G2 Crowd Ltd
Financial Statements
For the year ended 31 January 2024
Pages for Filing with Registrar
Company Registration No. 11840090 (England and Wales)
G2 Crowd Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 8
G2 Crowd Ltd
Balance Sheet
As at 31 January 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
45,786
67,248
Current assets
Debtors
4
1,782,790
2,107,070
Cash at bank and in hand
1,117,393
121,836
2,900,183
2,228,906
Creditors: amounts falling due within one year
5
(1,104,411)
(895,476)
Net current assets
1,795,772
1,333,430
Net assets
1,841,558
1,400,678
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
1,841,557
1,400,677
Total equity
1,841,558
1,400,678

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
C J Gold
Director
Company Registration No. 11840090
G2 Crowd Ltd
Notes to the Financial Statements
For the year ended 31 January 2024
Page 2
1
Accounting policies
Company information

G2 Crowd Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor 1 Ashley Road, Altrincham, Cheshire, WA14 2DT.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company provides sales and marketing services to its parent company, G2.com Inc, and therefore, reliant on the ongoing support of its parent. G2.com, Inc has provided written assurances that it will provide financial support to enable the company to continue in business and meet its liabilities as they fall due for at least 12 months from the date of approval for these financial statements. Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for services net of VAT.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Computer Equipment
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.6
Financial instruments

The company has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

G2 Crowd Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 3
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

G2 Crowd Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 4
1.11
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
60
55
G2 Crowd Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 5
3
Tangible fixed assets
Land and buildings
Computer Equipment
Total
£
£
£
Cost
At 1 February 2023
-
0
193,206
193,206
Additions
9,563
11,630
21,193
At 31 January 2024
9,563
204,836
214,399
Depreciation and impairment
At 1 February 2023
-
0
125,958
125,958
Depreciation charged in the year
-
0
42,655
42,655
At 31 January 2024
-
0
168,613
168,613
Carrying amount
At 31 January 2024
9,563
36,223
45,786
At 31 January 2023
-
0
67,248
67,248
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,336,612
1,683,769
Other debtors
329,232
334,239
Prepayments and accrued income
111,935
85,251
1,777,779
2,103,259
Deferred tax asset
5,011
3,811
1,782,790
2,107,070
G2 Crowd Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 6
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
134
40,415
Corporation tax
139,372
95,659
Other taxation and social security
344,006
285,522
Other creditors
90,852
84,912
Accruals and deferred income
530,047
388,968
1,104,411
895,476
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100
100
1
1
7
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 February 2023
33,751
188,318
2.83
1.87
Granted
36,000
9,750
3.91
3.98
Forfeited
-
0
(101,734)
3.91
2.28
Exercised
(6,605)
(62,583)
2.50
1.66
Outstanding at 31 January 2024
63,146
33,751
3.45
2.83
Exercisable at 31 January 2024
25,091
17,847
2.77
2.18

The options outstanding at 31 January 2024 had an exercise price ranging from £0.59 to £3.91, and a contractual life of 10 years.

G2 Crowd Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
7
Share-based payment transactions
(Continued)
Page 7

The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.

 

Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.

Inputs were as follows:
2024
2023
Weighted average share price
3.45
2.12
Weighted average exercise price
2.45
2.83
Expected volatility
40.00
40.00
Expected life
5.89
6.00
Risk free rate
3.94
4.58
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Thomas Moore
Statutory Auditor:
Moore Kingston Smith LLP
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
480,729
184,012
10
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 section 33 'Related Party Disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group with which it is party to the transactions.

G2 Crowd Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 8
11
Parent company

The ultimate parent company is G2.com, Inc., a company incorporated in the USA, by virtue of its 100% ultimate shareholding. The registered office is 251 Little Falls Drive, Wilmington, Delaware, 19808, United States of America.

 

There is no single controlling party.

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