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| Gwineas Ltd | | Company No. 08455987 |
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| Notes to the accounts |
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| 1 Accounting policies |
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| 1.1 Basis of preparation |
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| The accounts have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities and the Companies Act 2006. |
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| 1.2 Turnover |
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| 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. |
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| 1.3 Goodwill |
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| Goodwill is recognized as an intangible asset on the acquisition date. It is initially measured as the cost of the acquisition minus the fair value of the net assets acquired.
Goodwill is not amortized but is subject to a review for impairment at least annually, or more frequently if events or changes in circumstances indicate that it may be impaired. |
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| 1.4 Tangible fixed assets |
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| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.
Depreciation is provided to write down the cost of tangible fixed assets, on a straight line basis, to their residual values over their estimated useful lives as follows:
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| Plant and machinery | | 20% Straight line |
| Motor vehicles | | 20% Straight line |
| Fixtures and fittings | | 20% Straight line |
| Computers | | 20% Straight line |
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| 2 Average number of employees |
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| The average number of employees including directors during the year was: 3 (2024: 3). |
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