Acorah Software Products - Accounts Production 16.1.300 false true 31 December 2022 1 January 2022 false 7 February 2025 1 January 2023 31 December 2023 31 December 2023 07743004 Ms Jing Huo Mr Raymond Qu iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07743004 2022-12-31 07743004 2023-12-31 07743004 2023-01-01 2023-12-31 07743004 frs-core:CurrentFinancialInstruments 2023-12-31 07743004 frs-core:Non-currentFinancialInstruments 2023-12-31 07743004 frs-core:FurnitureFittings 2023-12-31 07743004 frs-core:FurnitureFittings 2023-01-01 2023-12-31 07743004 frs-core:FurnitureFittings 2022-12-31 07743004 frs-core:ShareCapital 2023-12-31 07743004 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 07743004 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07743004 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 07743004 frs-bus:SmallEntities 2023-01-01 2023-12-31 07743004 frs-bus:Audited 2023-01-01 2023-12-31 07743004 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07743004 frs-bus:Director1 2023-01-01 2023-12-31 07743004 frs-bus:Director2 2023-01-01 2023-12-31 07743004 frs-core:CurrentFinancialInstruments 1 2023-12-31 07743004 frs-core:CurrentFinancialInstruments 2 2023-12-31 07743004 frs-countries:EnglandWales 2023-01-01 2023-12-31 07743004 2021-12-31 07743004 2022-12-31 07743004 2022-01-01 2022-12-31 07743004 frs-core:CurrentFinancialInstruments 2022-12-31 07743004 frs-core:Non-currentFinancialInstruments 2022-12-31 07743004 frs-core:ShareCapital 2022-12-31 07743004 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 07743004 frs-core:CurrentFinancialInstruments 1 2022-12-31 07743004 frs-core:CurrentFinancialInstruments 2 2022-12-31
Registered number: 07743004
Geoswift UK Limited
Financial Statements
For The Year Ended 31 December 2023
Sloane & Co. LLP
Chartered Certified Accountants & Business Advisors
36-38 Westbourne Grove
Newton Road
London
W2 5SH
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07743004
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,044 1,709
2,044 1,709
CURRENT ASSETS
Debtors 5 1,248,821 1,263,679
Cash at bank and in hand 359,470 309,028
1,608,291 1,572,707
Creditors: Amounts Falling Due Within One Year 6 (516,111 ) (523,442 )
NET CURRENT ASSETS (LIABILITIES) 1,092,180 1,049,265
TOTAL ASSETS LESS CURRENT LIABILITIES 1,094,224 1,050,974
Creditors: Amounts Falling Due After More Than One Year 7 (609,676 ) (611,176 )
NET ASSETS 484,548 439,798
CAPITAL AND RESERVES
Called up share capital 8 650,001 650,001
Profit and Loss Account (165,453 ) (210,203 )
SHAREHOLDERS' FUNDS 484,548 439,798
Page 1
Page 2
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Raymond Qu
Director
7 February 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Geoswift UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07743004 . The registered office is Birchin Court, 20 Birchin Lane, London, EC3V 9DU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Reducing balance method
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
5 5
Page 3
Page 4
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 January 2023 2,389
Additions 915
As at 31 December 2023 3,304
Depreciation
As at 1 January 2023 680
Provided during the period 580
As at 31 December 2023 1,260
Net Book Value
As at 31 December 2023 2,044
As at 1 January 2023 1,709
5. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 3,660 -
Other debtors - Rent deposit 17,100 9,900
Geoswift Solution Limited 1,228,061 1,253,779
1,248,821 1,263,679
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 9,841 360
Intercompany - GSP 482,225 482,225
Other creditors - Pension liability 1,294 1,674
Other creditor 12,551 29,583
Accruals and deferred income 10,200 9,600
516,111 523,442
Page 4
Page 5
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Amounts owed to group undertakings 609,676 611,176
609,676 611,176
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 650,001 650,001
9. Post Balance Sheet Events
There were no events after the balance sheet date which requires disclosure. 
10. Related Party Transactions
During the year, the company had a number of transactions with other companies in the same group. No interest has been charged on these amounts.
At 31st December 2023, included in 'Debtors' note 4 was an amount owed of £1,228,061 (2022: £1,253,779) by Geoswift Solutions Limited (HK), a company under common control.
On 31st December 2023, included in 'creditors' amounts falling due within one year in note 5 was an amount owed to Geoswift Payment Technology Limited of £482,225 (2022: £482,225).
Also included in 'Creditors: amounts falling due after more than one year' in note 7  was an amount owed to the parent company, Geoswift Limited (HK) of £609,676 (2022: £611,176).
11. Audit Information
The auditor's report on the accounts of Geoswift UK Limited for the year ended 31 December 2023 was unqualified.
The auditor's report was signed by William Tang (Senior Statutory Auditor) for and on behalf of Accounting Tang Limited , Statutory Auditor.
Accounting Tang Limited
8 Farm Avenue
London
SW16 2TU
Page 5