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COMPANY REGISTRATION NUMBER: 05020360
GWN PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 July 2023
GWN PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2023
2023
2022
Note
£
£
£
£
Fixed Assets
Tangible assets
5
5,090,033
4,401,910
Current Assets
Debtors
6
2,101
1,805
Cash at bank and in hand
47,234
83,161
---------
---------
49,335
84,966
Creditors: amounts falling due within one year
7
117,047
82,901
-----------
---------
Net Current (Liabilities)/Assets
( 67,712)
2,065
--------------
--------------
Total Assets Less Current Liabilities
5,022,321
4,403,975
Creditors: amounts falling due after more than one year
8
2,362,451
1,948,542
Provisions
Taxation including deferred tax
251,261
165,483
--------------
--------------
Net Assets
2,408,609
2,289,950
--------------
--------------
GWN PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2023
2023
2022
Note
£
£
£
£
Capital and Reserves
Called up share capital
200
200
Revaluation reserve
1,193,783
1,145,402
Profit and loss account
1,214,626
1,144,348
--------------
--------------
Shareholders Funds
2,408,609
2,289,950
--------------
--------------
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 July 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 .
These financial statements were approved by the board of directors and authorised for issue on 5 January 2024 , and are signed on behalf of the board by:
J M Atkinson
Director
Company registration number: 05020360
GWN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 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 Fosses Farm, Seaton Ross, York, North Yorkshire, Y042 4NL.
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.
Revenue Recognition
The turnover shown in the income statement represents rental income received on investment properties.
Income Tax
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.
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.
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:
Equipment
-
33% straight line
Investment Property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
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.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 4 ).
5. Tangible Assets
Investment Property
Equipment
Total
£
£
£
Cost or valuation
At 1 August 2022
4,401,660
2,134
4,403,794
Additions
551,181
4,044
555,225
Disposals
( 1,134)
( 1,134)
Revaluations
134,159
134,159
--------------
--------
--------------
At 31 July 2023
5,087,000
5,044
5,092,044
--------------
--------
--------------
Depreciation
At 1 August 2022
1,884
1,884
Charge for the year
1,261
1,261
Disposals
( 1,134)
( 1,134)
--------------
--------
--------------
At 31 July 2023
2,011
2,011
--------------
--------
--------------
Carrying amount
At 31 July 2023
5,087,000
3,033
5,090,033
--------------
--------
--------------
At 31 July 2022
4,401,660
250
4,401,910
--------------
--------
--------------
Investment properties have been valued during the year at fair value by the directors on the basis of market values and expected yields.
6. Debtors
2023
2022
£
£
Other debtors
2,101
1,805
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
35,700
14,000
Social security and other taxes
20,300
20,138
Other creditors
61,047
48,763
-----------
---------
117,047
82,901
-----------
---------
Bank borrowing is secured against investment property.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
520,381
135,852
Other creditors
1,842,070
1,812,690
--------------
--------------
2,362,451
1,948,542
--------------
--------------
Bank borrowing is secured against investment property.
Bank borrowing totalling £377,581 (2022-£79,852) is repayable after more than five years, by instalments and at a variable rate of interest.