NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
Geotek Holding Limited is a private company, limited by shares, registered in England and Wales, registration number 10610034. The registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9LT.
The company's principal place of business is 4 Sopwith Way, Daventry, NN11 8PB.
2.
Accounting policies
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Basis of preparation of financial statements
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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:
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Exemption from preparing consolidated financial statements
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The
company
, and the
Group
headed by it, qualify as small as set out in
section 383 of the Companies Act 2006
and the parent and
Group
are considered eligible for the exemption to prepare consolidated accounts.
The Company operates an EMI share option scheme that awards share options to employees of the
Company's subsidiary undertaking, Geotek Limited.
Where share options are awarded to employees, the fair value of the options at the date of grant is recognised
as an expense in Geotek Limited over the vesting period which benefits from the employee services. The
Company recognises the fair value of the share options as an increase in reserves with a corresponding
adjustment to investments.
Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected
to vest at each Statement of Financial Position date so that, ultimately, the cumulative amount recognised over
the vesting period is based on the number of options that eventually vest. Market vesting conditions are
factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve
a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the
control of either party (such as a target based on an index) or factors which are within the control of one or
other of the parties (such as the company keeping the scheme open or the employee maintaining any
contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the
options, measured immediately before and after the modification, is also recognised as an expense in Geotek
Limited over the remaining vesting period.
Investments in subsidiaries are measured at cost less accumulated impairment.
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The average monthly number of employees, including directors, during the year was
2
(2019 -
2
)
.
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