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Company registration number: 04665100
Pentre Bach Ni Cyfyngedig
Unaudited filleted financial statements
28 February 2023
Pentre Bach Ni Cyfyngedig
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Pentre Bach Ni Cyfyngedig
Directors and other information
Directors Mrs Ifana Mary Savill
Mr Adrian Walter Savill
Mr Huw Gwion Savill
Secretary H G Savill
Company number 04665100
Registered office Neuadd y Pentref
Blaenpennal
Aberystwyth
Ceredigion
SY23 4TW
Business address Neuadd y Pentref
Blaenpennal
Aberystwyth
SY23 4TW
Accountants Davies Lewis Baker
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
Bankers NatWest
Station Road
Tregaron
Ceredigion
SY25 6HU
Pentre Bach Ni Cyfyngedig
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Pentre Bach Ni Cyfyngedig
Year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pentre Bach Ni Cyfyngedig for the year ended 28 February 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com /gb/en/about-us/regulation/rulebook.html.
This report is made solely to the board of directors of Pentre Bach Ni Cyfyngedig, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Pentre Bach Ni Cyfyngedig and state those matters that we have agreed to state to the board of directors of Pentre Bach Ni Cyfyngedig as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pentre Bach Ni Cyfyngedig and its board of directors as a body for our work or for this report.
It is your duty to ensure that Pentre Bach Ni Cyfyngedig has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Pentre Bach Ni Cyfyngedig. You consider that Pentre Bach Ni Cyfyngedig is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Pentre Bach Ni Cyfyngedig. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Davies Lewis Baker
Association of Chartered Certified Accountants
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
29 October 2023
Pentre Bach Ni Cyfyngedig
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 245,832 225,406
_______ _______
245,832 225,406
Current assets
Debtors 6 7,664 -
_______ _______
7,664 -
Creditors: amounts falling due
within one year 7 ( 566,339) ( 480,229)
_______ _______
Net current liabilities ( 558,675) ( 480,229)
_______ _______
Total assets less current liabilities ( 312,843) ( 254,823)
Creditors: amounts falling due
after more than one year 8 ( 94,091) ( 100,785)
_______ _______
Net liabilities ( 406,934) ( 355,608)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 407,034) ( 355,708)
_______ _______
Shareholders deficit ( 406,934) ( 355,608)
_______ _______
For the year ending 28 February 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 October 2023 , and are signed on behalf of the board by:
Mrs Ifana Mary Savill Mr Adrian Walter Savill
Director Director
Company registration number: 04665100
Pentre Bach Ni Cyfyngedig
Statement of changes in equity
Year ended 28 February 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 March 2021 100 ( 360,102) ( 360,002)
(Loss)/profit for the year 4,394 4,394
_______ _______ _______
Total comprehensive income for the year - 4,394 4,394
_______ _______ _______
At 28 February 2022 and 1 March 2022 100 ( 355,708) ( 355,608)
(Loss)/profit for the year ( 51,326) ( 51,326)
_______ _______ _______
Total comprehensive income for the year - ( 51,326) ( 51,326)
_______ _______ _______
At 28 February 2023 100 ( 407,034) ( 406,934)
_______ _______ _______
Pentre Bach Ni Cyfyngedig
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in Wales. The address of the registered office is Neuadd y Pentref, Blaenpennal, Aberystwyth, Ceredigion, SY23 4TW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Leasehold improvements have been amortised to their estimated residual value during the year ended 28th February 2017. In the opinion of the directors the residual value is a fair reflection of current market values.
Short leasehold property improvements - 10 % straight line
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Government grants are recognised using the accrual model.Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold property Short leasehold property Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 March 2022 121,100 417,277 50,399 588,776
Additions - - 30,750 30,750
_______ _______ _______ _______
At 28 February 2023 121,100 417,277 81,149 619,526
_______ _______ _______ _______
Depreciation
At 1 March 2022 - 332,687 30,683 363,370
Charge for the year - - 10,324 10,324
_______ _______ _______ _______
At 28 February 2023 - 332,687 41,007 373,694
_______ _______ _______ _______
Carrying amount
At 28 February 2023 121,100 84,590 40,142 245,832
_______ _______ _______ _______
At 28 February 2022 121,100 84,590 19,716 225,406
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Other debtors 7,664 -
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 8,322 8,269
Trade creditors 4,033 3,269
Social security and other taxes - 4,554
Other creditors 553,984 464,137
_______ _______
566,339 480,229
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 94,091 100,785
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 52,561 (2022 £ 59,527 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Government backed bounce back loan repayable over five years by instalments with option to extend to ten year period. Interest fixed throughout the loan term.
9. Directors advances, credits and guarantees
The company owes its directors AW & IM Savill £363,598 (2022 £345,179) and HG Savill £171,094 (2022 £116,408). No interest is charged and no set repayment terms have been agreed. The directors are the main creditors of the company.
10. Related party transactions
The company occupies land and buildings owned by the directors. The lease terminated 28th February 2017. Rent has not been charged to the company by the directors for the use of the land and buildings.
11. Controlling party
The company is controlled by its directors and only shareholders.
12. Going Concern
The lease for the land and buildings expired on 28th February 2017. The company remains heavily reliant on its directors for its financing needs and operating site. The directors consider the use of the going concern basis is appropriate as there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.