1 September 2023 false No description of principal activity Taxfiler 2024.6 14330626business:PrivateLimitedCompanyLtd2023-09-012024-08-31 143306262023-08-31 143306262023-09-012024-08-31 14330626business:AuditExempt-NoAccountantsReport2023-09-012024-08-31 14330626business:FilletedAccounts2023-09-012024-08-31 143306262024-08-31 14330626business:Director12023-09-012024-08-31 14330626business:Director22023-09-012024-08-31 14330626business:RegisteredOffice2023-09-012024-08-31 143306262023-08-31 14330626core:WithinOneYear2024-08-31 14330626core:WithinOneYear2023-08-31 14330626core:AfterOneYear2024-08-31 14330626core:AfterOneYear2023-08-31 14330626core:ShareCapitalcore:PreviouslyStatedAmount2024-08-31 14330626core:ShareCapitalcore:PreviouslyStatedAmount2023-08-31 14330626core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-08-31 14330626core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-08-31 14330626core:PreviouslyStatedAmount2024-08-31 14330626core:PreviouslyStatedAmount2023-08-31 14330626business:SmallEntities2023-09-012024-08-31 14330626countries:EnglandWales2023-09-012024-08-31 14330626core:AfterOneYear2023-09-012024-08-31 143306262022-09-012023-08-31 iso4217:GBP xbrli:pure
Company Registration No. 14330626 (England and Wales)
Gwithian Development Ltd Unaudited accounts for the year ended 31 August 2024
Gwithian Development Ltd Unaudited accounts Contents
Page
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Gwithian Development Ltd Company Information for the year ended 31 August 2024
Directors
C Sharp S WIlson
Company Number
14330626 (England and Wales)
Registered Office
First Floor 129 High Street Guildford GU1 3AA UK
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Gwithian Development Ltd Statement of financial position as at 31 August 2024
2024 
2023 
Notes
£ 
£ 
Current assets
Inventories
2,393,801 
592,160 
Debtors
57,314 
406 
Cash at bank and in hand
182 
75 
2,451,297 
592,641 
Creditors: amounts falling due within one year
(1,945,196)
(606,193)
Net current assets/(liabilities)
506,101 
(13,552)
Total assets less current liabilities
506,101 
(13,552)
Creditors: amounts falling due after more than one year
(555,717)
- 
Net liabilities
(49,616)
(13,552)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(49,716)
(13,652)
Shareholders' funds
(49,616)
(13,552)
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by
C Sharp Director Company Registration No. 14330626
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Gwithian Development Ltd Notes to the Accounts for the year ended 31 August 2024
1
Statutory information
Gwithian Development Ltd is a private company, limited by shares, registered in England and Wales, registration number 14330626. The registered office is First Floor, 129 High Street, Guildford, GU1 3AA, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Inventories
Inventories have been valued at the lower of cost and net realisable value. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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Gwithian Development Ltd Notes to the Accounts for the year ended 31 August 2024
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. In preparing these financial statements, the directors have made the following judgements: Determine whether there are indicators of impairment of the company's inventories. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. The directors do not consider there are any key sources of estimation uncertainty.
4
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
894 
406 
Other debtors
56,420 
- 
57,314 
406 
5
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
- 
213,576 
Trade creditors
2,144 
- 
Other creditors
1,634,215 
392,617 
Loans from directors
308,837 
- 
1,945,196 
606,193 
6
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
555,717 
- 
The long term loan relates to a mortgage held with Close Brothers Limited. Close Brothers Limited has a fixed and floating charge held against the assets of the company.
7
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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