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COMPANY REGISTRATION NUMBER: 07456535
G WORT PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
G WORT PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
CURRENT ASSETS
Stocks
285,922
285,922
Cash at bank and in hand
4,492
2,758
---------
---------
290,414
288,680
CREDITORS: amounts falling due within one year
5
326,979
313,374
---------
---------
NET CURRENT LIABILITIES
36,565
24,694
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 36,565)
( 24,694)
CREDITORS: amounts falling due after more than one year
6
42,709
64,935
--------
--------
NET LIABILITIES
( 79,274)
( 89,629)
--------
--------
CAPITAL AND RESERVES
Called up share capital
10
10
Profit and loss account
( 79,284)
( 89,639)
--------
--------
SHAREHOLDERS DEFICIT
( 79,274)
( 89,629)
--------
--------
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 income and retained earnings has not been delivered.
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.
Director's 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 director acknowledges his 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 12 August 2024 , and are signed on behalf of the board by:
Mr G P Wort
Director
Company registration number: 07456535
G WORT PROPERTIES 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 United Kingdom. The address of the registered office is Hycroft, Horninghold Road, Hallaton, Leicestershire, LE16 8UF.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
The company currently meets its daily working capital requirements through banking facilities and financial support from the director. On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
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.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
20,211
21,935
Other creditors
306,768
291,439
---------
---------
326,979
313,374
---------
---------
6. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
42,709
64,935
--------
--------
The bank loan is secured on a property owned personally by the director, Mr G P Wort .
7. GOING CONCERN
The director has considered the period to 31 August 2025 when assessing the company's ability to continue as a going concern. It is believed that the company will either be able to satisfy its liabilities as these become payable, or alternatively will be sold as a going concern.
8. RELATED PARTY TRANSACTIONS
During the year the company undertook the following transactions with related parties: The director has advanced monies to the company. At 31 December 2023 the amount due from the company was £ 304,576 (2022 - £ 290,449 ).