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Registered Number: 04432762
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 May 2023

for

GW NET-WORKING LIMITED

Director Mr Matthew Gosse
Registered Number 04432762
Registered Office Unit 7, Freemantle Business Centre
Millbrook Road East
Southampton
Hampshire
SO15 1JR
Accountants Numeric Accounting Limited
Chartered Certified Accountants
Suite 1, The Portway Centre,
Old Sarum Park, Old Sarum
Salisbury
SP4 6EB
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 133,753    132,993 
133,753    132,993 
Current assets      
Stocks 4 500    500 
Debtors: amounts falling due within one year 5 48,908    24,980 
Cash at bank and in hand 61,074    59,686 
110,482    85,166 
Creditors: amount falling due within one year 6 (71,549)   (59,295)
Net current assets 38,933    25,871 
 
Total assets less current liabilities 172,686    158,864 
Creditors: amount falling due after more than one year 7 (68,928)   (76,175)
Provisions for liabilities 8 (697)   (554)
Net assets 103,061    82,135 
 

Capital and reserves
     
Called up share capital 9 200    200 
Profit and loss account 102,861    81,935 
Shareholder's funds 103,061    82,135 
 


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

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 20 November 2023 and were signed by:


-------------------------------
Mr Matthew Gosse
Director
2
General Information
GW Net-Working Limited is a private company, limited by shares, registered in England and Wales, registration number 04432762, registration address Unit 7, Freemantle Business Centre, Millbrook Road East, Southampton, Hampshire, SO15 1JR.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance

These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation

The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Cost of sales
The cost of sales is the accumulated total of all costs used to create a product or service, which has been sold.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.


Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.


Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and Buildings 0% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Computer Equipment 33% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.
2.

Average Number of Employees


Average number of employees during the year was 5 (2022 : 5).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 June 2022 130,446    3,246    21,841    155,533 
Additions   1,638      1,638 
Disposals      
At 31 May 2023 130,446    4,884    21,841    157,171 
Depreciation
At 01 June 2022   1,086    21,454    22,540 
Charge for year   781    97    878 
On disposals      
At 31 May 2023   1,867    21,551    23,418 
Net book values
Closing balance as at 31 May 2023 130,446    3,017    290    133,753 
Opening balance as at 01 June 2022 130,446    2,160    387    132,993 


4.

Stocks

2023
£
  2022
£
Stocks 500    500 
500    500 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 48,719    24,980 
Prepayments & Accrued Income 189   
48,908    24,980 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 13,215    4,296 
Bank Loans & Overdrafts (Secured) 7,327    4,619 
Corporation Tax 13,393    14,949 
PAYE & Social Security 1,230    61 
Pension 439    359 
Accrued Expenses 1,900    1,699 
Company credit card 2,987    4,043 
Directors' Current Accounts 15,173    15,389 
VAT 15,885    13,880 
71,549    59,295 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts (secured) 68,928    76,175 
68,928    76,175 

8.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 697    554 
697    554 

9.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Ordinary shares of £1.00 each 100    100 
100 Ordinary B shares of £1.00 each 100    100 
200    200 

10.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Mr Matthew Gosse(15,173)(15,389)

The loan is interest free with no fixed date of repayment.
11.

Dividend

During the year, total dividends of £36,000 (2022 - £30,000) were paid to the director.

12.

Loan

The loan is secured and repayable in instalments over 152 months. Interest is charged at a variable rate.
Amounts repayable are as follows:
< 1 Yr: £7,327
1 - 5 Years: £36,634
> 5 years: £48,846

3