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Company Registration No. 03688935 (England and Wales)
Rheidol Developments Ltd. Unaudited accounts for the year ended 31 December 2021
Rheidol Developments Ltd. Unaudited accounts Contents
Page
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Rheidol Developments Ltd. Company Information for the year ended 31 December 2021
Directors
Mr I A Jones Mrs R M Jones
Secretary
Mrs R M Jones
Company Number
03688935 (England and Wales)
Registered Office
THE OLD CONVENT LLANBADARN ROAD ABERYSTWYTH CEREDIGION SY23 1WX
Accountants
Kyffin & Co The Old Convent Llanbadarn Road Aberystwyth Ceredigion SY23 1WX
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Rheidol Developments Ltd. Statement of financial position as at 31 December 2021
2021 
2020 
Notes
£ 
£ 
Fixed assets
Tangible assets
703,934 
637,962 
Current assets
Inventories
1,801,212 
1,459,446 
Debtors
89,794 
64,961 
Cash at bank and in hand
121,580 
235,285 
2,012,586 
1,759,692 
Creditors: amounts falling due within one year
(559,959)
(211,232)
Net current assets
1,452,627 
1,548,460 
Total assets less current liabilities
2,156,561 
2,186,422 
Creditors: amounts falling due after more than one year
(75,667)
(137,500)
Net assets
2,080,894 
2,048,922 
Capital and reserves
Called up share capital
10,000 
10,000 
Profit and loss account
2,070,894 
2,038,922 
Shareholders' funds
2,080,894 
2,048,922 
For the year ending 31 December 2021 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 directors acknowledge their 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 of Directors and authorised for issue on 12 August 2022 and were signed on its behalf by
Mr I A Jones Director Company Registration No. 03688935
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Rheidol Developments Ltd. Notes to the Accounts for the year ended 31 December 2021
1
Statutory information
Rheidol Developments Ltd. is a private company, limited by shares, registered in England and Wales, registration number 03688935. The registered office is THE OLD CONVENT, LLANBADARN ROAD, ABERYSTWYTH, CEREDIGION, SY23 1WX.
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.
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.
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:
Land & buildings
0% per annum of cost
Plant & machinery
20% per annum of cost
Motor vehicles
20% per annum of cost
Fixtures & fittings
20% per annum of cost
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.
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Rheidol Developments Ltd. Notes to the Accounts for the year ended 31 December 2021
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 January 2021
559,367 
177,287 
49,346 
18,770 
804,770 
Additions
- 
103,845 
- 
3,825 
107,670 
Disposals
- 
(29,700)
- 
(7,549)
(37,249)
At 31 December 2021
559,367 
251,432 
49,346 
15,046 
875,191 
Depreciation
At 1 January 2021
- 
135,357 
14,775 
16,676 
166,808 
Charge for the year
- 
23,944 
9,869 
1,430 
35,243 
On disposals
- 
(23,260)
- 
(7,534)
(30,794)
At 31 December 2021
- 
136,041 
24,644 
10,572 
171,257 
Net book value
At 31 December 2021
559,367 
115,391 
24,702 
4,474 
703,934 
At 31 December 2020
559,367 
41,930 
34,571 
2,094 
637,962 
Freehold Property/Land and Buildings This comprises the following properties: Units 4,5,17,18 &23 Clos- y-Fferm, Aberporth In the opinion of the Directors t with regard to the Aberporth units they consider it to be not possible to identify a current rental value given the history of subsidence on the Aberporth site and the fact that the five original units had to be bought back from previous purchases. They therefore consider it appropriate to value these investment properties at original cost in their Accounts and to not provide depreciation thereon.
6
Inventories
2021 
2020 
£ 
£ 
Work in progress
1,801,212 
1,459,446 
1,801,212 
1,459,446 
7
Debtors: amounts falling due within one year
2021 
2020 
£ 
£ 
Trade debtors
38,250 
20,730 
Other debtors
51,544 
44,231 
89,794 
64,961 
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Rheidol Developments Ltd. Notes to the Accounts for the year ended 31 December 2021
8
Creditors: amounts falling due within one year
2021 
2020 
£ 
£ 
Bank loans and overdrafts
250,000 
2,500 
Obligations under finance leases and hire purchase contracts
11,000 
3,075 
Taxes and social security
3,155 
2,436 
Other creditors
181,727 
91,837 
Loans from directors
111,277 
108,584 
Accruals
2,800 
2,800 
559,959 
211,232 
The Directors Loan Account is interest free and will be repaid as the Company's cash flow permits. The Llanilar land loan (£240000) relates to the purchase of Llanilar phase 3 and is repayable from the proceeds of the first 5 units sold on the site (one payment made in year to 31 December 2021)
9
Creditors: amounts falling due after more than one year
2021 
2020 
£ 
£ 
Bank loans
35,000 
47,500 
Obligations under finance leases and hire purchase contracts
40,667 
- 
Other creditors
- 
90,000 
75,667 
137,500 
Other creditors- the Pension Scheme Loan was advanced on 8 May 2017 carries interest at 3% over the Bank of England base rate. It is repayable on 7 May 2022 or such earlier date if the Company's cash flow will allow. The Lloyds bank bounce back loan is unsecured , repayable over five years.
10
Share capital
2021 
2020 
£ 
£ 
Allotted, called up and fully paid:
10,000 Ordinary shares at £1 each of £1 each
10,000 
10,000 
11
Transactions with related parties
a) The Company has engaged Lawrence & Williams Construction Ltd as its main contractor for building work a Company in which Mr Ian Jones is a Director and a Shareholder. Transactions in the year amounted to £943,000 (2020 - £1,057,000).
12
Average number of employees
During the year the average number of employees was 5 (2020: 5).
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