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GWALIA GARAGE CAERNARFON LIMITED

Unaudited Financial Statements

for the Year Ended 31st March 2023






GWALIA GARAGE CAERNARFON LIMITED (REGISTERED NUMBER: 08465110)






Contents of the Financial Statements
for the year ended 31st March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GWALIA GARAGE CAERNARFON LIMITED

Company Information
for the year ended 31st March 2023







DIRECTOR: Mrs M E Evans





REGISTERED OFFICE: 1 Abbots Quay
Monks Ferry
Birkenhead
Wirral
CH41 5LH





REGISTERED NUMBER: 08465110 (England and Wales)





ACCOUNTANTS: Haines Watts Wirral Limited
1 Abbots Quay
Monks Ferry
Birkenhead
Merseyside
CH41 5LH

GWALIA GARAGE CAERNARFON LIMITED (REGISTERED NUMBER: 08465110)

Balance Sheet
31st March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 200,000 220,000
Tangible assets 5 273,536 51,055
473,536 271,055

CURRENT ASSETS
Stocks 143,139 127,558
Debtors 6 335,367 239,326
Cash at bank and in hand 260,188 254,821
738,694 621,705
CREDITORS
Amounts falling due within one year 7 483,084 351,012
NET CURRENT ASSETS 255,610 270,693
TOTAL ASSETS LESS CURRENT LIABILITIES 729,146 541,748

CREDITORS
Amounts falling due after more than one
year

8

(31,580

)

(42,549

)

PROVISIONS FOR LIABILITIES 9 (68,732 ) (9,701 )
NET ASSETS 628,834 489,498

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 628,832 489,496
SHAREHOLDERS' FUNDS 628,834 489,498

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GWALIA GARAGE CAERNARFON LIMITED (REGISTERED NUMBER: 08465110)

Balance Sheet - continued
31st March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29th November 2023 and were signed by:





Mrs M E Evans - Director


GWALIA GARAGE CAERNARFON LIMITED (REGISTERED NUMBER: 08465110)

Notes to the Financial Statements
for the year ended 31st March 2023

1. STATUTORY INFORMATION

Gwalia Garage Caernarfon Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


GWALIA GARAGE CAERNARFON LIMITED (REGISTERED NUMBER: 08465110)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
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.

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.

Debtors
Short term debtors are measured at transaction price, less impairment.Loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors
Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to / from related parties.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 19 ) .

GWALIA GARAGE CAERNARFON LIMITED (REGISTERED NUMBER: 08465110)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2022
and 31st March 2023 400,000
AMORTISATION
At 1st April 2022 180,000
Charge for year 20,000
At 31st March 2023 200,000
NET BOOK VALUE
At 31st March 2023 200,000
At 31st March 2022 220,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1st April 2022 93,100
Additions 252,873
At 31st March 2023 345,973
DEPRECIATION
At 1st April 2022 42,045
Charge for year 30,392
At 31st March 2023 72,437
NET BOOK VALUE
At 31st March 2023 273,536
At 31st March 2022 51,055

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 46,157 73,093
Other debtors 289,210 166,233
335,367 239,326

GWALIA GARAGE CAERNARFON LIMITED (REGISTERED NUMBER: 08465110)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 301,125 140,758
Taxation and social security 8,091 75,577
Other creditors 173,868 134,677
483,084 351,012

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 31,580 42,549

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 68,732 9,701

Deferred
tax
£   
Balance at 1st April 2022 9,701
Provided during year 59,031
Balance at 31st March 2023 68,732

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2023 and 31st March 2022:

2023 2022
£    £   
Mrs M E Evans
Balance outstanding at start of year - -
Amounts advanced 82,040 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 82,040 -

11. RELATED PARTY DISCLOSURES

Included in other debtors is the sum of £186,567 (2022 - £132,623) due from Gwalia Recovery Limited. Mrs M E Evans own 100% of the issued share capital of Gwalia Recovery Limited.

Included in other creditors is the sum of £160,318 (2022 £121,127) due to Natural Too Limited. Mrs M E Evans own 100% of the issued share capital of Natural Too Limited.