Company registration number SC219426 (Scotland)
TASK FRONTERRA GEOSCIENCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TASK FRONTERRA GEOSCIENCE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
TASK FRONTERRA GEOSCIENCE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
16,568
13,847
Investments
5
107
107
16,675
13,954
Current assets
Debtors falling due after more than one year
7
198,461
188,414
Debtors falling due within one year
7
3,015,209
2,828,663
Cash at bank and in hand
482,131
173,409
3,695,801
3,190,486
Creditors: amounts falling due within one year
8
(1,376,403)
(1,280,840)
Net current assets
2,319,398
1,909,646
Total assets less current liabilities
2,336,073
1,923,600
Creditors: amounts falling due after more than one year
9
(38,334)
(130,334)
Net assets
2,297,739
1,793,266
Capital and reserves
Called up share capital
10
299
299
Share premium account
2,556,533
2,556,533
Capital redemption reserve
64
64
Other reserves
133,098
88,732
Profit and loss reserves
(392,255)
(852,362)
Total equity
2,297,739
1,793,266

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 members have 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.

TASK FRONTERRA GEOSCIENCE 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 13 June 2025 and are signed on its behalf by:
B M MCKENZIE
B M McKenzie
Director
Company Registration No. SC219426
TASK FRONTERRA GEOSCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Task Fronterra Geoscience Limited is a private company limited by shares incorporated in Scotland. The registered office is Brodies House, 31-33 Union Grove, Aberdeen, United Kingdom, AB10 6SD. The principal place of business is Unit F, Kettock Lodge, Campus 2, Aberdeen Innovation Park, Balgownie Drive, Aberdeen, AB22 8GU.

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.

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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration. Where a contract has only been partially completed at the balance sheet date, turnover represents the fair value of services provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within 1 year.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software licences
10% straight line
TASK FRONTERRA GEOSCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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, fittings & equipment
50% straight line
Office equipment
33% 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.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

1.9
Financial instruments

The company only enters into basic financial transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

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.

TASK FRONTERRA GEOSCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

The company operates a defined contribution plan for it's employees. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet.

1.13
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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
16
13
TASK FRONTERRA GEOSCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Intangible fixed assets
Software licences
£
Cost
At 1 January 2024 and 31 December 2024
19,453
Amortisation and impairment
At 1 January 2024 and 31 December 2024
19,453
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
4
Tangible fixed assets
Fixtures, fittings & equipment
Office equipment
Total
£
£
£
Cost
At 1 January 2024
32,007
42,851
74,858
Additions
1,036
13,322
14,358
At 31 December 2024
33,043
56,173
89,216
Depreciation and impairment
At 1 January 2024
26,524
34,487
61,011
Depreciation charged in the year
4,199
7,438
11,637
At 31 December 2024
30,723
41,925
72,648
Carrying amount
At 31 December 2024
2,320
14,248
16,568
At 31 December 2023
5,483
8,364
13,847
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings
107
107
TASK FRONTERRA GEOSCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
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
Task Fronterra Geomodelling Limited
Brodies House, 31-33 Union Grove, Aberdeen, United Kingdom, AB10 6SD
Ordinary Shares
100.00
Task Fronterra Geoscience (Asia) Pty
24 Riseley Street, Ardoss, Western Australia, 6153, Australia
Ordinary Shares
100.00
Task Fronterra Geoscience, Inc
3701 Kirkby Drive, Houston, TX 77098, United States
Ordinary Shares
100.00
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
218,156
115,911
Corporation tax recoverable
127,543
106,268
Amounts owed by group undertakings
2,581,066
2,470,271
Other debtors
88,444
136,213
3,015,209
2,828,663
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
198,461
188,414
Total debtors
3,213,670
3,017,077

Amounts due from group undertakings are repayable on demand. Interest is charged at market rates between group entities.

8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
92,000
92,000
Trade creditors
13,167
3,559
Amounts owed to group undertakings
1,031,774
871,646
Taxation and social security
27,986
22,379
Other creditors
211,476
291,256
1,376,403
1,280,840

Amounts due to group undertakings are repayable on demand. Interest is charged at market rates between group entities.

TASK FRONTERRA GEOSCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
38,334
130,334

The bank loan is secured over all assets of the company by a bond and floating charge.

10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares
199,668
199,668
200
200
A Ordinary shares
17,040
17,040
17
17
B Ordinary shares
7,963
7,963
80
80
C Ordinary shares
2,388
2,388
2
2
227,059
227,059
299
299

A Ordinary shares have certain preferential rights compared to other ordinary shares in respect of dividends, which commence from 1 January 2020. Otherwise any other distributions are made between Ordinary, A and B Ordinary share classes in accordance with the shares held. Ordinary shares (excluding C share class), all have voting rights attached, with A class having potential for enhanced voting rights should notice be served on the company by the relevant shareholder. C Ordinary shares have no voting rights. On a shareholder exit, share classes participate equally in a sale (with C Ordinary shares effected by the strike price).

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
£
£
53,570
66,052
12
Related party transactions

No guarantees have been given or received. The company has taken advantage of the exemption available in accordance with Section 33 or FRS 102 'Related Party Disclosure' not to disclose transactions entered into between two or more wholly owned members of the same group.

 

Included within other creditors is a loan totalling £60,000 from a director. The loan is subject to interest at 10% and is secured by a floating charge over the assets of the company. The balance is repayable one year following drawdown.

13
Parent company

The company is controlled by the directors.

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