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Registration number: 11140363

Ty-Glas Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Ty-Glas Properties Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 4

 

Ty-Glas Properties Limited

(Registration number: 11140363)
Statement of Financial Position as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

184,810

-

Current assets

 

Cash at bank and in hand

 

201

100

Creditors: Amounts falling due within one year

5

(188,173)

-

Net current (liabilities)/assets

 

(187,972)

100

Net (liabilities)/assets

 

(3,162)

100

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(3,262)

-

Shareholders' (deficit)/funds

 

(3,162)

100

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 25 October 2023 and signed on its behalf by:
 

.........................................
P L Edwards
Director

 

Ty-Glas Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ty-Nant,
16a Cwmfelin Road
Llanelli
Dyfed
SA14 9LR
United Kingdom

Principal activity

The principal activity of the company is residential property rental and development.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Ty-Glas Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Investment properties

2023
£

Additions

184,810

At 31 January

184,810

There has been no valuation of investment property by an independent valuer.

 

Ty-Glas Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Other creditors

188,173

-

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.