Geofvision Ltd
Contents
|
Company Information |
|
|
Independent Auditor's Report |
|
|
Statement of Financial Position |
|
|
Notes to the Financial Statements |
Registration number:
Geofvision Ltd
for the Year Ended 31 July 2025
Geofvision Ltd
Contents
|
Company Information |
|
|
Independent Auditor's Report |
|
|
Statement of Financial Position |
|
|
Notes to the Financial Statements |
Geofvision Ltd
Company Information
|
Director |
C F Trimborn |
|
Registered office |
|
|
Independent auditor |
|
Geofvision Ltd
Independent Auditor's Report to the member of
Geofvision Ltd
Qualified Opinion
We have audited the financial statements of Geofvision Ltd (the 'company') for the year ended 31 July 2025, which comprise the Statement of Financial Position, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section, financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 July 2025 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for qualified opinion
The company is dependent upon the financial support of its parent company as described in Note 2 to the financial statements. We were unable to obtain sufficient audit evidence regarding the financial ability of the parent company to provide that support. As a result, we were unable to determine whether any modifications would have been required to the financial statements if the company were unable to continue as a going concern.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Geofvision Ltd
Independent Auditor's Report to the member of
Geofvision Ltd (continued)
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
|
• |
the information given in the for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
the has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the .
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit; or |
• | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. |
Responsibilities of the director
As explained more fully in the [set out on page ], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Geofvision Ltd
Independent Auditor's Report to the member of
Geofvision Ltd (continued)
The extent to which the audit was considered capable of detecting irregularities including fraud
|
|
|
|
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
|
|
• |
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
|
|
|
|
• |
we obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the laws and regulations applicable to the company through discussions with directors and other management, and from our cumulative audit and commercial knowledge and experience of the company; |
|
|
|
|
|
|
|
• |
we focused on specific laws and regulations which we considered may have a direct material effect on the determination of material amounts and disclosures in the financial statements or the operations of the company, including the Companies Act 2006, The Equality Act 2010, taxation legislation, anti-bribery, employment law and health and safety legislation. We also considered and identified laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty, including the Bribery Act and the Data Protection Act 2018; |
|
|
|
|
• |
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
|
|
|
|
• |
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
|
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
|
|
|
|
|
|
|
|
• |
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
|
• |
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
|
|
|
|
We are also required to perform specific procedures to respond to the risk of management bias and override of controls. To address this, we performed analytical procedures to identify any unusual or unexpected relationships and tested journal entries to identify unusual transactions. |
|
|
|
|
|
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
|
|
|
|
|
|
|
|
• |
agreeing financial statements to disclosures underlying supporting documentation; |
|
• |
enquiring of management as to actual and potential litigation and claims; and |
|
|
|
|
|
|
|
• |
reviewing correspondence with HMRC, analysing legal costs to ascertain if there have been instances of non-compliance with laws and regulations. |
|
|
Geofvision Ltd
Independent Auditor's Report to the member of
Geofvision Ltd (continued)
|
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s member, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s member those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s member as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Salatin House
19 Cedar Road
Surrey
SM2 5DA
Geofvision Ltd
(Registration number: 13506528)
Statement of Financial Position as at 31 July 2025
|
Note |
2025 |
2024 |
|
|
Non-current assets |
|||
|
Property, plant and equipment |
|
|
|
|
Current assets |
|||
|
Receivables |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Payables: Amounts falling due within one year |
( |
( |
|
|
Net current (liabilities)/assets |
( |
|
|
|
Net (liabilities)/assets |
( |
|
|
|
Equity |
|||
|
Called up share capital |
100 |
100 |
|
|
Retained earnings |
(265,568) |
91,247 |
|
|
Total equity |
(265,468) |
91,347 |
The financial statements of Geofvision Ltd were approved and authorised for issue by the
.........................................
Director
Geofvision Ltd
Notes to the Financial Statements
for the Year Ended 31 July 2025
|
General information |
Geofvision Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the director's report on page 2.
The company was formerly known as Gunzilla UK Ltd.
|
Accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Key sources of estimation uncertainty
There were no key sources of estimation uncertainties or critical judgements made by the director in the process of applying the company’s accounting policies which have the most significant effect on the amounts recognised in the financial statements.
Geofvision Ltd
Notes to the Financial Statements
for the Year Ended 31 July 2025 (continued)
|
2 |
Accounting policies (continued) |
Going concern
The director has prepared these financial statements on a going concern basis, which assumes that the company will continue in operational existence for at least twelve months from the date of approval. This assumption is based on the expectation that the parent undertaking, Poseidon 133 PTE. Ltd, will provide the company with sufficient resources to enable it to meet its financial obligations as they fall due.
The company is dependent on continuing financial support from its parent company to enable it to meet its liabilities as they fall due. The parent company has confirmed its intention to provide such support for at least 12 months from the date of approval of these financial statements.
The director has considered the financial position of the parent company and, based on the information available, is satisfied that it is appropriate to prepare the financial statements on a going concern basis.
The parent company, Poseidon 133 PTE. Ltd. has provided evidence of ownership of highly liquid intangible assets ($GUN crypto tokens) since 31 March 2025 that secure additional capital and assure the Group’s and the Geofvision Limited’s continued ability to operate as a going concern for a period of at least one year from the date of issuance of its audited financial statements for the year ended 31 July 2025.
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the provision of services to the parent undertaking in the ordinary course of the company’s activities. Revenue is shown net of value added tax. The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Other operating income
Other operating income includes marketing services. This is recognised when the company becomes entitled to it under the underlying consulting agreements.
Foreign currency transactions and balances
Non-monetary items measured at historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rate at the date when the fair value was measured.
Exchange differences arising on settlement or retranslation are recognised in profit or loss in the period in which they arise, except where another section of FRS 102 requires otherwise.
Taxation
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Geofvision Ltd
Notes to the Financial Statements
for the Year Ended 31 July 2025 (continued)
|
2 |
Accounting policies (continued) |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Property, plant and equipment
Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Computer equipment |
25% straight line |
Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in the statement of income and retained earnings.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the statement of income and retained earnings.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and are subject to an insignificant risk of changes in value.
Receivables
Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Geofvision Ltd
Notes to the Financial Statements
for the Year Ended 31 July 2025 (continued)
|
2 |
Accounting policies (continued) |
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. The assets of the schemes are held
separately from those of the company. Contributions are recognised in the income statement in the
period in which they become payable.
Financial instruments
|
Staff numbers |
The average number of persons employed by the company during the year was
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
Geofvision Ltd
Notes to the Financial Statements
for the Year Ended 31 July 2025 (continued)
|
Property, plant and equipment |
|
Computer equipment |
|
|
Cost |
|
|
At 1 August 2024 |
|
|
Additions |
|
|
At 31 July 2025 |
|
|
Depreciation |
|
|
At 1 August 2024 |
|
|
Charge for the year |
|
|
At 31 July 2025 |
|
|
Carrying amount |
|
|
At 31 July 2025 |
|
|
At 31 July 2024 |
|
|
Receivables |
|
Note |
2025 |
2024 |
|
|
Receivables |
|
- |
|
|
Amounts owed by group undertaking |
|
|
|
|
Other receivables |
|
|
|
|
|
|
The amount owed by group undertaking disclosed as falling within one year is unsecured, payable on demand and non-interest bearing.
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash at bank |
26,880 |
28,654 |
Geofvision Ltd
Notes to the Financial Statements
for the Year Ended 31 July 2025 (continued)
|
Payables |
|
2025 |
2024 |
|
|
Due within one year |
||
|
Trade payables |
|
|
|
Amount owed to group undertaking |
|
|
|
Social security and other taxes |
|
- |
|
Corporation tax liability |
23,561 |
23,561 |
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
|
|
The amount owed to a group undertaking is unsecured, interest-bearing and repayable on demand. Interest is charged in accordance with the terms of the underlying loan agreement.
|
Pension |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital and reserves |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
The company has one class of share capital which carries no right to fixed income.
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
Geofvision Ltd
Notes to the Financial Statements
for the Year Ended 31 July 2025 (continued)
|
Related party transactions |
The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of Section 1AC.35 of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose transactions with entities that are wholly owned members of the group.
There were no other related party transactions to disclose.
|
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent undertaking is
The most senior parent entity producing publicly available financial statements is Poseidon 133 Pte Ltd. These financial statements are available on request.
|
Events after the financial period |
|
|