Company registration number 04628509 (England and Wales)
PENYLAN COUNTRY LODGE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
PAGES FOR FILING WITH REGISTRAR
PENYLAN COUNTRY LODGE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PENYLAN COUNTRY LODGE LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2022
31 January 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,874
13,746
Tangible assets
4
7,832
12,014
Current assets
Stocks
7,540
9,900
Debtors
5
-
0
4,866
Cash at bank and in hand
85,476
117,262
93,016
132,028
Creditors: amounts falling due within one year
6
(33,204)
(25,543)
Net current assets
59,812
106,485
Total assets less current liabilities
74,518
132,245
Creditors: amounts falling due after more than one year
7
-
0
(48,333)
Provisions for liabilities
(1,471)
(2,265)
Net assets
73,047
81,647
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
72,947
81,547
Total equity
73,047
81,647

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 9 September 2022 and are signed on its behalf by:
Mr J B Meechan
Director
Company Registration No. 04628509
PENYLAN COUNTRY LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
- 2 -
1
Accounting policies
Company information

Penylan Country Lodge Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O UHY Hacker Young, Lanyon House, Mission Court, Newport, NP20 2DW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for services provided.

 

Turnover represents the value of services provided in the normal course of business excluding VAT.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

Goodwill, being the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life which the directors estimated to be 20 years. Provision is made for any impairment.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
- 5% on cost
Fixtures, fittings & equipment
- 25% on cost
Computer equipment
- 25% on cost
Motor vehicles
- 20% on cost
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

PENYLAN COUNTRY LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 3 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PENYLAN COUNTRY LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 4 -
1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
18
20
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2021 and 31 January 2022
137,441
Amortisation and impairment
At 1 February 2021
123,695
Amortisation charged for the year
6,872
At 31 January 2022
130,567
Carrying amount
At 31 January 2022
6,874
At 31 January 2021
13,746
PENYLAN COUNTRY LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 5 -
4
Tangible fixed assets
Improvements to property
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2021
5,523
27,368
2,022
35,567
70,480
Additions
-
0
1,389
-
0
-
0
1,389
At 31 January 2022
5,523
28,757
2,022
35,567
71,869
Depreciation and impairment
At 1 February 2021
4,975
26,797
1,310
25,384
58,466
Depreciation charged in the year
277
657
317
4,320
5,571
At 31 January 2022
5,252
27,454
1,627
29,704
64,037
Carrying amount
At 31 January 2022
271
1,303
395
5,863
7,832
At 31 January 2021
548
571
712
10,183
12,014
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
-
0
4,866
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
-
0
1,667
Trade creditors
2,516
4,973
Taxation and social security
25,417
9,315
Other creditors
5,271
9,588
33,204
25,543
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
-
0
48,333
PENYLAN COUNTRY LODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
7
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
-
8,333
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
60
30
60
30
Ordinary B of £1 each
-
30
-
30
Ordinary C of £1 each
20
20
20
20
Ordinary D of £1 each
20
20
20
20
100
100
100
100

During the year 30 ordinary B shares of £1 each have been re-designated as 30 ordinary A shares of £1 each.

9
Directors' transactions

Dividends totalling £33,500 (2021 - £20,000) were paid in the year in respect of shares held by the company's directors.

The directors received rent of £10,600 (2021 - £10,330) during the year.

 

The directors operate a current loan accounts with the company, which are debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the directors was £120 (2021 - £4,863); this amount being included in creditors: amounts falling due within one year.

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