69 false false false false false false false false false true false false false false false false 2022-02-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 01411253 2022-02-01 2023-01-31 01411253 2023-01-31 01411253 2022-01-31 01411253 2021-02-01 2022-01-31 01411253 2022-01-31 01411253 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 01411253 core:PlantMachinery 2022-02-01 2023-01-31 01411253 core:FurnitureFittings 2022-02-01 2023-01-31 01411253 core:MotorVehicles 2022-02-01 2023-01-31 01411253 bus:Director3 2022-02-01 2023-01-31 01411253 core:LandBuildings 2022-01-31 01411253 core:PlantMachinery 2022-01-31 01411253 core:FurnitureFittings 2022-01-31 01411253 core:MotorVehicles 2022-01-31 01411253 core:LandBuildings 2023-01-31 01411253 core:PlantMachinery 2023-01-31 01411253 core:FurnitureFittings 2023-01-31 01411253 core:MotorVehicles 2023-01-31 01411253 core:LandBuildings 2022-02-01 2023-01-31 01411253 core:WithinOneYear 2023-01-31 01411253 core:WithinOneYear 2022-01-31 01411253 core:AfterOneYear 2023-01-31 01411253 core:AfterOneYear 2022-01-31 01411253 core:ShareCapital 2023-01-31 01411253 core:ShareCapital 2022-01-31 01411253 core:CapitalRedemptionReserve 2023-01-31 01411253 core:CapitalRedemptionReserve 2022-01-31 01411253 core:RetainedEarningsAccumulatedLosses 2023-01-31 01411253 core:RetainedEarningsAccumulatedLosses 2022-01-31 01411253 core:LandBuildings 2022-01-31 01411253 core:PlantMachinery 2022-01-31 01411253 core:FurnitureFittings 2022-01-31 01411253 core:MotorVehicles 2022-01-31 01411253 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-01-31 01411253 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2022-01-31 01411253 bus:SmallEntities 2022-02-01 2023-01-31 01411253 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 01411253 bus:FullAccounts 2022-02-01 2023-01-31 01411253 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 01411253 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 01411253 core:EntityControlledByKeyManagementPersonnel1 2022-02-01 2023-01-31
COMPANY REGISTRATION NUMBER: 01411253
Afan Landscapes Limited
Filleted Unaudited Financial Statements
31 January 2023
Afan Landscapes Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
519,808
465,081
Current assets
Stocks
78,349
85,556
Debtors
6
2,495,980
2,485,382
Cash at bank and in hand
565,799
319,001
------------
------------
3,140,128
2,889,939
Creditors: amounts falling due within one year
7
1,553,390
1,402,889
------------
------------
Net current assets
1,586,738
1,487,050
------------
------------
Total assets less current liabilities
2,106,546
1,952,131
Creditors: amounts falling due after more than one year
8
219,612
214,506
Provisions
Taxation including deferred tax
1,647
( 27,967)
------------
------------
Net assets
1,885,287
1,765,592
------------
------------
Capital and reserves
Called up share capital
66
66
Capital redemption reserve
34
34
Profit and loss account
1,885,187
1,765,492
------------
------------
Shareholders funds
1,885,287
1,765,592
------------
------------
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 January 2023 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 .
Afan Landscapes Limited
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
Mr A D Williams
Director
Company registration number: 01411253
Afan Landscapes Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
Afan Landscapes Limited is a private company limited by shares and incorporated in Wales. Its registered office is Water Street, Margam, Port Talbot, SA13 2PA. The company operates within the United Kingdom and its principal activities are that of hard and soft landscapers.
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.
Taxation
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.
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:
Freehold property
-
2% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
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 the 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 and losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constrant 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 is classed as an equity instrument. Dividends and distribution 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 69 (2022: 68 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2022
155,621
553,187
75,974
766,054
1,550,836
Additions
1,314
8,930
3,251
173,331
186,826
Disposals
( 13,951)
( 41,100)
( 55,051)
---------
---------
--------
---------
------------
At 31 January 2023
156,935
562,117
65,274
898,285
1,682,611
---------
---------
--------
---------
------------
Depreciation
At 1 February 2022
13,555
484,550
41,958
545,692
1,085,755
Charge for the year
2,512
19,392
4,977
97,521
124,402
Disposals
( 9,865)
( 37,489)
( 47,354)
---------
---------
--------
---------
------------
At 31 January 2023
16,067
503,942
37,070
605,724
1,162,803
---------
---------
--------
---------
------------
Carrying amount
At 31 January 2023
140,868
58,175
28,204
292,561
519,808
---------
---------
--------
---------
------------
At 31 January 2022
142,066
68,637
34,016
220,362
465,081
---------
---------
--------
---------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 January 2023
108,082
---------
At 31 January 2022
77,639
---------
6. Debtors
2023
2022
£
£
Trade debtors
2,204,755
1,888,915
Amounts owed by group undertakings and undertakings in which the company has a participating interest
149,156
213,035
Other debtors
142,069
383,432
------------
------------
2,495,980
2,485,382
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Trade debtors
453,161
378,062
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
40,000
135,156
Trade creditors
1,141,267
856,405
Amounts owed to group undertakings and undertakings in which the company has a participating interest
8,754
17,278
Social security and other taxes
48,584
56,598
Other creditors
314,785
337,452
------------
------------
1,553,390
1,402,889
------------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
106,667
170,667
Other creditors
112,945
43,839
---------
---------
219,612
214,506
---------
---------
In 2021 the company obtained a Coronavirus Business Interruption Loan for £200,000 that is repayable over 6 years. The loan has an interest rate of Bank of England Base Rate + 3.99% with the first 12 months interest being paid by the UK Government and capital repayments not starting until month 13.
9. Related party transactions
During the year the company was acquired by Afan Group Limited, a UK Company, and the directors have taken exemption under FRS102 s33.1A for not disclosing group transactions between wholly owned group companies. A P Developments Limited, a UK company controlled by key management personnel, was repaid the £100,000 loan it was owed by Afan Landscapes Limited at the start of the year.