Registered number
10305714
Gwena Ltd
Filleted Accounts
31 October 2023
Gwena Ltd
Registered number: 10305714
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Tangible assets 3 1,125,843 807,095
Current assets
Stocks 5,000 5,000
Debtors 4 42,133 47,018
Cash at bank and in hand 621,699 1,014,492
668,832 1,066,510
Creditors: amounts falling due within one year 5 (339,264) (391,046)
Net current assets 329,568 675,464
Total assets less current liabilities 1,455,411 1,482,559
Creditors: amounts falling due after more than one year 6 (329,100) (350,536)
Net assets 1,126,311 1,132,023
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,126,211 1,131,923
Shareholders' funds 1,126,311 1,132,023
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A C Davies
Director
Approved by the board on 20 June 2024
Gwena Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% reducing balance
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 17 20
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 547,560 450,301 106,494 1,104,355
Additions 304,408 79,199 - 383,607
At 31 October 2023 851,968 529,500 106,494 1,487,962
Depreciation
At 1 November 2022 - 255,968 41,292 297,260
Charge for the year - 48,558 16,301 64,859
At 31 October 2023 - 304,526 57,593 362,119
Net book value
At 31 October 2023 851,968 224,974 48,901 1,125,843
At 31 October 2022 547,560 194,333 65,202 807,095
4 Debtors 2023 2022
£ £
Trade debtors 42,133 44,554
Other debtors - 2,464
42,133 47,018
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 82,227 83,083
Obligations under finance lease and hire purchase contracts 2,464 14,880
Trade creditors 117,013 146,037
Taxation and social security costs 137,439 146,754
Other creditors 121 292
339,264 391,046
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 303,852 348,621
Obligations under finance lease and hire purchase contracts 25,248 1,915
329,100 350,536
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
O Davies & A C Davies
Directors loan (292) 290,171 (290,000) (121)
(292) 290,171 (290,000) (121)
8 Controlling party
There is no controlling party.
9 Other information
Gwena Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Wrinstone House
Michaelston-Le-Pit
Dinas Powys
Wales
CF64 4HE
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