Registered number
10553257
Giig Limited
Filleted Accounts
31 January 2024
Giig Limited
Registered number: 10553257
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,135 1,513
Current assets
Debtors 4 10,620 34,794
Cash at bank and in hand 35,142 182,258
45,762 217,052
Creditors: amounts falling due within one year 5 (1,810) (66,088)
Net current assets 43,952 150,964
Total assets less current liabilities 45,087 152,477
Creditors: amounts falling due after more than one year 6 (32,705) (38,464)
Net assets 12,382 114,013
Capital and reserves
Called up share capital 13 13
Profit and loss account 12,369 114,000
Shareholders' funds 12,382 114,013
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Luke Pitkin
Director
Approved by the board on 15 March 2024
Giig Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing value
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 8,500
At 31 January 2024 8,500
Depreciation
At 1 February 2023 6,987
Charge for the year 378
At 31 January 2024 7,365
Net book value
At 31 January 2024 1,135
At 31 January 2023 1,513
4 Debtors 2024 2023
£ £
Trade debtors - 11,006
Other debtors 10,620 23,788
10,620 34,794
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 1,810 30,943
Accruals - 14,737
Other creditors - 20,408
1,810 66,088
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 32,705 38,464
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 32,705 38,464
8 Controlling party
The Director's, Luke Pitkin controls the company by virtue of his Directorship and shareholding.
9 Other information
Giig Limited is a private company limited by shares and incorporated in England. Its registered office is:
66/66 Hatton Garden
Fifth Floor, Suite 23
London
EC1N 8LE
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