Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312025-05-132025-05-132024-12-312024-12-312025-05-132024-01-01falseNo description of principal activity00falsefalsefalse 05281091 2024-01-01 2024-12-31 05281091 2023-01-01 2023-12-31 05281091 2024-12-31 05281091 2023-12-31 05281091 2023-01-01 05281091 c:Director1 2024-01-01 2024-12-31 05281091 c:Director2 2024-01-01 2024-12-31 05281091 c:RegisteredOffice 2024-01-01 2024-12-31 05281091 c:Agent1 2024-01-01 2024-12-31 05281091 d:PlantMachinery 2024-01-01 2024-12-31 05281091 d:MotorVehicles 2024-01-01 2024-12-31 05281091 d:FurnitureFittings 2024-01-01 2024-12-31 05281091 d:ComputerEquipment 2024-01-01 2024-12-31 05281091 d:CurrentFinancialInstruments 2024-12-31 05281091 d:CurrentFinancialInstruments 2023-12-31 05281091 d:CurrentFinancialInstruments 1 2024-12-31 05281091 d:CurrentFinancialInstruments 1 2023-12-31 05281091 d:CurrentFinancialInstruments 6 2024-12-31 05281091 d:CurrentFinancialInstruments 6 2023-12-31 05281091 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 05281091 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05281091 d:ShareCapital 2024-01-01 2024-12-31 05281091 d:ShareCapital 2024-12-31 05281091 d:ShareCapital 2023-01-01 2023-12-31 05281091 d:ShareCapital 2023-12-31 05281091 d:ShareCapital 2023-01-01 05281091 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 05281091 d:RetainedEarningsAccumulatedLosses 2024-12-31 05281091 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05281091 d:RetainedEarningsAccumulatedLosses 2023-12-31 05281091 d:RetainedEarningsAccumulatedLosses 2023-01-01 05281091 c:OrdinaryShareClass1 2024-01-01 2024-12-31 05281091 c:OrdinaryShareClass1 2024-12-31 05281091 c:OrdinaryShareClass1 2023-12-31 05281091 c:FRS102 2024-01-01 2024-12-31 05281091 c:Audited 2024-01-01 2024-12-31 05281091 c:FullAccounts 2024-01-01 2024-12-31 05281091 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05281091 d:Subsidiary1 2024-01-01 2024-12-31 05281091 d:Subsidiary1 1 2024-01-01 2024-12-31 05281091 d:Subsidiary2 2024-01-01 2024-12-31 05281091 d:Subsidiary2 1 2024-01-01 2024-12-31 05281091 d:Subsidiary3 2024-01-01 2024-12-31 05281091 d:Subsidiary3 1 2024-01-01 2024-12-31 05281091 d:Subsidiary4 2024-01-01 2024-12-31 05281091 d:Subsidiary4 1 2024-01-01 2024-12-31 05281091 d:Subsidiary5 2024-01-01 2024-12-31 05281091 d:Subsidiary5 1 2024-01-01 2024-12-31 05281091 d:Subsidiary6 2024-01-01 2024-12-31 05281091 d:Subsidiary6 1 2024-01-01 2024-12-31 05281091 d:Subsidiary7 2024-01-01 2024-12-31 05281091 d:Subsidiary7 1 2024-01-01 2024-12-31 05281091 c:Consolidated 2024-12-31 05281091 c:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 05281091 2 2024-01-01 2024-12-31 05281091 6 2024-01-01 2024-12-31 05281091 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05281091










GEOS GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024



 
GEOS GROUP LIMITED
 

COMPANY INFORMATION


Directors
B J Newton 
V Newton 




Registered number
05281091



Registered office
Chiltern House
45 Station Road

Henley-on-Thames

Oxfordshire

RG9 1AT




Independent auditors
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS




Bankers
HSBC UK Bank plc
Stratus House

Emperor Way

Exeter Business Park

Exeter

Devon

EX1 3QS





 
GEOS GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 4
Directors' Report
5 - 6
Independent Auditors' Report
7 - 10
Consolidated Statement of Comprehensive Income
11
Consolidated Balance Sheet
12
Company Balance Sheet
13
Consolidated Statement of Changes in Equity
14 - 15
Company Statement of Changes in Equity
16 - 17
Consolidated Statement of Cash Flows
18 - 19
Notes to the Financial Statements
20 - 40


 
GEOS GROUP LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal Activity
 
The principal activity of the group are that of the storage, transportation and distribution of Marine gas oil and inland fuels.

Business review
 
The Group continues to be one of the largest independent marine fuel suppliers in the UK.
Its main subsidiary Sea Bunkering Limited is one of the UK's largest independent marine fuel suppliers engaged  in the marketing, sale, and distribution of marine fuel products. In the UK fuel is supplied from its own dedicated storage locations, trusted supply partners, or direct from trusted  oil refineries, providing significant competitive advantages.
The group operates its own fleet of dedicated vessels, artics and mini tankers , ensuring secure and reliable fuel supply. The vessels also offer direct bunkering services and third-party shipping solutions.

During the year, the group has replaced the older lorries in its fleet with new ones demonstrating its commitment to service.

Geos Group currently employs 42 permanent staff in the UK, specializing in trading, storage, and distribution. This team ensures consistent fuel supply by managing transportation directly from UK-based oil refineries, guaranteeing quality and reliability.

Throughout 2024, price fluctuations persisted, but Geos Group effectively utilized its expertise and risk management tools to mitigate volatility and supply risks. A robust financial facility has ensured the necessary cash flow to support working capital and acquisition needs.
 
Strategic initiatives have led to an increase in volume, both physical and traded,  whilst still effectively managing costs. Turnover was £310m in 2024 (2023 £322m). The decrease reflects lower fuel prices rather than a decline in operational performance. Overall operating profit before tax and interest remained constant (2024 £1.86m / 2023 £1.89m).

Geos Group remains committed to sustainable growth by exploring new business opportunities, strengthening its financial position, and delivering added value beyond competitive pricing. This includes leveraging market expertise to mitigate customers’ exposure to price volatility, supply disruptions, and quality concerns.

Outlook and Strategic Prospects

Supply and demand look set to remain in line with the previous year and the  company will continue to seek out and secure new customers.

The Board anticipates maintaining positive cash flows throughout 2025 and beyond. In the event of a market downturn, Geos Group has sufficient cash reserves and financial facilities to navigate challenges and emerge strong, barring extreme circumstances.

With a continued emphasis on financial strength, innovation, and risk management, Geos Group is well-positioned for profitable growth.

Page 1

 
GEOS GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial and non-financial key performance indicators
 
Geos group measures success through key performance indicators (KPIs), including:

Volume Growth and Operating Profit – Indicators of market expansion and profitability.
°Strategic initiatives have driven a 4% increase in physical volume in marine sales and 23% in inland fuels.
°Operating profit has remained constant year on year.

Effective Risk Management – Addressing oil price volatility, logistics costs, and currency fluctuations.
°Newly introduced hedging strategies have successfully mitigated oil price volatility and managed backwardation in the futures market.
°Internal efficiencies have reduced shipping costs per metric ton, despite global cost pressures.
°Replacing the  oldest lorries in the fleet expect to reduce the operational costs over the medium term. 

Principal risks and uncertainties
 
The primary risk to the business is marine distillate price volatility, managed through physical trades and derivatives. Logistical costs associated with fuel transportation also impact profitability.

Geos Group employs various financial instruments, including trade finance, fuel price hedging, cash management, and foreign exchange hedging, to raise finance and mitigate financial risks.

Page 2

 
GEOS GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial risk management objectives and policies
 
Geos Group faces several financial risks, including:

Market Risk: Exposure to oil price fluctuations managed through fuel price hedge contracts.

Currency Risk: Foreign exchange risk mitigated through forward exchange contracts, with all sales and costs invoiced in sterling.

Liquidity Risk: Ensuring sufficient liquidity for operations while investing cash assets safely and profitably.

Interest Rate Risk: Operations financed through trade loan facilities, term loans, and retained earnings. Trade debtors and creditors do not attract interest but are subject to fair value interest rate risk.

Credit Risk: Managed through financial stability assessments, customer credit limits based on payment history and references, regular credit limit reviews, and provisions for at-risk debtor balances.

The Director closely monitors counterparties' performance and acts if there is a significant risk of contractual non-performance.

Director’s Statement of Compliance with Duty to Promote the Success of the Company

In accordance with Section 172 of the UK Companies Act 2006, the Directors of Geos Group Ltd are committed to acting in a manner that promotes the long-term success of the company for the benefit of its stakeholders. The Board adheres to the following key principles:

Risk Management: Operating in a highly regulated industry, Geos Group adopts a proactive approach to identifying, assessing, and mitigating risks. The company continuously enhances its risk management framework to safeguard operational resilience and financial stability.

Our People: Geos Group is committed to fostering a high-performance work environment by investing in talent, upholding strong ethical standards, and promoting a culture of integrity, collaboration, and professional development.

Business Relationships: The company prioritizes sustainable growth by maintaining long-term, mutually beneficial relationships with customers and suppliers. These partnerships are integral to ensuring supply reliability, operational efficiency, and service excellence.

Community and Environment: Geos Group actively contributes to the communities in which it operates and is committed to minimizing its environmental impact. The company leverages its industry expertise to support local initiatives and explore sustainable practices within its operations.

By adhering to these principles, Geos Group remains focused on sustainable growth, operational excellence, and delivering long-term value to its stakeholders.

 


Page 3

 
GEOS GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


This report was approved by the board and signed on its behalf.



B J Newton
Director

Date: 13 May 2025

Page 4

 
GEOS GROUP LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £478,855 (2023 - £550,240).

Interim dividends of £383,337 (2023: £331,337) were paid.

Directors

The directors who served during the year were:

B J Newton 
V Newton 

Future developments

See Strategic Report.

Engagement with suppliers, customers and others

See Strategic Report

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.



Page 5

 
GEOS GROUP LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsJames Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





B J Newton
Director

Date: 13 May 2025

Page 6

 
GEOS GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOS GROUP LIMITED
 

Opinion


We have audited the financial statements of GEOS Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 7

 
GEOS GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOS GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
GEOS GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOS GROUP LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from events and transactions reflected in the financial statements, as we will be less likely to become aware of instance of non-compliance.

The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

The specific procedures for this engagement that we design and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

Enquiry of management, those charged with governance around actual and potential litigation and claims;
Enquiry with management and those charged with governance to identify any material instances of non-complaince with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriatness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 9

 
GEOS GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEOS GROUP LIMITED (CONTINUED)





Alan Poole BA (Hons) FCA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
Reading Bridge House
George Street
Reading
Berkshire
RG1 8LS

13 May 2025
Page 10

 
GEOS GROUP LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
309,615,298
321,587,957

Cost of sales
  
(302,783,203)
(314,665,732)

Gross profit
  
6,832,095
6,922,225

Administrative expenses
  
(4,977,878)
(5,029,721)

Other operating income
  
6,958
-

Operating profit
  
1,861,175
1,892,504

Interest receivable and similar income
 9 
2,115
1,195

Interest payable and similar expenses
 10 
(1,357,820)
(1,192,513)

Profit before taxation
  
505,470
701,186

Tax on profit
 11 
(26,615)
(150,946)

Profit for the financial year
  
478,855
550,240

Profit for the year attributable to:
  

Owners of the parent Company
  
478,855
550,240

  
478,855
550,240

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 20 to 40 form part of these financial statements.

Page 11

 
GEOS GROUP LIMITED
REGISTERED NUMBER: 05281091

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
1,824,844
2,025,162

Tangible assets
 14 
4,210,289
3,791,073

  
6,035,133
5,816,235

Current assets
  

Stocks
 16 
13,664,199
11,432,418

Debtors: amounts falling due within one year
 17 
17,984,180
18,316,472

Cash at bank and in hand
 18 
877,154
957,098

  
32,525,533
30,705,988

Creditors: amounts falling due within one year
 19 
(26,722,070)
(25,234,157)

Net current assets
  
 
 
5,803,463
 
 
5,471,831

Total assets less current liabilities
  
11,838,596
11,288,066

Creditors: amounts falling due after more than one year
 20 
(731,609)
(211,761)

Provisions for liabilities
  

Deferred taxation
 23 
(827,202)
(892,038)

  
 
 
(827,202)
 
 
(892,038)

Net assets
  
10,279,785
10,184,267


Capital and reserves
  

Called up share capital 
 24 
33,052
33,052

Profit and loss account
 25 
10,246,733
10,151,215

Equity attributable to owners of the parent Company
  
10,279,785
10,184,267

  
10,279,785
10,184,267


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



B J Newton
Director

Date: 13 May 2025

The notes on pages 20 to 40 form part of these financial statements.

Page 12

 
GEOS GROUP LIMITED
REGISTERED NUMBER: 05281091

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
6,935,134
6,935,134

  
6,935,134
6,935,134

Current assets
  

Debtors: amounts falling due within one year
 17 
50,000
50,000

  
50,000
50,000

Creditors: amounts falling due within one year
 19 
(6,453,434)
(6,427,814)

Net current liabilities
  
 
 
(6,403,434)
 
 
(6,377,814)

Total assets less current liabilities
  
531,700
557,320

  

  

Net assets
  
531,700
557,320


Capital and reserves
  

Called up share capital 
 24 
33,052
33,052

Profit and loss account carried forward
  
498,648
524,268

  
531,700
557,320


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



B J Newton
Director

Date: 13 May 2025

The notes on pages 20 to 40 form part of these financial statements.

Page 13

 
GEOS GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 January 2024 as previously stated
33,052
10,750,523
10,783,575
10,783,575

Prior year adjustment - correction of error
-
(599,308)
(599,308)
(599,308)

At 1 January 2024 (as restated)
33,052
10,151,215
10,184,267
10,184,267


Comprehensive income for the year

Profit for the year
-
478,855
478,855
478,855
Total comprehensive income for the year
-
478,855
478,855
478,855


Contributions by and distributions to owners

Dividends: Equity capital
-
(383,337)
(383,337)
(383,337)


Total transactions with owners
-
(383,337)
(383,337)
(383,337)


At 31 December 2024
33,052
10,246,733
10,279,785
10,279,785


The notes on pages 20 to 40 form part of these financial statements.

Page 14

 
GEOS GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 January 2023
33,052
9,932,312
9,965,364
9,965,364


Comprehensive income for the year

Profit for the year as restated
-
550,240
550,240
550,240
Total comprehensive income for the year as restated
-
550,240
550,240
550,240


Contributions by and distributions to owners

Dividends: Equity capital
-
(331,337)
(331,337)
(331,337)


Total transactions with owners
-
(331,337)
(331,337)
(331,337)


At 31 December 2023 as restated
33,052
10,151,215
10,184,267
10,184,267


The notes on pages 20 to 40 form part of these financial statements.

Page 15

 
GEOS GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
33,052
524,268
557,320


Comprehensive income for the year

Profit for the year

-
357,717
357,717


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
357,717
357,717


Contributions by and distributions to owners

Dividends: Equity capital
-
(383,337)
(383,337)


Total transactions with owners
-
(383,337)
(383,337)


At 31 December 2024
33,052
498,648
531,700


The notes on pages 20 to 40 form part of these financial statements.

Page 16

 
GEOS GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
33,052
547,295
580,347


Comprehensive income for the year

Profit for the year

-
308,310
308,310


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
308,310
308,310


Contributions by and distributions to owners

Dividends: Equity capital
-
(331,337)
(331,337)


Total transactions with owners
-
(331,337)
(331,337)


At 31 December 2023
33,052
524,268
557,320


The notes on pages 20 to 40 form part of these financial statements.

Page 17

 
GEOS GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

As restated
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
478,855
550,240

Adjustments for:

Amortisation of intangible assets
200,318
197,318

Depreciation of tangible assets
458,368
356,024

Loss on disposal of tangible assets
16,825
11,834

Interest paid
1,357,820
1,175,257

Interest received
(2,115)
(1,195)

Taxation charge
26,615
150,946

(Increase) in stocks
(2,258,393)
(4,975,378)

Decrease in debtors
652,679
4,391,650

Increase/(decrease) in creditors
6,544,010
(10,454,048)

Corporation tax (paid)
(598,498)
(343,149)

Net cash generated from operating activities

6,876,484
(8,940,501)


Cash flows from investing activities

Purchase of intangible fixed assets
-
(11,337)

Purchase of tangible fixed assets
(899,266)
(347,038)

Sale of tangible fixed assets
31,250
-

Interest received
2,115
1,195

Net cash from investing activities

(865,901)
(357,180)

Cash flows from financing activities

Net of new loan drawdown and repayments
(4,817,640)
10,351,788

Repayment of/new finance leases
642,303
(25,531)

Dividends paid
(383,337)
(331,337)

Interest paid
(1,357,820)
(1,175,257)

Net cash used in financing activities
(5,916,494)
8,819,663

Net increase/(decrease) in cash and cash equivalents
94,089
(478,018)

Cash and cash equivalents at beginning of year
(739,887)
(261,869)

Cash and cash equivalents at the end of year
(645,798)
(739,887)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
877,154
957,098

Bank overdrafts
(1,522,952)
(1,696,985)

(645,798)
(739,887)

Page 18

 
GEOS GROUP LIMITED
 

The notes on pages 20 to 40 form part of these financial statements.

Page 19

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

GEOS Group Limited is a private company limited by shares incorporate in the United Kingdom. Its registered office and principal place of business is Chiltern House, 45 Station Road, Henley-on-Thames, Oxfordshire, RG9 1AT.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The financial position of the group, its liquidity position and principal risks and uncertainties are described in the Strategic report.
The group has remained committed to growth, developing new business opportunities, strengthening its balance sheet and above all, focusing on providing value to its customers beyond best price. This value includes leveraging off the company’s market knowledge and its unique expertise, which enables the group to limit customers’ exposure to price volatility, supply issues and quality.
As a result, the director believes that the group has adequate resources to continue operations for the foreseeable future being a period of not less that twelve months from the date of signing the financial statements. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.

Page 20

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: Lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

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

Page 21

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


Page 22

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life, estimated to be 20 years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
3-5 & 25 years
Motor vehicles
-
3-7 years
Fixtures and fittings
-
3-4 & 15 years
Computer equipment
-
5 years

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stock.

 
2.15

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.

Page 23

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

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.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

The group recognises a provision for annual leave accrued by employees as a result of services rendered in the current period and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary costs payable for the period of absence.

 
2.19

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.

  
2.20

Impairment of non-financial assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimates and compared with its carrying amount. If estimated recoverable amount is lower, carrying amount is reduced to its estimates recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised immediately in the statement of comprehensive income.

Page 24

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 25

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)


Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Page 26

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in the Statement of Comprehensive Income, when, and if, better information is obtained.
Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustment within the next financial year are included below.
Critical judgements that management has made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relates to the following:
Provisions
In recognising provisions, the company evaluates the extent to which it is probable that it has incurred a legal or constructive obligation in respect of past events and the probability that there will be an outflow of benefits as a result. The judgements used to recognise provisions are based on currently known factors which may vary over time, resulting in changes in the measurement of recorded amounts as compared to initial estimates.
Stocks
Management applies judgement at each balance sheet date position to estimate the net realisable values of stock, taking into account the most reliable evidence at each reporting date.
Fixed assets
Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to obsolescence and "wear and tear" that may change the utility of certain plant and machinery.
Where there are indicators of impairment of individual assets, management perform impairment tests based on the fair value less costs to sell at a value in use calculation. The value in use calculation is based on a discounted cash flow model, cash flows being based on budgets and estimated discount rates.
In undertaking this impairment assessment, the director has taken into consideration the benefits that the Blyth terminal brings to the performance of the company's other terminals.

Page 27

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Marine gas oil
280,729,729
294,862,977

Other fuel sales
28,196,008
26,035,529

Vehicle maintenance
689,561
689,451

309,615,298
321,587,957


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
244,345,634
243,637,889

Rest of Europe
41,476,584
58,455,558

Rest of the world
23,793,080
19,494,510

309,615,298
321,587,957



5.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
41,150
38,900

Fees payable to the Company's auditors and their associates in respect of:

Taxation compliance services
5,850
5,850

Other assurance services
3,250
3,250

Page 28

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
2,210,023
2,128,835

Social security costs
235,120
239,760

Cost of defined contribution scheme
134,313
164,196

2,579,456
2,532,791


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Director
1
1



Administration
51
48

52
49

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

7.


Directors' remuneration


Directors' emoluments



During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.


8.


Parent Company profit for the year






9.


Interest receivable

2024
2023
£
£


Other interest receivable
2,115
1,195

2,115
1,195

Page 29

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,357,820
1,172,362

Finance leases and hire purchase contracts
-
20,151

1,357,820
1,192,513


11.


Taxation


As restated
2024
2023
£
£

Corporation tax


Current tax on profits for the year
71,475
204,814

Adjustments in respect of previous periods
19,976
(33,642)


91,451
171,172


Total current tax
91,451
171,172

Deferred tax


Origination and reversal of timing differences
(64,836)
(20,226)

Total deferred tax
(64,836)
(20,226)


26,615
150,946
Page 30

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23,52%). The differences are explained below:

As restated
2024
2023
£
£


Profit on ordinary activities before tax
505,470
701,186


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23,52%)
126,368
164,919

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,364
1,323

Capital allowances for year in excess of depreciation
-
1,041

Adjustments to tax charge in respect of prior periods
19,976
(33,641)

Remeasurement of deferred tax for changes in tax rates
(121,093)
18,433

Non-taxable income
-
(1,129)

Total tax charge for the year
26,615
150,946


Factors that may affect future tax charges

There are no factors that may effect the future tax charge.


12.


Dividends

2024
2023
£
£


Interim dividend paid
383,337
331,337

During the year, interim dividends of £11.60 (2023: £10.02) per share were paid.

Page 31

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Intangible assets

Group 





Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2024
25,785
3,726,948
3,752,733



At 31 December 2024

25,785
3,726,948
3,752,733



Amortisation


At 1 January 2024
5,372
1,722,199
1,727,571


Charge for the year on owned assets
6,446
193,872
200,318



At 31 December 2024

11,818
1,916,071
1,927,889



Net book value



At 31 December 2024
13,967
1,810,877
1,824,844



At 31 December 2023
20,413
2,004,749
2,025,162





Page 32

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
4,277,448
1,468,467
140,334
68,357
5,954,606


Additions
19,127
857,750
14,928
7,461
899,266


Disposals
(25,737)
(49,500)
(2,840)
(137)
(78,214)



At 31 December 2024

4,270,838
2,276,717
152,422
75,681
6,775,658



Depreciation


At 1 January 2024
1,438,990
650,615
20,524
53,404
2,163,533


Charge for the year on owned assets
196,847
234,229
11,685
15,607
458,368


Disposals
(24,074)
(30,525)
(1,796)
(137)
(56,532)



At 31 December 2024

1,611,763
854,319
30,413
68,874
2,565,369



Net book value



At 31 December 2024
2,659,075
1,422,398
122,009
6,807
4,210,289



At 31 December 2023
2,838,458
817,852
119,810
14,953
3,791,073

Page 33

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
6,935,134



At 31 December 2024
6,935,134






Net book value



At 31 December 2024
6,935,134



At 31 December 2023
6,935,134


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Sea Bunkering Holding Limited
Ordinary
100%
Sea Bunkering Limited *
Ordinary
100%
Sea Tankers Limited *
Ordinary
100%
Refinery Direct Limited *
Ordinary
100%
Maren Limited *
Ordinary
100%
Wilton Transport Limited
Ordinary
100%
Pressick Commercials Limited
Ordinary
100%

* indirectly held by Geos Group Limited through its investment in Sea Bunkering Holding Limited.
 
Pressick Commercials Limited have taken advantage of the exemption for a statutory audit under the parent company guarantees as per the Companies Act 479A.
Page 34

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Stocks

Group

Group
As restated
2024
2023
£
£

Fuel stocks
13,489,407
11,263,776

Work in progress
174,792
168,642

13,664,199
11,432,418



17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
14,729,097
14,905,568
-
-

Other debtors
2,066,988
1,889,037
50,000
50,000

Prepayments and accrued income
1,188,095
1,189,041
-
-

Derivative financial instruments
-
332,826
-
-

17,984,180
18,316,472
50,000
50,000


Included within other debtors is a director's current account balance of £1,205465 (2023: £1,214,933). See note 31 for further details.

The derivative financial instruments above relate to Gasoil futures stated at the quotes market value.


18.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
877,154
957,098

Less: bank overdrafts
(1,522,952)
(1,696,985)

(645,798)
(739,887)


Page 35

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due within one year

Group

Group
As restated
Company

Company
As restated
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
1,522,952
1,696,985
-
-

Bank loans
10,697,628
15,515,268
-
-

Trade creditors
7,922,616
6,710,607
-
-

Amounts owed to group undertakings
-
-
6,453,434
6,427,814

Corporation tax
19,927
206,587
-
-

Other taxation and social security
578,023
288,942
-
-

Obligations under finance lease and hire purchase contracts
259,131
136,676
-
-

Other creditors
4,741,074
2,505
-
-

Accruals and deferred income
401,134
676,587
-
-

Derivative financial instruments
579,585
-
-
-

26,722,070
25,234,157
6,453,434
6,427,814


The group has a trade loan facility of £27,000,000 (2023: £24,000,000) and a loan facility of £3,000,000.
The trade financing facility is secured by debentures including fixed and floating charges over all assets and a guarantee from Geos Group Limited. It carries interest at LIBOR plus a margin of 2.25%.

 

20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
731,609
211,761

731,609
211,761




Page 36

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
10,697,628
15,515,268




10,697,628
15,515,268



22.


Financial instruments

Group
Group
2024
2023
£
£

Financial assets

Derivative financial instruments measured at fair value through profit or loss
-
332,826

Financial assets that are debt instruments measured at amortised cost
16,121,556
16,821,217

Cash and cash equivalents
877,154
957,098

16,998,710
18,111,141


Financial liabilities

Derivative financial instruments measured at fair value through profit or loss
(579,585)
-

Financial liabilities measured at amortised cost
(25,721,424)
(24,350,983)

(26,301,009)
(24,350,983)

Page 37

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Deferred taxation


Group



2024


£






At beginning of year
(892,038)


Charged to profit or loss
64,836



At end of year
(827,202)






The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(1,000,167)
(885,484)

Short term timing differences
172,965
(6,554)

(827,202)
(892,038)


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



33,052 (2023 - 33,052) Ordinary shares of £1.00 each
33,052
33,052



25.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 38

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

26.


Prior year adjustment

During the preparation of the 2024 financial statements it was noted that the hedging adjustment in 2023 did not take into account the implications to stock and therefore stock and profit were both reduced at 31 December 2023 by £783,000.

As a result the comparative financial statements for the year ended 31 December 2023, have been restated to reflect the correction of this error. The adjustment required has been to reduce both stock held and to reduce retained earnings.

The tax implications on the above have also been taken into account and the subsquent tax charge and
the tax creditor at 31 December 2023 were both reduced by £184,306. 


27.


Contingent liabilities

As at 31 December 2024 and at 31 December 2023 there were no contingent liabilities. 


28.


Capital commitments

The group had no capital commitments at the end of the financial year 31 December 2024 (2023: £nil).





29.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £107,356 (2023: £130,151). Contributions totalling £nil (2023: £nil) were payable to the fund at the balance sheet date and are included in creditors.


30.


Operating lease commitments

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
56,390
105,618

Later than 1 year and not later than 5 years
225,560
225,560

Later than 5 years
493,413
549,803

775,363
880,981

31.


Parent Company profit for the year

The company has taken advantage of the exemption allowed under section 408 Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent company for the year was £357,717 (2023: £308,310).

Page 39

 
GEOS GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

32.


Director's loan

2024
2023
£
£
BJ Newton
Balance at the start of the year

1,214,933

1,170,475

Amounts advanced

-

84,149

Amounts repaid

(9,468)

(39,691)

Balance outstanding at the year end
1,205,465

1,214,933


The maximum outstanding amount during the year was £1,214,933 (2023: £1,214,933).


33.Other financial commitments

Guarantees
Geos Group Limited and Sea Bunkering Holdings Limited have a composite company limited multilateral guarantee provided to HSBC UK Bank plc in respect of the financing facility in Sea Bunkering Limited.


34.


Related party transactions

The director considers key management personnel to comprise the members of the senior management team. The total employment benefits, including employer pension contributions for the senior management team were £385,938 (2023: £460,691).


35.


Ultimate controlling party

The ultimate controlling party is Barry J Newton, by virtue of his controlling shareholding of the company.

Page 40