G.W.K. Engineering Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04392114 (England and Wales)

Financial Statements for the Year Ended 31 March 2023

for

G.W.K. ENGINEERING LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr T J Whittle

REGISTERED OFFICE:

Unit 8 Ham Bridge Trading Estate

Willowbrook Road,

Worthing

West Sussex

BN14 8NA

REGISTERED NUMBER:

04392114 (England and Wales)

ACCOUNTANTS:

MMP Accounting Solutions Ltd

Suite A, Kings House

68 Victoria Road

Burgess Hill

West Sussex

RH15 9LH

FIXED ASSETS

Tangible assets

5

134,694

162,702

CURRENT ASSETS

Stocks

24,000

20,000

Debtors

6

136,950

140,658

Cash at bank

153,003

156,293

313,953

316,951

CREDITORS

Amounts falling due within one year

7

243,263

283,657

NET CURRENT ASSETS

70,690

33,294

TOTAL ASSETS LESS CURRENT LIABILITIES

205,384

195,996

CREDITORS

Amounts falling due after more than one year

8

(28,932

)

(53,512

)

PROVISIONS FOR LIABILITIES

(25,592

)

(31,019

)

NET ASSETS

150,860

111,465

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

150,859

111,464

SHAREHOLDERS' FUNDS

150,860

111,465

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 September 2023 and were signed by:

Mr T J Whittle - Director

1.	STATUTORY INFORMATION

G.W.K. Engineering 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 8 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2022

367,088

5,151

372,239

Additions

5,351

400

5,751

At 31 March 2023

372,439

5,551

377,990

DEPRECIATION

At 1 April 2022

206,215

3,322

209,537

Charge for year

32,760

999

33,759

At 31 March 2023

238,975

4,321

243,296

NET BOOK VALUE

At 31 March 2023

133,464

1,230

134,694

At 31 March 2022

160,873

1,829

162,702

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

124,241

122,641

Other debtors

-

2,417

Prepayments and accrued income

12,709

15,600

136,950

140,658

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

10,000

10,000

Hire purchase contracts

14,580

42,760

Trade creditors

36,585

39,002

Tax

36,352

33,828

Social security and other taxes

3,263

5,556

Pension Control

1,230

1,380

VAT

24,798

22,580

Other creditors

115,210

119,616

Wages control

-

4,275

Directors' current accounts

1,245

1,410

Accrued expenses

-

3,250

243,263

283,657

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans - 1-2 years

10,000

10,000

Bank loans - 2-5 years

11,667

21,667

Hire purchase contracts

7,265

21,845

28,932

53,512

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

1

Ordinary

£1

1

1

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year transactions took place with the director. The balance due to the director at the year end was £1,410 (2021 - £456).

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr T J Whittle.