Company Registration No. 02039116 (England and Wales)
Geoplan Spatial Intelligence Limited
Unaudited financial statements
for the year ended 31 January 2022
Pages for filing with the Registrar
Geoplan Spatial Intelligence Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 11
Geoplan Spatial Intelligence Limited
Statement of financial position
As at 31 January 2022
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
601,791
750,367
Tangible assets
5
822,140
826,991
Investment properties
6
2,585,632
2,568,370
4,009,563
4,145,728
Current assets
Debtors
7
1,014,733
1,389,327
Cash at bank and in hand
755,481
221,247
1,770,214
1,610,574
Creditors: amounts falling due within one year
8
(865,925)
(1,224,271)
Net current assets
904,289
386,303
Total assets less current liabilities
4,913,852
4,532,031
Creditors: amounts falling due after more than one year
9
(1,530,512)
(1,647,288)
Provisions for liabilities
(49,855)
(35,235)
Net assets
3,333,485
2,849,508
Capital and reserves
Called up share capital
150,000
150,000
Revaluation reserve
378,890
378,890
Capital redemption reserve
60,000
60,000
Profit and loss reserves
2,744,595
2,260,618
Total equity
3,333,485
2,849,508
Page 1
Geoplan Spatial Intelligence Limited
Statement of financial position (continued)
As at 31 January 2022
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 September 2022 and are signed on its behalf by:
Sara McCartney
Director
Company Registration No. 02039116
Page 2
Geoplan Spatial Intelligence Limited
Notes to the financial statements
For the year ended 31 January 2022
1
Accounting policies
Company information
Geoplan Spatial Intelligence Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Bilton Court, Wetherby Road, Harrogate, North Yorkshire, HG3 1GP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have reviewed the company's forecasts and projections, including its future cash flows, available lending facilities, and have considered possible changes in trading performance. The directors anticipate that profitability will remain consistent and the cash position will improve during 2022/23 due to new opportunities in the pipeline.
true
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of preparing the annual report and financial statements.
1.3
Turnover
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date, turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
Page 3
Geoplan Spatial Intelligence Limited
Notes to the financial statements (continued)
For the year ended 31 January 2022
1
Accounting policies (continued)
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
10 years
Development costs
10 years
1.6
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Nil
Plant and equipment
4 years on a straight line basis
Fixtures and fittings
5 years on a straight line basis
Computers
4 years on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.7
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.8
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Page 4
Geoplan Spatial Intelligence Limited
Notes to the financial statements (continued)
For the year ended 31 January 2022
1
Accounting policies (continued)
1.9
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Page 5
Geoplan Spatial Intelligence Limited
Notes to the financial statements (continued)
For the year ended 31 January 2022
1
Accounting policies (continued)
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Page 6
Geoplan Spatial Intelligence Limited
Notes to the financial statements (continued)
For the year ended 31 January 2022
1
Accounting policies (continued)
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Page 7
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.16
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
13
21
Geoplan Spatial Intelligence Limited
Notes to the financial statements (continued)
For the year ended 31 January 2022
4
Intangible fixed assets
Other
£
Cost
At 1 February 2021
1,903,112
Additions
44,374
At 31 January 2022
1,947,486
Amortisation and impairment
At 1 February 2021
1,152,745
Amortisation charged for the year
192,950
At 31 January 2022
1,345,695
Carrying amount
At 31 January 2022
601,791
At 31 January 2021
750,367
5
Tangible fixed assets
Total
Land and buildings
Plant and machinery etc
£
£
£
Cost or valuation
At 1 February 2021
715,000
341,261
1,056,261
Additions
44,361
44,361
Disposals
(38,068)
(38,068)
At 31 January 2022
715,000
347,554
1,062,554
Depreciation and impairment
At 1 February 2021
229,268
229,268
Depreciation charged in the year
49,214
49,214
Eliminated in respect of disposals
(38,068)
(38,068)
At 31 January 2022
240,414
240,414
Carrying amount
At 31 January 2022
715,000
107,140
822,140
At 31 January 2021
715,000
111,991
826,991
Page 8
Geoplan Spatial Intelligence Limited
Notes to the financial statements (continued)
For the year ended 31 January 2022
5
Tangible fixed assets (continued)
Freehold land and buildings with a carrying amount of
£715,000 together with investment property (note 7) of £2,585,632
have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
6
Investment property
2022
£
Fair value
At 1 February 2021
2,568,370
Additions
17,262
At 31 January 2022
2,585,632
In August 2018, as part of the refurbishment of Investment Properties held, the Directors obtained a valuation of the property portfolio from Lawrence Hannah. This did not highlight any material differences (individually or in aggregate) between the carrying value of the properties held and their market value. The Directors have assessed the investment property for signs of impairment and any indication of change to fair value, by means of local property prices and current occupancy. The directors are of the opinion that there has been no significant change in fair value since this date.
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
118,825
150,094
Corporation tax recoverable
166,069
271,449
Other debtors
729,839
967,784
1,014,733
1,389,327
Page 9
Geoplan Spatial Intelligence Limited
Notes to the financial statements (continued)
For the year ended 31 January 2022
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
117,032
252,231
Trade creditors
102,212
101,449
Taxation and social security
67,645
264,877
Other creditors
579,036
605,714
865,925
1,224,271
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
1,530,512
1,647,288
The bank loans are secured on freehold land and buildings with a carrying value of £715,000 (2021: £715,000) and Investment property of £2,585,632 (2021: £2,568,370).
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
2,410
3,373
11
Directors' transactions
Interest free
, unsecured
loans have been granted by the company to its directors as follows:
Closing balance
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
£
£
£
£
Unsecured loan to Director
-
534,230
32,722
-
566,952
534,230
32,722
-
566,952
Page 10
Geoplan Spatial Intelligence Limited
Notes to the financial statements (continued)
For the year ended 31 January 2022
12
Controlling party
In the opinion of the directors, Mr J W Taylor is the company's controlling party.
Page 11
2022-01-31
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false
12 September 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
John Taylor
Sara McCartney
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