Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true102022-04-01falseNo description of principal activity10trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00666457 2022-04-01 2023-03-31 00666457 2021-04-01 2022-03-31 00666457 2023-03-31 00666457 2022-03-31 00666457 c:Director4 2022-04-01 2023-03-31 00666457 d:Buildings 2022-04-01 2023-03-31 00666457 d:Buildings 2023-03-31 00666457 d:Buildings 2022-03-31 00666457 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00666457 d:PlantMachinery 2022-04-01 2023-03-31 00666457 d:PlantMachinery 2023-03-31 00666457 d:PlantMachinery 2022-03-31 00666457 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00666457 d:MotorVehicles 2022-04-01 2023-03-31 00666457 d:MotorVehicles 2023-03-31 00666457 d:MotorVehicles 2022-03-31 00666457 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00666457 d:FurnitureFittings 2022-04-01 2023-03-31 00666457 d:FurnitureFittings 2023-03-31 00666457 d:FurnitureFittings 2022-03-31 00666457 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00666457 d:OfficeEquipment 2022-04-01 2023-03-31 00666457 d:OfficeEquipment 2023-03-31 00666457 d:OfficeEquipment 2022-03-31 00666457 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00666457 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 00666457 d:OtherPropertyPlantEquipment 2023-03-31 00666457 d:OtherPropertyPlantEquipment 2022-03-31 00666457 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00666457 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00666457 d:Goodwill 2022-04-01 2023-03-31 00666457 d:Goodwill 2023-03-31 00666457 d:Goodwill 2022-03-31 00666457 d:CurrentFinancialInstruments 2023-03-31 00666457 d:CurrentFinancialInstruments 2022-03-31 00666457 d:Non-currentFinancialInstruments 2023-03-31 00666457 d:Non-currentFinancialInstruments 2022-03-31 00666457 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00666457 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 00666457 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 00666457 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 00666457 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 00666457 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 00666457 d:ShareCapital 2023-03-31 00666457 d:ShareCapital 2022-03-31 00666457 d:OtherMiscellaneousReserve 2023-03-31 00666457 d:OtherMiscellaneousReserve 2022-03-31 00666457 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00666457 d:RetainedEarningsAccumulatedLosses 2023-03-31 00666457 d:RetainedEarningsAccumulatedLosses 2022-03-31 00666457 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00666457 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 00666457 c:OrdinaryShareClass1 2022-04-01 2023-03-31 00666457 c:OrdinaryShareClass1 2023-03-31 00666457 c:OrdinaryShareClass1 2022-03-31 00666457 c:FRS102 2022-04-01 2023-03-31 00666457 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 00666457 c:FullAccounts 2022-04-01 2023-03-31 00666457 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00666457 2 2022-04-01 2023-03-31 00666457 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 00666457










TOWYN DEVELOPMENT CO. LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
TOWYN DEVELOPMENT CO. LIMITED
REGISTERED NUMBER: 00666457

BALANCE SHEET
AS AT 31 MARCH 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
11,534,159
11,562,924

Investments
 7 
821,763
821,763

  
12,355,922
12,384,687

Current assets
  

Stocks
  
757,698
829,162

Debtors: amounts falling due within one year
 8 
1,948,810
1,426,134

Cash at bank and in hand
 9 
1,619,146
1,848,912

  
4,325,654
4,104,208

Creditors: amounts falling due within one year
 10 
(8,496,834)
(4,626,876)

Net current liabilities
  
 
 
(4,171,180)
 
 
(522,668)

Total assets less current liabilities
  
8,184,742
11,862,019

Creditors: amounts falling due after more than one year
 11 
-
(4,269,609)

Provisions for liabilities
  

Deferred tax
 13 
(63,866)
(71,907)

  
 
 
(63,866)
 
 
(71,907)

Net assets
  
8,120,876
7,520,503


Capital and reserves
  

Called up share capital 
 14 
4,800
4,800

Other reserves
 15 
7,200
7,200

Profit and loss account
 15 
8,108,876
7,508,503

  
8,120,876
7,520,503


Page 1

 
TOWYN DEVELOPMENT CO. LIMITED
REGISTERED NUMBER: 00666457
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 August 2023.




Mrs B A Parry
Director

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Towyn Development Co. Limited, 00666457, is a private company limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Bryn Y Mor and Vaenol Caravan Park, Park Office, Derlwyn, Tywyn, Gwynedd, LL36 9HL.
The principal activity of the company continues to be caravan sales, caravan park management and farming.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
No depreciation
Plant and machinery
-
15%
Motor vehicles
-
25%
Fixtures and fittings
-
15%
Office equipment
-
30%
Property improvements
-
No depreciation

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

The directors believe the residual value of the freehold property and property improvements is similar to that of the cost and therefore deprecation is not applied.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 6

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.


4.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 10).


5.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
723,050



At 31 March 2023

723,050



Amortisation


At 1 April 2022
723,050



At 31 March 2023

723,050



Net book value



At 31 March 2023
-



At 31 March 2022
-



Page 7

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Property improvements

£
£
£
£
£
£



Cost or valuation


At 1 April 2022
10,544,306
569,624
76,604
76,788
11,881
734,390


Additions
-
17,234
17,000
-
-
-


Disposals
-
(75,161)
(8,300)
(43,392)
(1,050)
-



At 31 March 2023

10,544,306
511,697
85,304
33,396
10,831
734,390



Depreciation


At 1 April 2022
-
330,805
44,197
64,091
11,576
-


Charge for the year on owned assets
-
37,313
11,997
1,905
91
-


Disposals
-
(65,581)
(6,904)
(42,696)
(1,029)
-



At 31 March 2023

-
302,537
49,290
23,300
10,638
-



Net book value



At 31 March 2023
10,544,306
209,160
36,014
10,096
193
734,390



At 31 March 2022
10,544,306
238,818
32,407
12,698
305
734,390
Page 8

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           6.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 April 2022
12,013,593


Additions
34,234


Disposals
(127,903)



At 31 March 2023

11,919,924



Depreciation


At 1 April 2022
450,669


Charge for the year on owned assets
51,306


Disposals
(116,210)



At 31 March 2023

385,765



Net book value



At 31 March 2023
11,534,159



At 31 March 2022
11,562,924


7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
821,763



At 31 March 2023
821,763




Page 9

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Debtors

2023
2022
£
£


Trade debtors
390,145
503,794

Other debtors
1,521,799
907,906

Prepayments and accrued income
36,866
14,434

1,948,810
1,426,134



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,619,146
1,848,912

Less: bank overdrafts
(85,210)
(68,109)

1,533,936
1,780,803


Page 10

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Bank overdrafts
85,210
68,109

Bank loans
5,342,430
1,382,208

Trade creditors
129,654
101,615

Amounts owed to group undertakings
1,085,380
1,061,415

Other taxation and social security
406,144
322,434

Other creditors
160,251
296,161

Accruals and deferred income
1,287,765
1,394,934

8,496,834
4,626,876


The following liabilities were secured:

As restated
2023
2022
£
£



Bank loans
5,342,430
1,382,208

Bank overdrafts
85,210
68,109

5,427,640
1,450,317

Details of security provided:

The bank loans and overdraft are secured upon the assets of the company.

Page 11

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Creditors: Amounts falling due after more than one year

As restated
2023
2022
£
£

Bank loans
-
4,269,609

-
4,269,609


The following liabilities were secured:

As restated
2023
2022
£
£



Bank loans
-
4,269,609

-
4,269,609

Details of security provided:

The bank loans and overdraft are secured upon the assets of the company.


12.


Loans


Analysis of the maturity of loans is given below:


As restated
2023
2022
£
£

Amounts falling due within one year

Bank loans
5,342,430
1,382,208


5,342,430
1,382,208

Amounts falling due 1-2 years

Bank loans
-
4,269,609


-
4,269,609



5,342,430
5,651,817


Page 12

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Deferred taxation




2023


£






At beginning of year
71,907


Charged to profit or loss
(8,041)



At end of year
63,866

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
63,866
71,907

63,866
71,907


14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,800 (2022 - 4,800) Ordinary shares of £1.00 each
4,800
4,800



15.


Reserves

Profit and loss account

The profit and loss account represents the accumulated profits of the Company since incorporation less
distributions made to shareholders.


16.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £3,920 (2022: £3,729) . Contributions totalling £254 (2022: £250) were payable to the fund at the balance sheet date and are included in creditors.

Page 13

 
TOWYN DEVELOPMENT CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

17.


Related party transactions

Included in creditors due within one year is a balance due to Kingsford Holiday Camp Ltd (a subsidiary company) totaling £1,085,380 (2022: £1,061,415).
The balance is repayable on demand and no interest is charged.
Included in other debtors is a balance due of £577,183 (2022: £nil)  from the estate of Bryn Owen.
 

 
Page 14