Company Registration No. 10042210 (England and Wales)
G2 SMART LTD
Unaudited accounts
for the year ended 31 March 2025
G2 SMART LTD
Unaudited accounts
Contents
G2 SMART LTD
Company Information
for the year ended 31 March 2025
Director
Naqibullah Mohamadi
Company Number
10042210 (England and Wales)
Registered Office
Unit 1-2, 177 Goosemoor Lane
BIRMINGHAM
B23 5QG
ENGLAND
Accountants
Wahid Associates
115 Dunedin Road
Birmingham
B44 9DL
G2 SMART LTD
Statement of financial position
as at 31 March 2025
Tangible assets
35,164
32,834
Inventories
110,944
76,435
Cash at bank and in hand
1,312
17,792
Creditors: amounts falling due within one year
(211,933)
(104,012)
Net current (liabilities)/assets
(1,884)
162
Total assets less current liabilities
33,280
32,996
Creditors: amounts falling due after more than one year
(6,525)
(8,850)
Provisions for liabilities
Deferred tax
(4,078)
(3,470)
Called up share capital
100
100
Profit and loss account
22,577
20,576
Shareholders' funds
22,677
20,676
For the year ending 31 March 2025 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 director acknowledges his 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 and authorised for issue on 9 December 2025 and were signed on its behalf by
Naqibullah Mohamadi
Director
Company Registration No. 10042210
G2 SMART LTD
Notes to the Accounts
for the year ended 31 March 2025
G2 SMART LTD is a private company, limited by shares, registered in England and Wales, registration number 10042210. The registered office is Unit 1-2, 177 Goosemoor Lane, BIRMINGHAM, B23 5QG, 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.
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.
Current tax is recognised on the taxable profit for the current and past periods. Current tax is measured at the amount of tax expected to pay or recover using the rates and laws that have been enacted or substantively enacted at the reporting date.
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
25% Reducing balance
Motor vehicles
25% Reducing balance
Fixtures & fittings
25% Reducing balance
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks 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.
G2 SMART LTD
Notes to the Accounts
for the year ended 31 March 2025
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.
Defined contribution pension plan
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
G2 SMART LTD
Notes to the Accounts
for the year ended 31 March 2025
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2024
5,500
27,215
3,100
35,815
Additions
3,583
6,550
3,591
13,724
At 31 March 2025
9,083
33,765
6,691
49,539
At 1 April 2024
1,375
831
775
2,981
Charge for the year
1,927
8,234
1,233
11,394
At 31 March 2025
3,302
9,065
2,008
14,375
At 31 March 2025
5,781
24,700
4,683
35,164
At 31 March 2024
4,125
26,384
2,325
32,834
Amounts falling due within one year
Trade debtors
97,793
9,947
6
Creditors: amounts falling due within one year
2025
2024
Bank loans and overdrafts
20,827
-
Trade creditors
132,254
58,228
Taxes and social security
4,627
671
Loans from directors
20,236
21,400
7
Creditors: amounts falling due after more than one year
2025
2024
Obligations under finance leases and hire purchase contracts
6,525
8,850
8
Average number of employees
During the year the average number of employees was 3 (2024: 3).