Company Registration No. 07955135 (England and Wales)
G.W.E. Developments Limited
Unaudited accounts
for the year ended 30 November 2023
G.W.E. Developments Limited
Unaudited accounts
Contents
G.W.E. Developments Limited
Company Information
for the year ended 30 November 2023
Company Number
07955135 (England and Wales)
Registered Office
EMBASSY OFFICES STANGATE HOUSE
STANWELL ROAD
PENARTH
VALE OF GLAMORGAN
CF64 2AA
WALES
G.W.E. Developments Limited
Statement of financial position
as at 30 November 2023
Tangible assets
78,659
88,987
Investment property
2,890,000
2,715,000
Cash at bank and in hand
1,731
52,980
Creditors: amounts falling due within one year
(213,571)
(103,752)
Net current assets
655,178
772,288
Total assets less current liabilities
3,623,837
3,576,275
Creditors: amounts falling due after more than one year
(1,219,697)
(1,434,835)
Provisions for liabilities
Deferred tax
(158,735)
(159,162)
Net assets
2,245,405
1,982,278
Called up share capital
100
100
Revaluation reserve
1,937,801
1,762,801
Profit and loss account
307,504
219,377
Shareholders' funds
2,245,405
1,982,278
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 21 August 2024 and were signed on its behalf by
Gethin Edwards
Director
Company Registration No. 07955135
G.W.E. Developments Limited
Notes to the Accounts
for the year ended 30 November 2023
G.W.E. Developments Limited is a private company, limited by shares, registered in England and Wales, registration number 07955135. The registered office is EMBASSY OFFICES STANGATE HOUSE, STANWELL ROAD, PENARTH, VALE OF GLAMORGAN, CF64 2AA, WALES.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing Balance
Motor vehicles
20% Reducing Balance
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
G.W.E. Developments Limited
Notes to the Accounts
for the year ended 30 November 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
G.W.E. Developments Limited
Notes to the Accounts
for the year ended 30 November 2023
Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 6 August 2020 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350021)
Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350020)
Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350019)
Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350018)
Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350017)
Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350016)
Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350015)
Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350014)
Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350013)
Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350012)
Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350011)
Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350010)
G.W.E. Developments Limited
Notes to the Accounts
for the year ended 30 November 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 December 2022
80,595
37,000
117,595
At 30 November 2023
80,595
37,000
117,595
At 1 December 2022
21,208
7,400
28,608
Charge for the year
4,408
5,920
10,328
At 30 November 2023
25,616
13,320
38,936
At 30 November 2023
54,979
23,680
78,659
At 30 November 2022
59,387
29,600
88,987
Fair value at 1 December 2022
2,715,000
Net gain from fair value adjustments
175,000
At 30 November 2023
2,890,000
Amounts falling due within one year
Amounts due from group undertakings etc.
852,018
791,229
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
90,685
-
Obligations under finance leases and hire purchase contracts
8,400
8,400
Trade creditors
23,368
34,706
Taxes and social security
86,904
56,537
Other creditors
4,110
4,109
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
1,209,299
1,390,135
Obligations under finance leases and hire purchase contracts
10,398
44,700
G.W.E. Developments Limited
Notes to the Accounts
for the year ended 30 November 2023
9
Average number of employees
During the year the average number of employees was 1 (2022: 1).