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COMPANY REGISTRATION NUMBER: 01417020
Rhiannon Cyfyngedig
Filleted Unaudited Financial Statements
28 February 2023
Rhiannon Cyfyngedig
Directors' Report
Year ended 28 February 2023
The directors present their report and the unaudited financial statements of the company for the year ended 28 February 2023 .
Directors
The directors who served the company during the year were as follows:
Ms A Oliver-Jansz
Dr R S Evans
Mr G G Evans
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 25 May 2023 and signed on behalf of the board by:
Mr G G Evans
Director
Registered office:
Emporium
Tregaron
Ceredigion
SY25 6JL
Rhiannon Cyfyngedig
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Rhiannon 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 Rhiannon Cyfyngedig for the year ended 28 February 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Rhiannon Cyfyngedig, as a body, in accordance with the terms of our engagement letter dated 1 March 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Rhiannon Cyfyngedig and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rhiannon Cyfyngedig and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Rhiannon 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 Rhiannon Cyfyngedig. You consider that Rhiannon 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 Rhiannon 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.
FRANCIS GRAY Chartered Accountants
Ty Madog 32 Queens Road Aberystwyth Ceredigion SY23 2HN
25 May 2023
Rhiannon Cyfyngedig
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
353,895
370,093
Investments
6
3,139
---------
---------
357,034
370,093
Current assets
Stocks
811,985
872,148
Debtors
7
2,100
6,089
Cash at bank and in hand
5,833
20,016
---------
---------
819,918
898,253
Creditors: amounts falling due within one year
8
230,035
251,548
---------
---------
Net current assets
589,883
646,705
---------
------------
Total assets less current liabilities
946,917
1,016,798
Creditors: amounts falling due after more than one year
9
405,317
450,318
Provisions
Taxation including deferred tax
10,087
13,164
---------
------------
Net assets
531,513
553,316
---------
------------
Capital and reserves
Called up share capital
27,405
27,405
Share premium account
283,090
283,090
Profit and loss account
221,018
242,821
---------
---------
Shareholders funds
531,513
553,316
---------
---------
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 income and retained earnings has not been delivered.
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 .
Rhiannon Cyfyngedig
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 25 May 2023 , and are signed on behalf of the board by:
GG Evans Director
Dr RS Evans Director
Company registration number: 01417020
Rhiannon 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 England and Wales. The address of the registered office is Emporium, Tregaron, Ceredigion, SY25 6JL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 15 (2022: 11 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2022
300,811
264,489
69,962
635,262
Additions
1,497
1,497
---------
---------
--------
---------
At 28 February 2023
300,811
265,986
69,962
636,759
---------
---------
--------
---------
Depreciation
At 1 March 2022
245,567
19,602
265,169
Charge for the year
5,105
12,590
17,695
---------
---------
--------
---------
At 28 February 2023
250,672
32,192
282,864
---------
---------
--------
---------
Carrying amount
At 28 February 2023
300,811
15,314
37,770
353,895
---------
---------
--------
---------
At 28 February 2022
300,811
18,922
50,360
370,093
---------
---------
--------
---------
Freehold property (£300,811) is the cost of acquiring the Company's premises known as the Emporium, the Square, Tregaron in 2015.
6. Investments
Other investments other than loans
£
Cost
At 1 March 2022
Additions
3,315
Revaluations
( 176)
-------
At 28 February 2023
3,139
-------
Impairment
At 1 March 2022 and 28 February 2023
-------
Carrying amount
At 28 February 2023
3,139
-------
At 28 February 2022
-------
7. Debtors
2023
2022
£
£
Trade debtors
6,089
Other debtors
2,100
-------
-------
2,100
6,089
-------
-------
Other debtors are made up of a Corporation Tax repayment and a deferred tax asset on accumulated losses.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
40,738
51,351
Trade creditors
23,165
22,859
Corporation tax
1,357
Social security and other taxes
22,735
11,528
Other creditors
143,397
164,453
---------
---------
230,035
251,548
---------
---------
Other creditors are made up as follows:
2023 2022
£ £
HP < 1 year 9,417 9,157
R S Evans 89,318 89,318
G G Evans 39,612 28,037
Customer deposits 3,600 36,587
Accruals 1,450 1,354
--------- ---------
TOTAL 143,397 164,453
--------- ---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
379,003
414,587
Other creditors
26,314
35,731
---------
---------
405,317
450,318
---------
---------
Other creditors consist of a hire purchase agreement.
10. Directors' advances, credits and guarantees
Amounts advanced to the Company by the Directors are as follows: (a) Balance as at 28th February 2023 was £128,930 (2022: £117,355); (b) Interest rate charged nil %; (c) Repayable on demand (d) Additions made during the year amounted to £11,575 (2022: £6,100)
2023 2022
£ £
Directors Loan Account - RS Evans 89,318 89,318
Directors Loan Account - GG Evans 39,612 28,037
--------- ---------
Total 128,930 117,355
--------- ---------
11. Related party transactions
The company was under the control of the directors, Mr GG Evans, Dr RS Evans and Ms A Oliver-Jansz throughout the previous and current years. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.