8 01/01/2023 31/12/2023 2023-12-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 06739491 2023-01-01 2023-12-31 06739491 2023-12-31 06739491 2022-12-31 06739491 2022-01-01 2022-12-31 06739491 2022-12-31 06739491 2021-12-31 06739491 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 06739491 core:MotorVehicles 2023-01-01 2023-12-31 06739491 core:OnerousContractsExcludingVacantProperties 2023-01-01 2023-12-31 06739491 bus:RegisteredOffice 2023-01-01 2023-12-31 06739491 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 06739491 bus:Director1 2023-01-01 2023-12-31 06739491 bus:Director2 2023-01-01 2023-12-31 06739491 bus:CompanySecretary1 2023-01-01 2023-12-31 06739491 core:FurnitureFittingsToolsEquipment 2022-12-31 06739491 core:MotorVehicles 2022-12-31 06739491 core:FurnitureFittingsToolsEquipment 2023-12-31 06739491 core:WithinOneYear 2023-12-31 06739491 core:WithinOneYear 2022-12-31 06739491 core:AfterOneYear 2023-12-31 06739491 core:AfterOneYear 2022-12-31 06739491 core:ShareCapital 2023-12-31 06739491 core:ShareCapital 2022-12-31 06739491 core:RetainedEarningsAccumulatedLosses 2023-12-31 06739491 core:RetainedEarningsAccumulatedLosses 2022-12-31 06739491 core:FurnitureFittingsToolsEquipment 2022-12-31 06739491 core:MotorVehicles 2022-12-31 06739491 bus:SmallEntities 2023-01-01 2023-12-31 06739491 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06739491 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06739491 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06739491 bus:FullAccounts 2023-01-01 2023-12-31 06739491 core:LandBuildings 2023-01-01 2023-12-31 06739491 core:LandBuildings 2023-12-31
Company registration number: 06739491
Garwen Enterprises Limited
Unaudited filleted financial statements
31 December 2023
Garwen Enterprises Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Garwen Enterprises Limited
Directors and other information
Directors G Sanderson
W E Sanderson
Secretary W E Sanderson
Company number 06739491
Registered office Thistledome
Laker Hall
Newton Stocksfield
Northumberland
NE43 7UZ
Business address Thistledome
Laker Hall
Newton Stocksfield
Northumberland
NE43 7UZ
Accountants McCowie & Co
2 Gosforth Park Avenue
Newcastle Upon Tyne
NE12 8EG
Garwen Enterprises Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 17,340 15,690
_______ _______
17,340 15,690
Current assets
Debtors 6 116,705 75,076
Cash at bank and in hand 223,691 165,271
_______ _______
340,396 240,347
Creditors: amounts falling due
within one year 7 ( 117,986) ( 59,176)
_______ _______
Net current assets 222,410 181,171
_______ _______
Total assets less current liabilities 239,750 196,861
Creditors: amounts falling due
after more than one year 8 ( 20,838) ( 40,279)
Provisions for liabilities ( 3,024) ( 2,981)
_______ _______
Net assets 215,888 153,601
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 215,886 153,599
_______ _______
Shareholders funds 215,888 153,601
_______ _______
For the 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 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 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.
These financial statements were approved by the board of directors and authorised for issue on 27 February 2024 , and are signed on behalf of the board by:
G Sanderson
Director
Company registration number: 06739491
Garwen Enterprises Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Thistledome, Laker Hall, Newton Stocksfield, Northumberland, NE43 7UZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 10 % straight line
Motor vehicles - 25 % straight line
Property Improvements - 2 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Property Improvements Total
£ £ £ £
Cost
At 1 January 2023 40,933 27,418 - 68,351
Additions - - 5,244 5,244
Disposals - ( 27,418) - ( 27,418)
_______ _______ _______ _______
At 31 December 2023 40,933 - 5,244 46,177
_______ _______ _______ _______
Depreciation
At 1 January 2023 25,278 27,383 - 52,661
Charge for the year 3,559 - - 3,559
Disposals - ( 27,383) - ( 27,383)
_______ _______ _______ _______
At 31 December 2023 28,837 - - 28,837
_______ _______ _______ _______
Carrying amount
At 31 December 2023 12,096 - 5,244 17,340
_______ _______ _______ _______
At 31 December 2022 15,655 35 - 15,690
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 17,639 15,362
Other debtors 99,066 59,714
_______ _______
116,705 75,076
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Corporation tax 50,869 11,560
Social security and other taxes 50,412 27,270
Other creditors 6,705 10,346
_______ _______
117,986 59,176
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 20,838 30,833
Other creditors - 9,446
_______ _______
20,838 40,279
_______ _______
9. Controlling party
The Company was controlled throughout the current and previous periods by the directors Mr and Mrs Sanderson who between them own all of the Companys ordinary share capital.