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G. & A. W LTD

Registered Number
10204817
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

G. & A. W LTD
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

Mr G D Whiteley
Mrs A M Whiteley

Registered Address

1 Dorothy Avenue
Bracebridge Heath
Lincoln
LN4 2NE

Registered Number

10204817 (England and Wales)
G. & A. W LTD
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investment property3925,000925,000
925,000925,000
Current assets
Debtors411,53612,953
Cash at bank and on hand18,302156,094
29,838169,047
Creditors amounts falling due within one year5(261,769)(412,325)
Net current assets (liabilities)(231,931)(243,278)
Total assets less current liabilities693,069681,722
Creditors amounts falling due after one year6(601,161)(601,161)
Provisions for liabilities9(17,839)(17,839)
Net assets74,06962,722
Capital and reserves
Called up share capital22
Profit and loss account74,06762,720
Shareholders' funds74,06962,722
The financial statements were approved and authorised for issue by the Board of Directors on 21 February 2025, and are signed on its behalf by:
Mrs A M Whiteley
Director
Registered Company No. 10204817
G. & A. W LTD
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
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.
Turnover policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Borrowing costs
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Current taxation
The tax expense for the period comprises 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.
Deferred tax
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.
Investment property
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
Trade and other debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade and other creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have anunconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
2.Average number of employees

20242023
Average number of employees during the year22
3.Investment property
The fair value of the company's properties were revalued on 31 May 2022. An independent valuer was not involved. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £832,536 (2023 - £832,536).

£
Fair value at 01 June 23925,000
At 31 May 24925,000
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables1,9843,541
Prepayments and accrued income9,5529,412
Total11,53612,953
5.Creditors: amounts due within one year

2024

2023

££
Taxation and social security2,697626
Other creditors258,008410,620
Accrued liabilities and deferred income1,0641,079
Total261,769412,325
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts601,161601,161
Total601,161601,161
7.Creditors: amounts due after 5 years
Bank borrowings of £601,161 (2023: £601,161) are due after five years.
8.Secured creditors
Bank borrowings are secured on the related properties.
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)17,83917,839
Total17,83917,839