ACCOUNTS - Final Accounts

GEIF VENTURES LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-310true2022-04-01falseThe principal activity of the Company is holding investments.0trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04548237 2022-04-01 2023-03-31 04548237 2021-04-01 2022-03-31 04548237 2023-03-31 04548237 2022-03-31 04548237 c:Director1 2022-04-01 2023-03-31 04548237 d:CurrentFinancialInstruments 2023-03-31 04548237 d:CurrentFinancialInstruments 2022-03-31 04548237 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04548237 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04548237 d:ShareCapital 2023-03-31 04548237 d:ShareCapital 2022-03-31 04548237 d:RetainedEarningsAccumulatedLosses 2023-03-31 04548237 d:RetainedEarningsAccumulatedLosses 2022-03-31 04548237 c:OrdinaryShareClass1 2022-04-01 2023-03-31 04548237 c:OrdinaryShareClass1 2023-03-31 04548237 c:FRS102 2022-04-01 2023-03-31 04548237 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 04548237 c:FullAccounts 2022-04-01 2023-03-31 04548237 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04548237 2 2022-04-01 2023-03-31 04548237 6 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04548237

GEIF VENTURES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

GEIF VENTURES LIMITED

REGISTERED NUMBER: 04548237

BALANCE SHEET

AS AT 31 MARCH 2023

		2023		2022
Note		£		£

FIXED ASSETS
Investments	4		71,500		1,035,202
			71,500		1,035,202
CURRENT ASSETS
Debtors: amounts falling due within one year	5	4,360		-
Cash at bank and in hand		606,777		204,314
		611,137		204,314
Creditors: amounts falling due within one year	6	(542,454)		(1,001,908)
NET CURRENT ASSETS/(LIABILITIES)			68,683		(797,594)
TOTAL ASSETS LESS CURRENT LIABILITIES			140,183		237,608

NET ASSETS			140,183		237,608

CAPITAL AND RESERVES
Called up share capital	7	100	100
Profit and loss account		140,083	237,508
		140,183	237,608

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GEIF VENTURES LIMITED

REGISTERED NUMBER: 04548237

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2023

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 the 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 by:

S Kuznetsov

Director

Date: 13 December 2023

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

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GEIF VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	GENERAL INFORMATION

GEIF Ventures Limited is a private company limited by shares and incorporated in England and Wales. Its registered office address is 95 Regent Street, Cambridge, England, CB2 1AW.
The Company's functional and presentational currency is GBP.

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

GOING CONCERN

During previous periods the directors made the decision to cease operations and expect that all existing activities will be concluded within 12 months of approving these accounts. For this reason the financial statements have been prepared on a basis other than going concern. Assets are measured at their recoverable amount, liabilities are measured at their settlement values. No onerous committed liabilities have been identified.

2.3

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

2.4

VALUATION OF INVESTMENTS

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.5

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

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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GEIF VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

2.7

CREDITORS

Short-term creditors are measured at the transaction price.
Funding allocated from British Business Financial Services Limited ("BBFSL") for operating expenditure is credited to the profit and loss account (as other operating income) as the related expenditure is incurred.
Funding received from the BBFSL for making investments is held as an other creditor under amounts falling due within one year. Any movement in value of investments to which the funding has been applied is offset against the amounts payable to the BBFSL. The liability to BBFSL is held at its expected settlement value, as the amount payable to BBFSL is linked to the amount recoverable from the sale of investments which are held at their net realisable value. From 1 January 2021, any income and realisations shall be apportioned 75% to BBFSL and 25% to the fund manager to cover operating expenditure of the fund and then as management fees.

2.8

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

EMPLOYEES

	The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

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GEIF VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

4.	FIXED ASSET INVESTMENTS

	Listed investments	Unlisted investments	Total
	£	£	£
COST OR VALUATION
At 1 April 2022	804,355	230,847	1,035,202
Disposals	(804,355)	-	(804,355)
Revaluations	-	(159,347)	(159,347)
At 31 March 2023	-	71,500	71,500

5.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

					2023	2022
					£	£


Accrued income	4,360	-
	4,360	-

6.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2023	2022
		£	£

Amounts owed to other participating interests	67,631	237,631
Other creditors	474,823	764,277
	542,454	1,001,908

Other creditors represent funding received from British Business Financial Services Limited ("BBFSL") for investment. The movement of this creditor in the year represents the change in its expected settlement value, as set out in the accounting policy.

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GEIF VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

7.	SHARE CAPITAL
		2023	2022
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

100 Ordinary shares of £1 each	100	100

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