Gaiacode Ltd 11775832 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is the research, design, manufacture & deploy advanced geophysical event detection systems. Digita Accounts Production Advanced 6.30.9574.0 true true 11775832 2023-09-01 2024-08-31 11775832 2024-08-31 11775832 core:CurrentFinancialInstruments 2024-08-31 11775832 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 11775832 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 11775832 core:Goodwill 2024-08-31 11775832 core:PatentsTrademarksLicencesConcessionsSimilar 2024-08-31 11775832 core:OfficeEquipment 2024-08-31 11775832 core:PlantMachinery 2024-08-31 11775832 bus:SmallEntities 2023-09-01 2024-08-31 11775832 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 11775832 bus:FilletedAccounts 2023-09-01 2024-08-31 11775832 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 11775832 bus:RegisteredOffice 2023-09-01 2024-08-31 11775832 bus:Director1 2023-09-01 2024-08-31 11775832 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 11775832 core:Goodwill 2023-09-01 2024-08-31 11775832 core:PatentsTrademarksLicencesConcessionsSimilar 2023-09-01 2024-08-31 11775832 core:OfficeEquipment 2023-09-01 2024-08-31 11775832 core:PlantMachinery 2023-09-01 2024-08-31 11775832 countries:EnglandWales 2023-09-01 2024-08-31 11775832 2023-08-31 11775832 core:Goodwill 2023-08-31 11775832 core:PatentsTrademarksLicencesConcessionsSimilar 2023-08-31 11775832 core:OfficeEquipment 2023-08-31 11775832 core:PlantMachinery 2023-08-31 11775832 2022-09-01 2023-08-31 11775832 2023-08-31 11775832 core:CurrentFinancialInstruments 2023-08-31 11775832 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 11775832 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 11775832 core:Goodwill 2023-08-31 11775832 core:PatentsTrademarksLicencesConcessionsSimilar 2023-08-31 11775832 core:OfficeEquipment 2023-08-31 11775832 core:PlantMachinery 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 11775832

Gaiacode Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Gaiacode Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Gaiacode Ltd

(Registration number: 11775832)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

190,283

220,905

Tangible assets

5

11,038

19,572

 

201,321

240,477

Current assets

 

Stocks

6

42,500

39,353

Debtors

7

294,414

512,419

Cash at bank and in hand

 

64,187

100,224

 

401,101

651,996

Creditors: Amounts falling due within one year

8

(39,683)

(108,650)

Net current assets

 

361,418

543,346

Total assets less current liabilities

 

562,739

783,823

Creditors: Amounts falling due after more than one year

8

(1,145,333)

(1,052,457)

Net liabilities

 

(582,594)

(268,634)

Capital and reserves

 

Called up share capital

386,250

386,250

Retained earnings

(968,844)

(654,884)

Shareholders' deficit

 

(582,594)

(268,634)

For the financial year ending 31 August 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Gaiacode Ltd

(Registration number: 11775832)
Balance Sheet as at 31 August 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 30 April 2025
 

.........................................
Mr C C Guralp
Director

 

Gaiacode Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Dickers Farm
Bramley Road
Silchester
Reading
RG7 2LU

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 company is reliant on financial support to remain in operarational existence. The director's family members have confirmed their intention to maintain financial support and on this basis the financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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:

 

Gaiacode Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Asset class

Depreciation method and rate

Office equipment

25% straight line basis

Plant and machinery

20% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

Patents

5% straight line

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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 11 (2023 - 11).

 

Gaiacode Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 September 2023

300,000

12,438

312,438

At 31 August 2024

300,000

12,438

312,438

Amortisation

At 1 September 2023

90,000

1,533

91,533

Amortisation charge

30,000

622

30,622

At 31 August 2024

120,000

2,155

122,155

Carrying amount

At 31 August 2024

180,000

10,283

190,283

At 31 August 2023

210,000

10,905

220,905

 

Gaiacode Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 September 2023

34,810

11,210

46,020

Additions

518

972

1,490

At 31 August 2024

35,328

12,182

47,510

Depreciation

At 1 September 2023

20,600

5,848

26,448

Charge for the year

7,019

3,005

10,024

At 31 August 2024

27,619

8,853

36,472

Carrying amount

At 31 August 2024

7,709

3,329

11,038

At 31 August 2023

14,210

5,362

19,572

6

Stocks

2024
£

2023
£

Other inventories

42,500

39,353

7

Debtors

Current

2024
£

2023
£

Trade debtors

226,529

449,592

Prepayments

4,361

3,138

Other debtors

63,524

59,689

 

294,414

512,419

 

Gaiacode Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

24,518

87,686

Taxation and social security

5,758

7,618

Other creditors

9,407

13,346

39,683

108,650

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

1,145,333

1,052,457

9

Related party transactions

Other transactions with the director

At the end of the year the company owed £1,145,333 (2023; £1,052,457) to a relative of the director. This amount is interest free and repayable after one year.