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Registration number: 09270035

Fferyllfa Tycroes Cyf

REPORT OF THE DIRECTORS and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Fferyllfa Tycroes Cyf

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Fferyllfa Tycroes Cyf

Company Information

Director

Ms Helen Palmer

Registered office

Tycroes Pharmacy
5A Penygarn Road
Tycroes
Ammanford
Carmarthenshire
SA18 3NY
 

Accountants

Wynne & Co
Chartered Accountants
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF

 

Fferyllfa Tycroes Cyf

(Registration number: 09270035)
Balance Sheet as at 30 April 2023

Note

30 April
2023
£

30 April
2022
£

Fixed assets

 

Tangible assets

5

8,044

10,056

Current assets

 

Stocks

6

32,500

28,450

Debtors

7

311,518

272,434

Cash at bank and in hand

 

94,826

61,826

 

438,844

362,710

Creditors: Amounts falling due within one year

8

(157,603)

(151,995)

Net current assets

 

281,241

210,715

Total assets less current liabilities

 

289,285

220,771

Creditors: Amounts falling due after more than one year

8

(17,216)

(43,417)

Net assets

 

272,069

177,354

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

271,969

177,254

Shareholders' funds

 

272,069

177,354

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Fferyllfa Tycroes Cyf

(Registration number: 09270035)
Balance Sheet as at 30 April 2023

Approved and authorised by the director on 26 September 2023
 

.........................................
Ms Helen Palmer
Director

 

Fferyllfa Tycroes Cyf

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 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:
Tycroes Pharmacy
5A Penygarn Road
Tycroes
Ammanford
Carmarthenshire
SA18 3NY
Wales

These financial statements were authorised for issue by the director on 26 September 2023.

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.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Fferyllfa Tycroes Cyf

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

 

Fferyllfa Tycroes Cyf

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Fferyllfa Tycroes Cyf

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2022 - 10).

 

Fferyllfa Tycroes Cyf

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

589,979

589,979

At 30 April 2023

589,979

589,979

Amortisation

At 1 May 2022

589,979

589,979

At 30 April 2023

589,979

589,979

Carrying amount

At 30 April 2023

-

-

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

8,700

8,588

17,288

At 30 April 2023

8,700

8,588

17,288

Depreciation

At 1 May 2022

2,165

5,068

7,233

Charge for the year

704

1,307

2,011

At 30 April 2023

2,869

6,375

9,244

Carrying amount

At 30 April 2023

5,831

2,213

8,044

At 30 April 2022

6,535

3,521

10,056

 

Fferyllfa Tycroes Cyf

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2023

6

Stocks

30 April
2023
£

30 April
2022
£

Closing stock

32,500

28,450

7

Debtors

Current

30 April
2023
£

30 April
2022
£

Trade debtors

146,397

141,822

Prepayments

2,085

2,145

Other debtors

27,937

25,333

Directors account

135,099

103,134

 

311,518

272,434

 

Fferyllfa Tycroes Cyf

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2023

8

Creditors

Creditors: amounts falling due within one year

Note

30 April
2023
£

30 April
2022
£

Due within one year

 

Bank loans and overdrafts

10

7,415

12,689

Trade creditors

 

114,525

106,958

Taxation and social security

 

594

467

Accruals and deferred income

 

1,964

1,788

Other creditors

 

33,105

30,093

 

157,603

151,995

Creditors: amounts falling due after more than one year

Note

30 April
2023
£

30 April
2022
£

Due after one year

 

Loans and borrowings

10

17,216

43,417

9

Share capital

Allotted, called up and fully paid shares

 

30 April
2023

30 April
2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

30 April
2023
£

30 April
2022
£

Non-current loans and borrowings

Bank borrowings

17,216

43,417

 

Fferyllfa Tycroes Cyf

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2023

30 April
2023
£

30 April
2022
£

Current loans and borrowings

Bank borrowings

7,415

12,689

Bank borrowings

Secured Debts

National Westminster Bank Plc hold a legal charge over property owed by the director dated 20 May 2015.
National Westminster Bank Plc hold a fixed and floating charge over the assets of the company to cover all borrowings dated 13 May 2015.

11

Dividends

Interim dividends paid

   

30 April
2023
£

 

30 April
2022
£

Interim dividend of £400.00 per each Ordinary

 

40,000

 

40,000

         
 

Fferyllfa Tycroes Cyf

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2023

12

Related party transactions

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Ms Helen Palmer

(103,134)

(227,829)

195,864

(135,099)

         
       

 

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

13,504

10,927

Pension contributions

40,384

32,607

53,888

43,534