Gwenlais Developments Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 05597781 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31st October 2016

for

Gwenlais Developments Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

H R Williams

J C McAvoy

SECRETARY:

J C McAvoy

REGISTERED OFFICE:

C/O HRW Contracting Limited

Unit 19 Betws Park Workshop

Betws

Ammanford

Carmarthenshire

SA18 2ET

REGISTERED NUMBER:

05597781 (England and Wales)

ACCOUNTANTS:

Ashmole & Co

Chartered Certified Accountants

Castle House

High Street

Ammanford

Carmarthenshire

SA18 2NB

CURRENT ASSETS

Stocks

270,000

795,000

Debtors

435,362

243,771

Cash at bank

-

2,280

705,362

1,041,051

CREDITORS

Amounts falling due within one year

2

876,394

1,138,557

NET CURRENT LIABILITIES

(171,032

)

(97,506

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(171,032

)

(97,506

)

CAPITAL AND RESERVES

Called up share capital

3

4

Profit and loss account

(171,036

)

(97,510

)

SHAREHOLDERS' FUNDS

(171,032

)

(97,506

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 4th July 2017 and were signed on its
behalf by:

H R Williams - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Stocks and work in progress

Work in progress has been valued by the company's directors at the lower of cost and net realisable

value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Part-exchange properties

The purchase and subsequent sale of part-exchanged properties is an activity undertaken in order to

achieve the sale of a new property. As such, the activity is regarded as a mechanism for selling.

Gains and losses on the sale of part-exchanged properties are therefore included in cost of sales.

2.

CREDITORS

Creditors include an amount of £ 507,202 (31.10.15 - £ 790,813 ) for which security has been given.

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.16

31.10.15

value:

£

2

Ordinary

£1

2

1

A Ordinary

£1

1

B Ordinary

£1

1

4

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to/(from) directors subsisted during the years ended

31st October 2016 and 31st October 2015:

31.10.16

31.10.15

£

J C McAvoy

Balance outstanding at start of year

(26,021

)

(26,021

)

Amounts repaid

-

Balance outstanding at end of year

(26,021

)

(26,021

)

H R Williams

Balance outstanding at start of year

(58,727

)

(58,667

)

Amounts advanced

-

(60

)

Amounts repaid

(892

)

-

Balance outstanding at end of year

(59,619

)

(58,727

)

5.	GOING CONCERN

At the balance sheet date the company's liabilities exceeded its assets. The accounts have been

prepared on the going concern basis which assumes that the company's directors and bankers will

provide adequate financial resources to enable it to continue to trade over future periods.