Geomant UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05323859 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

GEOMANT UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

K F Ross

F A Vecsei

REGISTERED OFFICE:

Turnpike Gate House

Alcester Heath

Alcester

Warwickshire

B49 5JG

REGISTERED NUMBER:

05323859 (England and Wales)

AUDITORS:

Crowe UK LLP

Statutory Auditors

Black Country House

Rounds Green Road

Oldbury

West Midlands

B69 2DG

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,210

3,936

2,210

3,936

CURRENT ASSETS

Debtors

6

759,880

660,283

Cash at bank and in hand

424,107

424,786

1,183,987

1,085,069

CREDITORS

Amounts falling due within one year

7

925,732

920,435

NET CURRENT ASSETS

258,255

164,634

TOTAL ASSETS LESS CURRENT LIABILITIES

260,465

168,570

CREDITORS

Amounts falling due after more than one year

8

44,803

3

NET ASSETS

215,662

168,567

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

214,662

167,567

SHAREHOLDERS' FUNDS

215,662

168,567

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2021 and were signed on its behalf by:

K F Ross - Director

1.	STATUTORY INFORMATION

Geomant UK 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.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of two years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

50% on cost

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The company has cash resources and has no requirement for external funding. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis appropriate in preparing the annual financial statements.

As a result of the spread of COVID-19 coronavirus, economic uncertainties have arisen which may negatively affect the financial position, results of operations, and cash flows of the Company. The duration of these uncertainties and the ultimate financial effects cannot be reasonably estimated at this time. The business has taken adequate provisions to control the impact the pandemic may have and given the industry of operation, does not foresee any material effect on trading.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2019 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2020

and 31 December 2020

5,825

AMORTISATION

At 1 January 2020

and 31 December 2020

5,825

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2020

11,860

54,509

66,369

Additions

-

1,411

1,411

At 31 December 2020

11,860

55,920

67,780

DEPRECIATION

At 1 January 2020

11,860

50,573

62,433

Charge for year

-

3,137

3,137

At 31 December 2020

11,860

53,710

65,570

NET BOOK VALUE

At 31 December 2020

-

2,210

2,210

At 31 December 2019

-

3,936

3,936

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

as

restated

£

£

Trade debtors

450,703

593,592

Amounts owed by group undertakings

300,745

66,691

Other debtors

8,432

-

759,880

660,283

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

as

restated

£

£

Bank loans and overdrafts

5,200

-

Trade creditors

124,165

145,221

Amounts owed to group undertakings

127,297

-

Amounts owed to participating interests

79,268

156,390

Taxation and social security

149,386

151,920

Other creditors

440,416

466,904

925,732

920,435

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

as

restated

£

£

Bank loans

44,800

-

Other creditors

3

3

44,803

3

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

4,636

-

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

The Report of the Auditors was unqualified.

Mark Evans (Senior Statutory Auditor)

for and on behalf of Crowe UK LLP

10.	RELATED PARTY DISCLOSURES

In accordance with FRS 102 section 33 the company has taken advantage of the exemption available not to disclose details of transactions entered into between wholly owned subsidiaries.

During the year the company purchased goods and services from the following non-wholly owned related companies, Inova Solutions Inc. for value of £64,808 (2019: £70,449), the company sold services to Inova Solutions Inc. for value of £77,122 (2019: £33,948). The company also sold services to Buzzeasy Limited, a wholly owned subsidiary of the company's 49% ultimate shareholder, Concentric Technologies Limited, for value of £Nil (2019: £37,863).

As at the balance sheet date the following amounts were outstanding from related parties, Concentric Technologies Limited £Nil (2019: 63,768) and due to Buzzeasy Limited £79,268 (2019: due from £2,923).

11.	ULTIMATE CONTROLLING PARTY

During the year, the company was acquired by Geomant Global, a company 49% owned by Concentric Technologies Limited and 51% owned by Meritus ulaganja d. d.

The company's immediate parent undertaking is Geomant Global, a company registered in Croatia The company considers its ultimate parent undertaking and controlling party to be Meritus ulaganja d. d., a company registered in Croatia, by virtue of it's 51% shareholding in its 100% parent company.

12.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £3,436 (2019: £4,559) were payable to the fund at the balance sheet date and are included in creditors.