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Registration number: 04515690

Geometric Manufacturing Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Geometric Manufacturing Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Geometric Manufacturing Ltd

Company Information

Directors

PA Wenham

GJ Darby

J Wenham

H Bian

CJ Grant

ZC Burke

Y Zhuang

Company secretary

J Wenham

Registered office

Unit 10 Station Drive
Bredon
Tewkesbury
Gloucestershire
GL20 7HH

Accountants

Clement Rabjohns Limited
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Geometric Manufacturing Ltd

(Registration number: 04515690)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

36,000

42,000

Tangible assets

5

1,586,283

1,451,683

Investments

6

717,121

717,121

 

2,339,404

2,210,804

Current assets

 

Stocks

7

264,748

571,255

Debtors

8

1,316,220

1,127,460

Cash at bank and in hand

 

51,964

26,970

 

1,632,932

1,725,685

Creditors: Amounts falling due within one year

9

(2,013,020)

(1,973,340)

Net current liabilities

 

(380,088)

(247,655)

Total assets less current liabilities

 

1,959,316

1,963,149

Creditors: Amounts falling due after more than one year

9

(513,266)

(867,953)

Provisions for liabilities

(478,674)

(262,796)

Net assets

 

967,376

832,400

Capital and reserves

 

Called up share capital

2

2

Retained earnings

967,374

832,398

Shareholders' funds

 

967,376

832,400

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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Geometric Manufacturing Ltd

(Registration number: 04515690)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 19 November 2024 and signed on its behalf by:
 

.........................................
J Wenham
Company secretary and director

 

Geometric Manufacturing Ltd

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:
Unit 10 Station Drive
Bredon
Tewkesbury
Gloucestershire
GL20 7HH

These financial statements were authorised for issue by the Board on 19 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.

 

Geometric Manufacturing Ltd

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

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

Plant and machinery

10% straight line

Motor vehicles

25% straight line

Office equipment

33.3% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line over 10 years

 

Geometric Manufacturing Ltd

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Geometric Manufacturing Ltd

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

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 49 (2023 - 48).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

60,000

60,000

At 29 February 2024

60,000

60,000

Amortisation

At 1 March 2023

18,000

18,000

Amortisation charge

6,000

6,000

At 29 February 2024

24,000

24,000

Carrying amount

At 29 February 2024

36,000

36,000

At 28 February 2023

42,000

42,000

 

Geometric Manufacturing Ltd

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

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

16,611

3,138,544

77,339

66,559

3,299,053

Additions

4,795

418,799

18,285

-

441,879

At 29 February 2024

21,406

3,557,343

95,624

66,559

3,740,932

Depreciation

At 1 March 2023

10,048

1,721,094

53,406

62,822

1,847,370

Charge for the year

3,675

282,026

18,129

3,449

307,279

At 29 February 2024

13,723

2,003,120

71,535

66,271

2,154,649

Carrying amount

At 29 February 2024

7,683

1,554,223

24,089

288

1,586,283

At 28 February 2023

6,563

1,417,450

23,933

3,737

1,451,683

Revaluation

The fair value of the company's plant and machinery was revalued on 28 February 2015 by an independent valuer.
Plant and machinery were valued on open market basis. The name and qualification of the independent valuer are State Securities.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2023 - £Nil).

 

Geometric Manufacturing Ltd

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

6

Investments

2024
£

2023
£

Investments in subsidiaries

717,121

717,121

Subsidiaries

£

Cost or valuation

At 1 March 2023

1,367,121

Provision

Provision

650,000

Carrying amount

At 29 February 2024

717,121

At 28 February 2023

717,121

7

Stocks

2024
£

2023
£

Other inventories

264,748

571,255

8

Debtors

Current

2024
£

2023
£

Trade debtors

1,257,603

840,834

Prepayments

58,617

73,600

Other debtors

-

213,026

 

1,316,220

1,127,460

 

Geometric Manufacturing Ltd

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

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

960,857

1,325,278

Trade creditors

 

438,283

359,601

Amounts owed to group undertakings and undertakings in which the company has a participating interest

3

758

Taxation and social security

 

280,905

185,178

Accruals and deferred income

 

22,620

98,525

Other creditors

 

310,352

4,000

 

2,013,020

1,973,340

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £960,857 (2023 - £925,278).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

513,266

867,953

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £513,266 (2023 - £867,953).

 

Geometric Manufacturing Ltd

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

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

73,640

205,162

Other borrowings

439,626

662,791

513,266

867,953

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

131,521

164,155

Redeemable preference shares

-

400,000

Other borrowings

829,336

761,123

960,857

1,325,278