Formula2GX Digital Group Ltd 12710920 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is providing scientific and technical services. Digita Accounts Production Advanced 6.30.9574.0 true false true 12710920 2022-08-01 2023-07-31 12710920 2023-07-31 12710920 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-07-31 12710920 core:CurrentFinancialInstruments 2023-07-31 12710920 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 12710920 core:Non-currentFinancialInstruments 2023-07-31 12710920 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 12710920 core:PatentsTrademarksLicencesConcessionsSimilar 2023-07-31 12710920 core:CostValuation 2023-07-31 12710920 core:DisposalsDecreaseInInvestments 2023-07-31 12710920 core:OfficeEquipment 2023-07-31 12710920 bus:SmallEntities 2022-08-01 2023-07-31 12710920 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 12710920 bus:FullAccounts 2022-08-01 2023-07-31 12710920 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 12710920 bus:RegisteredOffice 2022-08-01 2023-07-31 12710920 bus:Director1 2022-08-01 2023-07-31 12710920 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 12710920 bus:Agent1 2022-08-01 2023-07-31 12710920 core:OfficeEquipment 2022-08-01 2023-07-31 12710920 countries:EnglandWales 2022-08-01 2023-07-31 12710920 2022-07-31 12710920 core:PatentsTrademarksLicencesConcessionsSimilar 2022-07-31 12710920 core:CostValuation 2022-07-31 12710920 core:OfficeEquipment 2022-07-31 12710920 2021-08-01 2022-07-31 12710920 2022-07-31 12710920 core:CurrentFinancialInstruments 2022-07-31 12710920 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 12710920 core:Non-currentFinancialInstruments 2022-07-31 12710920 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 12710920 core:PatentsTrademarksLicencesConcessionsSimilar 2022-07-31 12710920 core:OfficeEquipment 2022-07-31 iso4217:GBP xbrli:pure

Registration number: 12710920

Formula2GX Digital Group Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Formula2GX Digital Group Ltd

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Formula2GX Digital Group Ltd

Company Information

Director

M Karlekar

Registered office

DS House
306 High Street
Croydon
Surrey
CR0 1NG

Accountants

DSK Partners LLP
Chartered Accountants
163 Herne Hill
London
SE24 9LR

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Formula2GX Digital Group Ltd
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Formula2GX Digital Group Ltd for the year ended 31 July 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Formula2GX Digital Group Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Formula2GX Digital Group Ltd and state those matters that we have agreed to state to the Board of Directors of Formula2GX Digital Group Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Formula2GX Digital Group Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Formula2GX Digital Group Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Formula2GX Digital Group Ltd. You consider that Formula2GX Digital Group Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Formula2GX Digital Group Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

DSK Partners LLP
Chartered Accountants
163 Herne Hill
London
SE24 9LR

25 March 2024

 

Formula2GX Digital Group Ltd

(Registration number: 12710920)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

100,000

100,000

Tangible assets

5

3,293

2,150

Investments

6

-

100

Other financial assets

7

50,100

-

 

153,393

102,250

Current assets

 

Debtors

8

1,266

4,467

Cash at bank and in hand

 

497,480

167,797

 

498,746

172,264

Creditors: Amounts falling due within one year

9

(461,908)

(134,574)

Net current assets

 

36,838

37,690

Total assets less current liabilities

 

190,231

139,940

Creditors: Amounts falling due after more than one year

9

(100,000)

(100,000)

Net assets

 

90,231

39,940

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

89,231

38,940

Shareholders' funds

 

90,231

39,940

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Formula2GX Digital Group Ltd

(Registration number: 12710920)
Statement of Financial Position as at 31 July 2023 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 25 March 2024
 

M Karlekar
Director

   
     
 

Formula2GX Digital Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
DS House
306 High Street
Croydon
Surrey
CR0 1NG
United Kingdom

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Formula2GX Digital Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Reducing balance method

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Formula2GX Digital Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Formula2GX Digital Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 August 2022

100,000

100,000

At 31 July 2023

100,000

100,000

Amortisation

Carrying amount

At 31 July 2023

100,000

100,000

At 31 July 2022

100,000

100,000

 

Formula2GX Digital Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 August 2022

2,279

2,279

Additions

1,968

1,968

At 31 July 2023

4,247

4,247

Depreciation

At 1 August 2022

129

129

Charge for the year

825

825

At 31 July 2023

954

954

Carrying amount

At 31 July 2023

3,293

3,293

At 31 July 2022

2,150

2,150

6

Investments

2023
£

2022
£

Investments in subsidiaries

-

100

Subsidiaries

£

Cost or valuation

At 1 August 2022

100

Disposals

(100)

At 31 July 2023

-

Provision

Carrying amount

At 31 July 2023

-

At 31 July 2022

100

 

Formula2GX Digital Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

6

Investments (continued)

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

Additions

50,100

50,100

At 31 July 2023

50,100

50,100

Impairment

Carrying amount

At 31 July 2023

50,100

50,100

8

Debtors

Current

2023
£

2022
£

Other debtors

1,266

4,467

 

1,266

4,467

 

Formula2GX Digital Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

267,780

-

Taxation and social security

21,724

16,460

Accruals and deferred income

2,000

1,200

Other creditors

170,404

116,914

461,908

134,574

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

100,000

100,000

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Directors Loan

100,000

100,000