REGISTERED NUMBER: 03663783 (England and Wales) |
Report of the Directors and |
Unaudited |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
Getmapping Limited |
REGISTERED NUMBER: 03663783 (England and Wales) |
Report of the Directors and |
Unaudited |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
Getmapping Limited |
Getmapping Limited (Registered number: 03663783) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Income Statement | 3 |
Consolidated Statement of Financial Position | 4 |
Company Statement of Financial Position | 6 |
Notes to the Consolidated Financial Statements | 8 |
Getmapping Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
10a White Hart Parade |
London Road |
Blackwater |
Camberley |
Surrey |
GU17 9AD |
Getmapping Limited (Registered number: 03663783) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Getmapping Limited (Registered number: 03663783) |
Consolidated |
Income Statement |
for the Year Ended 31 March 2024 |
Period |
1.1.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER | 4,356,208 | 4,848,454 |
Cost of sales | 528,531 | 1,025,005 |
GROSS PROFIT | 3,827,677 | 3,823,449 |
Administrative expenses | 3,186,014 | 3,309,596 |
641,663 | 513,853 |
Other operating income | 179,483 | 12,285 |
OPERATING PROFIT | 4 | 821,146 | 526,138 |
Interest receivable and similar income |
168 |
5 |
821,314 | 526,143 |
Interest payable and similar expenses | 491,670 | 206,429 |
PROFIT BEFORE TAXATION | 329,644 | 319,714 |
Tax on profit | (55,207 | ) | (84,060 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 381,794 | 394,089 |
Non-controlling interests | 3,057 | 9,685 |
384,851 | 403,774 |
Getmapping Limited (Registered number: 03663783) |
Consolidated Statement of Financial Position |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 | 802,721 | 682,381 |
Tangible assets | 7 | 5,302,727 | 4,613,134 |
Investments | 8 | - | - |
6,105,448 | 5,295,515 |
CURRENT ASSETS |
Stocks | 55,584 | 119,481 |
Debtors | 9 | 772,627 | 1,154,736 |
Cash at bank and in hand | 122 | 41,626 |
828,333 | 1,315,843 |
CREDITORS |
Amounts falling due within one year | 10 | 2,031,127 | 2,074,377 |
NET CURRENT LIABILITIES | (1,202,794 | ) | (758,534 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
4,902,654 |
4,536,981 |
CREDITORS |
Amounts falling due after more than one year |
11 |
795,262 |
907,905 |
NET ASSETS | 4,107,392 | 3,629,076 |
Getmapping Limited (Registered number: 03663783) |
Consolidated Statement of Financial Position - continued |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 108,544 | 103,926 |
Share premium | 98,532 | - |
Revaluation reserve | 254,435 | 262,817 |
Retained earnings | 3,887,826 | 3,497,650 |
SHAREHOLDERS' FUNDS | 4,349,337 | 3,864,393 |
NON-CONTROLLING INTERESTS | (241,945 | ) | (235,317 | ) |
TOTAL EQUITY | 4,107,392 | 3,629,076 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2024 and were signed on its behalf by: |
D E Horner - Director |
Getmapping Limited (Registered number: 03663783) |
Company Statement of Financial Position |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 |
Tangible assets | 7 |
Investments | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
NET ASSETS |
Getmapping Limited (Registered number: 03663783) |
Company Statement of Financial Position - continued |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year |
206,571 |
251,925 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Getmapping Limited (Registered number: 03663783) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Getmapping Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill represents the excess of the fair value of the consideration given over the fair value of the net assets acquired for a business acquisition. The group assesses the useful economic life of goodwill arising on consolidation of group entities and amortises amounts relating to each transaction over periods where the benefits are expected to be realised. The maximum useful economic life is ten years. |
Intangible assets |
Costs relating to research and development are capitalised as intangible fixed assets. |
Intangible fixed assets are amortised at rates calculated to write off the costs of the assets over their estimated useful economic lives, as below. Impairment of intangible assets is reviewed where circumstances indicate that the carrying value of an asset may not be recoverable . |
Intangible fixed assets 10 year on straight line basis or 25% reducing balance |
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 - at varying rates on cost |
Fixtures and fittings - 33% on cost |
Data Imaging - 20% on cost |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Getmapping Limited (Registered number: 03663783) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The average number of employees by undertakings that were proportionately consolidated during the year was 46 (2023 - 50 ) . |
Getmapping Limited (Registered number: 03663783) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.1.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets | 1,294,392 | 1,142,406 |
Goodwill amortisation | 14,900 | 15,500 |
Development costs amortisation | 70,544 | 9,136 |
5. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
6. | INTANGIBLE FIXED ASSETS |
Group |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 124,000 | 9,374,860 | 9,498,860 |
Additions | - | 205,784 | 205,784 |
Disposals | - | (8,669,431 | ) | (8,669,431 | ) |
At 31 March 2024 | 124,000 | 911,213 | 1,035,213 |
AMORTISATION |
At 1 April 2023 | 109,100 | 8,707,379 | 8,816,479 |
Charge for year | 14,900 | 70,544 | 85,444 |
Eliminated on disposal | - | (8,669,431 | ) | (8,669,431 | ) |
At 31 March 2024 | 124,000 | 108,492 | 232,492 |
NET BOOK VALUE |
At 31 March 2024 | - | 802,721 | 802,721 |
At 31 March 2023 | 14,900 | 667,481 | 682,381 |
Getmapping Limited (Registered number: 03663783) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | INTANGIBLE FIXED ASSETS - continued |
Company |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Getmapping Limited (Registered number: 03663783) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | TANGIBLE FIXED ASSETS |
Group |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 | 14,131,004 |
Additions | 1,983,545 |
Disposals | (6,344,775 | ) |
At 31 March 2024 | 9,769,774 |
DEPRECIATION |
At 1 April 2023 | 9,517,870 |
Charge for year | 1,294,392 |
Eliminated on disposal | (6,345,215 | ) |
At 31 March 2024 | 4,467,047 |
NET BOOK VALUE |
At 31 March 2024 | 5,302,727 |
At 31 March 2023 | 4,613,134 |
Getmapping Limited (Registered number: 03663783) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | TANGIBLE FIXED ASSETS - continued |
Company |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
8. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Getmapping Limited (Registered number: 03663783) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Geosense SA (PTY) Limited |
Registered office: 12th Floor Sunbel Building, 2 Old Paarl Road Bellville, 7532 South Africa |
Nature of business: Dormant intermediate holding company |
% |
Class of shares: | holding |
Ordinary | 90.00 |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves | 4,447 | 4,849 |
Getmapping Geo Ltd |
Registered office: 10a White Hart Parade, Camberley, Surrey GU17 9JD |
Nature of business: Dormant |
% |
Class of shares: | holding |
ordinary | 100.00 |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves | 900 | 900 |
9. | DEBTORS |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 244,631 | 423,719 |
Amounts owed by group undertakings | - | - |
Other debtors | 527,996 | 727,959 |
772,627 | 1,151,678 |
Getmapping Limited (Registered number: 03663783) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | DEBTORS - continued |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Amounts falling due after more than | one year: |
Other debtors | - | 3,058 |
Aggregate amounts | 772,627 | 1,154,736 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Bank loans and overdrafts | 845,791 | 738,177 |
Hire purchase contracts and finance leases | 134,331 |
134,331 |
Trade creditors | 506,009 | 495,935 |
Taxation and social security | 28,121 | 97,661 | ( |
) |
Other creditors | 516,875 | 608,273 |
2,031,127 | 2,074,377 |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Bank loans | 306,533 | 440,172 |
Hire purchase contracts and finance leases | 488,729 |
467,733 |
795,262 | 907,905 |
Getmapping Limited (Registered number: 03663783) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts and finance leases | 623,060 | 602,064 |
UK Working Capital Limited | 240,000 | 240,000 |
863,060 | 842,064 |
The group borrowing consists of a working capital facility from UK Working Capital, which is secured by a first charge over the parent company's receivables. |
A HP lease is in place with Paragon bank, who hold a charge over the Group's Vexcel Ultracam Eagle MKIII system |
13. | RELATED PARTY DISCLOSURES |
The parent company owes D Horner, a director of the parent company, £103,500 (2023: £50,800) at 31 March 2024. |
During the year the company paid Mr TF Marshall OBE, the non-executive Chairman of the Company, 2024 £17,045 (2023: £20,212) for the provision of consultancy services. At the year ended 31 March 2024 £4,418 (2023:£14,465) was outstanding. |
14. | ULTIMATE CONTROLLING PARTY |
There is no single controlling party. |
15. | SHARE CAPITAL |
Capital was raised via an Advance Subscription Agreement dated 24 May 2023 amounting to £103,150. The shares were to be issued in the future and at a discount. On 24 September 2024 1,539,375 shares were issued at a premium of £0.0640078 per share. |