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Registration number: 11932542

GEO 10 Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

GEO 10 Ltd

(Registration number: 11932542)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

40,000

Investment property

5

-

1,211,639

 

-

1,251,639

Current assets

 

Stocks

6

1,243,639

-

Debtors

7

5,063

15,188

Cash at bank and in hand

 

1,041

684

 

1,249,743

15,872

Creditors: Amounts falling due within one year

8

(1,959,393)

(1,001)

Net current (liabilities)/assets

 

(709,650)

14,871

Total assets less current liabilities

 

(709,650)

1,266,510

Creditors: Amounts falling due after more than one year

8

-

(1,934,675)

Net liabilities

 

(709,650)

(668,165)

Capital and reserves

 

Called up share capital

9

100

100

Other reserves

(373,265)

(374,095)

Retained earnings

(336,485)

(294,170)

Shareholders' deficit

 

(709,650)

(668,165)

For the financial year ending 30 April 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 her 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 and 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 28 January 2025
 

.........................................
H J Fisher
Director

 

GEO 10 Ltd

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 May 2023

100

(374,095)

(294,170)

(668,165)

Loss for the year

-

-

(41,485)

(41,485)

Other comprehensive income

-

830

(830)

-

Total comprehensive income

-

830

(42,315)

(41,485)

At 30 April 2024

100

(373,265)

(336,485)

(709,650)

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 May 2022

100

(374,095)

(131,409)

(505,404)

Loss for the year

-

-

(162,761)

(162,761)

At 30 April 2023

100

(374,095)

(294,170)

(668,165)

 

GEO 10 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
35 Chequers Court
Brown Street
Salisbury
Wiltshire
SP1 2AS
England

These financial statements were authorised for issue by the director on 28 January 2025.

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 not been prepared on a going concern basis as a contract for the disposal of the properties was entered into on 10 January 2025.

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.

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.

 

GEO 10 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

 

GEO 10 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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.

3

Staff numbers

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

 

GEO 10 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

50,000

50,000

Transfers

(50,000)

(50,000)

At 30 April 2024

-

-

Depreciation

At 1 May 2023

10,000

10,000

Charge for the year

8,000

8,000

Transfers

(18,000)

(18,000)

At 30 April 2024

-

-

Carrying amount

At 30 April 2024

-

-

At 30 April 2023

40,000

40,000

5

Investment properties

2024
£

At 1 May

1,211,639

Disposals

(830)

Transfers to and from Stocks

(1,211,639)

Fair value adjustments

830

At 30 April

-

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Other inventories

1,243,639

-

7

Debtors

Current

2024
£

2023
£

Prepayments

5,063

15,188

 

5,063

15,188

 

GEO 10 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

1,954,975

-

Trade creditors

 

900

-

Taxation and social security

 

1,985

-

Accruals and deferred income

 

1,533

1,000

Other creditors

 

-

1

 

1,959,393

1,001

Creditors include bank loans and overdrafts which are secured of £836,090 (2023 - £nil).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

1,934,675

Creditors include bank loans and overdrafts which are secured of £nil (2023 - £836,090).

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

50

50

50

50

Ordinary B shares of £1 each

50

50

50

50

100

100

100

100

 

GEO 10 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

836,090

Other borrowings

-

1,098,585

-

1,934,675

Current loans and borrowings

2024
£

2023
£

Bank borrowings

836,090

-

Other borrowings

1,118,885

-

1,954,975

-

11

Related party transactions

Summary of transactions with parent

GEO 10 Ltd is a subsidiary of HX Fisher Limited During the year HX Fisher Limited made loans to GEO 10 Ltd of £18,700 (2023 - £4,500).
The loans are interest free woth repayment date unspecified. The balance owed to HX Fisher Limited at the balance sheet date was £927,757 (2023 - £916,257).

Summary of transactions with all entities with joint control or significant interest

GEO Ltd and GEO Developments Limited are under common control. During the year GEO Developments Limited made loans to GEO 10 Ltd of £nil (2023 - £8,200).
The loans are interest free with repayment date unspecified. The balance owed to GEO Developments Limited at the balance sheet date was £179,328 (2023 - £182,328).

Loans from related parties

2024

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

916,257

182,328

1,098,585

Advanced

18,700

-

18,700

Repaid

(7,200)

(3,000)

(10,200)

At end of period

927,757

179,328

1,107,085

 

GEO 10 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2023

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

922,915

175,400

1,098,315

Advanced

4,500

8,200

12,700

Repaid

(11,158)

(1,272)

(12,430)

At end of period

916,257

182,328

1,098,585

12

Parent and ultimate parent undertaking

The company's immediate parent is HX Fisher Limited, incorporated in England and Wales.

  These financial statements are available upon request from 107 Chesterton Road, London, W10 6ET