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Registration number: 03915943

GWD Convenience Distribution Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

GWD Convenience Distribution Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

GWD Convenience Distribution Limited

Company Information

Directors

Mr M R Storey

Mr D A Storey

Company secretary

Mrs J Storey

Registered office

12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

Accountants

Walker & Sutcliffe
Chartered Accountants
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

 

GWD Convenience Distribution Limited

(Registration number: 03915943)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,600,775

1,662,596

Investments

5

11,000

11,000

 

1,611,775

1,673,596

Current assets

 

Stocks

6

611,927

586,360

Debtors

7

1,302,366

946,159

Cash at bank and in hand

 

133,484

130,222

 

2,047,777

1,662,741

Creditors: Amounts falling due within one year

8

(1,653,469)

(1,294,428)

Net current assets

 

394,308

368,313

Total assets less current liabilities

 

2,006,083

2,041,909

Creditors: Amounts falling due after more than one year

8

(987,100)

(1,022,668)

Provisions for liabilities

(19,978)

(20,049)

Net assets

 

999,005

999,192

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

998,905

999,092

Shareholders' funds

 

999,005

999,192

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 October 2023 and signed on its behalf by:
 

 

GWD Convenience Distribution Limited

(Registration number: 03915943)
Balance Sheet as at 30 April 2023

.........................................
Mr D A Storey
Director

 

GWD Convenience Distribution Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

The principal place of business is:
Unit 3 Copley Valley Business Park
Copley Valley Road
Off Hollas Lane
Halifax
West Yorkshire
HX6 2WA
England

These financial statements were authorised for issue by the Board on 6 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is £ sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

GWD Convenience Distribution Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Government grants

Government grants, including non-monetary grants are not recognised until there is reasonable assurance that:
The company will comply with the conditions attaching to them; and
The grants will be received.

The company recognises grants either based on the performance model or the accrual model. This policy choice is applied on a class-by-class basis.
The company measures grants at the fair value of the asset received or receivable.
Where a grant becomes repayable it is recognised as a liability when the repayment meets the definition of a liability.

Performance model
The performance model recognises grants as follows:
A grant that does not impose specified future performance-related conditions on the company is recognised in income when the grant proceeds are received or receivable.
A grant that imposes specified future performance-related conditions on the company is recognised in income only when the performance-related conditions are met.
Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

Accrual model
The accrual model classifies grants either as a grant relating to revenue or a grant relating to assets.
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs is recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.
Where part of a grant relating to an asset is deferred it is recognised as deferred income and not deducted from the carrying amount of the asset.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

GWD Convenience Distribution Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Plant and machinery

10% on cost

Fixtures and fittings

15% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

25% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

GWD Convenience Distribution Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

GWD Convenience Distribution Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2022 - 31).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

1,714,013

232,978

202,309

2,149,300

Additions

-

13,916

-

13,916

Disposals

-

(3,845)

(21,490)

(25,335)

At 30 April 2023

1,714,013

243,049

180,819

2,137,881

Depreciation

At 1 May 2022

171,400

189,585

125,719

486,704

Charge for the year

34,280

16,296

24,975

75,551

Eliminated on disposal

-

(3,659)

(21,490)

(25,149)

At 30 April 2023

205,680

202,222

129,204

537,106

Carrying amount

At 30 April 2023

1,508,333

40,827

51,615

1,600,775

At 30 April 2022

1,542,613

43,393

76,590

1,662,596

Included within the net book value of land and buildings above is £1,508,333 (2022 - £1,542,613) in respect of freehold land and buildings.
 

 

GWD Convenience Distribution Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Investments

2023
£

2022
£

Investments in associates

11,000

11,000

Associates

£

Cost

At 1 May 2022

11,000

Provision

Carrying amount

At 30 April 2023

11,000

At 30 April 2022

11,000

6

Stocks

2023
£

2022
£

Other inventories

611,927

586,360

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

821,156

508,939

Amounts owed by related parties

11

431,247

425,592

Prepayments

 

12,529

9,928

Other debtors

 

37,434

1,700

   

1,302,366

946,159

 

GWD Convenience Distribution Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

90,424

143,336

Trade creditors

 

884,549

747,270

Taxation and social security

 

111,381

105,180

Accruals and deferred income

 

16,642

26,203

Other creditors

 

550,473

272,439

 

1,653,469

1,294,428

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

987,100

1,022,668

 

GWD Convenience Distribution Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

972,795

983,475

Hire purchase contracts

14,305

39,193

987,100

1,022,668

2023
£

2022
£

Current loans and borrowings

Bank borrowings

65,538

118,901

Hire purchase contracts

24,886

24,435

90,424

143,336

 

GWD Convenience Distribution Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

11

Related party transactions

Summary of transactions with parent

Gen2co Limited
(The company's parent undertaking)
During the year the company advanced loans of £135,655 (2022: £130,761) and was repaid £130,000 (2021: £65,000) by Gen2co Limited. At the balance sheet date the amount due from Gen2co Limited was £431,247 (2022: £425,592).

 

12

Parent and ultimate parent undertaking

The ultimate controlling party is Gen2Co Ltd.