G-Wad Ltd

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

G-Wad Ltd

(Registration number: 13810695)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	57,882	38,987
Current assets
Debtors	5	564	382
Cash at bank and in hand		7,886	6,940
		8,450	7,322
Creditors: Amounts falling due within one year	6	(72,687)	(49,582)
Net current liabilities		(64,237)	(42,260)
Net liabilities		(6,355)	(3,273)
Capital and reserves
Called up share capital		10	10
Profit and loss account		(6,365)	(3,283)
Shareholders' deficit		(6,355)	(3,273)

G-Wad Ltd

(Registration number: 13810695)
Statement of Financial Position as at 31 December 2024 (continued)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 9 September 2025 and signed on its behalf by:
 

Mr Graham McLeod Director

G-Wad Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

Principal activity

The principal activity of the company is design and development of gun cartridge components.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis as the company benefits from the directors' ongoing support.

G-Wad Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Intangible assets

Separately acquired trademarks, patents and licences are shown at historical cost.

Trademarks, patents and licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, patents and licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Patents	Company has yet to start exploiting the patents so no amortisation has been provided.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

G-Wad Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4	Intangible assets

	Patents  £	Total £
Cost or valuation
At 1 January 2024	38,987	38,987
Additions internally developed	18,895	18,895
At 31 December 2024	57,882	57,882
Amortisation
Carrying amount
At 31 December 2024	57,882	57,882
At 31 December 2023	38,987	38,987

5

Debtors

	2024 £	2023 £
Other debtors	564	382
	564	382

6

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	14	14
Accruals and deferred income	910	805
Other creditors	71,763	48,763
	72,687	49,582

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

G-Wad Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

8	Related party transactions

Transactions with directors

2024	At 1 January 2024 £	Other payments made to company by director £	At 31 December 2024 £
Directors	(48,763)	(23,000)	(71,763)

2023	At 1 January 2023 £	Other payments made to company by director £	At 31 December 2023 £
Directors	(43,871)	(4,892)	(48,763)

The above loans are interest free and repayable on demand.