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Registered number: 04548237









GEIF VENTURES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JULY 2024

 
GEIF VENTURES LIMITED
REGISTERED NUMBER: 04548237

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investments
 4 
55,622
71,500

  
55,622
71,500

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
-
4,360

Cash at bank and in hand
  
-
606,777

  
-
611,137

Creditors: amounts falling due within one year
 6 
(10,650)
(542,454)

NET CURRENT (LIABILITIES)/ASSETS
  
 
 
(10,650)
 
 
68,683

TOTAL ASSETS LESS CURRENT LIABILITIES
  
44,972
140,183

  

NET ASSETS
  
44,972
140,183


CAPITAL AND RESERVES
  

Called up share capital 
 7 
100
100

Profit and loss account
  
44,872
140,083

  
44,972
140,183


Page 1

 
GEIF VENTURES LIMITED
REGISTERED NUMBER: 04548237
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Kuznetsov
Director

Date: 31 January 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
GEIF VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

1.


GENERAL INFORMATION

GEIF Ventures Limited is a private company limited by shares and incorporated in England and Wales. Its registered office address is 85 Great Portland Street, First Floor, London, W1W 7LT.
The Company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.3

VALUATION OF INVESTMENTS

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.4

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 
GEIF VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

CREDITORS

Short-term creditors are measured at the transaction price.
Funding received from the BBFSL for making investments was held as an other creditor under amounts falling due within one year. Any movement in value of investments to which the funding has been applied is offset against the amounts payable to the BBFSL. The liability to BBFSL was held at its expected settlement value, as the amount payable to BBFSL is linked to the amount recoverable from the sale of investments which are held at their net realisable value. From 1 January 2021, any income and realisations was apportioned 75% to BBFSL and 25% to the fund manager to cover operating expenditure of the fund and then as management fees. During the accounting period this arrangement came to an end, and the balance due to BBFSL was settled.

 
2.7

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.8

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4

 
GEIF VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

3.


EMPLOYEES




The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

The average monthly number of employees, including directors, during the period was 0 (2023 - 0).


4.


FIXED ASSET INVESTMENTS





Unlisted investments

£



COST OR VALUATION


At 1 August 2023
71,500


Additions
4,517


Disposals
(20,395)



At 31 July 2024
55,622





5.


DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31 July
2024
31 March 2023
£
£


Accrued income
-
4,360

-
4,360


Page 5

 
GEIF VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31 July
2024
31 March
2023
£
£

Amounts owed to other participating interests
-
67,631

Other creditors
7,650
474,823

Accruals and deferred income
3,000
-

10,650
542,454


Other creditors as at 31 March 2023 represented funding received from British Business Financial Services Limited ("BBFSL") for investment. During the accounting period this arrangement came to an end, and the balance due to BBFSL was settled.


7.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 Ordinary shares of £1 each
100
100


 
Page 6