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Registration number: 04432762

GW Net-Working Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

GW Net-Working Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

GW Net-Working Limited

Company Information

Director

Mr M Gosse

Company secretary

Mr M Gosse

Registered office

Unit 7,
Freemantle Business Centre
Millbrook Road East
Southampton
Hampshire
SO15 1JR

Accountants

Numeric Accounting
Chartered Certified Accountants
Suite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

 

GW Net-Working Limited

(Registration number: 04432762)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

132,902

133,753

Current assets

 

Stocks

5

500

500

Debtors

6

18,704

48,908

Cash at bank and in hand

 

79,078

61,074

 

98,282

110,482

Creditors: Amounts falling due within one year

7

(65,264)

(71,549)

Net current assets

 

33,018

38,933

Total assets less current liabilities

 

165,920

172,686

Creditors: Amounts falling due after more than one year

7

(52,148)

(68,928)

Provisions for liabilities

(494)

(697)

Net assets

 

113,278

103,061

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

113,078

102,861

Shareholders' funds

 

113,278

103,061

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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.

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.

 

GW Net-Working Limited

(Registration number: 04432762)
Balance Sheet as at 31 May 2024 (continued)

Approved and authorised by the director on 18 November 2024
 

.........................................
Mr M Gosse
Company secretary and director

 

GW Net-Working Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Unit 7,
Freemantle Business Centre
Millbrook Road East
Southampton
Hampshire
SO15 1JR

These financial statements were authorised for issue by the director on 18 November 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 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.

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.

 

GW Net-Working Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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

0% Reducing Balance

Fixtures and Fittings

25% Reducing Balance

Computer Equipment

33% Reducing Balance

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.

 

GW Net-Working Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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.

Financial instruments

Classification
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
 Recognition and measurement
When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 5).

 

GW Net-Working Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 June 2023

130,446

4,884

21,841

157,171

At 31 May 2024

130,446

4,884

21,841

157,171

Depreciation

At 1 June 2023

-

1,867

21,551

23,418

Charge for the year

-

755

96

851

At 31 May 2024

-

2,622

21,647

24,269

Carrying amount

At 31 May 2024

130,446

2,262

194

132,902

At 31 May 2023

130,446

3,017

290

133,753

Included within the net book value of land and buildings above is £130,446 (2023 - £130,446) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

500

500

6

Debtors

Current

2024
£

2023
£

Trade debtors

17,167

48,718

Prepayments

1,537

190

 

18,704

48,908

 

GW Net-Working Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

7,327

7,327

Trade creditors

 

11,886

13,215

Taxation and social security

 

29,135

30,508

Accruals and deferred income

 

-

1,900

Other creditors

 

16,916

18,599

 

65,264

71,549

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

52,148

68,928

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary B of £1 each

100

100

100

100

200

200

200

200

 

GW Net-Working Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

52,148

68,928

Current loans and borrowings

2024
£

2023
£

Bank borrowings

7,327

7,327

The loan is secured and repayable in instalments over 140 months. Interest is charged at a variable rate.
Amounts repayable are as follows:
< 1 Yr: £7,327
1 - 5 Years: £36,634
> 5 years: £15,514

10

Dividends

2024

2023

£

£

Interim dividends of £180.00 (2023 - £180.00) per ordinary share

36,000

36,000