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REGISTERED NUMBER: 03309170 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2024

for

Gwynedd Farm Machinery Limited

Gwynedd Farm Machinery Limited (Registered number: 03309170)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gwynedd Farm Machinery Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mr J W Morgan
Mr R W Morgan





REGISTERED OFFICE: 1 Thomas Buildings
New Street
Pwllheli
Gwynedd
LL53 5HH





REGISTERED NUMBER: 03309170 (England and Wales)





ACCOUNTANTS: Gwyn Thomas & Co Limited
Cyfrifwyr Siartredig
Chartered Accountants
1 Thomas Buildings
New Street
Pwllheli
LL53 5HH

Gwynedd Farm Machinery Limited (Registered number: 03309170)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 109,345 97,398
109,345 97,398

CURRENT ASSETS
Stocks 267,859 313,270
Debtors 6 6,830 6,852
Cash at bank and in hand 22,721 6,309
297,410 326,431
CREDITORS
Amounts falling due within one year 7 249,354 274,575
NET CURRENT ASSETS 48,056 51,856
TOTAL ASSETS LESS CURRENT
LIABILITIES

157,401

149,254

CREDITORS
Amounts falling due after more than one
year

8

(90,929

)

(59,940

)

PROVISIONS FOR LIABILITIES (7,242 ) (7,285 )
NET ASSETS 59,230 82,029

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 49,230 72,029
59,230 82,029

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

Gwynedd Farm Machinery Limited (Registered number: 03309170)

Balance Sheet - continued
30 September 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





Mr R W Morgan - Director


Gwynedd Farm Machinery Limited (Registered number: 03309170)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Gwynedd Farm Machinery 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 etc - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Gwynedd Farm Machinery Limited (Registered number: 03309170)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 10,328
AMORTISATION
At 1 October 2023
and 30 September 2024 10,328
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2023 189,350
Additions 28,601
Disposals (7,000 )
At 30 September 2024 210,951
DEPRECIATION
At 1 October 2023 91,952
Charge for year 15,953
Eliminated on disposal (6,299 )
At 30 September 2024 101,606
NET BOOK VALUE
At 30 September 2024 109,345
At 30 September 2023 97,398

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 6,019 6,852
Other debtors 811 -
6,830 6,852

Gwynedd Farm Machinery Limited (Registered number: 03309170)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts 13,116 57,788
Hire purchase contracts 7,508 7,508
Trade creditors 150,542 132,133
Taxation and social security 62,966 49,766
Other creditors 15,222 27,380
249,354 274,575

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Bank loans 6,690 16,759
Hire purchase contracts 15,839 21,931
Other creditors 68,400 21,250
90,929 59,940

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

30.9.24 30.9.23
£    £   
Mr J W Morgan
Balance outstanding at start of year (14,603 ) 4,126
Amounts advanced - 5,701
Amounts repaid - (24,430 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (14,603 )