Geo - Drill Limited

Geo Drill Ltd, based in Gateshead, UK, is a small, family-run business with an active status. Founded eighteen years ago, it employs forty people and holds £3,118,616 in assets. The company operates from a virtual address, managed by two directors and two owners. It’s a regular importer of machinery, boilers, and mechanical appliances—parts, with nineteen months of import activity recorded.

The company's website, geodrillproject.eu, details a collaborative effort focused on geothermal drilling technology. It's a consortium of twelve European partners aiming to reduce drilling costs through innovative hammer systems, sensor technology, and advanced materials. The site highlights the project's objectives, impact, and recent news releases—including a final newsletter and presentations at industry events. Geo Drill’s services revolve around research and development, rather than direct sales, and the website positions it as a key player in advancing geothermal energy solutions.

Financially, Geo Drill Ltd shows a mixed picture. Current assets increased by 11%, reaching £3.1 million, while net assets increased by 5.6%, totaling £2.1 million. However, bank borrowings decreased by 4.7%, reaching £77,000, and cash reserves increased by 38%, reaching £1.3 million. Trade debtors decreased by 10%, suggesting improved collection efforts. The company’s small size (meeting two of three criteria for turnover under £10.2m, assets under £5.1m, and fewer than 50 employees) allows for flexibility, but the decrease in liabilities is something to keep an eye on. No auditor is mentioned, likely due to its status as a small company, meaning the figures are unaudited.

Overall, Geo Drill Ltd appears to be financially stable, driven by its involvement in a European research project. However, the virtual address and lack of direct sales activity raise questions about its long-term sustainability.

Registered in England/Wales under the registration number 05882090, with a registered address at NE11 0BU, Gateshead, Tyne And Wear, 6 Queens Court North, Third Avenue, Team Valley Trading Estate.

WARNING:The numbers have been rounded for simplicity and may be inaccurate.Please, refer to the latest financial report for verification.