G.W.E. Developments Limited - Accounts to registrar (filleted) - small 18.2
G.W.E. Developments Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| G.W.E. DEVELOPMENTS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 MARCH 2019 TO 30 NOVEMBER 2019 |
| G.W.E. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07955135) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 MARCH 2019 TO 30 NOVEMBER 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 | to | 3 |
| Notes to the Financial Statements | 4 | to | 8 |
| G.W.E. DEVELOPMENTS LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 1 MARCH 2019 TO 30 NOVEMBER 2019 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 3 New Mill Court |
| Swansea Enterprise Park |
| Swansea |
| SA7 9FG |
| G.W.E. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07955135) |
| BALANCE SHEET |
| 30 NOVEMBER 2019 |
| 2019 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 10 |
| Retained earnings | 10 |
| The director acknowledges his 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. |
| G.W.E. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07955135) |
| BALANCE SHEET - continued |
| 30 NOVEMBER 2019 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| G.W.E. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07955135) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 MARCH 2019 TO 30 NOVEMBER 2019 |
| 1. | STATUTORY INFORMATION |
| G.W.E. Developments Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| Monetary amounts in these financial statements are rounded to the nearest £. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| In the application of the company's accounting policies, the directors are required to make judgements, |
| estimates and assumptions about the carrying amounts of assets and liabilities that are not readily |
| apparent from other sources. The estimates and associated assumptions are based on historical |
| experience and other factors which are considered to be relevant. Actual results may differ from these |
| estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
| estimates are recognised in the period in which the estimate is revised if the revision only effects that |
| period, or in the period of the revision and future periods if the revision affects both current and future |
| periods. |
| The following are the critical judgements that the directors have made in the process of applying the |
| company's accounting policies and that have the most significant effect on the amounts recognised in |
| the financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Rental income is recognised evenly over the period to which it relates. |
| Tangible fixed assets |
| Plant and machinery | - |
| Investment property |
| Investment property is shown at the most recent fair value. In accordance with FRS 102 investment property is not depreciated. Any aggregate surplus or deficit arising from changes in fair value are recognised in profit or loss. Surpluses or deficits on revaluation are then transferred from Retained Earnings to a separate non distributable reserve. |
| At the end of each accounting period the director will assess the fair value of the investment property portfolio for any significant fluctuations, taking reference from any valuations performed by a local qualified surveyor or based upon their experience gained in local property market. |
| G.W.E. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07955135) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 MARCH 2019 TO 30 NOVEMBER 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
| Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
| Taxation |
| Taxation for the period 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 period 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 and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
| Rentals payable under operating leases are charged against income on a straight basis over the lease term. |
| G.W.E. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07955135) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 MARCH 2019 TO 30 NOVEMBER 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| In preparing the financial statements, the director has considered the current financial position of the |
| company and has concluded that it is appropriate to prepare the financial statements on a going concern basis. In forming this conclusion, the director has considered the company's balance sheet position and the loss reported in the current financial year. |
| The company continues to rely upon the support provided by its bankers, director and other lenders, but the director has not received any indication that such support will be withdrawn and the company continues to meet its loan commitments and satisfy loan covenants. |
| In considering the Coronavirus (COVID-19), the director understands the situation is still evolving and the full impact on the business is unclear. The director has taken steps to mitigate the risk to the business and although there is uncertainty, the director is confident that all reasonable measures which can be taken, have been, to safeguard the business, the staff and the customers. |
| After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to meet its financial obligations as they fall due. Accordingly, the director continues to adopt the going concern basis in preparing the annual report and accounts. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 March 2019 |
| and 30 November 2019 |
| DEPRECIATION |
| At 1 March 2019 |
| Charge for period |
| At 30 November 2019 |
| NET BOOK VALUE |
| At 30 November 2019 |
| At 28 February 2019 |
| G.W.E. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07955135) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 MARCH 2019 TO 30 NOVEMBER 2019 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 March 2019 |
| Additions |
| Revaluations | 365,000 |
| At 30 November 2019 |
| NET BOOK VALUE |
| At 30 November 2019 |
| At 28 February 2019 |
| The company's freehold properties are treated as investment properties under Section 1A "Small Entities" of Financial Reporting Standard 102. They were valued by the director at 30 November 2019. The above is the open market valuation on the basis of existing use. Cost or valuation of investment properties at the balance sheet date is represented by: |
| 30/11/2019 | 28/02/2019 |
| £ | £ |
| Cost b/f | 1,300,000 | 955,000 |
| Additions | 70,456 | - |
| Surplus in valuation | 365,000 | 345,000 |
| Cost c/f | 1,735,456 | 1,300,000 |
| The revaluation conducted in the period ended 30 November 2019 has been undertaken by the director based on an independent valuation prepared on 2 October 2020 by Knight Frank. |
| Fair value at 30 November 2019 is represented by: |
| £ |
| Valuation in 2019 | 710,000 |
| Cost | 1,025,456 |
| 1,735,456 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2019 |
| £ | £ |
| Trade debtors |
| Amounts owed by related parties |
| Other debtors |
| G.W.E. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07955135) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 MARCH 2019 TO 30 NOVEMBER 2019 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2019 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to related parties | - | 142,649 |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2019 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2019 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 34,300 | 40,600 |
| 10. | RESERVES |
| Fair |
| Retained | value |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 March 2019 | 512,898 |
| Profit for the period |
| Reserve transfer | (365,000 | ) | 365,000 | - |
| At 30 November 2019 | 850,875 |