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COMPANY REGISTRATION NUMBER: 4364145
Gwynedd Environmental Waste Services Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
Gwynedd Environmental Waste Services Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
1,808,793
1,797,822
Current assets
Stocks
10,000
10,000
Debtors
7
929,851
779,759
Cash at bank and in hand
300,606
143,072
------------
---------
1,240,457
932,831
Creditors: amounts falling due within one year
8
857,768
724,875
------------
---------
Net current assets
382,689
207,956
------------
------------
Total assets less current liabilities
2,191,482
2,005,778
Creditors: amounts falling due after more than one year
9
789,568
823,458
Provisions
Taxation including deferred tax
258,259
242,788
------------
------------
Net assets
1,143,655
939,532
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
157,656
157,656
Profit and loss account
985,899
781,776
------------
---------
Shareholders funds
1,143,655
939,532
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Gwynedd Environmental Waste Services Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 21 August 2023 , and are signed on behalf of the board by:
Mrs S E E Jones
Director
Company registration number: 4364145
Gwynedd Environmental Waste Services Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cookes Industrial Estate, Penrhyndeudraeth, Gwynedd, LL48 6LT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. 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 all 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. 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Leased vehicles
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 65 (2022: 74 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
40,000
--------
Amortisation
At 1 April 2022 and 31 March 2023
40,000
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
--------
6. Tangible assets
Freehold property
Long leasehold property
Fixtures, fittings & equipment
Vehicles and plant
Leased vehicles
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022
343,626
6,743
588,448
2,581,252
1,551,629
5,071,698
Additions
21,919
392,626
414,545
Disposals
( 69,683)
( 69,683)
---------
-------
---------
------------
------------
------------
At 31 Mar 2023
343,626
6,743
610,367
2,904,195
1,551,629
5,416,560
---------
-------
---------
------------
------------
------------
Depreciation
At 1 Apr 2022
548,570
1,434,124
1,291,182
3,273,876
Charge for the year
13,807
304,603
68,821
387,231
Disposals
( 53,340)
( 53,340)
---------
-------
---------
------------
------------
------------
At 31 Mar 2023
562,377
1,685,387
1,360,003
3,607,767
---------
-------
---------
------------
------------
------------
Carrying amount
At 31 Mar 2023
343,626
6,743
47,990
1,218,808
191,626
1,808,793
---------
-------
---------
------------
------------
------------
At 31 Mar 2022
343,626
6,743
39,878
1,147,128
260,447
1,797,822
---------
-------
---------
------------
------------
------------
Tangible assets held at valuation
Included within the net book value of Land and buildings £343,626, is the Freehold property known as GEWS Ltd, Cookes Industrial Estate, which was revalued on 29 December 2014 by Balfours LLP, Estate Agents, at an open market value of £300,000. The historical cost of the Freehold property included above was £142,344.
7. Debtors
2023
2022
£
£
Trade debtors
888,776
738,223
Other debtors
41,075
41,536
---------
---------
929,851
779,759
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,448
28,574
Trade creditors
187,602
143,568
Corporation tax
55,910
Social security and other taxes
207,122
211,651
Other creditors
396,686
341,082
---------
---------
857,768
724,875
---------
---------
Liabilities totalling £10,448 (2022: £28,574) disclosed under creditors falling due within one year are secured by the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
11,798
Other creditors
789,568
811,660
---------
---------
789,568
823,458
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2022: £23,100) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Liabilities due after more than five years are fixed payments on a reducing balance.
Liabilities totalling £Nil (2022: £11,798) disclosed under creditors falling due after more than one year are secured by the company.
10. Related party transactions
During the year the company received goods and services to the value of £Nil (2022 £463,265) from GEWS Transport Limited, a company where one of the directors is also director. The above purchases were made on normal trading basis and at the balance sheet date the creditor amounted to £41,715.