GWF Engineering Limited 04239645 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of engineering and structural steel working Digita Accounts Production Advanced 6.30.9574.0 true 04239645 2023-01-01 2023-12-31 04239645 2023-12-31 04239645 bus:OrdinaryShareClass1 2023-12-31 04239645 core:OtherReservesSubtotal 2023-12-31 04239645 core:RetainedEarningsAccumulatedLosses 2023-12-31 04239645 core:ShareCapital 2023-12-31 04239645 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 04239645 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 04239645 core:CurrentFinancialInstruments 2023-12-31 04239645 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 04239645 core:Non-currentFinancialInstruments 2023-12-31 04239645 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 04239645 core:FurnitureFittingsToolsEquipment 2023-12-31 04239645 core:LandBuildings 2023-12-31 04239645 core:MotorVehicles 2023-12-31 04239645 core:OtherPropertyPlantEquipment 2023-12-31 04239645 bus:SmallEntities 2023-01-01 2023-12-31 04239645 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04239645 bus:FullAccounts 2023-01-01 2023-12-31 04239645 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04239645 bus:RegisteredOffice 2023-01-01 2023-12-31 04239645 bus:Director5 2023-01-01 2023-12-31 04239645 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 04239645 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04239645 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 04239645 core:LandBuildings 2023-01-01 2023-12-31 04239645 core:MotorVehicles 2023-01-01 2023-12-31 04239645 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 04239645 core:ParentEntities 2023-01-01 2023-12-31 04239645 countries:England 2023-01-01 2023-12-31 04239645 2022-12-31 04239645 core:FurnitureFittingsToolsEquipment 2022-12-31 04239645 core:LandBuildings 2022-12-31 04239645 core:MotorVehicles 2022-12-31 04239645 core:OtherPropertyPlantEquipment 2022-12-31 04239645 2022-01-01 2022-12-31 04239645 2022-12-31 04239645 bus:OrdinaryShareClass1 2022-12-31 04239645 core:OtherReservesSubtotal 2022-12-31 04239645 core:RetainedEarningsAccumulatedLosses 2022-12-31 04239645 core:ShareCapital 2022-12-31 04239645 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 04239645 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 04239645 core:CurrentFinancialInstruments 2022-12-31 04239645 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 04239645 core:Non-currentFinancialInstruments 2022-12-31 04239645 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 04239645 core:FurnitureFittingsToolsEquipment 2022-12-31 04239645 core:LandBuildings 2022-12-31 04239645 core:MotorVehicles 2022-12-31 04239645 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04239645

GWF Engineering Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2023

 

GWF Engineering Limited

(Registration number: 04239645)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,031,679

137,208

Current assets

 

Stocks

5

242,407

866,476

Debtors

6

824,403

1,218,646

Cash at bank and in hand

 

63,820

29,548

 

1,130,630

2,114,670

Creditors: Amounts falling due within one year

7

(605,427)

(1,381,543)

Net current assets

 

525,203

733,127

Total assets less current liabilities

 

1,556,882

870,335

Creditors: Amounts falling due after more than one year

7

(788,598)

(235,583)

Provisions for liabilities

(42,689)

(26,070)

Net assets

 

725,595

608,682

Capital and reserves

 

Called up share capital

9

74

74

Other reserves

26

26

Retained earnings

725,495

608,582

Shareholders' funds

 

725,595

608,682

 

GWF Engineering Limited

(Registration number: 04239645)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 March 2024 and signed on its behalf by:
 


Mr C J Parkin
Director

   
 

GWF Engineering Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Woodhouse Road
Scunthorpe
North Lincolnshire
DN16 1BD

The company's registration number is 04239645.

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.

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.

Government grants

Grant income relating to revenue is recognised on an accruals basis. Income is recognised on a
systematic basis over the periods in which the entity 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 with no future related costs,
is recognised as income in the period in which it becomes receivable.

 

GWF Engineering Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 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.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% straight line basis

Motor vehicles

25% straight line basis

Other tangible assets

NIL

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.

 

GWF Engineering Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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 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.

Stocks

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the work in progress to their present location and condition. At each reporting date, stocks are assessed for impairment. If work in progress is 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 the transaction price.

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 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.

 

GWF Engineering Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

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 34 (2022 - 36).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

-

742,631

45,960

410,609

1,199,200

Additions

860,925

86,021

-

-

946,946

Disposals

-

(9,500)

-

-

(9,500)

At 31 December 2023

860,925

819,152

45,960

410,609

2,136,646

Depreciation

At 1 January 2023

-

624,843

26,540

410,609

1,061,992

Charge for the year

-

43,413

9,062

-

52,475

Eliminated on disposal

-

(9,500)

-

-

(9,500)

At 31 December 2023

-

658,756

35,602

410,609

1,104,967

Carrying amount

At 31 December 2023

860,925

160,396

10,358

-

1,031,679

At 31 December 2022

-

117,788

19,420

-

137,208

 

GWF Engineering Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Included within the net book value of land and buildings above is £860,925 (2022 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Work in progress

241,044

865,113

Other inventories

1,363

1,363

242,407

866,476

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

524,205

815,693

Amounts owed by group undertakings

10

293,225

392,733

Other debtors

 

6,973

10,220

Total current trade and other debtors

 

824,403

1,218,646

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

121,985

112,999

Trade payables

 

222,421

400,678

Social security and other taxes

 

149,886

161,237

Other payables

 

111,135

706,629

 

605,427

1,381,543

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

788,598

235,583

 

GWF Engineering Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loans

14,036

-

Hire purchase contracts

20,199

25,249

Other borrowings

87,750

87,750

121,985

112,999

2023
£

2022
£

Non-current loans and borrowings

Bank loans

660,964

-

Hire purchase contracts

-

20,199

Other borrowings

127,634

215,384

788,598

235,583

Bank borrowings are repayable by instalments of which £546,548 (2022 - £nil) is due after more than five years.

The bank loan is secured on the assests of GWF Machining Services Ltd.

The hire purchase commitments are secured upon the assets to which they relate.

Other borrowings are secured on the assets of the company.

 

 

GWF Engineering Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

74

74

74

74

         

10

Related party transactions

Summary of transactions with parent

At the balance sheet date the company was owed £293,225 by it's parent company, GWF Machining Services Limited (2022 - £392.733).