Company Registration No. 13667274 (England and Wales)
GO GREEN GADGETS LTD
Unaudited accounts
for the year ended 29 October 2023
GO GREEN GADGETS LTD
Unaudited accounts
Contents
GO GREEN GADGETS LTD
Company Information
for the year ended 29 October 2023
Directors
Imtiyaaz Ahmed
Alex Nnamdi Eke
Company Number
13667274 (England and Wales)
Registered Office
C/O Acumen, 37th Floor
1 Canada Square, Canary Wharf
London
E14 5DY
England
GO GREEN GADGETS LTD
Statement of financial position
as at 29 October 2023
Tangible assets
6,400
8,000
Cash at bank and in hand
34,310
8,470
Creditors: amounts falling due within one year
(68,708)
(12,697)
Net current assets
15,800
7,773
Total assets less current liabilities
22,200
15,773
Creditors: amounts falling due after more than one year
(15,000)
(15,000)
Called up share capital
99
99
Profit and loss account
7,101
674
Shareholders' funds
7,200
773
For the year ending 29 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by
Alex Nnamdi Eke
Director
Company Registration No. 13667274
GO GREEN GADGETS LTD
Notes to the Accounts
for the year ended 29 October 2023
GO GREEN GADGETS LTD is a private company, limited by shares, registered in England and Wales, registration number 13667274. The registered office is C/O Acumen, 37th Floor, 1 Canada Square, Canary Wharf, London, E14 5DY, England. The principal place of business is 2ND FLOOR STERLING HOUSE, LANGSTON ROAD, LOUGHTON, IG10 3TS, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The financial statements for Go Green Gadgets Ltd have been prepared on a going concern basis, which assumes that the company will continue its operations and meet its obligations as they fall due for the foreseeable future. The directors have assessed the company’s financial position, cash flows, and future projections, taking into account potential risks and uncertainties affecting the business, such as market demand for second-hand mobile phones and economic conditions. Based on this evaluation, the directors are confident that Go Green Gadgets Ltd has sufficient resources to operate for at least the next 12 months and is well-positioned to continue as a going concern. No material uncertainties that may cast significant doubt on the company’s ability to continue as a going concern have been identified, ensuring that the accounts reflect an accurate and sustainable outlook for the business.
During the reporting period, dividends were paid by Go Green Gadgets Ltd to the company’s directors as follows: Alex Nnamdi Eke received £8,136.85, Clyden Craig Preville received £12,186, and Imtiyaaz Ahmed received £12,846. These dividends were declared and paid in line with the company’s profitability and in recognition of the directors' equity interests in the business. The dividends have been appropriately accounted for in the financial statements and disclosed in accordance with UK financial reporting standards, reflecting transparency and adherence to statutory requirements. No additional dividend payments were made to other parties during the period.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing Balance Method
GO GREEN GADGETS LTD
Notes to the Accounts
for the year ended 29 October 2023
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Go Green Gadgets Ltd is engaged in the resale of second-hand mobile phones. Revenue is derived from the sale of pre-owned devices sourced from individual and corporate suppliers. Sales are recognized when the transfer of ownership occurs, reflecting the fair value of consideration received or receivable. The company adheres to a refurbishment process, where all devices undergo quality checks, repairs, and testing prior to sale, ensuring compliance with industry standards and enhancing product reliability. Inventory consists of acquired mobile phones at the lower of cost and net realizable value, with any impairment accounted for at year-end. This approach aligns with UK financial reporting standards and reflects Go Green Gadgets Ltd’s commitment to quality and sustainable business practices in the circular economy.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
The closing inventory of Go Green Gadgets Ltd consists of second-hand mobile phones held for resale. Inventory is valued at the lower of cost and net realizable value, in accordance with UK financial reporting standards. The cost of inventory includes the purchase price of each phone and any directly attributable expenses related to refurbishment, testing, and preparation for sale. Net realizable value represents the estimated selling price in the ordinary course of business, less any costs required to make the sale. Inventory is periodically reviewed for impairment, with provisions made for any items that are damaged, obsolete, or otherwise expected to sell below cost. This ensures that inventory is accurately valued and that the accounts reflect the company’s commitment to quality and financial integrity.
4
Tangible fixed assets
Plant & machinery
Amounts falling due within one year
GO GREEN GADGETS LTD
Notes to the Accounts
for the year ended 29 October 2023
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
14,055
627
Other creditors
22,470
12,070
7
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
15,000
15,000
Allotted, called up and fully paid:
99 Ordinary shares of £1 each
99
99
9
Average number of employees
During the year the average number of employees was 6 (2022: 5).