Geotic Ltd - Period Ending 2019-12-31

Registration number: 04129547

Geotic Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2019

Alextra Group Ltd
Chartered Certified Accountants
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

 

Geotic Ltd

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Geotic Ltd

(Registration number: 04129547)
Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	3,492	3,098
Current assets
Debtors	5	11,664	12,848
Cash at bank and in hand		67,472	60,722
		79,136	73,570
Creditors: Amounts falling due within one year	6	(31,254)	(31,594)
Net current assets		47,882	41,976
Total assets less current liabilities		51,374	45,074
Provisions for liabilities		(663)	(417)
Net assets		50,711	44,657
Capital and reserves
Called up share capital		100	100
Profit and loss account		50,611	44,557
Total equity		50,711	44,657

For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and directors report has been taken.

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

Geotic Ltd

(Registration number: 04129547)
Balance Sheet as at 31 December 2019

Approved and authorised by the Board on 29 May 2020 and signed on its behalf by:
 

.........................................

Mr D W Parr
Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Geotic Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Wellbank Cottage Pool Lane
Winterley
Sandbach
Cheshire
CW11 4RY
UK

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Revenue recognition

Turnover comprises the invoiced consideration for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Page 3

Geotic Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

Tax
The tax expense for the period comprises current and deferred tax.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred tax is determined using tax rates and laws that have been enacted or substantially enacted by the reporting date.

The carrying amount of the deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
 

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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
Fixtures and fittings	25% on reducing balance
Computer equipment	33% on cost

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2018 - 2).

Page 4

Geotic Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2019	13,312	13,312
Additions	2,705	2,705
At 31 December 2019	16,017	16,017
Depreciation
At 1 January 2019	10,214	10,214
Charge for the year	2,311	2,311
At 31 December 2019	12,525	12,525
Carrying amount
At 31 December 2019	3,492	3,492
At 31 December 2018	3,098	3,098

Page 5

Geotic Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

5

Debtors

	2019 £	2018 £
Trade debtors	11,664	12,848
	11,664	12,848

6

Creditors

Creditors: amounts falling due within one year

	Note	2019  £	2018  £
Due within one year
Trade creditors		697	-
Social security and other taxes		10,654	11,245
Other payables		19,903	20,349
		31,254	31,594

Page 6