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REGISTERED NUMBER: 06312203 (England and Wales)












G2 DATA SYSTEMS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






G2 DATA SYSTEMS LTD (REGISTERED NUMBER: 06312203)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G2 DATA SYSTEMS LTD

COMPANY INFORMATION
for the year ended 31 July 2023







DIRECTORS: M Forbes
D K Grant





SECRETARY: Mrs J L Grant





REGISTERED OFFICE: Fernberga House
Alexandra Road
FARNBOROUGH
Hampshire
GU14 6DQ





REGISTERED NUMBER: 06312203 (England and Wales)





ACCOUNTANTS: HPCA Limited
Station House
Connaught Road
Brookwood
Woking
Surrey
GU24 0ER

G2 DATA SYSTEMS LTD (REGISTERED NUMBER: 06312203)

BALANCE SHEET
31 July 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 11,987 14,972
Tangible assets 5 165 304
12,152 15,276

CURRENT ASSETS
Stocks 7,488 3,228
Debtors 6 2,725 2,601
Cash at bank 21,803 9,554
32,016 15,383
CREDITORS
Amounts falling due within one year 7 (73,383 ) (72,178 )
NET CURRENT LIABILITIES (41,367 ) (56,795 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(29,215

)

(41,519

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (29,315 ) (41,619 )
SHAREHOLDERS' FUNDS (29,215 ) (41,519 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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.

G2 DATA SYSTEMS LTD (REGISTERED NUMBER: 06312203)

BALANCE SHEET - continued
31 July 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 5 October 2023 and were signed on its behalf by:





M Forbes - Director


G2 DATA SYSTEMS LTD (REGISTERED NUMBER: 06312203)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 July 2023

1. STATUTORY INFORMATION

G2 Data Systems Ltd 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has made significant investment in the creation of its product which is computer software to facilitate the provision of data systems. This investment has been financed by a related company, Emaccs Limited which is under the control of D Grant. The director expects this software to be sold and to generate future profits that will enable enough finance to repay this funding. Therefore these accounts have been drawn up on a going concern basis which reflects this despite the company being insolvent.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

G2 DATA SYSTEMS LTD (REGISTERED NUMBER: 06312203)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same year unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period from which the company is expected to benefit, currently estimated at 10 years.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 August 2022
and 31 July 2023 121,809
AMORTISATION
At 1 August 2022 106,837
Amortisation for year 2,985
At 31 July 2023 109,822
NET BOOK VALUE
At 31 July 2023 11,987
At 31 July 2022 14,972

G2 DATA SYSTEMS LTD (REGISTERED NUMBER: 06312203)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 July 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 August 2022
and 31 July 2023 5,241
DEPRECIATION
At 1 August 2022 4,937
Charge for year 139
At 31 July 2023 5,076
NET BOOK VALUE
At 31 July 2023 165
At 31 July 2022 304

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,706 1,706
Prepayments 1,019 895
2,725 2,601

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 99 125
Tax 10 -
VAT 5,804 2,062
Due to connected company 57,453 61,502
Accrued expenses 10,017 8,489
73,383 72,178

8. RELATED PARTY DISCLOSURES

During the year, the company was charged the following excluding Vat;

Management fee £7,340, sales commission £944 and purchases £50 by EMACCS Ltd, a company controlled by D K Grant.
Management fee £7,340, software development £6,000 by Red Group Solutions Ltd, a company controlled by the directors of RGS Environmental Technologies Limited.