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Company No: 08325096 (England and Wales)

GIGATUX LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

GIGATUX LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

GIGATUX LIMITED

BALANCE SHEET

As at 31 December 2024
GIGATUX LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 17,900 19,019
17,900 19,019
Current assets
Debtors 4 909 0
Cash at bank and in hand 5 4,955 17,913
5,864 17,913
Creditors: amounts falling due within one year 6 ( 21,757) ( 30,608)
Net current liabilities (15,893) (12,695)
Total assets less current liabilities 2,007 6,324
Net assets 2,007 6,324
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 2,006 6,323
Total shareholder's funds 2,007 6,324

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Gigatux Limited (registered number: 08325096) were approved and authorised for issue by the Director on 11 March 2025. They were signed on its behalf by:

M P Warne
Director
GIGATUX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
GIGATUX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gigatux Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 132 275 New North Road, London, N1 7AA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net assets of £2,007. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 1 - 5 years straight line
Other intangible assets 5 years straight line
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 January 2024 53,800 22,375 76,175
At 31 December 2024 53,800 22,375 76,175
Accumulated amortisation
At 01 January 2024 53,800 3,356 57,156
Charge for the financial year 0 1,119 1,119
At 31 December 2024 53,800 4,475 58,275
Net book value
At 31 December 2024 0 17,900 17,900
At 31 December 2023 0 19,019 19,019

4. Debtors

2024 2023
£ £
Corporation tax 909 0

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 4,955 17,913

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 0 1,151
Other creditors 21,757 29,457
21,757 30,608

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1