Gladwin Limited - Period Ending 2019-12-31

Gladwin Limited

Contents

 

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Gladwin Limited

Registration number: 09361597

Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	2,135	329
Other financial assets	5	-	5,000
		2,135	5,329
Current assets
Debtors	6	88,881	73,500
Cash at bank and in hand		136	55
		89,017	73,555
Creditors: Amounts falling due within one year	7	(112,834)	(96,408)
Net current liabilities		(23,817)	(22,853)
Net liabilities		(21,682)	(17,524)
Capital and reserves
Called up share capital		300	300
Profit and loss account		(21,982)	(17,824)
Total equity		(21,682)	(17,524)

The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

Gladwin Limited

Registration number: 09361597

Balance Sheet as at 31 December 2019 (continued)

For the financial year ending 31 December 2019 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 December 2020 and signed on its behalf by:
 

 

T Winch-Furness

Director

Gladwin Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

1	General information

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

The address of its registered office is:
Wymondham Business Centre
1 Town Green
Wymondham
Norfolk
NR18 0PN
England

The principal place of business is:
8 The Erins
Denmark Road
Norwich
Norfolk
NR3 4JP
United Kingdom

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 presented in sterling which is the functional currency of the company and rounded to the nearest £.

Gladwin Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019 (continued)

2	Accounting policies (continued)

Going concern

The continuation of the company's activities is dependent on the continued financial support of its director. The financial statements have been prepared on the going concern basis on the understanding that his financial support will continue.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	25% reducing balance

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2018 - 1).

Gladwin Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019 (continued)

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2019	585	585
Additions	2,518	2,518
At 31 December 2019	3,103	3,103
Depreciation
At 1 January 2019	256	256
Charge for the year	712	712
At 31 December 2019	968	968
Carrying amount
At 31 December 2019	2,135	2,135
At 31 December 2018	329	329

5	Other financial assets (current and non-current)

	2019 £	2018 £
Non-current financial assets
Financial assets at cost less impairment	-	5,000

Gladwin Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019 (continued)

6

Debtors

	2019 £	2018 £
Trade debtors	13,500	13,500
Other debtors	75,381	60,000
Total current trade and other debtors	88,881	73,500

7

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Director's loan account		70,401	54,539
Other creditors		42,433	41,869
		112,834	96,408

8	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary of £1 each	300	300	300	300