GEWS Transport Limited Filleted accounts for Companies House (small and micro)

GEWS TRANSPORT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 4460017

GEWS Transport Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2023

GEWS Transport Limited

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Current assets

Debtors	5	42,268	88,052
Cash at bank and in hand		1,806	150
		--------	--------
		44,074	88,202

Creditors: amounts falling due within one year	6	33,625		72,595
		--------		--------
Net current assets			10,449	15,607
			--------	--------
Total assets less current liabilities			10,449	15,607
			--------	--------
Net assets			10,449	15,607
			--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	10,349	15,507
	--------	--------
Shareholders funds	10,449	15,607
	--------	--------

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 comprehensive income has not been delivered.

For the year ending 31 March 2023 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 .

These financial statements were approved by the board of directors and authorised for issue on 20 November 2023 , and are signed on behalf of the board by:

Mrs E Thomas

Director

Company registration number: 4460017

GEWS Transport Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cookes Industrial Estate, Penrhyndeudraeth, Gwynedd, LL48 6LT.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

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:

Motor vehicle	-	25% reducing balance
Equipment	-	15% reducing balance

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2022: 4 ).

5. Debtors

	2023	2022
	£	£
Trade debtors	41,715	87,499
Other debtors	553	553
	--------	--------
	42,268	88,052
	--------	--------

6. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	–	3,776
Trade creditors	–	25,437
Social security and other taxes	–	11,116
Other creditors - Employee savings	–	200
Other creditors	33,625	32,066
	--------	--------
	33,625	72,595
	--------	--------

7. Directors' advances, credits and guarantees

There were no directors' advances, credits or guarantees that need to be disclosed in the accounts.

8. Related party transactions

During the year the company sold goods and services to the value of £Nil (2022 £463,265) to Gwynedd Environmental Waste Services Limited, a company where one of the directors is also director and shareholder. The above sales were made on a normal trading basis and at the balance sheet date the debtor amounted to £41,715.