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Registration number: 08397850

Geeks+ IT Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Geeks+ IT Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Geeks+ IT Solutions Limited

Company Information

Director

Mr M R East

Registered office

100 Chapel Gate
Whaplode Drove
Spalding
Lincs
PE12 0TR

Accountants

Cannon Williamson
Chartered Certified Accountants
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

Geeks+ IT Solutions Limited

(Registration number: 08397850)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

35,184

10,579

Current assets

 

Stocks

5

7,690

7,100

Debtors

6

9,972

11,651

Cash at bank and in hand

 

1,310

8,923

 

18,972

27,674

Creditors: Amounts falling due within one year

7

(34,043)

(36,688)

Net current liabilities

 

(15,071)

(9,014)

Total assets less current liabilities

 

20,113

1,565

Creditors: Amounts falling due after more than one year

7

(19,267)

-

Provisions for liabilities

(2,825)

(1,664)

Net liabilities

 

(1,979)

(99)

Capital and Reserves

 

Called up share capital

8

1

1

Retained Earnings

(1,980)

(100)

Shareholders' deficit

 

(1,979)

(99)

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 November 2024
 

 

Geeks+ IT Solutions Limited

(Registration number: 08397850)
Balance Sheet as at 29 February 2024 (continued)

.........................................
Mr M R East
Director

 

Geeks+ IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
100 Chapel Gate
Whaplode Drove
Spalding
Lincs
PE12 0TR

These financial statements were authorised for issue by the director on 26 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Geeks+ IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

4% straight line

Plant and Machinery

15% straight line

Fixtures and Fittings

15% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Geeks+ IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Geeks+ IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Tangible Assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 March 2023

5,055

17,054

-

7,761

29,870

Additions

-

191

29,563

4,109

33,863

At 29 February 2024

5,055

17,245

29,563

11,870

63,733

Depreciation

At 1 March 2023

3,235

10,812

-

5,244

19,291

Charge for the year

1,011

2,487

4,434

1,326

9,258

At 29 February 2024

4,246

13,299

4,434

6,570

28,549

Carrying amount

At 29 February 2024

809

3,946

25,129

5,300

35,184

At 28 February 2023

1,820

6,242

-

2,517

10,579

Included within the net book value of land and buildings above is £809 (2023 - £1,820) in respect of freehold land and buildings.
 

 

Geeks+ IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

5

Stocks

2024
£

2023
£

Other inventories

7,690

7,100

6

Debtors

Current

2024
£

2023
£

Trade Debtors

8,684

11,651

Other debtors

1,288

-

 

9,972

11,651

 

Geeks+ IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

4,752

-

Trade Creditors

 

1,259

3,109

Taxation and social security

 

2,246

6,493

Accruals and deferred income

 

1,010

870

Other creditors

 

24,776

26,216

 

34,043

36,688

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

19,267

-

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Finance lease liabilities

19,267

-

Current loans and borrowings

2024
£

2023
£

Finance lease liabilities

4,752

-

 

Geeks+ IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

10

Related party transactions

 

Geeks+ IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

10

Related party transactions (continued)

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

15,200

14,400