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REGISTERED NUMBER: 06591968 (England and Wales)















GWENTEC LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2024






GWENTEC LIMITED (REGISTERED NUMBER: 06591968)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GWENTEC LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST AUGUST 2024







DIRECTORS: L J Hodges
S Methuen
J Hodges





REGISTERED OFFICE: Unit 2, Crown Avenue Industrial Estate
Crown Business Park
Dukestown
Tredegar
NP22 4EF





REGISTERED NUMBER: 06591968 (England and Wales)





ACCOUNTANTS: Green & Co
Chartered Certified Accountants
Pembroke House
Llantarnam Park Way
Cwmbran
Torfaen
NP44 3AU

GWENTEC LIMITED (REGISTERED NUMBER: 06591968)

BALANCE SHEET
31ST AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 15,093 16,928
15,093 16,928

CURRENT ASSETS
Stocks 5,000 -
Debtors 6 132,249 50,153
Cash at bank and in hand 15,133 17,241
152,382 67,394
CREDITORS
Amounts falling due within one year 7 137,820 46,699
NET CURRENT ASSETS 14,562 20,695
TOTAL ASSETS LESS CURRENT
LIABILITIES

29,655

37,623

CREDITORS
Amounts falling due after more than one
year

8

(26,390

)

(31,945

)

PROVISIONS FOR LIABILITIES (2,740 ) (2,338 )
NET ASSETS 525 3,340

GWENTEC LIMITED (REGISTERED NUMBER: 06591968)

BALANCE SHEET - continued
31ST AUGUST 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 4 4
Retained earnings 521 3,336
SHAREHOLDERS' FUNDS 525 3,340

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th January 2025 and were signed on its behalf by:





S Methuen - Director


GWENTEC LIMITED (REGISTERED NUMBER: 06591968)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024

1. STATUTORY INFORMATION

Gwentec Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


GWENTEC LIMITED (REGISTERED NUMBER: 06591968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st September 2023
and 31st August 2024 20,000
AMORTISATION
At 1st September 2023
and 31st August 2024 20,000
NET BOOK VALUE
At 31st August 2024 -
At 31st August 2023 -

GWENTEC LIMITED (REGISTERED NUMBER: 06591968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st September 2023 4,864 18,401 15,671 4,933 43,869
Additions - 1,775 - 1,816 3,591
Disposals - - (5,820 ) - (5,820 )
At 31st August 2024 4,864 20,176 9,851 6,749 41,640
DEPRECIATION
At 1st September 2023 243 13,228 10,591 2,879 26,941
Charge for year 486 956 536 515 2,493
Eliminated on disposal - - (2,887 ) - (2,887 )
At 31st August 2024 729 14,184 8,240 3,394 26,547
NET BOOK VALUE
At 31st August 2024 4,135 5,992 1,611 3,355 15,093
At 31st August 2023 4,621 5,173 5,080 2,054 16,928


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 124,924 39,719
Other debtors 6,074 7,559
Prepayments 1,251 2,875
132,249 50,153

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 5,556 5,556
Trade creditors 82,643 4,017
Corporation Tax 24,484 4,275
Social security and other taxes 874 987
VAT 8,926 10,021
Other creditors 349 -
Directors' current accounts 10,220 16,996
Accruals and deferred income 4,768 4,847
137,820 46,699

GWENTEC LIMITED (REGISTERED NUMBER: 06591968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Other loans - 1-2 years 5,556 5,556
Other loans - 2-5 years 16,667 16,667
Other loans more 5yrs instal 4,167 9,722
26,390 31,945

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 4,167 9,722

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary A. 1p 1 1
100 Ordinary B. 1p 1 1
100 Ordinary C 1p 1 1
100 Ordinary D 1p 1 1
4 4

10. RELATED PARTY DISCLOSURES

The company had the following outstanding directors loans at the year end:
- L J Hodges was owed £1,223 (2023 - £3,173)
- S Methuen was owed £175 (2023 - £3,363)
- J Hodges was owed £8,821 (2023 - £10,459)