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2022-09-01
Sage Accounts Production Advanced 2021 - FRS102_2021
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COMPANY REGISTRATION NUMBER:
14102329
Gwendraeth Valley Tarmacadam Limited |
|
Filleted Unaudited Financial Statements |
|
Gwendraeth Valley Tarmacadam Limited |
|
Year ended 31 August 2023
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
3 |
|
|
Gwendraeth Valley Tarmacadam Limited |
|
Officers and Professional Advisers |
|
The board of directors |
Mrs Thomas |
|
Mr Rees |
|
Mrs Rees |
|
|
Registered office |
Cae Canfas Farm |
|
Pontyates |
|
Llanelli |
|
Carmarthenshire |
|
United Kingdom |
|
SA15 5UF |
|
|
Accountants |
James & Uzzell Ltd |
|
Chartered Certified Accountants |
|
Axis 15, Axis Court |
|
Mallard Way |
|
Riverside Business Park |
|
Swansea |
|
SA7 0AJ |
|
|
Gwendraeth Valley Tarmacadam Limited |
|
Statement of Financial Position |
|
31 August 2023
CURRENT ASSETS
Stocks |
5 |
45,849 |
Debtors |
6 |
795,782 |
Cash at bank and in hand |
187,568 |
|
------------ |
|
1,029,199 |
|
|
|
CREDITORS: amounts falling due within one year |
7 |
836,361 |
|
------------ |
NET CURRENT ASSETS |
192,838 |
|
--------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
192,838 |
|
--------- |
NET ASSETS |
192,838 |
|
--------- |
|
|
|
CAPITAL AND RESERVES
Called up share capital |
8 |
3 |
Profit and loss account |
192,835 |
|
--------- |
SHAREHOLDERS FUNDS |
192,838 |
|
--------- |
|
|
|
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 August 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
7 February 2024
, and are signed on behalf of the board by:
Rhian Thomas
Rhian Thomas
Director
Company registration number:
14102329
Gwendraeth Valley Tarmacadam Limited |
|
Notes to the Financial Statements |
|
Year ended 31 August 2023
1.
GENERAL INFORMATION
Gwendraeth Valley Tarmacadam Limited
is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are construction of highways and ground infrastructure.
2.
STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements is 12 months. These financial statements only include the results of the individual entity made up to 31 August 2023. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below
(i) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors and associated impairment provision.
(ii) Accounting for construction contracts
Recognition of turnover and profit is based on judgements made in respect of the ultimate profitability of a contract. Such judgements are arrived at through the use of estimates in relation to costs and value of work performed to date and to be performed in bringing contracts to completion, including satisfaction of maintenance responsibilities. These estimates are made by reference to recovery of pre-contract costs, surveys of progress against the construction programme, changes in work scope, the contractual terms under which the work is being performed including the recoverability of any unagreed income from variations on the likely outcome of discussions on claims, costs incurred and external certification of the work performed. The company has the appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review and authorisation.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Rendering of services When the outcome of a transaction can be estimated reliably, turnover from 31 August 2023 is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to 31 August 2023. Turnover from construction of highways and ground infrastructure is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Construction contracts When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to insert detail. Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable. When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision. Interest receivable Interest income is recognised using the effective interest method
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Operating leases
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease. Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
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.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
12
.
5.
STOCKS
|
2023 |
|
£ |
Raw materials and consumables |
3,150 |
Work in progress |
42,699 |
|
-------- |
|
45,849 |
|
-------- |
|
|
6.
DEBTORS
|
2023 |
|
£ |
Trade debtors |
489,123 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
188,033 |
Other debtors |
118,626 |
|
--------- |
|
795,782 |
|
--------- |
|
|
7.
CREDITORS:
amounts falling due within one year
|
2023 |
|
£ |
Trade creditors |
708,359 |
Corporation tax |
59,046 |
Social security and other taxes |
8,801 |
Other creditors |
60,155 |
|
--------- |
|
836,361 |
|
--------- |
|
|
The company has a bank overdraft which is secured. The aggregate of secured liabilities falling due within one year is £Nil.
8.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2023 |
|
No. |
£ |
Ordinary shares of £ 1 each |
3 |
3 |
|
---- |
---- |
|
|
|
9.
OTHER FINANCIAL COMMITMENTS
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £11,996.
10.
RELATED PARTY TRANSACTIONS
Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies
11.
PARENT UNDERTAKINGS
The ultimate parent company is GVT Holdings Ltd, a company registered in Great Britain.