Company registration number 06763167 (England and Wales)
GARWIL ENTERPRISES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GARWIL ENTERPRISES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
GARWIL ENTERPRISES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors falling due after more than one year
3
2,126,083
1,945,252
Debtors falling due within one year
3
190,182
190,182
Cash at bank and in hand
2,184
2,184
2,318,449
2,137,618
Creditors: amounts falling due within one year
4
(195,138)
(192,648)
Net current assets
2,123,311
1,944,970
Creditors: amounts falling due after more than one year
5
(2,185,233)
(2,002,738)
Net liabilities
(61,922)
(57,768)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(61,923)
(57,769)
Total equity
(61,922)
(57,768)
For the financial year ended 31 December 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 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 23 September 2024
G D B Wiley
Director
Company registration number 06763167 (England and Wales)
GARWIL ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Garwil Enterprises Limited is a private company limited by shares incorporated in England and Wales. The company's registration number is 06763167. The registered office is 32 Portland Terrace, Jesmond, Newcastle upon Tyne, NE2 1QP.
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
Going concern
The financial statements have been prepared on a going concern basis as the company has the support of its director and the major creditor. On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis.true
1.3
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.4
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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
GARWIL ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from other companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
2
Employees
The company had no employees in the year ended 31 December 2023 (2022 - none).
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
190,182
190,182
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
2,126,083
1,945,252
Total debtors
2,316,265
2,135,434
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
195,138
192,648
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
2,185,233
2,002,738
The amounts included within other creditors are secured by a floating debenture over all of the company's assets.