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GEEZIT LIMITED

Registered Number
SC195505
(Scotland)

Unaudited Financial Statements for the Year ended
30 September 2024

GEEZIT LIMITED
Company Information
for the year from 1 October 2023 to 30 September 2024

Directors

MACDOUGALL, Christina
MACDOUGALL, Gordon

Company Secretary

MACDOUGALL, Gordon

Registered Address

5 Eagle Street
1st Floor
Glasgow
G4 9XA

Registered Number

SC195505 (Scotland)
GEEZIT LIMITED
Statement of Financial Position
30 September 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets373,39172,521
73,39172,521
Current assets
Debtors4565,649457,626
Cash at bank and on hand1,705,9961,572,000
2,271,6452,029,626
Creditors amounts falling due within one year5(260,779)(281,894)
Net current assets (liabilities)2,010,8661,747,732
Total assets less current liabilities2,084,2571,820,253
Provisions for liabilities6(18,300)(12,728)
Net assets2,065,9571,807,525
Capital and reserves
Called up share capital40,00040,000
Profit and loss account2,025,9571,767,525
Shareholders' funds2,065,9571,807,525
The financial statements were approved and authorised for issue by the Board of Directors on 17 March 2025, and are signed on its behalf by:
MACDOUGALL, Gordon
Director
Registered Company No. SC195505
GEEZIT LIMITED
Notes to the Financial Statements
for the year ended 30 September 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number is SC195505 and registered office address is 5 Eagle Street, 1st Floor, Glasgow, G4 9XA.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 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.
Interest income
Interest income is recognised using the effective interest rate method.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Fixtures and fittings5
Office Equipment5
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20242023
Average number of employees during the year1111
3.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 October 23216,595107,401323,996
Additions1,59523,15524,750
At 30 September 24218,190130,556348,746
Depreciation and impairment
At 01 October 23171,97479,501251,475
Charge for year13,9009,98023,880
At 30 September 24185,87489,481275,355
Net book value
At 30 September 2432,31641,07573,391
At 30 September 2344,62127,90072,521
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables531,748449,561
Other debtors28,4713,063
Prepayments and accrued income5,4305,002
Total565,649457,626
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables19,13417,126
Taxation and social security122,187144,868
Other creditors59,67767,726
Accrued liabilities and deferred income59,78152,174
Total260,779281,894
6.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made.

2024

2023

££
Net deferred tax liability (asset)18,30012,728
Total18,30012,728
7.Directors advances, credits and guarantees
On 30 September 2024, a Director was owed £32,636 (2023 : £38,636) by the Company. No interest was charged on this loan. The loan is unsecured and repayable upon demand.
8.Related party transactions
As at 30 September 2024, a company under common directorship owed £20,609 (2023: £27,511 was owed by) to Geezit Limited. There are no fixed repayment terms and no interest is charged on the balance.