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Filleted
Registration number: 08259765

G S W (Pembrokeshire) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

G S W (Pembrokeshire) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

G S W (Pembrokeshire) Limited

Company Information

Director

Mr G R E Stratford

Registered office

The Old Granary
Abbey Road
Whitland
SA34 0LH

Accountants

LHP Haverfordwest
Chartered Certified Accountants
1st Floor
Agriculture House
Winch Lane
Haverfordwest
Pembrokeshire
SA61 1RW

 

G S W (Pembrokeshire) Limited

(Registration number: 08259765)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

33,991

16,228

Current assets

 

Debtors

5

3,337

2,824

Cash at bank and in hand

 

1,474

4,535

 

4,811

7,359

Creditors: Amounts falling due within one year

6

(18,675)

(7,733)

Net current liabilities

 

(13,864)

(374)

Total assets less current liabilities

 

20,127

15,854

Creditors: Amounts falling due after more than one year

6

(5,419)

(3,069)

Net assets

 

14,708

12,785

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

14,706

12,783

Shareholders' funds

 

14,708

12,785

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

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 March 2024
 

.........................................
Mr G R E Stratford
Director

   
     
 

G S W (Pembrokeshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
The Old Granary
Abbey Road
Whitland
SA34 0LH

These financial statements were authorised for issue by the director on 21 March 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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, other than land and properties under construction over their estimated useful lives, as follows:

 

G S W (Pembrokeshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Asset class

Depreciation method and rate

Plant and machinery

Reducing balance 10%

Motor vehicles

Reducing balance 10%

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.

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 at amortised cost using the effective interest method, 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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

G S W (Pembrokeshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

G S W (Pembrokeshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

19,186

4,325

23,511

Additions

-

23,055

23,055

Disposals

-

(4,325)

(4,325)

At 31 October 2023

19,186

23,055

42,241

Depreciation

At 1 November 2022

4,473

2,810

7,283

Charge for the year

1,471

2,306

3,777

Eliminated on disposal

-

(2,810)

(2,810)

At 31 October 2023

5,944

2,306

8,250

Carrying amount

At 31 October 2023

13,242

20,749

33,991

At 31 October 2022

14,713

1,515

16,228

5

Debtors

Current

2023
£

2022
£

Other debtors

3,337

2,824

 

3,337

2,824

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

7,277

2,834

Taxation and social security

 

2,032

409

Other related parties

 

7,950

2,814

Other creditors

 

1,416

1,676

 

18,675

7,733

 

G S W (Pembrokeshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

5,419

3,069

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

A Ordinary of £1 each

1

1

1

1

2

2

2

2

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

3,069

Hire purchase contracts

5,419

-

5,419

3,069

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

7,277

2,834

9

Related party transactions

Transactions with the director

2023

At 1 November 2022
£

Repayments by director
£

At 31 October 2023
£

Mr G R E Stratford

Interest free loan with no fixed repayment term.

(2,814)

(5,137)

(7,950)

 

G S W (Pembrokeshire) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

2022

At 1 November 2021
£

Other payments made to company by director
£

At 31 October 2022
£

Mr G R E Stratford

Interest free loan with no fixed repayment term.

(4,478)

1,664

(2,814)