GEEKS ROOM COMMUNITY INTEREST COMPANY

Company Registration Number:
10722198 (England and Wales)

Unaudited statutory accounts for the year ended 30 April 2024

Period of accounts

Start date: 1 May 2023

End date: 30 April 2024

GEEKS ROOM COMMUNITY INTEREST COMPANY

Contents of the Financial Statements

for the Period Ended 30 April 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

GEEKS ROOM COMMUNITY INTEREST COMPANY

Directors' report period ended 30 April 2024

The directors present their report with the financial statements of the company for the period ended 30 April 2024

Principal activities of the company

The principal activity of the company during the year under review was that of educational support services.



Directors

The directors shown below have held office during the whole of the period from
1 May 2023 to 30 April 2024

E. D. Faluyi
D. E. Kaindaneh


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
29 January 2025

And signed on behalf of the board by:
Name: E. D. Faluyi
Status: Director

GEEKS ROOM COMMUNITY INTEREST COMPANY

Profit And Loss Account

for the Period Ended 30 April 2024

2024 2023


£

£
Turnover: 352,102 326,943
Cost of sales: ( 13,925 ) ( 50,303 )
Gross profit(or loss): 338,177 276,640
Distribution costs: ( 901 ) ( 2,383 )
Administrative expenses: ( 313,638 ) ( 223,026 )
Operating profit(or loss): 23,638 51,231
Interest payable and similar charges: ( 783 ) ( 204 )
Profit(or loss) before tax: 22,855 51,027
Tax: ( 10,741 ) ( 9,612 )
Profit(or loss) for the financial year: 12,114 41,415

GEEKS ROOM COMMUNITY INTEREST COMPANY

Balance sheet

As at 30 April 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 63,582 36,015
Total fixed assets: 63,582 36,015
Current assets
Debtors: 4 74,960 63,238
Cash at bank and in hand: 12,248 6,223
Total current assets: 87,208 69,461
Creditors: amounts falling due within one year: 5 ( 90,925 ) ( 95,676 )
Net current assets (liabilities): (3,717) (26,215)
Total assets less current liabilities: 59,865 9,800
Creditors: amounts falling due after more than one year: 6 ( 764 )
Provision for liabilities: ( 12,081 ) ( 6,843 )
Total net assets (liabilities): 47,784 2,193
Capital and reserves
Called up share capital: 100 100
Other reserves: 33,477
Profit and loss account: 14,207 2,093
Total Shareholders' funds: 47,784 2,193

The notes form part of these financial statements

GEEKS ROOM COMMUNITY INTEREST COMPANY

Balance sheet statements

For the year ending 30 April 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 29 January 2025
and signed on behalf of the board by:

Name: E. D. Faluyi
Status: Director

The notes form part of these financial statements

GEEKS ROOM COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when all the following conditions are satisfied: the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the Company; and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

    Tangible fixed assets depreciation policy

    Tangible fixed assets and depreciation Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life: Furniture, fittings and equipment 33% reducing balance

    Other accounting policies

    Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. Trade and other debtors Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts. Trade and other creditors Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

GEEKS ROOM COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 13 10

GEEKS ROOM COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 April 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 May 2023 75,987 75,987
Additions 8,918 8,918
Disposals
Revaluations
Transfers 33,477 33,477
At 30 April 2024 118,382 118,382
Depreciation
At 1 May 2023 39,972 39,972
Charge for year 14,828 14,828
On disposals
Other adjustments
At 30 April 2024 54,800 54,800
Net book value
At 30 April 2024 63,582 63,582
At 30 April 2023 36,015 36,015

GEEKS ROOM COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 April 2024

4. Debtors

2024 2023
£ £
Trade debtors 74,960 63,238
Total 74,960 63,238

GEEKS ROOM COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 April 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 1,046 4,882
Trade creditors 801
Taxation and social security 38,293 12,679
Accruals and deferred income 1,055
Other creditors 50,531 77,314
Total 90,925 95,676

GEEKS ROOM COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 April 2024

6. Creditors: amounts falling due after more than one year note

  2023
  £
Bank loans and overdrafts 764
Total   764

COMMUNITY INTEREST ANNUAL REPORT

GEEKS ROOM COMMUNITY INTEREST COMPANY

Company Number: 10722198 (England and Wales)

Year Ending: 30 April 2024

Company activities and impact

We aim to impact the lives of local young people and strengthen our community, giving youths the same opportunities as everyone else and pulling down barriers. We provide a safe, inclusive and positive space for encouraging growth so that students - each with differing abilities, interests and perspectives - have equal opportunities and feel that their experiences and strengths are valued. So far, we have been commissioned by Leeds City Council to provide ours services to young adults, whilst working with an ever expanding list of Schools, organisation and the community by mentoring.

Consultation with stakeholders

No consultation with stakeholders

Directors' remuneration

The total amount paid or receivable by directors in respect of qualifying services was £42,000.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
29 January 2025

And signed on behalf of the board by:
Name: E. D Faluyi
Status: Director