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COMPANY REGISTRATION NUMBER: 04910750
Tiercel Developments Limited
Filleted Unaudited Financial Statements
31 March 2022
Tiercel Developments Limited
Directors' Report
Year ended 31 March 2022
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2022 .
Directors
The directors who served the company during the year were as follows:
Mr A J Ritson-Walton
Mr C Ritson-Walton
Ms F.A Ritson-Walton
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 4 August 2022 and signed on behalf of the board by:
Mr A J Ritson-Walton
Mr C Ritson-Walton
Director
Director
Pauline Ritson-Walton
Company Secretary
Registered office:
St Harmon Road
Rhayader
Powys
LD6 5LS
Tiercel Developments Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Tiercel Developments Limited
Year ended 31 March 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 Tiercel Developments Limited for the year ended 31 March 2022, which comprise the statement of financial position and the 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Tiercel Developments Limited, as a body, in accordance with the terms of our engagement letter dated 15 March 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Tiercel Developments Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tiercel Developments Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Tiercel Developments Limited 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 Tiercel Developments Limited. You consider that Tiercel Developments Limited 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 Tiercel Developments Limited. 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.
FRANCIS GRAY Chartered accountants
Ty Madog 32 Queens Road Aberystwyth Ceredigion SY23 2HN
4 August 2022
Tiercel Developments Limited
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
608,080
524,362
Investments
6
760,000
352,946
------------
---------
1,368,080
877,308
Current assets
Debtors
7
14,445
10,349
Cash at bank and in hand
73,503
155,440
--------
---------
87,948
165,789
Creditors: amounts falling due within one year
8
391,837
27,036
---------
---------
Net current (liabilities)/assets
( 303,889)
138,753
------------
------------
Total assets less current liabilities
1,064,191
1,016,061
Creditors: amounts falling due after more than one year
9
( 385,986)
( 751,745)
Provisions
Taxation including deferred tax
14,062
14,062
------------
------------
Net assets
664,143
250,254
------------
------------
Capital and reserves
Called up share capital
3
3
Profit and loss account
664,140
250,251
---------
---------
Shareholders funds
664,143
250,254
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 March 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 .
Tiercel Developments Limited
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 4 August 2022 , and are signed on behalf of the board by:
Mr A J Ritson-Walton
Mr C Ritson-Walton
Director
Director
Company registration number: 04910750
Tiercel Developments Limited
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Harmon Road, Rhayader, Powys, LD6 5LS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
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.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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 as a finance cost 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 2 (2021: 1 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2021
450,274
209,790
15,600
675,664
Additions
97,618
2,900
100,518
---------
---------
--------
---------
At 31 March 2022
547,892
212,690
15,600
776,182
---------
---------
--------
---------
Depreciation
At 1 April 2021
142,707
8,595
151,302
Charge for the year
15,000
1,800
16,800
---------
---------
--------
---------
At 31 March 2022
157,707
10,395
168,102
---------
---------
--------
---------
Carrying amount
At 31 March 2022
547,892
54,983
5,205
608,080
---------
---------
--------
---------
At 31 March 2021
450,274
67,083
7,005
524,362
---------
---------
--------
---------
The assets comprising the freehold property are as follows:
2022 2021
£ £
Llanfadog caravan park 547,892 450,274
--------- ---------
The asset continues to be developed and on that basis is included at its cost as at the year end, which the Directors feel to be its fair value. A formal valuation will be incorporated into the financial statements when the development is completed.
6. Investments
Other investments other than loans
£
Cost
At 1 April 2021 and 31 March 2022
352,946
---------
Impairment
At 1 April 2021
Revaluations
( 407,054)
---------
At 31 March 2022
( 407,054)
---------
Carrying amount
At 31 March 2022
760,000
---------
At 31 March 2021
352,946
---------
Investments comprise:
2022
2021
£
£
23 Maes Cottage Estate, Rhayader
250,000
117,513
Maes Field, Rhayader
350,000
75,072
Northbrook, North Street, Rhayader
160,000
160,361
---------
---------
Total
760,000
352,946
---------
---------
The resultant uplift in the Investments' carrying value of £407,054 has been shown as a 'Fair value movement on investment'in the Statement of Income and Retained Earnings.
All 3 properties were valued on 25th July 2022 by Clare Evans and Co. Estate Agents, 4 North Street, Rhayader, LD6 5BU at open market valuation. In the case of 23 Maes Cottage and North Brook as with vacant possession. The Directors have incorporated these valuations as at 31st March 2022 and are content that they are carried at Fair Value at that date.
7. Debtors
2022
2021
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
367
6,964
Other debtors
14,078
3,385
--------
--------
14,445
10,349
--------
--------
'Other debtors' comprises:
2022 2021
£ £
PAYE and NIC 444
VAT liability 13,634 3,385
-------- -------
14,078 3,385
-------- -------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
18,074
19,583
Trade creditors
19,741
3,653
Corporation tax
645
Other creditors
353,377
3,800
---------
--------
391,837
27,036
---------
--------
Other Creditors comprise the following at the balance sheet date:
2022 2021
£ £
Accruals 3,700 3,800
------- -------
Bank loans and overdrafts repayable within a year comprise the following:
2022 2021
£ £
Commercial card (1,509)
Barclays loan (8,074) (8,074)
Barclays 'Bounce-back' loan (10,000) (10,000)
-------- --------
Total (18,074) (19,583)
-------- --------
Cliff Walton and Sons Ltd has Directors and shareholders in common with Tiercel Developments Limited (see Related Parties note 10). Directors' current account balances total £349,647 (2021 - £347,588). Though technically repayable to the Directors on demand, there is no intention by the Directors to repay these amounts in the immediate future or to charge interest thereon.
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
385,986
404,157
Other creditors
347,588
---------
---------
385,986
751,745
---------
---------
Bank loans and overdrafts repayable in less than year:
2022 2021
£ £
Barclays loan (47,061) (56,899)
Barclays 'Bounce-back' loan (31,667) (40,000)
HSBC loan 307,258 307,258
--------- ---------
Total (385,986) (404,157)
--------- ---------
The Company's bankers have the following charges over the assets of the Company: Barclays bank plc have a legal charge, registered on 23rd November 2004, over the freehold of Northbrook, North Road, Rhayader HSBC bank have a fixed and floating charge, registered on 19th May 2020, over all assets and land at Llanfadog farm HSBC bank have a legal mortgage, registered 2nd July 2020, over the freehold of Llanfadog farm, Elan Valley, Rhayader Total bank loans and overdrafts ( less than and greater than 1 year) comprise the following:
2022 2021
£ £
Commercial Card - (1,509)
Barclays loan (55,135) (64,973)
Barclays 'Bounce-Back' loan (40,833) (50,000)
HSBC loan 307,258 307,258
--------- ---------
Total (403,226) (423,740)
--------- ---------
10. Directors' advances, credits and guarantees
The movement on Directors' accounts during the year and previous year were as follows:
2022 2021
£ £
Directors' balances b/f 347,588 337,588
Funds introduced 2,089 10,000
--------- ---------
Directors' balances c/f 349,677 347,588
--------- ---------
11. Related party transactions
The company was under the control of the directors throughout the current and previous year. The Company has an outstanding loan of £367 due from Cliff Walton and Sons Ltd at 31st March 2022 (£6,964 due from Cliff Walton and Sons Ltd at 31st March 2021). Cliff Walton and Sons Ltd is controlled by Mr J Ritson-Walton and Mr C Ritson-Walton , who (together with Ms F Ritson-Walton) control Tiercel Developments Ltd. The loan is repayable on demand and no interest is charged on the balance outstanding.