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

Preparation of consolidated financial statements
The financial statements contain information about IGS (International Geoscience Services) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Tangible fixed assets are initially recognised at cost which is the purchase price plus any directly attributable costs. Subsequently, tangible fixed assets are measured at cost less accumulated depreciation and impairment losses.

Investments in associates
Investments are measured at fair value through the Profit and Loss account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

IGS (International Geoscience Services)
Limited (Registered number: 07475665)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financing asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite have retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred 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 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.


IGS (International Geoscience Services)
Limited (Registered number: 07475665)

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

2. 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.

Research and development
Research expenditure on research and development is written off in the year in which it is incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial, and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. Provision is made for any impairment.

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.

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.

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.

Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

IGS (International Geoscience Services)
Limited (Registered number: 07475665)

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

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each Balance Sheet date, the Company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

IGS (International Geoscience Services)
Limited (Registered number: 07475665)

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 347,144
Disposals (347,144 )
At 31 December 2023 -
AMORTISATION
At 1 January 2023 222,144
Charge for year 25,000
Eliminated on disposal (247,144 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 125,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 31,098
Additions 1,354
Disposals (514 )
At 31 December 2023 31,938
DEPRECIATION
At 1 January 2023 26,682
Charge for year 2,188
Eliminated on disposal (157 )
At 31 December 2023 28,713
NET BOOK VALUE
At 31 December 2023 3,225
At 31 December 2022 4,416

IGS (International Geoscience Services)
Limited (Registered number: 07475665)

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

6. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 January 2023 950
Additions 10
At 31 December 2023 960
NET BOOK VALUE
At 31 December 2023 960
At 31 December 2022 950

Investments in shares

Name of
entity

Registered office
Nature of
business
Class of
shares
Ownership
31.12.2023
Ownership
31.12.2022


Idpex Private
Limited
Plot No. K-26, 2nd Floor,
Kinkhede Layout, Bharat
Nagar, Amravati Road,
Nagpur, Maharashtra, India


Professional and
technical activities



Ordinary



33.00%



33.00%

Planetary AI
Limited
2 Ord Distillery, Ord
Distillery, Muir of Ord,
Scotland, IV6 7UJ
Scientific and
technical consulting
activities


Ordinary


5.00%


-

7. DEBTORS
31.12.23 31.12.22
as restated
£    £   
Amounts falling due within one year:
Trade debtors 2,018,259 989,511
Other debtors 630,895 145,438
2,649,154 1,134,949

Amounts falling due after more than one year:
Other debtors 572,682 552,170

Aggregate amounts 3,221,836 1,687,119

IGS (International Geoscience Services)
Limited (Registered number: 07475665)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Bank loans and overdrafts 9,994 9,747
Trade creditors 60,857 503,546
Taxation and social security 23,040 16,402
Other creditors 2,094,445 1,605,435
2,188,336 2,135,130

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Bank loans 20,753 30,746

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

The Report of the Auditors was unqualified.

Janet Charlton (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited t/a Xeinadin Auditing

11. RELATED PARTY DISCLOSURES

Remuneration was paid to the directors of £122,054 (2022: £94,086). The directors are the only key management personnel of the Company.

During the year the Company received consultancy and business development services from Joluco Limited, a company in which A Johnson is a common director. Costs of £73,031 were charged by Joluco Limited. At the year end £7,698 was due to Joluco Limited.

During the year the Company received consultancy services from M E Parker. Costs of £6,750 were charged which was due to M E Parker at the year end. In the prior year the company received consultancy services from Equator Gold Limited, a company in which M E Parker is a common director. Costs of £50,749 were charged by Equator Gold Limited. At the prior year end £7,494 was due to Equator Gold Limited.

During the year the Company received consultancy services from J G T Earls. Costs of £40,155 were charged during the year. At the year end £10,314 was due to J G T Earls.

12. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.