Geotic Ltd - Period Ending 2020-12-31

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 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	3,556	3,492
Current assets
Debtors	5	28,102	11,664
Cash at bank and in hand		67,688	67,472
		95,790	79,136
Creditors: Amounts falling due within one year	6	(30,776)	(31,254)
Net current assets		65,014	47,882
Total assets less current liabilities		68,570	51,374
Provisions for liabilities		(676)	(663)
Net assets		67,894	50,711
Capital and reserves
Called up share capital		100	100
Profit and loss account		67,794	50,611
Shareholders' funds		67,894	50,711

For the financial year ending 31 December 2020 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.

Approved and authorised by the Board on 24 June 2021 and signed on its behalf by:
 

Geotic Ltd

(Registration number: 04129547)
Balance Sheet as at 31 December 2020

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

Mr D W Parr
Director

Geotic Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

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.

Geotic Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

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.
 

Government grants

Government grants are recognised using the accrual model. Grants which relate to revenue shall be recognised in other operating income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
Any amounts outstanding at the year end will be included within other debtors.

Tangible assets

Tangible assets are stated in the balance sheet 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 (2019 - 2).

Geotic Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2020	16,017	16,017
Additions	3,424	3,424
At 31 December 2020	19,441	19,441
Depreciation
At 1 January 2020	12,525	12,525
Charge for the year	3,360	3,360
At 31 December 2020	15,885	15,885
Carrying amount
At 31 December 2020	3,556	3,556
At 31 December 2019	3,492	3,492

Geotic Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

5

Debtors

	2020 £	2019 £
Trade debtors	10,886	11,664
Other debtors	17,216	-
	28,102	11,664

6

Creditors

Creditors: amounts falling due within one year

	Note	2020  £	2019  £
Due within one year
Trade creditors		80	697
Social security and other taxes		12,160	10,654
Other payables		18,536	19,903
		30,776	31,254

7	Related party transactions

Transactions with directors

2020	At 1 January 2020 £	Advances to directors £	Repayments by director £	At 31 December 2020 £
Mr D W Parr
	(104)	37,604	(20,142)	17,358