Company registration number 08902298 (England and Wales)
GEOHN DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GEOHN DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
GEOHN DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
34,304
34,303
Current assets
Debtors
6
402,929
2,839,813
Cash at bank and in hand
35,390
4,892
438,319
2,844,705
Creditors: amounts falling due within one year
7
(2,280)
(2,817,864)
Net current assets
436,039
26,841
Net assets
470,343
61,144
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
470,342
61,143
Total equity
470,343
61,144
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
S J Seddon
Director
Company Registration No. 08902298
GEOHN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Geohn Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units A2-A6, Edgefold Industrial Estate, Plodder Lane, Bolton, United Kingdom, BL4 0LR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Investments in joint ventures and associates are held at cost less provision for impairment.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
GEOHN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of 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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GEOHN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
The directors did not recieve any remuneration from the company in the current or prior year.
GEOHN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Fixed asset investments
2024
2023
£
£
Investments
34,304
34,303
Movements in fixed asset investments
Investments in joint ventures and associates
£
Cost or valuation
At 1 January 2024
34,303
Additions
1
At 31 December 2024
34,304
Carrying amount
At 31 December 2024
34,304
At 31 December 2023
34,303
On 16 April 2024 the company purchased the remaining 50% of the shares in Barns Lane Holdings Limited, which was previously held as a joint venture.
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Barns Lane Holdings Limited
Unit A2-A5 Plodder Lane, Farnworth, Bolton, England, BL4 0LR
Ordinary
100.00
5
Joint ventures
Details of the company's joint ventures and associates at 31 December 2024 are as follows:
Name of undertaking
Registered office
Interest
% Held
held
Direct
Indirect
Ascalon Properties Limited
Units A2-A6 Edge Fold Industrial Estate, Plodder Lane, Farnworth, Bolton, England, BL4 0LR
A Ordinary
50.00
-
Strang Investments (3) Limited
Leigh House, 28-32 St Paul's Street, Leeds, West Yorkshire, United Kingdom, LS1 2JT
C Ordinary
37.50
-
Chipping Homes Limited
Units A2-A6 Edge Fold Industrial Estate, Plodder Lane, Farnworth, Bolton, England, BL4 0LR
B Ordinary
0
25.00
The shares in Chipping Homes Limited are held by Ascalon Properties Limited, a joint venture of the company.
GEOHN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
96,149
1
Amounts owed by undertakings in which the company has a participating interest
300,000
2,832,636
396,149
2,832,637
Deferred tax asset (note )
6,780
7,176
402,929
2,839,813
7
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1
Other creditors
2,816,303
Accruals and deferred income
2,280
1,560
2,280
2,817,864
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
9
Related party transactions
The company has taken the exemption conferred by Section 1A of FRS102, not to disclose transactions with members of the group headed by Geohn Group Limited.
Included within debtors at 31 December 2024 is an amount due from Strang Investments (3) Limited, an associate of the company, of £nil (2023: £2,532,636). Interest received in the year amounts to £16,116 (2023: £129,296).
Included within creditors at 31 December 2024 is an amount due to Seddon Engineering Holdings Limited, a company related by virtue of common directorship, of £nil (2023: £2,816,303). Interest paid in the year amounted to £20,787 (2023: £155,284).
10
Parent company
The company is a wholly owned subsidiary of Geohn Group Limited, a company incorporated in England and Wales, whose registered address and principal place of business is Units A2-A6, Edgefold Industrial Estate, Bolton, BL4 0LR.