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COMPANY REGISTRATION NUMBER: 9052104
Griffiths Waste Solutions (GWS) Limited
Filleted Unaudited Financial Statements
31 May 2024
Griffiths Waste Solutions (GWS) Limited
Financial Statements
Year ended 31 May 2024
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 4
Griffiths Waste Solutions (GWS) Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
2,612
3,483
Current assets
Stocks
32,000
32,000
Debtors
5
39,439
39,439
--------
--------
71,439
71,439
Creditors: amounts falling due within one year
6
( 255,027)
( 249,377)
---------
---------
Net current liabilities
( 183,588)
( 177,938)
---------
---------
Total assets less current liabilities
( 180,976)
( 174,455)
Creditors: amounts falling due after more than one year
7
( 87,042)
( 86,170)
---------
---------
Net liabilities
( 268,018)
( 260,625)
---------
---------
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
( 268,019)
( 260,626)
---------
---------
Shareholder deficit
( 268,018)
( 260,625)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
Mr M N Griffiths
Director
Company registration number: 9052104
Griffiths Waste Solutions (GWS) Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Pendell Buildings, Withybush Industrial Estate, Withybush, Haverfordwest, Pembrokeshire, SA62 4BW.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% reducing balance
Office Equipment
-
25 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Plant & Machinery
Office Equipment
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
30,880
1,865
32,745
--------
-------
--------
Depreciation
At 1 June 2023
27,537
1,725
29,262
Charge for the year
836
35
871
--------
-------
--------
At 31 May 2024
28,373
1,760
30,133
--------
-------
--------
Carrying amount
At 31 May 2024
2,507
105
2,612
--------
-------
--------
At 31 May 2023
3,343
140
3,483
--------
-------
--------
5. Debtors
2024
2023
£
£
Other debtors
39,439
39,439
--------
--------
Other debtors include an amount of £nil (2023 - £nil) falling due after more than one year.
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts (secured)
39,226
42,043
Trade creditors
47,242
44,018
Social security and other taxes
67,009
64,384
Hire purchase agreements (secured)
9,912
9,912
Other creditors
91,638
89,020
---------
---------
255,027
249,377
---------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts (secured)
42,551
41,234
Hire purchase agreements (secured)
43,157
43,157
Other creditors
1,334
1,779
--------
--------
87,042
86,170
--------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
9. Related party transactions
The company was under the control of Mr M N Griffiths throughout the current and previous year. Mr M N Griffiths is the majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRS102.