Geo Management Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 03883776 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2016

FOR

GEO MANAGEMENT LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr D J Mills

Mrs L M Mills

SECRETARY:

Mr D J Mills

REGISTERED OFFICE:

Ingram House

Meridian Way

Norwich

Norfolk

NR7 0TA

REGISTERED NUMBER:

03883776 (England and Wales)

ACCOUNTANTS:

LEES

Chartered Certified Accountants

Ingram House

Meridian Way

Norwich

Norfolk

NR7 0TA

FIXED ASSETS

Tangible assets

2

9,225,145

8,472,099

Investments

3

-

9,225,145

8,472,099

CURRENT ASSETS

Debtors

66,334

42,423

Cash at bank

328,777

577,401

395,111

619,824

CREDITORS

Amounts falling due within one year

4

488,989

537,304

NET CURRENT (LIABILITIES)/ASSETS

(93,878

)

82,520

TOTAL ASSETS LESS CURRENT LIABILITIES

9,131,267

8,554,619

CREDITORS

Amounts falling due after more than one year

4

(6,474,412

)

(6,846,954

)

PROVISIONS FOR LIABILITIES

(605

)

(1,440

)

NET ASSETS

2,656,250

1,706,225

CAPITAL AND RESERVES

Called up share capital

5

400

Investment property reserve

917,869

127,869

Profit and loss account

1,737,981

1,577,956

SHAREHOLDERS' FUNDS

2,656,250

1,706,225

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395
and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as
applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 5 September 2016 and were signed on its behalf by:

Mr D J Mills - Director

Mrs L M Mills - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

As at 31 March 2016 the company had net current liabilities of £93,878. Included within other creditors due after more than

one year is an amount of £5,584,847 due to Mr D J Mills and Mrs L M Mills, the directors of the company. The directors will

not seek repayment of this loan to the detriment of other creditors and the directors will continue to provide the company

with financial support as and when required. The directors therefore consider it appropriate to prepare the accounts on a

going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain

assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents amounts receivable for rental, associated income and other services supplied during the period, net of

value added tax. Rents received in advance are initially deferred with revenue recognised in the profit and loss account

over the terms as detailed in the respective tenancy agreements. Turnover relating to contract work is recognised as

contract activity progresses and the right to consideration is earned. Unbilled turnover on individual contracts is included as

accrued income within debtors.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost and in accordance with the property lease

Deferred tax

The charge for taxation is based on the results for the year and takes into account taxation deferred because of timing

differences between the treatment of certain items for taxation and accounting purposes. In accordance with Financial

Reporting Standard 19, provision is made for deferred tax in respect of all timing differences that have originated but not

reversed by the balance sheet date. Deferred tax assets are only recognised when it is more likely than not that the

deferred tax asset will be recovered. Deferred tax is measured using rates of tax that have been enacted or substantially

enacted by the balance sheet date. Deferred tax balances are not discounted.

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 the profit and loss account in the period to which they relate.

Investment properties

In accordance with Statement of Standard Accounting Practice No.19 :-

(i) investment properties are revalued annually and the aggregate surplus or deficit is transferred to a revaluation reserve;

and

(ii) no depreciation or amortisation is provided in respect of freehold investment properties.

This treatment as regards to the company's investment properties, may be a departure from the requirement of the

Companies Act concerning depreciation of fixed assets. However, these properties are not held for consumption but for

investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy

adopted is therefore necessary for the accounts to give a true and fair view.

Accounting for leases

Lease rentals are taken to income on a straight-line basis over the term of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 April 2015

8,591,333

Additions

782

Disposals

(660

)

Revaluations

790,000

At 31 March 2016

9,381,455

DEPRECIATION

At 1 April 2015

119,234

Charge for year

37,406

Eliminated on disposal

(330

)

At 31 March 2016

156,310

NET BOOK VALUE

At 31 March 2016

9,225,145

At 31 March 2015

8,472,099

3.	FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Danny Mills Limited

Nature of business: Non-trading

%

Class of shares:

holding

Ordinary

100.00

4.

CREDITORS

Creditors include an amount of £ 1,122,898 (2015 - £ 1,356,232 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

304

Ordinary 'A'

£1

304

96

Ordinary 'B'

£1

96

400

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2016 and 31 March 2015:

2016

2015

£

Mr D J Mills and Mrs L M Mills

Balance outstanding at start of year

5,724,055

5,657,416

Amounts advanced

185,730

342,513

Amounts repaid

(324,938

)

(275,874

)

Balance outstanding at end of year

5,584,847

5,724,055

This loan is currently interest free and is not due for repayment within twelve months of the balance sheet date.

The directors, Mr D J Mills and Mrs L M Mills, have agreed with the company's bankers to the postponement and

subordination of £1,000,000 in respect of the directors' loan.

7.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr D J Mills.