The GigRig Ltd

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Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

The GigRig Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05731704 . The registered office is Unit 15, Whitehill Industrial Estate, Royal Wootton Bassett, SN4 7DB.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.3. Research and Development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their expected useful economic lives.

If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	20% on cost & 33% on cost
Plant & Machinery	33% on cost
Fixtures & Fittings	33% on cost
Computer Equipment	33% on cost

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Financial Instruments

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

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The GigRig Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Financial Instruments - continued

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements or a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.8. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.10. Provisions - Warranties

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made.

A warranty provision is recognised at the time the related products are sold, based on the company’s best estimate of the expected cost of honouring warranties. The estimate is derived from historical data relating to warranty claims and average repair or replacement costs. The provision is reviewed at each reporting date and adjusted to reflect the current best estimate. Provisions are not discounted as the effect of the time value of money is not considered material.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 8 (2024: 8)

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The GigRig Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Tangible Assets

	Land & Buildings	Plant & Machinery etc.	Total
	£	£	£
Cost
As at 1 April 2024	7,050	43,452	50,502
Additions	-	944	944

As at 31 March 2025	7,050	44,396	51,446

Depreciation
As at 1 April 2024	5,556	36,918	42,474
Provided during the period	1,494	3,601	5,095

As at 31 March 2025	7,050	40,519	47,569

Net Book Value
As at 31 March 2025	-	3,877	3,877

As at 1 April 2024	1,494	6,534	8,028

5. Stocks

	2025	2024
	£	£
Stock	199,236	169,552

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	10,939	20,927
Other debtors	17,636	37,509

	28,575	58,436

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	87,193	139,235
Other creditors	34,383	33,791
Taxation and social security	6,606	32,752

	128,182	205,778

8. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

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The GigRig Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

9. Other Commitments

Warranty Provision

The company provides warranties on certain products sold, under which it undertakes to repair or replace items that fail to perform satisfactorily within a specified period. A provision is recognised for the estimated cost of providing these warranty services based on past experience of the level of repairs and the average cost of rectification.

The warranty provision at the year end amounts to £29,912 (2024: £28,054) and is included in other creditors. The amount of the provision is subject to uncertainty regarding the number of potential claims and the cost of repairs. The provision is expected to be utilised within 12 months of the balance sheet date.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		3,877		8,028

			3,877		8,028
CURRENT ASSETS
Stocks	5	199,236		169,552
Debtors	6	28,575		58,436
Cash at bank and in hand		69,308		167,980

		297,119		395,968
Creditors: Amounts Falling Due Within One Year	7	(128,182 )		(205,778 )

NET CURRENT ASSETS (LIABILITIES)			168,937		190,190

TOTAL ASSETS LESS CURRENT LIABILITIES			172,814		198,218

PROVISIONS FOR LIABILITIES
Deferred Taxation			(969 )		(1,828 )

NET ASSETS			171,845		196,390

CAPITAL AND RESERVES
Called up share capital	8		100		100
Profit and Loss Account			171,745		196,290

SHAREHOLDERS' FUNDS			171,845		196,390