REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
AFAN LODGE LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
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 |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve | 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. |
AFAN LODGE LIMITED (REGISTERED NUMBER: 05818564) |
BALANCE SHEET - continued |
31 DECEMBER 2021 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
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 |
Additions |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
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 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Other creditors |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2021 |
Depreciation written back | (6,691 | ) |
At 31 December 2021 |
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. |