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REGISTERED NUMBER: 05818564 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

AFAN LODGE LIMITED

AFAN LODGE LIMITED (REGISTERED NUMBER: 05818564)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AFAN LODGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: D Henderson
Ms V Bond
Professor D M Mead OBE
E O White
P Marsh





REGISTERED OFFICE: Afan Lodge
Afan Road
Duffryn Rhondda
Neath Port Talbot
SA13 3ES





REGISTERED NUMBER: 05818564 (England and Wales)





ACCOUNTANTS: Graham Paul Limited
Court House
Court Road
Bridgend
CF31 1BE

AFAN LODGE LIMITED (REGISTERED NUMBER: 05818564)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,079,307 1,057,659

CURRENT ASSETS
Stocks 8,545 2,000
Debtors 5 2,606 11,850
Cash at bank and in hand 51,749 36,732
62,900 50,582
CREDITORS
Amounts falling due within one year 6 33,798 49,127
NET CURRENT ASSETS 29,102 1,455
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,108,409

1,059,114

CREDITORS
Amounts falling due after more than one
year

7

429,242

339,242
NET ASSETS 679,167 719,872

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 450,000 450,000
Revaluation reserve 8 254,264 260,955
Retained earnings (25,197 ) 8,817
SHAREHOLDERS' FUNDS 679,167 719,872

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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.

AFAN LODGE LIMITED (REGISTERED NUMBER: 05818564)

BALANCE SHEET - continued
31 DECEMBER 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 8 September 2022 and were signed on its behalf by:





D Henderson - Director


AFAN LODGE LIMITED (REGISTERED NUMBER: 05818564)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021


1. STATUTORY INFORMATION

Afan Lodge 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Pen y Cymoedd Wind Farm Community Fund CIC (PYC) acquired the company in December 2019 in order to rescue the business for the local area and the community.

Initial work was carried out in early 2020 to re-establish and develop the business, but with the onset of COVID-19 in March 2020, the hotel was forced into temporary closure, with the development plans delayed.

The hotel reopened in August 2020, and traded intermittently until November 2020 when a further lockdown was introduced.
The beginning of 2021 saw further restrictions imposed through to March before the hotel was able to start trading again. Throughout 2021 there have continued to be challenges as a result of Covid, mainly due to availability of resources at a time when demand increased.

PYC continued to support the Hotel in 2021 and this enabled the hotel to trade successfully.

The directors are confident that, with ongoing support from PYC, the company will survive the extended impact of the pandemic and will be in a position to trade profitably in the future.

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

Turnover is recognised at the point of sale in respect of bar sales. For accommodation income turnover is recognised at the point at which the customer checks out.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 15% on cost

AFAN LODGE LIMITED (REGISTERED NUMBER: 05818564)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Government grants
The company was in receipt of a grant during the year which is recognised on the performance model basis.

Grants that do not impose specified future performance-related conditions are recognised as income when the grant proceeds are received or receivable.

Grants that impose specified future performance-related conditions are recognised in income only when the performance-related conditions are met.

Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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 25 (2020 - 21 ) .

AFAN LODGE LIMITED (REGISTERED NUMBER: 05818564)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2021 1,236,761 167,255 1,404,016
Additions - 49,787 49,787
At 31 December 2021 1,236,761 217,042 1,453,803
DEPRECIATION
At 1 January 2021 208,311 138,046 346,357
Charge for year 18,735 9,404 28,139
At 31 December 2021 227,046 147,450 374,496
NET BOOK VALUE
At 31 December 2021 1,009,715 69,592 1,079,307
At 31 December 2020 1,028,450 29,209 1,057,659

Included in cost or valuation of land and buildings is freehold land of £ 300,000 (2020 - £ 300,000 ) which is not depreciated.

Cost or valuation at 31 December 2021 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2009 334,556 - 334,556
Cost 902,205 217,042 1,119,247
1,236,761 217,042 1,453,803

If freehold property had not been revalued it would have been included at the following historical cost:

2021 2020
£    £   
Cost 902,205 902,205
Aggregate depreciation 145,639 133,595

Value of land in freehold land and buildings 300,000 300,000

Freehold property was valued on an open market basis on 31 January 2009 by Foote & Halfpenny Chartered Surveyors .

AFAN LODGE LIMITED (REGISTERED NUMBER: 05818564)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Other debtors 2,606 11,850

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 23,038 18,870
Taxation and social security 6,986 7,598
Other creditors 3,774 22,659
33,798 49,127

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Other creditors 429,242 339,242

8. RESERVES
Revaluation
reserve
£   
At 1 January 2021 260,955
Depreciation written back (6,691 )

At 31 December 2021 254,264

9. RELATED PARTY DISCLOSURES

The company is a wholly owned subsidiary of Pen-y-Cymoedd Community Interest Company.

At the balance sheet date, creditors falling due after more than one year included amounts owed to the company of £429,242.