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Company registration number: 09799015
Plas Llanfihangel Cyf
Unaudited filleted financial statements
31 January 2022
Plas Llanfihangel Cyf
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Plas Llanfihangel Cyf
Directors and other information
Directors Mr Huw Eurig Jones
Mr Owen Ifan Pritchard Rowlands
Company number 09799015
Registered office Hendre
Tregaian
Llangefni
Anglesey
LL77 7UG
Accountants WJ Matthews & Son
11-15 Bridge Street
Caernarfon
Gwynedd
LL55 1AB
Bankers HSBC Bank plc
High Street
Llangefni
Ynys Mon
LL77 7LU
Plas Llanfihangel Cyf
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Plas Llanfihangel Cyf
Year ended 31 January 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Plas Llanfihangel Cyf for the year ended 31 January 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Plas Llanfihangel Cyf, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Plas Llanfihangel Cyf and state those matters that we have agreed to state to the board of directors of Plas Llanfihangel Cyf as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plas Llanfihangel Cyf and its board of directors as a body for our work or for this report.
It is your duty to ensure that Plas Llanfihangel Cyf has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Plas Llanfihangel Cyf. You consider that Plas Llanfihangel Cyf is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Plas Llanfihangel Cyf. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WJ Matthews & Son
Chartered Accoutants
11-15 Bridge Street
Caernarfon
Gwynedd
LL55 1AB
17 August 2022
Plas Llanfihangel Cyf
Statement of financial position
31 January 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 536,964 588,507
Investments 6 12,387 12,386
_______ _______
549,351 600,893
Current assets
Stocks 389,000 406,000
Debtors 7 12,947 15,400
Cash at bank and in hand 1,726 -
_______ _______
403,673 421,400
Creditors: amounts falling due
within one year 8 ( 120,964) ( 160,674)
_______ _______
Net current assets 282,709 260,726
_______ _______
Total assets less current liabilities 832,060 861,619
Creditors: amounts falling due
after more than one year 9 ( 465,920) ( 565,185)
Provisions for liabilities 11 ( 62,957) ( 64,661)
_______ _______
Net assets 303,183 231,773
_______ _______
Capital and reserves
Called up share capital 20 20
Profit and loss account 303,163 231,753
_______ _______
Shareholders funds 303,183 231,773
_______ _______
For the year ending 31 January 2022 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 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.
These financial statements were approved by the board of directors and authorised for issue on 17 August 2022 , and are signed on behalf of the board by:
Mr Huw Eurig Jones
Director
Company registration number: 09799015
Plas Llanfihangel Cyf
Notes to the financial statements
Year ended 31 January 2022
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Plas Llanfihangel Cyf, Hendre, Tregaian, Llangefni, Anglesey, LL77 7UG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has been given guarantees by its directors in the form of assets held by their personal companies being used as security for the bank loan and overdraft. The accounts have therefore been prepared on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property - 10 % reducing balance
Plant and machinery - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 in finance costs 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 1 (2021: 1 ).
5. Tangible assets
Long leasehold property Plant and machinery Total
£ £ £
Cost
At 1 February 2021 289,402 543,706 833,108
Additions - 24,439 24,439
Disposals - ( 8,250) ( 8,250)
_______ _______ _______
At 31 January 2022 289,402 559,895 849,297
_______ _______ _______
Depreciation
At 1 February 2021 99,525 145,076 244,601
Charge for the year 18,988 53,514 72,502
Disposals - ( 4,770) ( 4,770)
_______ _______ _______
At 31 January 2022 118,513 193,820 312,333
_______ _______ _______
Carrying amount
At 31 January 2022 170,889 366,075 536,964
_______ _______ _______
At 31 January 2021 189,877 398,630 588,507
_______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 February 2021 and 31 January 2022 12,387 12,387
_______ _______
Impairment
At 1 February 2021 and 31 January 2022 - -
_______ _______
Carrying amount
At 31 January 2022 12,387 12,387
_______ _______
At 31 January 2021 12,387 12,387
_______ _______
7. Debtors
2022 2021
£ £
Trade debtors 1,341 3,856
Other debtors 11,606 11,544
_______ _______
12,947 15,400
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 78,650 107,068
Corporation tax 31,708 10,626
Other creditors 10,606 42,980
_______ _______
120,964 160,674
_______ _______
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 450,920 541,955
Other creditors 15,000 23,230
_______ _______
465,920 565,185
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 146,070 (2021 £ 269,955 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan is secured on assets held by the personal companies of the company's directors.
10. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2022 2021
£ £
Not later than 1 year 8,410 42,908
Later than 1 year and not later than 5 years 15,000 23,247
_______ _______
23,410 66,155
Less: future finance charges ( 180) ( 5,065)
_______ _______
Present value of minimum lease payments 23,230 61,090
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 February 2021 64,661 64,661
Charges against provisions ( 1,704) ( 1,704)
_______ _______
At 31 January 2022 62,957 62,957
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022 2021
£ £
Included in provisions (note 11) 62,957 64,661
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2022 2021
£ £
Accelerated capital allowances 64,261 64,261
_______ _______
13. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2022 2021
£ £
Rent paid to directors 91,000 77,000
_______ _______
Rents have been paid equally between the company's directors.
14. Controlling party
The company is controlled by the directors who equally hold the issued share capital.