Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Edward Robert Watkins 11/02/1997 Elizabeth Mary Watkins 11/02/1997 George Edward Watkins 11/02/1997 James Thomas Watkins 11/02/1997 26 August 2024 The principal activity of the Company during the financial year was that of property investment. 03316555 2024-03-31 03316555 bus:Director1 2024-03-31 03316555 bus:Director2 2024-03-31 03316555 bus:Director3 2024-03-31 03316555 bus:Director4 2024-03-31 03316555 2023-03-31 03316555 core:CurrentFinancialInstruments 2024-03-31 03316555 core:CurrentFinancialInstruments 2023-03-31 03316555 core:ShareCapital 2024-03-31 03316555 core:ShareCapital 2023-03-31 03316555 core:SharePremium 2024-03-31 03316555 core:SharePremium 2023-03-31 03316555 core:RevaluationReserve 2024-03-31 03316555 core:RevaluationReserve 2023-03-31 03316555 core:RetainedEarningsAccumulatedLosses 2024-03-31 03316555 core:RetainedEarningsAccumulatedLosses 2023-03-31 03316555 core:FurnitureFittings 2023-03-31 03316555 core:ComputerEquipment 2023-03-31 03316555 core:FurnitureFittings 2024-03-31 03316555 core:ComputerEquipment 2024-03-31 03316555 core:CostValuation 2023-03-31 03316555 core:CostValuation 2024-03-31 03316555 bus:OrdinaryShareClass1 2024-03-31 03316555 2023-04-01 2024-03-31 03316555 bus:FilletedAccounts 2023-04-01 2024-03-31 03316555 bus:SmallEntities 2023-04-01 2024-03-31 03316555 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03316555 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03316555 bus:Director1 2023-04-01 2024-03-31 03316555 bus:Director2 2023-04-01 2024-03-31 03316555 bus:Director3 2023-04-01 2024-03-31 03316555 bus:Director4 2023-04-01 2024-03-31 03316555 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 03316555 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 03316555 2022-04-01 2023-03-31 03316555 core:FurnitureFittings 2023-04-01 2024-03-31 03316555 core:ComputerEquipment 2023-04-01 2024-03-31 03316555 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 03316555 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03316555 (England and Wales)

G W ASSOCIATES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

G W ASSOCIATES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

G W ASSOCIATES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
G W ASSOCIATES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 278 227
Investment property 4 1,760,036 1,760,036
Investments 5 3 3
1,760,317 1,760,266
Current assets
Debtors 6 2,198 1,954
Cash at bank and in hand 114,029 97,132
116,227 99,086
Creditors: amounts falling due within one year 7 ( 7,503) ( 7,379)
Net current assets 108,724 91,707
Total assets less current liabilities 1,869,041 1,851,973
Provision for liabilities ( 268,507) ( 264,240)
Net assets 1,600,534 1,587,733
Capital and reserves
Called-up share capital 8 10,000 10,000
Share premium account 290,000 290,000
Revaluation reserve 1,118,795 1,118,795
Profit and loss account 181,739 168,938
Total shareholders' funds 1,600,534 1,587,733

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of G W Associates Limited (registered number: 03316555) were approved and authorised for issue by the Board of Directors on 26 August 2024. They were signed on its behalf by:

George Edward Watkins
Director
G W ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
G W ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
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

G W Associates Limited (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 Southern Cross, Sandhills Road, Salcombe, Devon, TQ8 8JP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover from property rental is recognised at the fair value of the consideration and is recognised when the company has obtained the right to consideration.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

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 fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks with original maturities of three months or less.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities that include creditors are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 April 2023 3,718 6,228 9,946
Additions 0 101 101
At 31 March 2024 3,718 6,329 10,047
Accumulated depreciation
At 01 April 2023 3,491 6,228 9,719
Charge for the financial year 25 25 50
At 31 March 2024 3,516 6,253 9,769
Net book value
At 31 March 2024 202 76 278
At 31 March 2023 227 0 227

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 1,760,036
As at 31 March 2024 1,760,036

Valuation

At 31 March 2024 the directors revalued the investment property at a value of £1,760,036.

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 3 3
At 31 March 2024 3 3
Carrying value at 31 March 2024 3 3
Carrying value at 31 March 2023 3 3

6. Debtors

2024 2023
£ £
Other debtors 2,198 1,954

7. Creditors: amounts falling due within one year

2024 2023
£ £
Other creditors 7,503 7,379

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

9. Related party transactions

Other related party transactions

2024 2023
£ £
Amounts due to directors 4,352 4,242

This loan is interest free and has no set repayment terms.