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Registration number: 07510523

2GD Solutions Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

2GD Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

2GD Solutions Limited

Company Information

Director

J Harding

Registered office

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

2GD Solutions Limited

(Registration number: 07510523)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

10,786

18,359

Current assets

 

Debtors

6

671,848

444,378

Cash at bank and in hand

 

11,638

8,460

 

683,486

452,838

Creditors: Amounts falling due within one year

7

(468,414)

(382,229)

Net current assets

 

215,072

70,609

Total assets less current liabilities

 

225,858

88,968

Provisions for liabilities

(2,050)

(532)

Net assets

 

223,808

88,436

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

222,808

87,436

Shareholders' funds

 

223,808

88,436

For the financial year ending 31 January 2024 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.

 

2GD Solutions Limited

(Registration number: 07510523)
Balance Sheet as at 31 January 2024

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 Profit and Loss Account.

Approved and authorised by the director on 31 October 2024
 

.........................................
J Harding
Director

 

2GD Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

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.

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

Tax

The tax expense for the period comprises current and deferred 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.

 

2GD Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2

Accounting policies (continued)

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and Machinery

25% reducing balance.

Fixtures, fittings and computer equipment

15% reducing balance, 33% Straight line

Amortisation

The rights to the game being developed were sold on 17 September 2019. The development costs are being amortised in accordance with the amount received over the total amount due for the rights from when the game was released in September 2020.

Asset class

Amortisation method and rate

Intangible assets

in accordance with the amount received over the total amound due for the rights,

 

2GD Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2

Accounting policies (continued)

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 profit and loss account 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.

Financial instruments

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

 

2GD Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 February 2023

1,009,775

1,009,775

At 31 January 2024

1,009,775

1,009,775

Amortisation

At 1 February 2023

1,009,775

1,009,775

At 31 January 2024

1,009,775

1,009,775

Carrying amount

At 31 January 2024

-

-

 

2GD Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Tangible assets

Fixtures, fittings and computer equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2023

62,123

1,477

63,600

At 31 January 2024

62,123

1,477

63,600

Depreciation

At 1 February 2023

43,875

1,366

45,241

Charge for the year

7,546

27

7,573

At 31 January 2024

51,421

1,393

52,814

Carrying amount

At 31 January 2024

10,702

84

10,786

At 31 January 2023

18,248

111

18,359

6

Debtors

Current

2024
£

2023
£

Trade debtors

16,340

16,340

Other debtors

655,508

428,038

 

671,848

444,378

 

2GD Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

360,119

364,125

Taxation and social security

 

102,619

12,428

Accruals and deferred income

 

3,626

3,626

Other creditors

 

2,050

2,050

 

468,414

382,229

8

Related party transactions

Transactions with the director

2024

At 1 February 2023
£

Advances to director
£

At 31 January 2024
£

J Harding

Directors Loan Account

388,731

162,167

550,898

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

J Harding

Directors Loan Account

195,095

193,948

(312)

388,731

Interest has been paid at the official rate on the overdrawn position. Section S455 has been paid.

 

2GD Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

360,119

364,125