Gower Ventures Limited Filleted accounts for Companies House (small and micro)

GOWER VENTURES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07927625

Gower Ventures Limited

Filleted Unaudited Financial Statements

30 June 2022

Gower Ventures Limited

Financial Statements

Year ended 30 June 2022

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Gower Ventures Limited

Statement of Financial Position

30 June 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	2,474	–
Investments	6	1,002	1,002
		-------	-------
		3,476	1,002

Current assets

Debtors	7	296,182	180
Cash at bank and in hand		18,681	–
		---------	----
		314,863	180

Creditors: amounts falling due within one year	8	305,148	9,796
		---------	-------
Net current assets/(liabilities)		9,715	( 9,616)
		--------	-------
Total assets less current liabilities		13,191	( 8,614)
		--------	-------
Net assets/(liabilities)		13,191	( 8,614)
		--------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	13,091	( 8,714)
	--------	-------
Shareholders funds/(deficit)	13,191	( 8,614)
	--------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 2022 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Gower Ventures Limited

Statement of Financial Position (continued)

30 June 2022

These financial statements were approved by the board of directors and authorised for issue on 29 June 2023 , and are signed on behalf of the board by:

Mr M A Perera

Director

Company registration number: 07927625

Gower Ventures Limited

Notes to the Financial Statements

Year ended 30 June 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

5. Tangible assets

	Equipment
	£
Cost
At 1 July 2021	–
Additions	3,299
	-------
At 30 June 2022	3,299
	-------
Depreciation
At 1 July 2021	–
Charge for the year	825
	-------
At 30 June 2022	825
	-------
Carrying amount
At 30 June 2022	2,474
	-------
At 30 June 2021	–
	-------

6. Investments

	Shares in participating interests
	£
Cost
At 1 July 2021 and 30 June 2022	1,002
	-------
Impairment
At 1 July 2021 and 30 June 2022	–
	-------

Carrying amount
At 30 June 2022	1,002
	-------
At 30 June 2021	1,002
	-------

7. Debtors

	2022	2021
	£	£
Other debtors	296,182	180
	---------	----

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	1,464	–
Corporation tax	3,515	–
Other creditors	300,169	9,796
	---------	-------
	305,148	9,796
	---------	-------

9. Related party transactions

At the year end the company owed the directors £298,969 (2021: £8,896). At the year end the company was owed £295,136 (2021: £nil) by a company associated by common directorship.