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REGISTERED NUMBER: 01000094 (England and Wales)















SUNDORNE PRODUCTS (Y MAES) LIMITED

Financial Statements for the Period 1 February 2022 to 28 January 2023






SUNDORNE PRODUCTS (Y MAES) LIMITED (REGISTERED NUMBER: 01000094)

Contents of the Financial Statements
for the Period 1 February 2022 to 28 January 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SUNDORNE PRODUCTS (Y MAES) LIMITED

Company Information
for the Period 1 February 2022 to 28 January 2023







DIRECTOR: C C Davies





REGISTERED OFFICE: Granville House
2 Tettenhall Road
Wolverhampton
West Midlands
WV1 4SB





REGISTERED NUMBER: 01000094 (England and Wales)





AUDITORS: Lancaster Haskins Limited Statutory Auditor
Granville House
2 Tettenhall Road
Wolverhampton
West Midlands
WV1 4SB

SUNDORNE PRODUCTS (Y MAES) LIMITED (REGISTERED NUMBER: 01000094)

Balance Sheet
28 January 2023

28.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,335,816 1,383,516
Investment property 5 1,095,000 1,240,000
2,430,816 2,623,516

CURRENT ASSETS
Stocks 165,471 199,727
Debtors 6 1,039,559 945,178
Cash at bank and in hand 437,368 508,683
1,642,398 1,653,588
CREDITORS
Amounts falling due within one year 7 2,618,283 2,236,805
NET CURRENT LIABILITIES (975,885 ) (583,217 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,454,931

2,040,299

CREDITORS
Amounts falling due after more than one
year

8

(67,546

)

(808,391

)

PROVISIONS FOR LIABILITIES (79,499 ) (85,053 )
NET ASSETS 1,307,886 1,146,855

CAPITAL AND RESERVES
Called up share capital 11 10,100 10,100
Capital redemption reserve 200 200
Non distributable reserves 476,797 437,302
Retained earnings 820,789 699,253
SHAREHOLDERS' FUNDS 1,307,886 1,146,855

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 October 2023 and were signed by:





C C Davies - Director


SUNDORNE PRODUCTS (Y MAES) LIMITED (REGISTERED NUMBER: 01000094)

Notes to the Financial Statements
for the Period 1 February 2022 to 28 January 2023


1. STATUTORY INFORMATION

Sundorne Products (Y Maes) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial reporting standard 102 - reduced disclosure exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
Management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the point when retail customers pay for the goods and at the point when credit customers take delivery of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - 5% on reducing balance
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

In accordance with FRS102, as no depreciation is charged on freehold land and buildings, on the grounds the charge for year is not material, an annual impairment review has been undertaken in line with FRS102.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

SUNDORNE PRODUCTS (Y MAES) LIMITED (REGISTERED NUMBER: 01000094)

Notes to the Financial Statements - continued
for the Period 1 February 2022 to 28 January 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference shares or non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the period 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 period 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.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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 period was 37 (2022 - 41 ) .

SUNDORNE PRODUCTS (Y MAES) LIMITED (REGISTERED NUMBER: 01000094)

Notes to the Financial Statements - continued
for the Period 1 February 2022 to 28 January 2023


4. TANGIBLE FIXED ASSETS
Improvements
Freehold Short to
property leasehold property
£    £    £   
COST
At 1 February 2022 965,803 64,847 534,913
Additions - - -
At 28 January 2023 965,803 64,847 534,913
DEPRECIATION
At 1 February 2022 44,548 40,826 198,805
Charge for period 10,894 1,201 15,002
At 28 January 2023 55,442 42,027 213,807
NET BOOK VALUE
At 28 January 2023 910,361 22,820 321,106
At 31 January 2022 921,255 24,021 336,108

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 February 2022 845,424 309,310 45,550 2,765,847
Additions 800 - - 800
At 28 January 2023 846,224 309,310 45,550 2,766,647
DEPRECIATION
At 1 February 2022 802,657 260,835 34,660 1,382,331
Charge for period 6,495 12,685 2,223 48,500
At 28 January 2023 809,152 273,520 36,883 1,430,831
NET BOOK VALUE
At 28 January 2023 37,072 35,790 8,667 1,335,816
At 31 January 2022 42,767 48,475 10,890 1,383,516

SUNDORNE PRODUCTS (Y MAES) LIMITED (REGISTERED NUMBER: 01000094)

Notes to the Financial Statements - continued
for the Period 1 February 2022 to 28 January 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2022 1,240,000
Disposals (125,000 )
Revaluations (20,000 )
At 28 January 2023 1,095,000
NET BOOK VALUE
At 28 January 2023 1,095,000
At 31 January 2022 1,240,000

The properties were valued at open market value on 10 October 2023 by Tudor Estate Agents, Pwllheli.

Fair value at 28 January 2023 is represented by:
£   
Valuation in 2005 417,513
Valuation in 2007 (3,709 )
Valuation in 2013 (35,000 )
Valuation in 2016 786,196
Valuation in 2021 130,000
Valuation in 2022 (55,000 )
Valuation in 2023 (145,000 )
1,095,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.1.23 31.1.22
£    £   
Trade debtors 21,153 11,949
Amounts owed by group undertakings 648,904 600,676
Other debtors 61,935 33,627
Directors' current accounts 235,383 216,017
Tax 61,191 54,652
Prepayments 10,993 28,257
1,039,559 945,178

SUNDORNE PRODUCTS (Y MAES) LIMITED (REGISTERED NUMBER: 01000094)

Notes to the Financial Statements - continued
for the Period 1 February 2022 to 28 January 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.1.23 31.1.22
£    £   
Bank loans and overdrafts (see note 9) 712,605 180,684
Other loans (see note 9) 145,627 183,365
Trade creditors 1,533,941 1,598,532
Amounts owed to group undertakings 2,864 -
Tax 104,338 100,184
Social security and other taxes 38,338 5,080
Other creditors 36,768 76,827
Accrued expenses 43,802 92,133
2,618,283 2,236,805

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.1.23 31.1.22
£    £   
Bank loans (see note 9) - 686,449
Other loans (see note 9) 67,546 121,942
67,546 808,391

9. LOANS

Company loan facilities are shown as due within one year in these financial statements. The lending was renegotiated and replaced in July 2023 and placed on new long term loan agreements.

SUNDORNE PRODUCTS (Y MAES) LIMITED (REGISTERED NUMBER: 01000094)

Notes to the Financial Statements - continued
for the Period 1 February 2022 to 28 January 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

28.1.23 31.1.22
£    £   
Bank loans 712,605 867,133
A F Blakemore loans 1,253,485 1,427,103
1,966,090 2,294,236

Assets held as security formally charged to the Bank:

An unlimited inter-company guarantee.

A debenture over all assets of the company dated 29/02/2008

48 Morfar Garreg, Pwllheli

Garage Premises, New Street, Pwllhelli

9 Lower Cardiff Road, Pwllheli

8 Lower Cardiff Road, Pwllhelli

6 Lower Cardiff Road, Pwllheli

28 Penrhyn Llidiog, Pwllheli

A legal charge over Glandon Service Station, Caernarvon Road, Pwllheli, dated 05/12/2017

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.1.23 31.1.22
value: £    £   
10,000 Ordinary £1 10,000 10,000
100 Ordinary "B" £1 100 100
10,100 10,100

Ordinary shares have a right to a dividend, are voting shares and have usual priority and share in any surplus on winding up as other ordinary shares.

Ordinary "B" shares are only available for subscription by and issue to directors. Each director may subscribe for a maximum of 100 shares at par value and upon ceasing as a director the shares will be forfeited. The shares are non-voting, non-transferable shares and no rights are attached to the shares other than that of dividend entitlement. In the event of liquidation of the company ordinary "B"shares do not share any surplus.

SUNDORNE PRODUCTS (Y MAES) LIMITED (REGISTERED NUMBER: 01000094)

Notes to the Financial Statements - continued
for the Period 1 February 2022 to 28 January 2023


12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Ashton, A.C.A, F.C.C.A. (Senior Statutory Auditor)
for and on behalf of Lancaster Haskins Limited Statutory Auditor

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the periods ended 28 January 2023 and 31 January 2022:

28.1.23 31.1.22
£    £   
C C Davies
Balance outstanding at start of period 216,008 258,540
Amounts advanced 19,375 22,793
Amounts repaid - (65,325 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 235,383 216,008

The loan is unsecured and interest free and repayable on demand.

14. POST BALANCE SHEET EVENTS

After the year end, the UK economy has been affected by a cost-of-living crisis as a result of increasing inflation and interest rates and increasing energy prices. This, and the impact of the conflict in Ukraine, has driven up food prices. Smaller, local stores may find themselves in a more difficult position compared to supermarkets, who are able to absorb some of the additional costs.

15. ULTIMATE CONTROLLING PARTY

The controlling party is C C Davies.

16. GOING CONCERN

Group turnover increased by 2.4% during the year to £13.6 million, consolidating the return to normal trading achieved in 2022 as the Covid 19 pandemic receded. Group profit before tax was £139,021 compared to £334,513 in the previous year. As reported in the 2022 strategic report, energy prices have impacted the profitability of the group, and we are hopeful that more favourable terms are available when contracts are due for renewal in July 2024.

Current trading and downside projections indicate a cash generative performance to 31 January 2024 and 31 January 2025. These projections have factored in the anticipated increases in energy costs based on current group infrastructure. There are plans to refurbish one group store and there have been indications from the shopfitting company that this could result in a 60% saving in energy costs.

Credit lines and loan facilities were renegotiated and renewed in July 2023 and our largest supply chain partner has affirmed their commitment to developing the group's activities in the coming years.

The director has therefore concluded that no material uncertainties exist which could threaten the group's ability to operate and meet its obligations for at least one year from approval of these financial statements.