Company registration number 08775304 (England and Wales)
GEOHN ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GEOHN ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
GEOHN ESTATES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
32,000
48,000
Investment property
4
12,563,838
10,547,682
Investments
5
2
2
12,595,840
10,595,684
Current assets
Debtors
7
2,503,917
2,574,204
Cash at bank and in hand
237,676
119,915
2,741,593
2,694,119
Creditors: amounts falling due within one year
8
(283,946)
(454,357)
Net current assets
2,457,647
2,239,762
Total assets less current liabilities
15,053,487
12,835,446
Creditors: amounts falling due after more than one year
9
(8,641,877)
(7,131,539)
Provisions for liabilities
(858,377)
(650,803)
Net assets
5,553,233
5,053,104
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
5,553,232
5,053,103
Total equity
5,553,233
5,053,104
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.
GEOHN ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
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. 08775304
GEOHN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Geohn Estates 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, modified to include investment properties at fair value. 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
Turnover
Turnover is the total amount of rent receivable by the company excluding Value Added Tax, and is attributable to continuing activities of the investment company. Turnover is recognised in the period to which it relates, is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
GEOHN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
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.
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 and bank loans, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
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.
GEOHN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
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.
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.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
Rentals receivable under operating leases are credited to profit or loss on a straight line basis over the term of the relevant lease.
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 receive any remuneration from the company in the current or prior year.
GEOHN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 and 31 December 2024
80,000
Depreciation and impairment
At 1 January 2024
32,000
Depreciation charged in the year
16,000
At 31 December 2024
48,000
Carrying amount
At 31 December 2024
32,000
At 31 December 2023
48,000
4
Investment property
2024
£
Fair value
At 1 January 2024
10,547,682
Additions
1,281,582
Revaluations
734,574
At 31 December 2024
12,563,838
The investment properties brought forward of £10,547,682 were valued as at 30 September 2024 on a fair value basis by the directors. The directors consider this to be a fair value of the properties at 31 December 2024.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2
2
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
GEOHN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Subsidiaries
(Continued)
- 7 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Geohn Estates (Normanton) Limited
Units A2-A5, Edgefold Industrial Estate, Plodder Lane, Bolton, BL4 0LR
Ordinary
100.00
Geohn Estates (Haydock) Limited
Units A2-A5, Edgefold Industrial Estate, Plodder Lane, Bolton, BL4 0LR
Ordinary
100.00
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
809
Corporation tax recoverable
37,438
38,688
Amounts owed by group undertakings
2,261,873
2,314,215
Prepayments and accrued income
204,606
220,492
2,503,917
2,574,204
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,140
6,764
Taxation and social security
73,268
9,469
Accruals and deferred income
209,538
438,124
283,946
454,357
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
1
1
Amounts owed to related undertakings
8,641,876
7,131,538
8,641,877
7,131,539
10
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
GEOHN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
110,931
95,194
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£
£
3,406,318
3,887,438
12
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 long term creditors at 31 December 2024 is an amount due to Seddon Engineering Finance Limited, a company related by common directors, of £8,641,876 (2023: £nil) under an unsecured loan agreement with Geohn Estates Limited. Interest is payable on the loan at a rate of 2.5% above Bank of England base rate and during the year interest payable to Seddon Engineering Finance Limited amounted to £430,216 (2023: £nil).
Included within creditors at 31 December 2023 was an amount due to Seddon Engineering Holdings Limited of £7,131,538 under secured loan agreement. The loan was secured on investment properties of the company. This loan was repaid on 1 April 2024. Interest was payable on the loan at 2.5% above Bank of England base rate and during the period interest payable to Seddon Engineering Holdings Limited amounted to £137,477 (2023: £330,925).
In addition, management fees were payable by the company to Seddon Engineering Holdings Limited of £41,500 (2023: £26,600).The parties are related by virtue of common directorship.
13
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.
14
Profit and loss reserves
Included within the profit and loss reserves are non distributable reserves totalling £3,187,247 (2023: £2,463,576) in relation to investment properties held at fair value.