Gwaza Ltd 00920639 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is distributors of farming equipment Digita Accounts Production Advanced 6.30.9574.0 true false true true 00920639 2023-01-01 2023-12-31 00920639 2023-12-31 00920639 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-12-31 00920639 core:CurrentFinancialInstruments 2023-12-31 00920639 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 00920639 core:LandBuildings 2023-12-31 00920639 core:OtherPropertyPlantEquipment 2023-12-31 00920639 bus:SmallEntities 2023-01-01 2023-12-31 00920639 bus:Audited 2023-01-01 2023-12-31 00920639 bus:FullAccounts 2023-01-01 2023-12-31 00920639 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00920639 bus:RegisteredOffice 2023-01-01 2023-12-31 00920639 bus:CompanySecretary1 2023-01-01 2023-12-31 00920639 bus:Director2 2023-01-01 2023-12-31 00920639 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-01-01 2023-12-31 00920639 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00920639 core:ComputerEquipment 2023-01-01 2023-12-31 00920639 core:LandBuildings 2023-01-01 2023-12-31 00920639 core:MotorVehicles 2023-01-01 2023-12-31 00920639 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 00920639 core:PlantMachinery 2023-01-01 2023-12-31 00920639 1 2023-01-01 2023-12-31 00920639 countries:EnglandWales 2023-01-01 2023-12-31 00920639 2022-12-31 00920639 core:LandBuildings 2022-12-31 00920639 core:OtherPropertyPlantEquipment 2022-12-31 00920639 2022-01-01 2022-12-31 00920639 2022-12-31 00920639 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-12-31 00920639 core:CurrentFinancialInstruments 2022-12-31 00920639 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 00920639 core:LandBuildings 2022-12-31 00920639 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00920639

Gwaza Ltd

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Gwaza Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Gwaza Ltd

Company Information

Director

Mr V E Edwards

Company secretary

Mrs N A Jones

Registered office

New House Farm
Shoothill
Ford
Shrewsbury
Shropshire
SY5 9NR

Auditors

CBSL Accountants Limited
Chartered Accountants and Statutory Auditor
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 

Gwaza Ltd

(Registration number: 00920639)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

694,216

688,365

Investment property

5

375,227

366,119

 

1,069,443

1,054,484

Current assets

 

Stocks

6

2,989,393

3,611,326

Debtors

7

1,110,641

1,096,185

Cash at bank and in hand

 

2,936,760

1,795,278

 

7,036,794

6,502,789

Creditors: Amounts falling due within one year

8

(859,425)

(846,459)

Net current assets

 

6,177,369

5,656,330

Total assets less current liabilities

 

7,246,812

6,710,814

Provisions for liabilities

(41,266)

(55,014)

Net assets

 

7,205,546

6,655,800

Capital and reserves

 

Called up share capital

9

10,000

10,000

Share premium reserve

48,074

48,074

Capital redemption reserve

200

200

Revaluation reserve

-

1,985

Retained earnings

7,147,272

6,595,541

Shareholders' funds

 

7,205,546

6,655,800

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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 May 2024
 


Mr V E Edwards
Director

 

Gwaza Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
New House Farm
Shoothill
Ford
Shrewsbury
Shropshire
SY5 9NR

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 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 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.

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 £.

Going concern

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

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 8 May 2024 was Adrian Barker BA FCA, who signed for and on behalf of CBSL Accountants Limited.

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.

 

Gwaza Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Land and buildings

2.8% reducing balance

Plant and machinery

25% reducing balance

Motor vehicles

40% reducing balance

Computer equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Gwaza Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average cost 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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 the director) during the year, was 29 (2022 - 29).

 

Gwaza Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

786,068

171,292

957,360

Additions

1,352

49,853

51,205

At 31 December 2023

787,420

221,145

1,008,565

Depreciation

At 1 January 2023

146,948

122,047

268,995

Charge for the year

18,044

27,310

45,354

At 31 December 2023

164,992

149,357

314,349

Carrying amount

At 31 December 2023

622,428

71,788

694,216

At 31 December 2022

639,120

49,245

688,365

Included within the net book value of land and buildings above is £622,428 (2022 - £639,120) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's land and buildings was revalued on 3 December 2013 by an independent valuer, Paramount Surveyors, on an open market basis.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £410,305 (2022 - £426,997).

5

Investment properties

2023
£

At 1 January

366,119

Additions

9,108

At 31 December

375,227

The director has considered the market value of the investment properties using the fair value measurement methodology. He has concluded that the values have not materially changed since the previous valuation in December 2013.

The previous valuation was carried out by Paramount Surveyors.

 

Gwaza Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Other inventories

2,890,280

3,449,498

Goods in transit

99,113

161,828

2,989,393

3,611,326

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

974,888

994,181

Amounts owed by related parties

11

15,520

15,519

Prepayments

 

119,266

81,404

Other debtors

 

967

5,081

   

1,110,641

1,096,185

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

108,790

133,364

Taxation and social security

540,708

461,414

Accruals and deferred income

196,513

225,197

Other creditors

13,414

26,484

859,425

846,459

 

Gwaza Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.01 each

1,000,000

10,000

1,000,000

10,000

         

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £35,616 (2022 - £41,134). Financial commitments relate to operating leases for vehicles.

11

Related party transactions

At 31 December 2023 amounts due from group companies totalled £15,520 (2022 - £15,519) and are included within debtors.

12

Parent and ultimate parent undertaking

The company's immediate parent is Farmpower International Limited, incorporated in England and Wales.