GEOSMART INFORMATION LIMITED
Company Registration No. 05475394 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
PAGES FOR FILING WITH REGISTRAR
GEOSMART INFORMATION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GEOSMART INFORMATION LIMITED
BALANCE SHEET
AS AT
30 JUNE 2021
30 June 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
20,414
23,012
Current assets
Debtors
4
439,872
388,521
Cash at bank and in hand
379,249
219,579
819,121
608,100
Creditors: amounts falling due within one year
5
(338,176)
(357,440)
Net current assets
480,945
250,660
Total assets less current liabilities
501,359
273,672
Creditors: amounts falling due after more than one year
6
(1,137,697)
(1,069,662)
Net liabilities
(636,338)
(795,990)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(636,438)
(796,090)
Total equity
(636,338)
(795,990)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2021 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.
GEOSMART INFORMATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2021
30 June 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 August 2021 and are signed on its behalf by:
Mr M A Fermor
Director
Company Registration No. 05475394
GEOSMART INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 3 -
1
Accounting policies
Company information
Geosmart Information Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Suite 9-11, 1st Floor, Old Bank Buildings, Bellstone, Shrewsbury, Shropshire, SY1 1HU.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
Although at the end of the year the balance sheet shows an insolvent position of £6
true
36
,
338
(2020: £795,990), this is covered by a loan note agreement with a flexible repayment schedule. The directors hold the loan notes and have prepared forecasts that support a proposed repayment schedule but this will be amended if there are not sufficient funds to support the repayment schedule. The directors are therefore of the opinion that the going concern basis is appropriate.
These financial statements are prepared on the going concern basis. The directors have a
r
easonable
expectation that the company will continue in operational existence for the foreseeable future.
The directors have over the last year been managing certain material uncertainties and challenges that the Company faces in relation to the
Covid-19 pandemic. In response the directors have taken steps to forecast and mitigate uncertainties caused by the pandemic by utilising the support
available, including, the Coronavirus Job Retention Scheme, payment deferrals and other steps, where possible. As a result of the Company's activities it exceeded its sales target for the last year, recording the highest ever revenue
to date.
The directors consider that GeoSmart is in a strong position to weather the economic shocks being experienced and prospects for the business remain positive.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
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.
GEOSMART INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 4 -
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:
Fixtures, fittings & equipment
25% pa straight line
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
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
1.6
Cash and cash equivalents
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.
1.7
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 balance sheet 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.
1.8
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.
1.9
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 profit and loss account 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.
GEOSMART INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
17
15
GEOSMART INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2020
31,636
Additions
5,953
At 30 June 2021
37,589
Depreciation and impairment
At 1 July 2020
8,624
Depreciation charged in the year
8,551
At 30 June 2021
17,175
Carrying amount
At 30 June 2021
20,414
At 30 June 2020
23,012
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
90,052
44,977
Other debtors
349,820
343,544
439,872
388,521
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
9,167
Trade creditors
47,071
40,196
Amounts owed to group undertakings
750
Taxation and social security
67,070
83,512
Other creditors
214,868
232,982
338,176
357,440
GEOSMART INFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 7 -
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
40,833
Other creditors
1,096,864
1,069,662
1,137,697
1,069,662
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
16,146
23,896
9
Related party transactions
Included in other creditors is an amount of £
1,089,809 (20
20
: £
1,003,111
),
due to the directors.
10
Parent company
The ultimate parent company is Geosmart Information Group Limited, a company registered in England & Wales. The registered office is Suite 9 to 11, First Floor, Old Bank Buildings, Bellstone, Shrewsbury SY1 1HU. This address is also the principal place of business.