Geo Management Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03883776 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

GEO MANAGEMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

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

3

52,073

87,645

Investments

4

-

-

Investment property

5

9,140,000

9,137,500

9,192,073

9,225,145

CURRENT ASSETS

Debtors

6

20,502

66,334

Cash at bank

357,716

328,777

378,218

395,111

CREDITORS

Amounts falling due within one year

7

487,113

488,989

NET CURRENT LIABILITIES

(108,895

)

(93,878

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,083,178

9,131,267

CREDITORS

Amounts falling due after more than one year

8

(6,070,055

)

(6,474,412

)

PROVISIONS FOR LIABILITIES

(54,077

)

(43,381

)

NET ASSETS

2,959,046

2,613,474

CAPITAL AND RESERVES

Called up share capital

10

400

400

Non-distributable reserve

892,168

875,093

Retained earnings

2,066,478

1,737,981

SHAREHOLDERS' FUNDS

2,959,046

2,613,474

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 7 December 2017 and were signed on its behalf by:

Mr D J Mills - Director

Mrs L M Mills - Director

1.	STATUTORY INFORMATION

Geo Management 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in Sterling, which is the functional currency of the company and rounded

to the nearest £.

As at 31 March 2017 the company had net current liabilities of £108,895. Included within other creditors due

after more than one year is an amount of £5,413,823 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.

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

Statement of Comprehensive Income 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

Tangible fixed assets are recorded at cost less accumulated depreciation. Depreciation is calculated so as to

write off the cost of fixed assets, less their estimated residual values, over the expected useful economic lives of

the assets concerned. The principal annual rates used for this purpose are as follows:

Plant and machinery etc - 25% on cost and over the lease term

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Investment property

Investment properties are initially recorded at cost which includes purchase cost and any directly attributable

expenditure.

Investment properties whose fair value can be measured reliably are measured at fair value. The gain or loss on

revaluation is recognised in the Statement of Comprehensive Income in the period in which it arises. Such gains

or losses are transferred from retained earnings to a non-distributable reserve.

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.

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.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

243,955

Additions

615

Disposals

(2,774

)

At 31 March 2017

241,796

DEPRECIATION

At 1 April 2016

156,310

Charge for year

35,617

Eliminated on disposal

(2,204

)

At 31 March 2017

189,723

NET BOOK VALUE

At 31 March 2017

52,073

At 31 March 2016

87,645

4.	INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2016

and 31 March 2017

400

PROVISIONS

At 1 April 2016

and 31 March 2017

400

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

9,137,500

Revaluations

2,500

At 31 March 2017

9,140,000

NET BOOK VALUE

At 31 March 2017

9,140,000

At 31 March 2016

9,137,500

The directors value the company's investment property portfolio annually at the balance sheet date. The

directors take an external property agent's view on the market, together with their own knowledge and

experience to assess the open market value of each property.

The historical cost of the company's investment properties was £8,219,631 (2016 - £8,219,631).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

16,523

58,319

Other debtors

3,979

8,015

20,502

66,334

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

233,333

233,333

Trade creditors

167

343

Taxation and social security

122,373

113,744

Other creditors

131,240

141,569

487,113

488,989

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

656,232

889,565

Other creditors

5,413,823

5,584,847

6,070,055

6,474,412

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

889,565

1,122,898

The bank loan is secured by fixed and floating charges over the investment property and other assets of the

company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

304

Ordinary 'A'

£1

304

304

96

Ordinary 'B'

£1

96

96

400

400

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

Mr D J Mills and Mrs L M Mills

Balance outstanding at start of year

5,584,847

5,724,055

Amounts advanced

34,822

185,730

Amounts repaid

(205,846

)

(324,938

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,413,823

5,584,847

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.

12.	RELATED PARTY DISCLOSURES