Registered number
12175287
Gwelavon Holdings Ltd
Unaudited Filleted Accounts
31 August 2024
Gwelavon Holdings Ltd
Registered number: 12175287
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 419,675 456,229
Current assets
Debtors 5 457 377
Cash at bank and in hand 35,738 38,583
36,195 38,960
Creditors: amounts falling due within one year 6 (517,546) (527,734)
Net current liabilities (481,351) (488,774)
Net liabilities (61,676) (32,545)
Capital and reserves
Share premium 100 100
Revaluation reserve 7 (46,000) -
Profit and loss account (15,776) (32,645)
Shareholders' funds (61,676) (32,545)
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.
Victoria Glaister
Director
Approved by the board on 10 December 2024
Gwelavon Holdings Ltd
Notes to the Accounts
for the year ended 31 August 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).
2 Change in accounting policies
The company holds an investment property that was previously held at cost and depreciated annually, an adjustment is included in the accounts to 31st August 2024 to remove the depreciation on the building and account on a fair value basis going forwards as required by the accounting standards.
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 over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 September 2023 448,119 47,847 495,966
Surplus on revaluation (46,000) - (46,000)
At 31 August 2024 402,119 47,847 449,966
Depreciation
At 1 September 2023 23,297 16,440 39,737
Charge for the year 2,403 4,151 6,554
Surplus on revaluation (16,000) - (16,000)
At 31 August 2024 9,700 20,591 30,291
Net book value
At 31 August 2024 392,419 27,256 419,675
At 31 August 2023 424,822 31,407 456,229
5 Debtors 2024 2023
£ £
Other debtors 457 377
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 2,474 1,289
Accrued expenses 637 827
Accrued income 521 1,704
Other creditors 513,914 523,914
517,546 527,734
7 Revaluation reserve 2024 2023
£ £
Loss on revaluation of land and buildings (46,000) -
At 31 August 2024 (46,000) -
8 Related party transactions
Within Other Creditors is a loan from the directors with a balance of £513,914 at 31st August 2024 (2023: £523,914) which is non-interest bearing and repayable on demand.
9 Other information
Gwelavon Holdings Ltd is a private company limited by shares and incorporated in England. Its registered office is:
3 Tresellick Gardens
Meadow Bank Road
Falmouth
TR11 2ND
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