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| 2. |
Summary of Significant Accounting Policies |
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The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
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Statement of compliance |
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The financial statements of the company for the financial year ended 31 December 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. |
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Basis of preparation |
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The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. |
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Revenue |
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Revenue comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. |
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Trade and other receivables |
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Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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Trade and other payables |
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Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
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Employee benefits |
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The company does not operate a defined contribution pension scheme. |
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Taxation and deferred taxation |
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Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date. |
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Foreign currencies |
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Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement. |
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Ordinary share capital |
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The ordinary share capital of the company is presented as equity. |
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| 9. |
Related party transactions |
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The following amounts are due to other connected parties: |
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2024 |
2023 |
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£ |
£ |
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Geda Construction Company Limited |
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2,500 |
2,500 |
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Water Solutions Ireland Ltd |
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2,500 |
2,500 |
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5,000 |
5,000 |
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Geda Construction Company Limited
John Coalter and Aaron Hughes are directors in Geda WSI JV and Geda Construction Company Limited.
During the financial year, Geda Construction Company Limited invoiced Geda WSI JV Ltd £2,257,427 exclusive of VAT. During the financial year £2,833,879 was paid by Geda WSI JV Ltd. As at the 31 December 2024 Geda WSI JV Ltd owed Geda Construction Company Limited £316,078, this amount is included in accruals.
As at 31 December 2023 a balance of £2,500 wase due from Geda WSI JV Ltd to Geda Construction Company Ltd is £2,500. During the financial year there was net movement of £nil. As at 31 December 2024 there was a balance of £2,500 owed from Geda WSI JV Ltd to Geda Construction Company Ltd, this amount is included in amounts due to related parties.
Water Solutions Ireland Ltd
Eamon Magee is a director in both Geda WSI JV and Water Solutions Ireland Ltd.
During the financial year, Water Solutions Ireland Ltd invoiced Geda WSI JV Ltd £7,989,783 exclusive of VAT. During the financial year £8,316,649 was paid by Geda WSI JV Ltd. As at the 31 December 2024 Geda WSI JV Ltd owed Water Solutions Ireland Ltd £883,598, this amount is included in accruals.
As at the 31 December 2023 Geda WSI JV Ltd owe Water Solutions Ireland Ltd £2,500. During the financial year there was net movement of £nil and as at the 31 December 2024 Geda WSI JV Ltd owe Water Solutions Ireland Ltd £2,500. |