Geeplus Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05092504 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

GEEPLUS HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J G Chapman

J Degawa

R M Driscoll

T Haglund

V Loeffler

I A Purvis

K E T Knutsson

SECRETARY:

Mrs J S Middleditch

REGISTERED OFFICE:

Chart House

2 Effingham Road

Reigate

Surrey

RH2 7JN

REGISTERED NUMBER:

05092504 (England and Wales)

AUDITORS:

John Williams & Co Limited

Chartered Certified Accountants

Statutory Auditors

Chart House

2 Effingham Road

Reigate

Surrey

RH2 7JN

FIXED ASSETS

Investments

4

767,250

767,250

CURRENT ASSETS

Debtors

5

64,751

64,751

Cash at bank

406,300

424,493

471,051

489,244

CREDITORS

Amounts falling due within one year

6

393,236

325,592

NET CURRENT ASSETS

77,815

163,652

TOTAL ASSETS LESS CURRENT LIABILITIES

845,065

930,902

CAPITAL AND RESERVES

Called up share capital

7

263,750

263,750

Retained earnings

8

581,315

667,152

SHAREHOLDERS' FUNDS

845,065

930,902

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 January 2021 and were signed on its behalf by:

J G Chapman - Director

1.	STATUTORY INFORMATION

Geeplus Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared in British pound sterling.

Preparation of consolidated financial statements

The financial statements contain information about Geeplus Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2019

and 31 December 2019

767,250

NET BOOK VALUE

At 31 December 2019

767,250

At 31 December 2018

767,250

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by group undertakings

64,751

64,751

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed to group undertakings

334,411

288,283

Tax

31,470

23,352

VAT

26,055

12,757

Other creditors

1,300

1,200

393,236

325,592

7.	CALLED UP SHARE CAPITAL

Allotted, issued and

fully paid:

Nominal

2016

2015

Number:

Class:

value:

£

£

75,000

A Ordinary

£1

75,000

75,000

93,750

B Ordinary

£1

93,750

93,750

15,000

C Ordinary

£1

15,000

15,000

80,000

D Ordinary

£1

80,000

80,000

263,750

263,750

8.

RESERVES

Retained

earnings

£

At 1 January 2019

667,152

Profit for the year

514,163

Dividends

(600,000

)

At 31 December 2019

581,315

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

M R Wilson FCCA (Senior Statutory Auditor)

for and on behalf of John Williams & Co Limited

10.	RELATED PARTY DISCLOSURES

In the year dividends of £180,000 (2018 - £180,000) to J Chapman, £42,000 (2018 - £42,000) to R Driscoll, £42,000 (2018 - £42,000) to G Henn, £42,000 (2018 - £42,000) to J Degawa, £30,000 (2018 - £30,000) to Magnet Sales & Service ltd, £58,800 to Actronic Solutions (2018 - Nil), £144,000 (2018: £144,000) to Geenoridca AB and £61,200 (2018 - £120,000) to Maccon Antriebskomponenten GMBH were paid.

In the year the company made sales of £139,872 (2018: £116,701) to Geeplus Europe Ltd, £37,982 (2018: £27,859) to Geeplus Asia and £20,537 (2018: £20,812) to Geeplus Inc, all of which are wholly owned subsidiaries.

Included in debtors is an amount of £64,751 (2018: £64,751) due from Geeplus Asia, a wholly owned subsidiary

Included in creditors is an amount of £48,428 (2018: £166,361) due to Geeplus Europe Ltd and an amount of £285,983 (2018: £121,922) due to Geeplus Inc, both of which are wholly owned subsidiaries.

11.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

12.	ULTIMATE CONTROLLING PARTY