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COMPANY REGISTRATION NUMBER: 02549366
Gower Business Systems Ltd
Filleted Unaudited Financial Statements
For the period ended
30 June 2022
Gower Business Systems Ltd
Financial Statements
Period from 1 December 2021 to 30 June 2022
Contents
Page
Officers and professional advisers
1
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Gower Business Systems Ltd
Officers and Professional Advisers
The board of directors
Mr D J Ball
MR M Holland
Mr D J Middleton
Mr D J Ball was appointed as director on 4 July 2022.
Mr M Holland was appointed as director on 4 July 2022.
Mr D J Middleton was appointed as director on 4 July 2022.
Registered office
2 Llys Felin Newydd
Swansea Enterprise Park
Swansea
Wales
SA7 9FG
Accountants
Clay Shaw Thomas Ltd
Chartered accountants
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Gower Business Systems Ltd
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Gower Business Systems Ltd
Period from 1 December 2021 to 30 June 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gower Business Systems Ltd for the period ended 30 June 2022, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Gower Business Systems Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Gower Business Systems Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gower Business Systems Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Gower Business Systems Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gower Business Systems Ltd. You consider that Gower Business Systems Ltd is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Gower Business Systems Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Clay Shaw Thomas Ltd Chartered accountants
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
24 November 2023
Gower Business Systems Ltd
Statement of Financial Position
30 June 2022
30 Jun 22
30 Nov 21
Note
£
£
£
Fixed assets
Tangible assets
5
3,780
Current assets
Stocks
27,529
Debtors
6
134,691
68,840
Cash at bank and in hand
215,533
202,698
---------
---------
350,224
299,067
Creditors: amounts falling due within one year
7
136,731
143,147
---------
---------
Net current assets
213,493
155,920
---------
---------
Total assets less current liabilities
213,493
159,700
---------
---------
Net assets
213,493
159,700
---------
---------
Capital and reserves
Called up share capital
200
200
Capital redemption reserve
100
100
Profit and loss account
213,193
159,400
---------
---------
Shareholders funds
213,493
159,700
---------
---------
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 income and retained earnings has not been delivered.
For the period ending 30 June 2022 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 period 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 .
Gower Business Systems Ltd
Statement of Financial Position (continued)
30 June 2022
These financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
Mr D J Middleton
Director
Company registration number: 02549366
Gower Business Systems Ltd
Notes to the Financial Statements
Period from 1 December 2021 to 30 June 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Llys Felin Newydd, Swansea Enterprise Park, Swansea, SA7 9FG, Wales.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed whether there are any material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial tatements are authorised for issue. In assessing whether the going concern assumption is appropriate, the directors have taken in to account all available information about the future and conclude that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. Income in relation to annual licence and servicing agreements is deferred and subsequently credited to the profit and loss account on a straight line basis over the duration of the contract.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. 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. Government grants are recognised using the performance model. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 period amounted to 10 (2021: 12 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 December 2021
30,870
27,342
58,212
Disposals
( 27,342)
( 27,342)
--------
--------
--------
At 30 June 2022
30,870
30,870
--------
--------
--------
Depreciation
At 1 December 2021
28,607
25,825
54,432
Charge for the period
2,263
2,263
Disposals
( 25,825)
( 25,825)
--------
--------
--------
At 30 June 2022
30,870
30,870
--------
--------
--------
Carrying amount
At 30 June 2022
--------
--------
--------
At 30 November 2021
2,263
1,517
3,780
--------
--------
--------
6. Debtors
30 Jun 22
30 Nov 21
£
£
Trade debtors
83,642
53,732
Other debtors
51,049
15,108
---------
--------
134,691
68,840
---------
--------
7. Creditors: amounts falling due within one year
30 Jun 22
30 Nov 21
£
£
Trade creditors
39,574
27,978
Social security and other taxes
84,149
65,883
Other creditors
13,008
49,286
---------
---------
136,731
143,147
---------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
30 Jun 22
30 Nov 21
£
£
Not later than 1 year
27,600
Later than 1 year and not later than 5 years
55,200
--------
----
82,800
--------
----
9. Directors' advances, credits and guarantees
Included within debtors is an amount of £42,000 owed to the company by the directors:
M Wyatt M Bowling
£ £
Balance at 1 December 2021 (20,000) (20,000)
Drawings 41,000 41,000
-------- --------
Balance at 30 June 2022 21,000 21,000
There is no fixed term for repayment and no interest charged.
10. Controlling party
On 4 July 2022 the company was subject to a takeover by Flotek Group Limited, who now own 100% of the called up share capital. In the opinion of the directors there is no ultimate controlling party.
11. Accounting reference period
The accounting reference period was shortened to 30 June 2022 and therefore the current results represent a 7 month period.