Gwalia Recovery Limited - Accounts to registrar (filleted) - small 18.2

GWALIA RECOVERY LIMITED

Unaudited Financial Statements

for the Year Ended 31st March 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

H S Evans

Mrs M E Evans

SECRETARY:

Mrs M E Evans

REGISTERED OFFICE:

1 Abbots Quay

Monks Ferry

Birkenhead

Merseyside

CH41 5LH

REGISTERED NUMBER:

04651755 (England and Wales)

ACCOUNTANTS:

Haines Watts Wirral Limited

1 Abbots Quay

Monks Ferry

Birkenhead

Merseyside

CH41 5LH

FIXED ASSETS

Intangible assets

4

43,300

58,950

Tangible assets

5

666,801

605,968

Investments

6

195,000

195,000

905,101

859,918

CURRENT ASSETS

Stocks

25,000

24,000

Debtors

7

292,515

515,615

Cash in hand

4,206

3,167

321,721

542,782

CREDITORS

Amounts falling due within one year

8

235,160

410,584

NET CURRENT ASSETS

86,561

132,198

TOTAL ASSETS LESS CURRENT LIABILITIES

991,662

992,116

CREDITORS

Amounts falling due after more than one year

9

(111,391

)

(94,347

)

PROVISIONS FOR LIABILITIES

11

(111,272

)

(112,284

)

NET ASSETS

768,999

785,485

CAPITAL AND RESERVES

Called up share capital

12

2

2

Retained earnings

768,997

785,483

SHAREHOLDERS' FUNDS

768,999

785,485

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2019 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 23rd December 2019 and were signed on its behalf by:

H S Evans - Director

1.	STATUTORY INFORMATION

Gwalia Recovery 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 2003, is being amortised evenly over its estimated useful life of twenty 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 Statement of Income and

Retained Earnings, 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans are measured initially at fair

value, net of transaction cost, and are measured subsequently at amortised cost using the effective interest

method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 24 hours.

Creditors

Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair

value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest

method.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors and loans to / from related parties.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2018 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2018

and 31st March 2019

216,500

AMORTISATION

At 1st April 2018

157,550

Amortisation for year

15,650

At 31st March 2019

173,200

NET BOOK VALUE

At 31st March 2019

43,300

At 31st March 2018

58,950

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1st April 2018

199,611

127,959

801,407

1,128,977

Additions

15,325

-

120,647

135,972

Disposals

-

-

(31,505

)

(31,505

)

At 31st March 2019

214,936

127,959

890,549

1,233,444

DEPRECIATION

At 1st April 2018

146,122

46,167

330,720

523,009

Charge for year

17,583

19,265

25,000

61,848

Eliminated on disposal

-

-

(18,214

)

(18,214

)

At 31st March 2019

163,705

65,432

337,506

566,643

NET BOOK VALUE

At 31st March 2019

51,231

62,527

553,043

666,801

At 31st March 2018

53,489

81,792

470,687

605,968

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1st April 2018

388,226

Additions

99,800

Transfer to ownership

(152,298

)

At 31st March 2019

335,728

DEPRECIATION

At 1st April 2018

54,793

Transfer to ownership

(44,098

)

At 31st March 2019

10,695

NET BOOK VALUE

At 31st March 2019

325,033

At 31st March 2018

333,433

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st April 2018

and 31st March 2019

195,000

NET BOOK VALUE

At 31st March 2019

195,000

At 31st March 2018

195,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

109,706

224,307

Amounts owed by group undertakings

144,794

136,211

Other debtors

38,015

155,097

292,515

515,615

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

51,505

3,294

Hire purchase contracts

67,673

50,621

Trade creditors

62,107

87,547

Taxation and social security

45,623

67,809

Other creditors

8,252

201,313

235,160

410,584

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

111,391

94,347

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdrafts

51,505

3,294

Hire purchase contracts

179,064

144,968

230,569

148,262

Hire purchases liabilities are secured on the assets to which they relate.

11.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

Capital allowances in excess of depreciation

111,272

112,284

Deferred

tax

£

Balance at 1st April 2018

112,284

Profit and loss account

(1,012

)

Balance at 31st March 2019

111,272

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2019 and

31st March 2018:

2019

2018

£

£

H S Evans and Mrs M E Evans

Balance outstanding at start of year

155,096

40,409

Amounts advanced

-

155,096

Amounts repaid

(155,096

)

(40,409

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

155,096

14.	RELATED PARTY DISCLOSURES

The following amounts are due to/from entities under common control :-

Included in other debtors is the sum of £38,012 ( 2018 creditor - £197,220) owing to Gwalia Garage Caernarfon

Limited whom HS Evans & Mrs ME Evans own 100% of the issued share capital.

Further included in other debtors is the sum of £144,794 (2018 £136,211) owing from Natural Ltd whom is a

wholly owned subsidiary of the company.