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REGISTERED NUMBER: SC409277 (Scotland)





















Unaudited Financial Statements

For The Year Ended 31 December 2023

for

G2 Refrigeration & Air Conditioning Ltd

G2 Refrigeration & Air Conditioning Ltd (Registered number: SC409277)






Contents of the Financial Statements
For The Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

G2 Refrigeration & Air Conditioning Ltd

Company Information
For The Year Ended 31 December 2023







DIRECTORS: G Galloway
Mrs C Galloway





SECRETARY: Mrs G Galloway





REGISTERED OFFICE: 1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH





REGISTERED NUMBER: SC409277 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

G2 Refrigeration & Air Conditioning Ltd (Registered number: SC409277)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,852 2,777
Tangible assets 5 110,890 63,516
112,742 66,293

CURRENT ASSETS
Stocks 15,000 15,000
Debtors 6 251,950 287,994
Cash at bank 70,710 86,464
337,660 389,458
CREDITORS
Amounts falling due within one year 7 332,307 275,538
NET CURRENT ASSETS 5,353 113,920
TOTAL ASSETS LESS CURRENT
LIABILITIES

118,095

180,213

CREDITORS
Amounts falling due after more than one
year

8

(70,323

)

(30,020

)

PROVISIONS FOR LIABILITIES 9 (4,955 ) (5,706 )
NET ASSETS 42,817 144,487

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 42,717 144,387
42,817 144,487

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Refrigeration & Air Conditioning Ltd (Registered number: SC409277)

Balance Sheet - continued
31 December 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 11 September 2024 and were signed on its behalf by:





G Galloway - Director


G2 Refrigeration & Air Conditioning Ltd (Registered number: SC409277)

Notes to the Financial Statements
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

G2 Refrigeration & Air Conditioning Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

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.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on reducing balance

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

Financial instruments
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 trade 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.

Cash and Bank Balances
Cash and bank balances are measured at the transaction price.


G2 Refrigeration & Air Conditioning Ltd (Registered number: SC409277)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023 25,140 4,629 29,769
Disposals (25,140 ) - (25,140 )
At 31 December 2023 - 4,629 4,629
AMORTISATION
At 1 January 2023 25,140 1,852 26,992
Charge for year - 925 925
Eliminated on disposal (25,140 ) - (25,140 )
At 31 December 2023 - 2,777 2,777
NET BOOK VALUE
At 31 December 2023 - 1,852 1,852
At 31 December 2022 - 2,777 2,777

G2 Refrigeration & Air Conditioning Ltd (Registered number: SC409277)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 27,972 15,134 2,151
Additions - - -
Disposals - - -
At 31 December 2023 27,972 15,134 2,151
DEPRECIATION
At 1 January 2023 13,179 12,770 1,713
Charge for year 2,797 591 66
Eliminated on disposal - - -
At 31 December 2023 15,976 13,361 1,779
NET BOOK VALUE
At 31 December 2023 11,996 1,773 372
At 31 December 2022 14,793 2,364 438

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 131,471 18,607 195,335
Additions 84,812 3,082 87,894
Disposals (33,230 ) - (33,230 )
At 31 December 2023 183,053 21,689 249,999
DEPRECIATION
At 1 January 2023 93,161 10,996 131,819
Charge for year 27,566 3,001 34,021
Eliminated on disposal (26,731 ) - (26,731 )
At 31 December 2023 93,996 13,997 139,109
NET BOOK VALUE
At 31 December 2023 89,057 7,692 110,890
At 31 December 2022 38,310 7,611 63,516

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 212,980 261,297
Other debtors 38,970 26,697
251,950 287,994

G2 Refrigeration & Air Conditioning Ltd (Registered number: SC409277)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 20,869 9,978
Hire purchase contracts and finance leases 22,746 10,669
Trade creditors 169,495 201,320
Taxation and social security 33,842 47,038
Other creditors 85,355 6,533
332,307 275,538

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 14,934 25,374
Hire purchase contracts and finance leases 55,389 4,646
70,323 30,020

9. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 4,955 5,706

Deferred
tax
£   
Balance at 1 January 2023 5,706
Credit to Income Statement during year (751 )
Balance at 31 December 2023 4,955

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
G Galloway
Balance outstanding at start of year 9,954 -
Amounts advanced - 143,431
Amounts repaid (9,954 ) (133,477 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 9,954

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
G2 Refrigeration & Air Conditioning Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of G2 Refrigeration & Air Conditioning Ltd for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of G2 Refrigeration & Air Conditioning Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of G2 Refrigeration & Air Conditioning Ltd and state those matters that we have agreed to state to the Board of Directors of G2 Refrigeration & Air Conditioning Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that G2 Refrigeration & Air Conditioning Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of G2 Refrigeration & Air Conditioning Ltd. You consider that G2 Refrigeration & Air Conditioning 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 financial statements of G2 Refrigeration & Air Conditioning 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 financial statements.






Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH


11 September 2024