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Registration number: 4614410

Aberglasney Enterprises Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Aberglasney Enterprises Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Aberglasney Enterprises Ltd

Company Information

Directors

Mrs E Keatley

Mr H Meredith

Mr P G H Ratcliffe

Mr M P Jones

Company secretary

Mrs E Keatley

Registered office

Aberglasney Gardens
Llangathen
Carmarthen
Carmarthenshire
SA32 8QH

 

Aberglasney Enterprises Ltd

(Registration number: 4614410)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

19,291

25,722

Current assets

 

Stocks

7

60,295

52,965

Debtors

8

27,543

46,105

Cash at bank and in hand

 

10,355

66,090

 

98,193

165,160

Creditors: Amounts falling due within one year

9

(52,396)

(127,362)

Net current assets

 

45,797

37,798

Net assets

 

65,088

63,520

Capital and reserves

 

Called up share capital

4

4

Profit and loss account

65,084

63,516

Total equity

 

65,088

63,520

For the financial year ending 31 March 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 and the option not to file the Profit and Loss Account has been taken.

 

Aberglasney Enterprises Ltd

(Registration number: 4614410)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 9 November 2023 and signed on its behalf by:
 

.........................................
Mrs E Keatley
Company secretary and director

.........................................
Mr M P Jones
Director

.........................................
Mr H Meredith
Director

.........................................
Mr P G H Ratcliffe
Director

     
 

Aberglasney Enterprises Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Aberglasney Gardens
Llangathen
Carmarthen
Carmarthenshire
SA32 8QH

These financial statements were authorised for issue by the Board on 9 November 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.

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.

Government grants

Government grants are recognised in the profit & loss account so as to match them with the expenditure to which they are intended to contribute.

Capital government grants are recognised in the profit & loss account over the expected useful economic life of the fixed asset to which they relate.

 

Aberglasney Enterprises Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

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

Fixtures & Fittings

25% reducing balance basis

Plant & Machinery

25% reducing balance basis

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.

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.

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.

 

Aberglasney Enterprises Ltd

Notes to the Financial Statements for the Year Ended 31 March 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2022 - 15).

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

2,000

-


 

5

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

6,430

5,515

 

Aberglasney Enterprises Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

54,666

3,709

58,375

At 31 March 2023

54,666

3,709

58,375

Depreciation

At 1 April 2022

29,824

2,829

32,653

Charge for the year

6,211

220

6,431

At 31 March 2023

36,035

3,049

39,084

Carrying amount

At 31 March 2023

18,631

660

19,291

At 31 March 2022

24,842

880

25,722

7

Stocks

2023
£

2022
£

Other inventories

60,295

52,965

8

Debtors

2023
£

2022
£

Trade debtors

5,691

11,132

Prepayments

350

259

Other debtors

21,502

34,714

27,543

46,105

 

Aberglasney Enterprises Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

7,340

24,863

Taxation and social security

 

926

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

19,147

46,000

Other creditors

 

24,983

56,499

 

52,396

127,362

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

4

4

4

4

         

11

Related party transactions

Summary of transactions with other related parties

Aberglasney Enterprises Ltd is related to the following entity by virtue of the same shareholders and/or directors:-

Aberglasney Restoration Trust

 As at the balance sheet date 31st March 2023, Aberglasney Enterprises Ltd owed Aberglasney Restoration Trust £19,146.60 (2022: £46,000). These transactions were undertaken in the ordinary course of business.
 

 

Aberglasney Enterprises Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

12

Parent and ultimate parent undertaking

The company's immediate parent is Aberglasney Restoration Trust, incorporated in Wales.

 The most senior parent entity producing publicly available financial statements is Aberglasney Restoration Trust. These financial statements are available upon request from Companies House.

The registered office of the parent company is:-
Aberglasney Gardens,
Llangathen,
Carmarthen,
Carmarthenshire,
SA32 8QH