Company registration number 10726519 (England and Wales)
TAI GORWEL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TAI GORWEL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TAI GORWEL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,481,200
1,433,366
Current assets
Debtors
4
6,627
29,478
Cash at bank and in hand
12,440
62,581
19,067
92,059
Creditors: amounts falling due within one year
5
(945,699)
(977,399)
Net current liabilities
(926,632)
(885,340)
Total assets less current liabilities
554,568
548,026
Creditors: amounts falling due after more than one year
6
(246,380)
(244,400)
Provisions for liabilities
(14,700)
(7,806)
Net assets
293,488
295,820
Capital and reserves
Called up share capital
7
130
130
Profit and loss reserves
293,358
295,690
Total equity
293,488
295,820

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 31 March 2024 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 members have 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 by the board of directors and authorised for issue on 17 October 2024 and are signed on its behalf by:
Mr T J P Jenkins
Director
Company registration number 10726519 (England and Wales)
TAI GORWEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Tai Gorwel Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 3, Raglan House, Llantarnum Business Park, Cwmbran, Torfaen, NP44 3AB.

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
None provided
Leasehold improvements
15% Reducing balance
Plant and equipment
20% Reducing balance
Motor vehicles
20% Reducing balance
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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

TAI GORWEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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.

 

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.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
TAI GORWEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
1,417,821
-
0
12,156
6,300
1,436,277
Additions
-
0
22,246
3,716
25,794
51,756
At 31 March 2024
1,417,821
22,246
15,872
32,094
1,488,033
Depreciation and impairment
At 1 April 2023
-
0
-
0
1,756
1,155
2,911
Depreciation charged in the year
-
0
-
0
2,463
1,459
3,922
At 31 March 2024
-
0
-
0
4,219
2,614
6,833
Carrying amount
At 31 March 2024
1,417,821
22,246
11,653
29,480
1,481,200
At 31 March 2023
1,417,821
-
0
10,400
5,145
1,433,366
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
520
5,284
Other debtors
6,107
24,194
6,627
29,478
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,400
10,400
Corporation tax
-
0
5,088
Other taxation and social security
1,784
774
Other creditors
933,515
961,137
945,699
977,399
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
246,380
244,400
TAI GORWEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
100
100
100
100
Ordinary B shares of £1 each
10
10
10
10
Ordinary C shares of £1 each
10
10
10
10
Ordinary D shares of £1 each
10
10
10
10
130
130
130
130
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Included in the amounts owed from other creditors is an amount of £698,506 (2023 - £702,477) which is owed to Expanding Horizons Limited, a company which shares a common director. This is included in creditors; amounts falling due within one year.

 

Included in the amounts owed from other creditors is an amount of £35,737 (2023 - £85,971) which is owed to Ridgeway House (Bristol) Limited, a company which shares a common director. This is included in creditors; amounts falling due within one year.

9
Directors' transactions

Dividends totalling £23,540 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the director was £172,036 (2023 - £170,071); this amount being included in creditors: amounts falling due within one year.

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