Gower Limited - Accounts to registrar (filleted) - small 23.1.2

Gower Limited - Accounts to registrar (filleted) - small 23.1.2

GOWER LIMITED - Company Information

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REGISTERED NUMBER: 02073783 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

FOR

GOWER LIMITED
GOWER LIMITED (REGISTERED NUMBER: 02073783)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GOWER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2022







DIRECTORS: S.M. Osborne
S. Hill





REGISTERED OFFICE: 19-21 Middle Row
Stevenage
Hertfordshire
SG1 3AW





REGISTERED NUMBER: 02073783 (England and Wales)





ACCOUNTANTS: Barker Wilkinson Limited
19-21 Middle Row
Stevenage
Hertfordshire
SG1 3AW
Page 1
GOWER LIMITED (REGISTERED NUMBER: 02073783)

BALANCE SHEET
30 JUNE 2022

2022 2021
Notes £    £   
CURRENT ASSETS
Debtors 5 116,765 114,755
Cash at bank and in hand 3 33,455
116,768 148,210
CREDITORS
Amounts falling due within one year 6 76,628 91,715
NET CURRENT ASSETS 40,140 56,495
TOTAL ASSETS LESS CURRENT
LIABILITIES
40,140
56,495

CREDITORS
Amounts falling due after more than one year 7 43,333 56,230
NET (LIABILITIES)/ASSETS (3,193 ) 265

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (3,293 ) 165
SHAREHOLDERS' FUNDS (3,193 ) 265

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 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 notes form part of these financial statements

Page 2 continued...
GOWER LIMITED (REGISTERED NUMBER: 02073783)

BALANCE SHEET - continued
30 JUNE 2022


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 and authorised for issue on 14 April 2023 and were signed on its behalf by:





S.M. Osborne - Director


The notes form part of these financial statements

Page 3
GOWER LIMITED (REGISTERED NUMBER: 02073783)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

1. STATUTORY INFORMATION

Gower 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.

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.

The directors have necessarily assessed various factors and risks affecting the company and its ability in difficult social and economic times to continue to trade as a going concern.

Given the nature of the various assets and liabilities as at 30th June 2022, the directors do not believe that their carrying values have been impaired as a consequence of COVID-19 or otherwise.

There is a deficit on the balance sheet as at 30 June 2022 of £3,193. However, the directors are hopeful that that can be made good during the current accounting period.

On the basis of all of the foregoing, the financial statements for the year ended 30th June 2022 have been prepared using the going concern basis of accounting.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those 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 affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office furniture & equipment - 25% on cost

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GOWER LIMITED (REGISTERED NUMBER: 02073783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
The directors consider all financial instruments to be basic financial instruments in accordance with paragraph 11 of FRS102. All basic financial instruments including trade and other debtors, cash and cash equivalents, and trade and other creditors, are initially recognised at transaction price and thereafter stated at amortised cost.

Trade and other receivables and payables

Trade and other receivables and payables are measured at amortised cost which approximates to fair value given the short term nature of these assets and liabilities.

Trade receivables are valued at original invoice amount less an allowance for potentially un-collectable debts. Provision is made where this is objective evidence to suggest that the company will not be in a position to collect receivables as they fall due. Bad and Doubtful debts are written off in the profit and loss account on identification.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances held for the purposes of meeting short-term cash commitments.

Interest Bearing Borrowings

Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost using the effective interest rate method, less any impairment losses.

Taxation
Taxation for the year comprises current 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

Page 5 continued...
GOWER LIMITED (REGISTERED NUMBER: 02073783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022

4. TANGIBLE FIXED ASSETS
Office
furniture
& equipment
£   
COST
At 1 July 2021
and 30 June 2022 30,965
DEPRECIATION
At 1 July 2021
and 30 June 2022 30,965
NET BOOK VALUE
At 30 June 2022 -
At 30 June 2021 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 6,383 43,885
Other debtors - 868
Directors' current accounts 81,024 54,669
Tax 27,669 14,724
VAT 1,050 -
Prepayments 639 609
116,765 114,755

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 40,377 -
Other loan 16,000 15,770
Trade creditors 4,488 1,670
Tax 8,943 16,470
Social security and other taxes - 911
VAT - 16,478
Other creditors 2,157 2,215
Accrued expenses 4,663 38,201
76,628 91,715

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Other loan 43,333 56,230

Page 6 continued...
GOWER LIMITED (REGISTERED NUMBER: 02073783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank overdraft 40,377 -
Other loan 59,333 72,000
99,710 72,000

There exists a Debenture in favour of Barclays Bank Plc ("the Bank") on the Bank's standard form and dated 8th December 1997 in respect of all monies owing at present or in the future to the Bank.

Additionally, on 28th October 2002 ,two of the company's directors gave personal guarantees to the Bank up to an aggregate value of £60,000 in respect of monies owing or becoming due to the Bank.

All directors have given personal guarantees in respect of a loan advanced by the Lending Circle.

9. FINANCIAL COMMITMENTS

The company does not have a lease in respect of its offices but rather a short term rolling letting arrangement. A year's rental would be £2,244.

Page 7