G.W.E. Developments Limited

G.W.E. Developments Limited

G.W.E. DEVELOPMENTS LIMITED - Company Information

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Company Registration No. 07955135 (England and Wales)
G.W.E. Developments Limited Unaudited accounts for the year ended 30 November 2022
G.W.E. Developments Limited Unaudited accounts Contents
Page
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G.W.E. Developments Limited Company Information for the year ended 30 November 2022
Director
Gethin Edwards
Company Number
07955135 (England and Wales)
Registered Office
EMBASSY OFFICES STANGATE HOUSE STANWELL ROAD PENARTH VALE OF GLAMORGAN CF64 2AA WALES
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G.W.E. Developments Limited Statement of financial position as at 30 November 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
88,987 
34,572 
Investment property
5
2,715,000 
2,265,000 
2,803,987 
2,299,572 
Current assets
Inventories
15,000 
15,000 
Debtors
6
808,060 
806,705 
Cash at bank and in hand
52,980 
20,450 
876,040 
842,155 
Creditors: amounts falling due within one year
7
(103,752)
(224,002)
Net current assets
772,288 
618,153 
Total assets less current liabilities
3,576,275 
2,917,725 
Creditors: amounts falling due after more than one year
8
(1,434,835)
(1,379,476)
Provisions for liabilities
Other provisions
(159,162)
(68,672)
Net assets
1,982,278 
1,469,577 
Capital and reserves
Called up share capital
100 
100 
Revaluation reserve
1,312,801 
1,312,801 
Profit and loss account
669,377 
156,676 
Shareholders' funds
1,982,278 
1,469,577 
For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 August 2023 and were signed on its behalf by
Gethin Edwards Director Company Registration No. 07955135
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G.W.E. Developments Limited Notes to the Accounts for the year ended 30 November 2022
1
Statutory information
G.W.E. Developments Limited is a private company, limited by shares, registered in England and Wales, registration number 07955135. The registered office is EMBASSY OFFICES STANGATE HOUSE, STANWELL ROAD, PENARTH, VALE OF GLAMORGAN, CF64 2AA, WALES.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing Balance
Motor vehicles
20% Reducing Balance
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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G.W.E. Developments Limited Notes to the Accounts for the year ended 30 November 2022
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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G.W.E. Developments Limited Notes to the Accounts for the year ended 30 November 2022
Charges
Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 6 August 2020 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350021) Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350020) Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350019) Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350018) Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350017) Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350016) Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350015) Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350014) Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350013) Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350012) Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350011) Handelsbanken PLC holds a fixed and floating charge and a negative pledge dated 18 October 2019 over G.W.E. Developments Limited on all monies, obligations and liabilities which may be due to Handelsbanken PLC now and in the future. (charge code 079551350010)
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G.W.E. Developments Limited Notes to the Accounts for the year ended 30 November 2022
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 December 2021
50,595 
- 
50,595 
Additions
30,000 
37,000 
67,000 
At 30 November 2022
80,595 
37,000 
117,595 
Depreciation
At 1 December 2021
16,023 
- 
16,023 
Charge for the year
5,185 
7,400 
12,585 
At 30 November 2022
21,208 
7,400 
28,608 
Net book value
At 30 November 2022
59,387 
29,600 
88,987 
At 30 November 2021
34,572 
- 
34,572 
5
Investment property
2022 
£ 
Fair value at 1 December 2021
2,265,000 
Net gain from fair value adjustments
450,000 
At 30 November 2022
2,715,000 
6
Debtors
2022 
2021 
£ 
£ 
Amounts falling due within one year
VAT
16,831 
- 
Amounts due from group undertakings etc.
791,229 
770,278 
Other debtors
- 
36,427 
808,060 
806,705 
7
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
Bank loans and overdrafts
- 
107,500 
Obligations under finance leases and hire purchase contracts
8,400 
8,400 
Trade creditors
34,706 
11,111 
Amounts owed to group undertakings and other participating interests
- 
19,502 
Taxes and social security
56,537 
40,400 
Other creditors
4,109 
37,089 
103,752 
224,002 
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G.W.E. Developments Limited Notes to the Accounts for the year ended 30 November 2022
8
Creditors: amounts falling due after more than one year
2022 
2021 
£ 
£ 
Bank loans
1,390,135 
1,370,376 
Obligations under finance leases and hire purchase contracts
44,700 
9,100 
1,434,835 
1,379,476 
9
Average number of employees
During the year the average number of employees was 1 (2021: 1).
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