Gwenlais Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05597781 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2017

for

Gwenlais Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

H R Williams

J C McAvoy

SECRETARY:

J C McAvoy

REGISTERED OFFICE:

Unit 19

Betws Park Workshops

Betws

Ammanford

Carmarthenshire

SA18 2ET

REGISTERED NUMBER:

05597781 (England and Wales)

CURRENT ASSETS

Stocks

272,173

270,000

Debtors

3

672,874

435,362

Cash at bank

1,797

-

946,844

705,362

CREDITORS

Amounts falling due within one year

4

1,303,520

876,394

NET CURRENT LIABILITIES

(356,676

)

(171,032

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(356,676

)

(171,032

)

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

(356,680

)

(171,036

)

SHAREHOLDERS' FUNDS

(356,676

)

(171,032

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 23 October 2018 and were signed on its behalf by:

H R Williams - Director

1.	STATUTORY INFORMATION

Gwenlais Developments 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. 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.

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.

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 balance sheet date.

Deferred tax

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

sheet 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.

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.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Other debtors

672,874

435,362

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Bank loans and overdrafts

948,622

509,141

Trade creditors

162,908

178,813

Other creditors

191,990

188,440

1,303,520

876,394

5.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.17

31.10.16

£

£

Bank loans

948,622

507,202

Bank borrowings are secured by means of a charge over the company's land stock.

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to/(from) directors subsisted during the years ended 31 October 2017 and

31 October 2016:

31.10.17

31.10.16

£

£

J C McAvoy

Balance outstanding at start of year

(26,021

)

(26,021

)

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(26,021

)

(26,021

)

H R Williams

Balance outstanding at start of year

(59,619

)

(58,727

)

Amounts repaid

(2,050

)

(892

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(61,669

)

(59,619

)

7.	RELATED PARTY DISCLOSURES

A bad debt provision has been established within the company's financial statements for an amount of £94,275

owed to the company by a company in which its director, Mr H R Williams, is a shareholder.

At the balance sheet date the company was owed an amount of £651,752 ( 2016 £316,947) by a company in

which Mr H R Williams is a director and shareholder.

8.	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.