REGISTERED NUMBER: |
Tom Owen and Son (Llandudno) Limited |
Unaudited Financial Statements for the Year Ended 31 May 2022 |
REGISTERED NUMBER: |
Tom Owen and Son (Llandudno) Limited |
Unaudited Financial Statements for the Year Ended 31 May 2022 |
Tom Owen and Son (Llandudno) Limited (Registered number: 00763884) |
Contents of the Financial Statements |
for the Year Ended 31 May 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Tom Owen and Son (Llandudno) Limited |
Company Information |
for the Year Ended 31 May 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants and Chartered Tax Advisers |
16 Wynnstay Road |
Colwyn Bay |
Conwy |
LL29 8NB |
Tom Owen and Son (Llandudno) Limited (Registered number: 00763884) |
Balance Sheet |
31 May 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Tom Owen and Son (Llandudno) Limited (Registered number: 00763884) |
Balance Sheet - continued |
31 May 2022 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Tom Owen and Son (Llandudno) Limited (Registered number: 00763884) |
Notes to the Financial Statements |
for the Year Ended 31 May 2022 |
1. | STATUTORY INFORMATION |
Tom Owen and Son (Llandudno) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
On 23 March 2020 a global emergency was declared due to the outbreak of Covid-19. Various restrictions have remained in place in some form for the majority of the period since. |
Due to the nature of the company's trade, the financial performance of the company has not been significantly impacted. However, as the UK have now removed these restrictive measures and public confidence continues to build, the company expects the financial performance to return to pre Covid-19 levels. |
The directors have assessed the position of the company from the balance sheet date and believe the going concern basis to be appropriate. |
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 |
Fixtures and fittings | - |
Motor vehicles | - |
No provision for depreciation of long leasehold properties has been made on the grounds that there would be no material effect after taking account of the estimated residual value and their expected useful lives. |
Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. |
Work in progress is valued at the amount recoverable for contracts at the accounting date. |
Tom Owen and Son (Llandudno) Limited (Registered number: 00763884) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Tom Owen and Son (Llandudno) Limited (Registered number: 00763884) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | and | Motor |
leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2021 |
Additions |
At 31 May 2022 |
DEPRECIATION |
At 1 June 2021 |
Charge for year |
At 31 May 2022 |
NET BOOK VALUE |
At 31 May 2022 |
At 31 May 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Tom Owen and Son (Llandudno) Limited (Registered number: 00763884) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
ORDINARY "A" SHARES | 1 | 2,732 | 2,732 |
ORDINARY "B" SHARES | 1 | 3 | 3 |
2,735 | 2,735 |
Class "A" shares are standard equity shares. Class "B" equity shares do not rank in equality with class A shares and are non-voting shares. |
9. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme for the benefit of two of the directors. The assets of the scheme are administered by trustees in a fund independent for those of the company. The company also pays contributions to the personal pension schemes of three of the senior employees. |
The company is contracted to pay a director who was formerly a full time working director a pension, without dependants' benefits. This arrangement can be described as an unfunded defined benefit scheme. |
No provision has been made in the accounts for payments of pension falling due after the accounting date. The amount paid to the director during the year was £12,180 (2021: £12,180). If provision for the pension falling due after the accounting date had been made on an actuarial basis, the company net assets situation would have been significantly eroded. Having regard to that, the directors' consider that the liability to pay the pension as it falls due can be met from future profitability, year by year. The company does not intend to set aside a fund for payment of the pension. |
Liability to pay future pension is entirely contingent on the survival of the director concerned to the date which future installments of pension fall due. |
Tom Owen and Son (Llandudno) Limited (Registered number: 00763884) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is the directors. |