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REGISTERED NUMBER: SC205917 (Scotland)












Financial Statements

for the Year Ended 31 March 2023

for

G2 Property Limited

G2 Property Limited (Registered number: SC205917)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


G2 Property Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: R K Gilchrist
Mrs L M Gilchrist





SECRETARY: Mrs L M Gilchrist





REGISTERED OFFICE: South Craighall Lodge
Jackton Road
Jackton
GLASGOW
G75 8RR





REGISTERED NUMBER: SC205917 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

G2 Property Limited (Registered number: SC205917)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 3,252 2,795
Investments 6 5,500 5,500
8,752 8,295

CURRENT ASSETS
Debtors 7 41,966 36,895
Cash at bank 66,270 65,483
108,236 102,378
CREDITORS
Amounts falling due within one year 8 84,306 81,571
NET CURRENT ASSETS 23,930 20,807
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,682

29,102

CREDITORS
Amounts falling due after more than one
year

9

6,400

8,800
NET ASSETS 26,282 20,302

CAPITAL AND RESERVES
Called up share capital 10 10,000 10,000
Retained earnings 16,282 10,302
SHAREHOLDERS' FUNDS 26,282 20,302

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Property Limited (Registered number: SC205917)

Statement of Financial Position - continued
31 March 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 7 November 2023 and were signed on its behalf by:





R K Gilchrist - Director


G2 Property Limited (Registered number: SC205917)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

G2 Property Limited is a private company, limited by shares , registered in Scotland. 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.

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Turnover represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2000, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Office building - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 Property Limited (Registered number: SC205917)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 35,000
AMORTISATION
At 1 April 2022
and 31 March 2023 35,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Office and Computer
building fittings equipment Totals
£    £    £    £   
COST
At 1 April 2022 6,535 14,336 4,503 25,374
Additions - - 1,056 1,056
At 31 March 2023 6,535 14,336 5,559 26,430
DEPRECIATION
At 1 April 2022 4,646 14,266 3,667 22,579
Charge for year 284 18 297 599
At 31 March 2023 4,930 14,284 3,964 23,178
NET BOOK VALUE
At 31 March 2023 1,605 52 1,595 3,252
At 31 March 2022 1,889 70 836 2,795

G2 Property Limited (Registered number: SC205917)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. FIXED ASSET INVESTMENTS

The listed investment is stated at cost. The market value at the year end date was £5,588.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 41,966 36,895

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 2,400 2,400
Trade creditors 50,996 56,956
Taxation and social security 1,221 636
Other creditors 29,689 21,579
84,306 81,571

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 6,400 8,800

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000