IRIS Accounts Production v25.1.0.734 07304592 Board of Directors 1.8.23 31.7.24 31.7.24 false true false false true false Fair value model Ordinary 1.00000 Ordinary A 1.00000 85327 124275 184530 118239 272892 157187 3035 85327 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh073045922023-07-31073045922024-07-31073045922023-08-012024-07-31073045922022-07-31073045922022-08-012023-07-31073045922023-07-3107304592ns15:EnglandWales2023-08-012024-07-3107304592ns14:PoundSterling2023-08-012024-07-3107304592ns10:Director12023-08-012024-07-3107304592ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3107304592ns10:SmallEntities2023-08-012024-07-3107304592ns10:AuditExempt-NoAccountantsReport2023-08-012024-07-3107304592ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3107304592ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3107304592ns10:FullAccounts2023-08-012024-07-3107304592ns10:OrdinaryShareClass12023-08-012024-07-3107304592ns10:OrdinaryShareClass22023-08-012024-07-3107304592ns10:Director2422023-07-3107304592ns10:Director2422022-07-3107304592ns10:Director2422023-08-012024-07-3107304592ns10:Director2422022-08-012023-07-3107304592ns10:Director2422024-07-3107304592ns10:Director2422023-07-3107304592ns10:Director22023-08-012024-07-3107304592ns10:RegisteredOffice2023-08-012024-07-3107304592ns5:CurrentFinancialInstruments2024-07-3107304592ns5:CurrentFinancialInstruments2023-07-3107304592ns5:Non-currentFinancialInstruments2024-07-3107304592ns5:Non-currentFinancialInstruments2023-07-3107304592ns5:ShareCapital2024-07-3107304592ns5:ShareCapital2023-07-3107304592ns5:FurtherSpecificReserve3ComponentTotalEquity2024-07-3107304592ns5:FurtherSpecificReserve3ComponentTotalEquity2023-07-3107304592ns5:RetainedEarningsAccumulatedLosses2024-07-3107304592ns5:RetainedEarningsAccumulatedLosses2023-07-3107304592ns5:PlantMachinery2023-08-012024-07-3107304592ns5:PlantMachinery2023-07-3107304592ns5:PlantMachinery2024-07-3107304592ns5:PlantMachinery2023-07-3107304592ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3107304592ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-3107304592ns5:Secured2024-07-3107304592ns5:Secured2023-07-3107304592ns10:OrdinaryShareClass12024-07-3107304592ns10:OrdinaryShareClass22024-07-3107304592ns5:FurtherSpecificReserve3ComponentTotalEquity2023-07-31073045921ns10:Director12023-07-31073045921ns10:Director12022-07-31073045921ns10:Director12023-08-012024-07-31073045921ns10:Director12022-08-012023-07-31073045921ns10:Director12024-07-31073045921ns10:Director12023-07-31
REGISTERED NUMBER: 07304592 (England and Wales)















Gowing Developments Limited

Unaudited Financial Statements for the Year Ended 31 July 2024






Gowing Developments Limited (Registered number: 07304592)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gowing Developments Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Mr P C Gowing
Mrs P J Gowing





REGISTERED OFFICE: Unit 7
The Enterprise Centre
Bell Lane
Uckfield
East Sussex
TN22 1QL





REGISTERED NUMBER: 07304592 (England and Wales)





ACCOUNTANTS: Swindells LLP
Chartered Accountants
Atlantic House
8 Bell Lane
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QL

Gowing Developments Limited (Registered number: 07304592)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 53,701 69,892
Investment property 5 1,790,000 1,970,000
1,843,701 2,039,892

CURRENT ASSETS
Stocks 73,686 110,688
Debtors 6 185,701 302,137
Cash at bank 28,610 -
287,997 412,825
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

7

30,932

68,097
NET CURRENT ASSETS 257,065 344,728
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,100,766

2,384,620

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

8

(1,183,746

)

(1,330,814

)

PROVISIONS FOR LIABILITIES (31,629 ) (30,365 )
NET ASSETS 885,391 1,023,441

Gowing Developments Limited (Registered number: 07304592)

Balance Sheet - continued
31 July 2024

2024 2023
Notes £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 2 2
Fair value reserve 11 140,202 138,228
Retained earnings 745,187 885,211
SHAREHOLDERS' FUNDS 885,391 1,023,441

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by:





Mr P C Gowing - Director


Gowing Developments Limited (Registered number: 07304592)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Gowing Developments 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover represents revenue, net of VAT, from commercial transactions under which the company supplies customers the goods and services that it is in business to provide and it is recognised when it obtains, through performance under contract, the right to consideration for those goods and services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Property in the course of development and completed units are valued at the lower of cost and net realisable value. Direct cost comprises the cost of land, raw materials and development costs but excludes indirect overheads. Provision is made, where appropriate, to reduce the value of stock and work in progress to their net realisable value.

Land purchased for development, including land in the course of development, is initially recorded at cost. Where such land is purchased on deferred settlement terms, and the cost differs from the amount that will subsequently be paid in settling the liability, this difference is charged as a finance cost in the Profit and Loss Account over the period to settlement.


Gowing Developments Limited (Registered number: 07304592)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Deferred tax in respect of movements in the fair value of investment properties is recognised in the Profit and Loss Account, with an equal amount transferred from the Profit and Loss Reserve to the Fair Value Reserve.

Operating lease
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Gowing Developments Limited (Registered number: 07304592)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 August 2023 786,578
Additions 1,665
At 31 July 2024 788,243
DEPRECIATION
At 1 August 2023 716,686
Charge for year 17,856
At 31 July 2024 734,542
NET BOOK VALUE
At 31 July 2024 53,701
At 31 July 2023 69,892

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 1,970,000
Disposals (190,000 )
Revaluations 10,000
At 31 July 2024 1,790,000
NET BOOK VALUE
At 31 July 2024 1,790,000
At 31 July 2023 1,970,000

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2017 38,464
Valuation in 2021 30,000
Valuation in 2022 73,508
Valuation in 2023 35,000
Valuation in 2024 2,632
Cost 1,610,396
1,790,000

Gowing Developments Limited (Registered number: 07304592)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 949 92,730
Other debtors 184,752 209,407
185,701 302,137

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 12,586
Trade creditors 4,207 788
Taxation and social security 863 41,947
Other creditors 15,862 12,776
30,932 68,097

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 1,183,746 1,330,814

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 2,586
Bank loans 1,170,117 1,312,481
1,170,117 1,315,067

Bank loans are secured against various of the company's properties.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1
1 Ordinary A £1 1 1
2 2

Gowing Developments Limited (Registered number: 07304592)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

10. CALLED UP SHARE CAPITAL - continued

Ordinary and Ordinary A shares rank pari passu in all respects.

11. RESERVES
Fair
value
reserve
£   
At 1 August 2023 138,228
Revaluation of investment property 2,632
Recognition of deferred tax (658 )

At 31 July 2024 140,202

12. OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £9,370 and are all in respect of an operating lease payable over the next two years.

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£    £   
Mr P C Gowing and Mrs P J Gowing
Balance outstanding at start of year 85,327 124,275
Amounts advanced 184,530 118,239
Amounts repaid (272,892 ) (157,187 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (3,035 ) 85,327

This balance is unsecured and repayable on demand.

Interest is accrued at 2.25% on amounts due to the company. During the year this amounted to £451 (2023 - £2,769).

Gowing Developments Limited (Registered number: 07304592)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

14. RELATED PARTY DISCLOSURES

During the year the company paid dividends of £135,590 (2023 - £56,875) to the directors.

At the balance sheet date Gowing Developments Limited was owed balances totalling £131,447 (2023 - £100,447) from companies with similar directors. These loans are unsecured, interest free and repayable on demand.

During the year Gowing Developments Limited wrote off trade debtors amounting to £58,333 to a company with similar directors.