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Registration number: 01850152

GW Fender & Sons Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2024

 

GW Fender & Sons Ltd

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Unaudited Abridged Financial Statements

3 to 8

 

GW Fender & Sons Ltd

Company Information

Directors

Miss Karen Fender

Mr Michael Fender

Mr Stuart William Fender

Registered office

Wellwood Street Workshops
Wellwood Street
Amble
Morpeth
Northumberland
NE65 0EB

Accountants

Beechwood Accounting NE Ltd T/A AIMS
80 Beechwood Gdns
Gateshead
Tyne & Wear
NE11 0DA

 

GW Fender & Sons Ltd

(Registration number: 01850152)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

8,435

13,161

Current assets

 

Stocks

5

2,852

2,852

Debtors

6

26,951

13,986

Cash at bank and in hand

 

68,854

54,803

 

98,657

71,641

Creditors: Amounts falling due within one year

(54,536)

(37,607)

Net current assets

 

44,121

34,034

Net assets

 

52,556

47,195

Capital and reserves

 

Called up share capital

7

1,309

1,309

Retained earnings

51,247

45,886

Shareholders' funds

 

52,556

47,195

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

.........................................
Miss Karen Fender
Director

 

GW Fender & Sons Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Wellwood Street Workshops
Wellwood Street
Amble
Morpeth
Northumberland
NE65 0EB

These financial statements were authorised for issue by the Board on 10 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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 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

The tax expense for the period comprises current tax. 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

GW Fender & Sons Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% reducing balance

Fixtures & Fittings

15% reducing balance

Plant & Machinery

15% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

GW Fender & Sons Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

GW Fender & Sons Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 May 2023

1,463

12,402

933

31,558

Additions

-

1,020

-

-

At 30 April 2024

1,463

13,422

933

31,558

Depreciation

At 1 May 2023

1,377

8,320

78

23,420

Charge for the year

13

602

214

4,917

At 30 April 2024

1,390

8,922

292

28,337

Carrying amount

At 30 April 2024

73

4,500

641

3,221

At 30 April 2023

86

4,082

855

8,138

Total
£

Cost or valuation

At 1 May 2023

46,356

Additions

1,020

At 30 April 2024

47,376

Depreciation

At 1 May 2023

33,195

Charge for the year

5,746

At 30 April 2024

38,941

Carrying amount

At 30 April 2024

8,435

At 30 April 2023

13,161

5

Stocks

2024
£

2023
£

Other inventories

2,852

2,852

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

 

GW Fender & Sons Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinery Shares of £1 each

1,300

1,300

1,300

1,300

A Ordinery Shares of £0.10 each

90

9

90

9

1,390

1,309

1,390

1,309

8

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £Nil per each Ordinery Shares

-

-

 

 

Interim dividends paid

2024
£

2023
£

Interim dividend of £726.66 per each Ordinery Shares

65,400

65,400

 

 

9

Related party transactions

 

GW Fender & Sons Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

88,400

87,390