Company Registration No. 01877979 (England and Wales)
G.H. OWEN PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
G.H. OWEN PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
G.H. OWEN PROPERTY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,998
16,511
Current assets
Stocks
137,000
137,000
Debtors
5
383,877
585,090
Cash at bank and in hand
68,761
3,548
589,638
725,638
Creditors: amounts falling due within one year
6
(417,345)
(688,271)
Net current assets
172,293
37,367
Total assets less current liabilities
185,291
53,878
Creditors: amounts falling due after more than one year
7
(212,675)
(55,163)
Provisions for liabilities
(3,834)
(3,834)
Net liabilities
(31,218)
(5,119)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(31,318)
(5,219)
Total equity
(31,218)
(5,119)
Company Registration No. 01877979
G.H. OWEN PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -

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

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 6 November 2023 and are signed on its behalf by:
Mr G H Owen
Mrs J Owen
Director
Director
Company Registration No. 01877979
G.H. OWEN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

G.H. Owen Property Limited is a private company limited by shares incorporated in England and Wales. The registered office and business address is 54 Common Road, Snettisham, King's Lynn, Norfolk, England, PE31 7PF.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
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:

Plant and machinery
15% reducing balance basis
Office equipment
15% reducing balance basis
Motor vehicles
20% reducing balance basis
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

G.H. OWEN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

1.6
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
1
1
G.H. OWEN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
107,225
Depreciation and impairment
At 1 April 2022
90,713
Depreciation charged in the year
3,514
At 31 March 2023
94,227
Carrying amount
At 31 March 2023
12,998
At 31 March 2022
16,511
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
383,877
585,090
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
23,365
23,365
Taxation and social security
-
0
1,126
Other creditors
393,980
663,780
417,345
688,271
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
212,675
49,000
Other creditors
-
0
6,163
212,675
55,163
2023-03-312022-04-01false06 November 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr G H OwenMrs J OwenMrs J Owen018779792022-04-012023-03-31018779792023-03-31018779792022-03-3101877979core:OtherPropertyPlantEquipment2023-03-3101877979core:OtherPropertyPlantEquipment2022-03-3101877979core:CurrentFinancialInstruments2023-03-3101877979core:CurrentFinancialInstruments2022-03-3101877979core:Non-currentFinancialInstruments2023-03-3101877979core:Non-currentFinancialInstruments2022-03-3101877979core:ShareCapital2023-03-3101877979core:ShareCapital2022-03-3101877979core:RetainedEarningsAccumulatedLosses2023-03-3101877979core:RetainedEarningsAccumulatedLosses2022-03-3101877979bus:Director12022-04-012023-03-3101877979bus:CompanySecretaryDirector12022-04-012023-03-3101877979core:PlantMachinery2022-04-012023-03-3101877979core:ComputerEquipment2022-04-012023-03-3101877979core:MotorVehicles2022-04-012023-03-31018779792021-04-012022-03-3101877979core:OtherPropertyPlantEquipment2022-03-3101877979core:OtherPropertyPlantEquipment2022-04-012023-03-3101877979core:WithinOneYear2023-03-3101877979core:WithinOneYear2022-03-3101877979bus:PrivateLimitedCompanyLtd2022-04-012023-03-3101877979bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3101877979bus:FRS1022022-04-012023-03-3101877979bus:AuditExemptWithAccountantsReport2022-04-012023-03-3101877979bus:Director22022-04-012023-03-3101877979bus:CompanySecretary12022-04-012023-03-3101877979bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP