Geomac Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02596890

GEOMAC LIMITED

FILLETED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2024

GEOMAC LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 10

GEOMAC LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
			(restated)
Note	£	£	£

Fixed assets

Tangible assets	6	11,750,516	11,876,856
Investments	7	2	2
		-------------	-------------
		11,750,518	11,876,858

Current assets

Stocks		7,318	12,688
Debtors	8	817,589	222,929
Cash at bank and in hand		39,692	34,071
		---------	---------
		864,599	269,688

Creditors: amounts falling due within one year	9	3,461,829		3,309,846
		------------		------------
Net current liabilities			2,597,230	3,040,158
			-------------	-------------
Total assets less current liabilities			9,153,288	8,836,700

Creditors: amounts falling due after more than one year	10		6,060,149	6,151,862

Provisions

Taxation including deferred tax	11	512,077	281,452
		------------	------------
Net assets		2,581,062	2,403,386
		------------	------------

Capital and reserves

Called up share capital		10,000	10,000
Profit and loss account	14	2,571,062	2,393,386
		------------	------------
Shareholders funds		2,581,062	2,403,386
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

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.

GEOMAC LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 11 December 2025 , and are signed on behalf of the board by:

Mr J A MacleanMr R E Melhuish

Company registration number: 02596890

GEOMAC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 98 Station Road, Sidcup, Kent, DA15 7BY, United Kingdom.

2. Statement of compliance

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.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical costs basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the statement of comprehensive income.

Debtors

Debtors are initially recorded at fair value and are assessed for impairment at each year end date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.

Going concern

At 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.

Creditors

Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.

Statement of cash flows

The company has taken advantage of the small companies exemptions and not prepared a statement of cash flows.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Revenue refers to the amounts earned from the Company's principal activity; the operation of marina's. Revenue from the marina's is recognised on a monthly or weekly basis based on the rental amounts for each marina. When income is received in advance for the year this is recognised as a liability and released to income on a weekly or monthly basis.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference .

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. All tangible assets are costs that relate to the marinas and the purchase of the marinas. There is no minimum cost value.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	3 Years Straight Line
Fixtures & Fittings	-	3 Years Straight Line

The residual value of the land and buildings is considered to be in excess of the cost and as such no depreciation have been charged on these.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in subsidiaries

Investments in subsidiaries are accounted for in accordance with the cost model and recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

The stock is valued at the lower of cost and net realisable value on a first in first out basis.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Bad debt provision

Provision is made for bad debts. This requires management's best estimate of the value of payments expected to be received in the future. In addition, the timing of the cash flows requires management's judgement.

Fair Value of property

Provision is made for the impairment or uplift in the value of the properties to show them at the current market value. This requires a third party valuation to confirm the current value.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

There are no material estimates and assumptions.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to 9 (2023: 10 ).

5. Taxation on ordinary activities

Major components of tax (income)/expense

	2024	2023
		(restated)
	£	£

Current tax:

Adjustments in respect of prior periods	–	( 42,546)

Deferred tax:

Origination and reversal of timing differences	( 281,452)	216,248
	---------	---------
Taxation on ordinary activities	( 281,452)	173,702
	---------	---------

Reconciliation of tax (income)/expense

The tax assessed on the profit/(loss) on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).

	2024	2023
		(restated)
	£	£
Profit/(loss) on ordinary activities before taxation	164,940	( 194,554)
	---------	---------
Profit/(loss) on ordinary activities by rate of tax	41,235	( 48,639)
Adjustment to tax charge in respect of prior periods	–	( 42,546)
Effect of capital allowances and depreciation	( 69,251)	( 91,847)
Utilisation of tax losses	28,016	140,486
Effect on deferred tax	( 281,452)	216,248
	---------	---------
Tax on profit/(loss)	( 281,452)	173,702
	---------	---------

6. Tangible assets

	Freehold property	Leasehold property	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£	£
Cost/valuation
At 1 January 2024 (as restated)	5,163,396	6,663,717	10,349	63,983	11,901,445
Additions	–	141,603	–	21,542	163,145
Revaluations	936,604	( 1,205,320)	–	–	( 268,716)
	------------	------------	--------	--------	-------------
At 31 December 2024	6,100,000	5,600,000	10,349	85,525	11,795,874
	------------	------------	--------	--------	-------------
Depreciation
At 1 January 2024	–	–	10,349	14,240	24,589
Charge for the year	–	–	–	20,769	20,769
	------------	------------	--------	--------	-------------
At 31 December 2024	–	–	10,349	35,009	45,358
	------------	------------	--------	--------	-------------
Carrying amount
At 31 December 2024	6,100,000	5,600,000	–	50,516	11,750,516
	------------	------------	--------	--------	-------------
At 31 December 2023	5,163,396	6,663,717	–	49,743	11,876,856
	------------	------------	--------	--------	-------------

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property	Leasehold property	Total
	£	£	£
At 31 December 2024
Aggregate cost	4,318,105	6,805,320	11,123,425
Aggregate depreciation	–	–	–
	------------	------------	-------------
Carrying value	4,318,105	6,805,320	11,123,425
	------------	------------	-------------

At 31 December 2023
Aggregate cost	4,318,105	6,663,716	10,981,821
Aggregate depreciation	–	–	–
	------------	------------	-------------
Carrying value	4,318,105	6,663,716	10,981,821
	------------	------------	-------------

7. Investments

	Shares in participating interests
	£
Cost
At 1 January 2024 as restated and 31 December 2024	2
	----
Impairment
At 1 January 2024 as restated and 31 December 2024	–
	----

Carrying amount
At 31 December 2024	2
	----
At 31 December 2023	2
	----

The company owns 100% of the Ordinary Shares in Land & Water Special Projects Limited.

8. Debtors

	2024	2023
		(restated)
	£	£
Trade debtors	231,764	153,066
Deferred tax asset	512,077	–
Prepayments and accrued income	73,748	69,863
	---------	---------
	817,589	222,929
	---------	---------

9. Creditors: amounts falling due within one year

	2024	2023
		(restated)
	£	£
Bank loans and overdrafts	320,963	469,520
Trade creditors	122,095	120,660
Social security and other taxes	83,048	72,233
Other creditors	2,935,723	2,647,433
	------------	------------
	3,461,829	3,309,846
	------------	------------

National Westminster Bank Plc has a debenture over all the assets of the company in addition to legal charges over Lower Foxhangers Farm Marina and Northwich Marina.

10. Creditors: amounts falling due after more than one year

	2024	2023
		(restated)
	£	£
Bank loans and overdrafts	6,060,149	6,151,862
	------------	------------

11. Provisions

	Deferred tax (note 12)
	£
At 1 January 2024 (as restated)	281,452
Additions	230,625
	---------
At 31 December 2024	512,077
	---------

12. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
		(restated)
	£	£
Included in debtors (note 8)	512,077	–
Included in provisions (note 11)	( 512,077)	( 281,452)
	---------	---------
	–	( 281,452)
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
		(restated)
	£	£
Accelerated capital allowances	–	281,452
	----	---------

13. Prior period errors

The accounts have been restated to incorporate the impact of a misclassification of deferred taxation liabilities. The change has resulted in profits available for distribution at 31 December 2023 increasing by £168,413. Summary of the prior year accounting impact: Reduction in Deferred Tax Provision £168,413

14. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Included in the profit and loss reserves are non distributable amounts of £576,575.

15. Summary audit opinion

The auditor's report dated 11 December 2025 was unqualified .

The senior statutory auditor was Christopher Jones , for and on behalf of Affinia (Orpington) .

16. Related party transactions

At the year end the company owed £2,621,460 (2023: £2,377,831) to MHJ Limited. Geomac Limited is related by the virtue that they are under the control of the same Directors being J A Maclean and R E Melhuish. At the year end the company were owed £3,722 (2023:£36,911) by Land & Water Group and £889 (2023: £37,361) by Land & Water Services. The companies are related as they are both under the control of the same directors. During the year sales were made to MHJ Limited of £320,947 (2023: £124,620) and purchases were made of £12,450 (2023: £2,779). During the year purchases were made to Land & Water Plant Limited of £3,300 (2023: £1,918). During the year purchases were made from Land & Water Remediation Limited of £14,238 (2023: £Nil) During the year purchases were made from Land & Water Services Limited of £258,445 (2023: £341,382) During the year sales were made to Land and Water Group Limited of £16,984 (2023: £29,181) and purchases were made from them of £188,735 (2023: £455,747). All loans were made interest free and are repayable on demand. All transactions are at market value.

17. Ultimate controlling party

During the year the company was under control of R E Melhuish by virtue of his majority shareholding in Geomac Limited.