A & W Gowers Limited
Registered number: 03949412
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 43,112 33,753
Current assets
Stocks 35,753 48,349
Debtors 4 46,461 41,310
Cash at bank and in hand 23,054 63,694
105,268 153,353
Creditors: amounts falling due within one year 5 (107,197) (140,579)
Net current (liabilities)/assets (1,929) 12,774
Total assets less current liabilities 41,183 46,527
Creditors: amounts falling due after more than one year 6 (18,928) (20,833)
Provisions for liabilities (8,026) (6,248)
Net assets 14,229 19,446
Capital and reserves
Called up share capital 5 5
Profit and loss account 14,224 19,441
Shareholders' funds 14,229 19,446
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A J Ostridge
Director
Approved by the board on 11 December 2024
A & W Gowers Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Not depreciated
Leasehold land and buildings over the lease term
Plant and machinery 25% NBV
Fixtures, fittings, tools and equipment 25% NBV
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 868 99,736 69,910 170,514
Additions - - 32,300 32,300
Disposals - - (69,910) (69,910)
At 30 April 2024 868 99,736 32,300 132,904
Depreciation
At 1 May 2023 - 76,608 60,153 136,761
Charge for the year - 5,782 7,402 13,184
On disposals - - (60,153) (60,153)
At 30 April 2024 - 82,390 7,402 89,792
Net book value
At 30 April 2024 868 17,346 24,898 43,112
At 30 April 2023 868 23,128 9,757 33,753
4 Debtors 2024 2023
£ £
Trade debtors 46,461 40,543
Other debtors - 767
46,461 41,310
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 6,754 -
Trade creditors 16,548 59,624
Corporation tax 2,345 -
Other taxes and social security costs 12,899 17,182
Other creditors 58,651 53,773
107,197 140,579
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,833 20,833
Obligations under finance lease and hire purchase contracts 8,095 -
18,928 20,833
7 Related party transactions
At the year end the company owed £50,440 to the directors.
8 Other information
A & W Gowers Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 The Grange
Warners Farm
Main Road Howe Street
Essex
CM3 1JN
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