IRIS Accounts Production v25.1.0.734 10280333 Board of Directors 1.8.23 31.7.24 31.7.24 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh102803332023-07-31102803332024-07-31102803332023-08-012024-07-31102803332022-07-31102803332022-08-012023-07-31102803332023-07-3110280333ns15:EnglandWales2023-08-012024-07-3110280333ns14:PoundSterling2023-08-012024-07-3110280333ns10:Director12023-08-012024-07-3110280333ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3110280333ns10:SmallEntities2023-08-012024-07-3110280333ns10:AuditExempt-NoAccountantsReport2023-08-012024-07-3110280333ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3110280333ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3110280333ns10:FullAccounts2023-08-012024-07-3110280333ns10:OrdinaryShareClass12023-08-012024-07-3110280333ns10:Director22023-08-012024-07-3110280333ns10:RegisteredOffice2023-08-012024-07-3110280333ns5:CurrentFinancialInstruments2024-07-3110280333ns5:CurrentFinancialInstruments2023-07-3110280333ns5:ShareCapital2024-07-3110280333ns5:ShareCapital2023-07-3110280333ns5:FurtherSpecificReserve3ComponentTotalEquity2024-07-3110280333ns5:FurtherSpecificReserve3ComponentTotalEquity2023-07-3110280333ns5:RetainedEarningsAccumulatedLosses2024-07-3110280333ns5:RetainedEarningsAccumulatedLosses2023-07-3110280333ns10:OrdinaryShareClass12024-07-3110280333ns5:FurtherSpecificReserve3ComponentTotalEquity2023-07-31
REGISTERED NUMBER: 10280333 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

G2 WEALTH LIMITED

G2 WEALTH LIMITED (REGISTERED NUMBER: 10280333)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G2 WEALTH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: Miss H J Francis
Mrs G Y Francis





REGISTERED OFFICE: 36-40 Doncaster Road
Barnsley
South Yorkshire
S70 1TL





REGISTERED NUMBER: 10280333 (England and Wales)





ACCOUNTANTS: Seaman Herbert & Co
36 - 40 Doncaster Road
Barnsley
South Yorkshire
S70 1TL

G2 WEALTH LIMITED (REGISTERED NUMBER: 10280333)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Investments 4 20,000 20,000
Investment property 5 151,000 183,000
171,000 203,000

CURRENT ASSETS
Debtors 6 675 675
Cash at bank 2,457 6,530
3,132 7,205
CREDITORS
Amounts falling due within one year 7 257,260 255,476
NET CURRENT LIABILITIES (254,128 ) (248,271 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(83,128

)

(45,271

)

CAPITAL AND RESERVES
Called up share capital 8 2 2
Fair value reserve 9 - 23,047
Retained earnings (83,130 ) (68,320 )
SHAREHOLDERS' FUNDS (83,128 ) (45,271 )

G2 WEALTH LIMITED (REGISTERED NUMBER: 10280333)

BALANCE SHEET - continued
31 JULY 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 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.

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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2025 and were signed on its behalf by:





Mrs G Y Francis - Director


G2 WEALTH LIMITED (REGISTERED NUMBER: 10280333)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

G2 Wealth Limited is a private company, limited by shares , registered in England and Wales. 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 as modified by the revaluation of certain assets.

Though the Balance Sheet at the period end discloses an insolvent position, the directors have confirmed their continued support to the company, and will not withdraw their directors loan until such time as cash flow permits. Given this, it is believed that the company will be able to maintain positive cash flows in the foreseeable future and as a result, the financial statements have prepared on a going concern basis.

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

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

G2 WEALTH LIMITED (REGISTERED NUMBER: 10280333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

4. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Property scheme 20,000 26,000
Property Scheme Disposal - (6,000 )
20,000 20,000

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 183,000
Revaluations (32,000 )
At 31 July 2024 151,000
NET BOOK VALUE
At 31 July 2024 151,000
At 31 July 2023 183,000

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2021 20,047
Valuation in 2022 8,000
Valuation in 2023 (5,000 )
Valuation in 2024 (32,000 )
Cost 159,953
151,000

If the freehold properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 159,953 159,953

The investment properties were valued on an open market basis on 31 July 2024 by reference to post year end sales values .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Prepayments and accrued income 675 675

G2 WEALTH LIMITED (REGISTERED NUMBER: 10280333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Directors' current accounts 256,240 253,495
Accrued expenses 1,020 1,981
257,260 255,476

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

9. RESERVES
Fair
value
reserve
£   
At 1 August 2023 23,047
Movement in year (23,047 )

At 31 July 2024 -