Company No:
Contents
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 |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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1,551,323 | 1,594,744 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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403,734 | 154,400 | |||
Creditors: amounts falling due within one year | 7 | (
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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 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Gweek Quay Ltd (registered number:
Mr M S Beaton
Director |
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.
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 £.
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 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.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Land and buildings | not depreciated |
Plant and machinery |
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Fixtures and fittings |
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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.
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.
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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 August 2022 |
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At 31 July 2023 |
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Accumulated amortisation | |||
At 01 August 2022 |
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At 31 July 2023 |
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Net book value | |||
At 31 July 2023 |
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At 31 July 2022 |
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Land and buildings | Plant and machinery | Fixtures and fittings | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 August 2022 |
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Additions |
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At 31 July 2023 |
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Accumulated depreciation | |||||||
At 01 August 2022 |
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Charge for the financial year |
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At 31 July 2023 |
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Net book value | |||||||
At 31 July 2023 |
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At 31 July 2022 |
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2023 | 2022 | ||
£ | £ | ||
Stocks |
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£ | £ | ||
Trade debtors |
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Prepayments and accrued income |
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Corporation tax |
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£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to director |
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Other loans |
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Accruals and deferred income |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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