Company registration number 13424111 (England and Wales)
GEEWEEJOE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GEEWEEJOE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
GEEWEEJOE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
$
$
$
$
Fixed assets
Investments
3
48,000
Current assets
Debtors
4
1
1
Creditors: amounts falling due within one year
5
(10,279)
(8,858)
Net current liabilities
(10,278)
(8,857)
Total assets less current liabilities
(10,278)
39,143
Creditors: amounts falling due after more than one year
6
(588,799)
(550,279)
Net liabilities
(599,077)
(511,136)
Capital and reserves
Called up share capital
1
1
Other reserves
491,651
491,651
Profit and loss reserves
(1,090,729)
(1,002,788)
Total equity
(599,077)
(511,136)
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 27 December 2024
S Gargash
Director
Company registration number 13424111 (England and Wales)
GEEWEEJOE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Capital Contribution
Profit and loss reserves
Total
$
$
$
$
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
1
-
(320,050)
(320,049)
Year ended 31 December 2022:
Loss and total comprehensive income
-
-
(682,738)
(682,738)
Other movements
-
491,651
-
491,651
Balance at 31 December 2022
1
491,651
(1,002,788)
(511,136)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(87,941)
(87,941)
Balance at 31 December 2023
1
491,651
(1,090,729)
(599,077)
GEEWEEJOE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Geeweejoe Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Scalpel, 18th Floor, 52 Lime Street, London, EC3M 7AF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 $.
The financial statements have been prepared under the historical cost convention. Other than financial instruments which are publicly traded. These investments are measured at fair value with changes in the fair value recognised in profit or loss. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
GEEWEEJOE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or 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.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Fixed asset investments
2023
2022
$
$
Other investments other than loans
48,000
The fixed asset investment is GeeWeeJoe Limited's investment in WeJo Group Limited. WeJo Group Limited delisted from the NASDAQ Stock Market in June 2023 and has since gone into liquidation, so as a result the fair value has been written down to nil.
GEEWEEJOE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Investments
$
Cost or valuation
At 1 January 2023
48,000
Valuation changes
(48,000)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 December 2022
48,000
4
Debtors
2023
2022
Amounts falling due within one year:
$
$
Other debtors
1
1
5
Creditors: amounts falling due within one year
2023
2022
$
$
Other creditors
10,279
8,858
6
Creditors: amounts falling due after more than one year
2023
2022
$
$
Other creditors
588,799
550,279
Long term creditors comprise a $1,000,000 loan from the parent company, Citta Investments Limited. This loan is interest free and has therefore been discounted at the appropriate market rate of 7%.
7
Related party transactions
Transactions with related parties
GeeWeeJoe Limited has taken advantage of the exemption within FRS 102 Section 1A to not disclose related party balances between wholly owned entities within the group.
8
Parent company
The company's immediate parent is Citta Investments Limited, a company incorporated in England and Wales.
GEEWEEJOE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
9
Prior period adjustment
A prior year adjustment has been recognised in relation to the loan of $1,000,000 received by the company from its parent company, Citta Investments Limited. As the loan is interest free, this should be discounted at the appropriate market rate, which is deemed to be 7%. An interest expense has been recognised on the unwinding of the discount.
Reconciliation of changes in equity
1 January
31 December
2022
2022
$
$
Adjustments to prior year
Discounting of loan from parent company
-
491,651
Unwinding of discount
-
(41,930)
Total adjustments
-
449,721
Equity as previously reported
(320,049)
(960,857)
Equity as adjusted
(320,049)
(511,136)
Analysis of the effect upon equity
Other reserves
-
491,651
Profit and loss reserves
-
(41,930)
-
449,721
Reconciliation of changes in loss for the previous financial period
2022
$
Adjustments to prior year
Unwinding of discount
(41,930)
Loss as previously reported
(640,808)
Loss as adjusted
(682,738)