REGISTERED NUMBER: |
Gowing Developments Limited |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
Gowing Developments Limited (Registered number: 07304592) |
Balance Sheet - continued |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
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 |
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 |
Additions |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2023 |
Disposals | ( |
) |
Revaluations | 10,000 |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
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 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdraft |
Bank loans | 1,170,117 | 1,312,481 |
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: | £ | £ |
Ordinary | £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 |
Revaluation of investment property | 2,632 |
Recognition of deferred tax | (658 | ) |
At 31 July 2024 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
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. |