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Company No: 10867864 (England and Wales)

GWEEK QUAY LTD

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

GWEEK QUAY LTD

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

GWEEK QUAY LTD

COMPANY INFORMATION

For the financial year ended 31 July 2023
GWEEK QUAY LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2023
DIRECTOR Mr M S Beaton
REGISTERED OFFICE Blackbrook Gate 1
Blackbrook Business Park
Taunton
TA1 2PX
United Kingdom
COMPANY NUMBER 10867864 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
GWEEK QUAY LTD

BALANCE SHEET

As at 31 July 2023
GWEEK QUAY LTD

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 4 4
Tangible assets 4 1,551,319 1,594,740
1,551,323 1,594,744
Current assets
Stocks 5 9,980 38,005
Debtors 6 388,347 94,967
Cash at bank and in hand 5,407 21,428
403,734 154,400
Creditors: amounts falling due within one year 7 ( 1,068,869) ( 995,440)
Net current liabilities (665,135) (841,040)
Total assets less current liabilities 886,188 753,704
Creditors: amounts falling due after more than one year 8 ( 251,433) ( 279,497)
Provision for liabilities ( 162,773) ( 122,706)
Net assets 471,982 351,501
Capital and reserves
Called-up share capital 1 1
Profit and loss account 471,981 351,500
Total shareholder's funds 471,982 351,501

For the financial year ending 31 July 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 financial statements of Gweek Quay Ltd (registered number: 10867864) were approved and authorised for issue by the Director on 30 July 2024. They were signed on its behalf by:

Mr M S Beaton
Director
GWEEK QUAY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
GWEEK QUAY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gweek Quay Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and
loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed 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.

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Fixtures and fittings 15 % reducing balance
Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 8 7

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 August 2022 4 4
At 31 July 2023 4 4
Accumulated amortisation
At 01 August 2022 0 0
At 31 July 2023 0 0
Net book value
At 31 July 2023 4 4
At 31 July 2022 4 4

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 August 2022 861,765 962,905 16,284 1,840,954
Additions 51,088 4,682 13,492 69,262
At 31 July 2023 912,853 967,587 29,776 1,910,216
Accumulated depreciation
At 01 August 2022 0 243,457 2,757 246,214
Charge for the financial year 0 108,631 4,052 112,683
At 31 July 2023 0 352,088 6,809 358,897
Net book value
At 31 July 2023 912,853 615,499 22,967 1,551,319
At 31 July 2022 861,765 719,448 13,527 1,594,740

5. Stocks

2023 2022
£ £
Stocks 9,980 38,005

6. Debtors

2023 2022
£ £
Trade debtors 34,134 40,487
Prepayments and accrued income 354,213 35,544
Corporation tax 0 18,936
388,347 94,967

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 30,000 25,000
Trade creditors 111,708 104,366
Amounts owed to director 617,164 552,602
Other loans 24,970 24,970
Accruals and deferred income 32,630 30,421
Other taxation and social security 6,401 12,428
Obligations under finance leases and hire purchase contracts 29,130 28,507
Other creditors 216,866 217,146
1,068,869 995,440

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 65,000 100,000
Obligations under finance leases and hire purchase contracts 86,850 119,080
Other creditors 99,583 60,417
251,433 279,497

There are no amounts included above in respect of which any security has been given by the small entity.