Company registration number 13732405 (England and Wales)
GW & L CONSULTANCY LTD
Unaudited Financial Statements
for the Year Ended 30 November 2023
GW & L CONSULTANCY LTD
CONTENTS
Page
Company Information
1
Balance sheet
2
Notes to the financial statements
3 - 6
GW & L CONSULTANCY LTD
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
30
30
Current assets
Debtors
5
20,616
16,249
Creditors: amounts falling due within one year
6
(20,431)
(15,796)
Net current assets
185
453
Net assets
215
483
Capital and reserves
Called up share capital
2
1
Profit and loss reserves
213
482
Total equity
215
483
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 August 2024
Mr G P White
Director
Company registration number 13732405 (England and Wales)
GW & L CONSULTANCY LTD
Notes to the Financial Statements
For the Year Ended 30 November 2023
- 3 -
1
Accounting policies
Company information
GW & L Consultancy Ltd is a private company limited by shares incorporated in England and Wales. The registered office is St Davids House, 48 Free Street, Brecon, Powys, UK, LD3 7BN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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 sales/value added tax, returns, rebates and discounts.
The company recognises Turnover when:
The amount of Turnover 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.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
GW & L CONSULTANCY LTD
Notes to the Financial Statements
For the Year Ended 30 November 2023
1
Accounting policies
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
GW & L CONSULTANCY LTD
Notes to the Financial Statements
For the Year Ended 30 November 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
30
30
4
Associates
Details of the company's associates at 30 November 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Lock Stock Holdings Ltd
St David's House, 48 Free Street, Brecon, LD3 7BN
Ordinary £1
30.00
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,000
8,997
Other debtors
18,616
7,252
20,616
16,249
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
43
30
Taxation and social security
19,438
10,903
Other creditors
950
4,863
20,431
15,796
GW & L CONSULTANCY LTD
Notes to the Financial Statements
For the Year Ended 30 November 2023
- 6 -
7
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Overdrawn directors loan
2.25
7,252
14,756
248
(7,252)
15,004
7,252
14,756
248
(7,252)
15,004