ACCOUNTS - Final Accounts preparation

GEOCOMPUTING EUROPE LIMITED - Company Information

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Registered number: 08530627

GEOCOMPUTING EUROPE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2018

GEOCOMPUTING EUROPE LIMITED

REGISTERED NUMBER: 08530627

BALANCE SHEET

AS AT 31 DECEMBER 2018

		2018		2017
Note		£		£


Current assets
Cash at bank and in hand	5	3,800		3,792
		3,800		3,792
Creditors: amounts falling due within one year	6	(168,449)		(165,937)
Net current liabilities			(164,649)		(162,145)
Total assets less current liabilities			(164,649)		(162,145)

Net liabilities			(164,649)		(162,145)

Capital and reserves
Called up share capital	1,000	1,000
Profit and loss account	(165,649)	(163,145)
	(164,649)	(162,145)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2019.

J Creevan

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

GEOCOMPUTING EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

1.	General information

Geocomputing Europe Limited (the Company) is incorporated in the United Kingdom under the Companies Act.
The Company is a private company limited by shares and is registered in England and Wales. The registered office is Highlands House, Basingstoke Road, Spencers Wood, Reading, Berkshire, RG7 1NT.
The company's functional and presentational currency is GBP and the financial statements are rounded to the nearest £.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Interest income

Interest income is recognised in the Profit and Loss Account using the effective interest method.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment

33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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GEOCOMPUTING EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

2.Accounting policies (continued)

2.5

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 2 (2017 - 2).

4.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	At 1 January 2018	1,305
	At 31 December 2018	1,305
	Depreciation
	At 1 January 2018	1,305
	At 31 December 2018	1,305
	Net book value
	At 31 December 2018	-
	At 31 December 2017	-

Page 3

GEOCOMPUTING EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

5.	Cash and cash equivalents
		2018	2017
		£	£

Cash at bank and in hand	3,800	3,792
	3,800	3,792

6.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Amounts owed to group undertakings	166,589	164,077
Accruals and deferred income	1,860	1,860
	168,449	165,937

7.	Controlling party

Geocomputing Group, LLC (incorporated in USA) is regarded by the directors as being the company's ultimate parent company.

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