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REGISTERED NUMBER: 02902580 (Wales)















Unaudited Financial Statements for the Year Ended 31 December 2022

for

Cwmni Da Cyf

Cwmni Da Cyf (Registered number: 02902580)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 12

Cwmni Da Cyf

Company Information
for the Year Ended 31 December 2022







DIRECTORS: Ms G B Griffiths
Dr Ll T Iwan
Ms S M Wiliam
Mr P M D Williams





SECRETARY: Mr P M D Williams





REGISTERED OFFICE: Y Goleuad
Doc Fictoria
Caernarfon
Gwynedd
LL55 1SR





REGISTERED NUMBER: 02902580 (Wales)





ACCOUNTANTS: Emyr Mortimer Cyf
32 Y Maes
Caernarfon
Gwynedd
LL55 2NN

Cwmni Da Cyf (Registered number: 02902580)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,516,667 1,570,540
Investments 5 600 550
1,517,267 1,571,090

CURRENT ASSETS
Stocks 544,257 288,526
Debtors 6 252,891 368,272
Cash at bank and in hand 915,242 782,880
1,712,390 1,439,678
CREDITORS
Amounts falling due within one year 7 729,913 748,439
NET CURRENT ASSETS 982,477 691,239
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,499,744

2,262,329

CREDITORS
Amounts falling due after more than
one year

8

(696,162

)

(798,906

)

PROVISIONS FOR LIABILITIES (17,145 ) (18,932 )
NET ASSETS 1,786,437 1,444,491

Cwmni Da Cyf (Registered number: 02902580)

Balance Sheet - continued
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 25 25
Capital redemption reserve 75 75
Retained earnings 1,786,337 1,444,391
1,786,437 1,444,491

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Board of Directors and authorised for issue on 13 November 2023 and were signed on its behalf by:




Ms G B Griffiths - Director



Dr Ll T Iwan - Director


Cwmni Da Cyf (Registered number: 02902580)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Cwmni Da Cyf is a private company, limited by shares , registered in 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.

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

Tangible fixed assets
Recognition
Tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:

Freehold& leasehold property - 2% straight line
Plant and machinery - 33% reducing balance
Fittings fixtures and equipment - 25% reducing balance
Motor vehicles - 20% reducing balance

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.

Cwmni Da Cyf (Registered number: 02902580)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
A financial asset or a financial liability is recognised only when the company 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.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss.

All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.


Cwmni Da Cyf (Registered number: 02902580)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year 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 year 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.

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.

Fixed asset 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.

Cwmni Da Cyf (Registered number: 02902580)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

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.

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 and the performance 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.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 56 (2021 - 56 ) .

Cwmni Da Cyf (Registered number: 02902580)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2022 1,858,240 1,238,919 3,097,159
Additions - 57,489 57,489
Disposals - (32,925 ) (32,925 )
At 31 December 2022 1,858,240 1,263,483 3,121,723
DEPRECIATION
At 1 January 2022 454,141 1,072,478 1,526,619
Charge for year 36,201 64,887 101,088
Eliminated on disposal - (22,651 ) (22,651 )
At 31 December 2022 490,342 1,114,714 1,605,056
NET BOOK VALUE
At 31 December 2022 1,367,898 148,769 1,516,667
At 31 December 2021 1,404,099 166,441 1,570,540

5. FIXED ASSET INVESTMENTS
Interest
in joint Other
venture investments Totals
£    £    £   
COST
At 1 January 2022 50 500 550
Additions 50 - 50
At 31 December 2022 100 500 600
NET BOOK VALUE
At 31 December 2022 100 500 600
At 31 December 2021 50 500 550

The fixed asset investments comprises of:

£50 in Men Who Sing Cyf, a 50% equity investment at cost in a joint venture; a £500 share investment at cost in Menter Ty'n Llan, a community investment scheme, and from September 2022, a £50 investment in Gogglebocs Cymru Cyf. This representing a 50% equity investment, at cost in the joint venture.

Cwmni Da Cyf (Registered number: 02902580)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 195,825 343,146
Other debtors 57,066 25,126
252,891 368,272

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts 99,848 158,063
Trade creditors 103,177 78,009
Taxation and social security 46,605 138,864
Other creditors 480,283 373,503
729,913 748,439

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans 329,752 421,942
Other creditors 366,410 376,964
696,162 798,906

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 133,310

The loan due by instalments after more than five years relates to the HSBC bank loan.

Cwmni Da Cyf (Registered number: 02902580)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 31.12.21
£    £   
Bank loans 425,313 579,990

At the year end the following charges were deemed to be active on the company's register:

1. Legal Mortgage

By: HSBC bank plc

Created: 29 July 2008

Brief description: The freehold property at yr Hen Ysgol, Aberpwll y Felinheli.

2. Debenture

By: HSBC bank plc

Created: 29 December 2010

Brief description: Fixed and floating charge over the undertaking.

3. Legal Charge

By: HSBC bank plc

Created: 28 July 2011

Brief description: Over y Goleaud, Balaclava Road, Victoria Dock, Caernarfon - t/no CYM499136.

10. OTHER FINANCIAL COMMITMENTS

At 31 December 2022, the company did not have any commitments under non-cancellable operating leases (2021: Nil).

Advances to Directors do not bear any interest, and are repayable upon demand, with there being nothing to disclose in the two years ending in December 2022.

11. RELATED PARTY DISCLOSURES

The directors have considered the requirement to disclose transactions with related parties, and as all transactions with its related parties and joint ventures, were deemed to be at market value there is nothing to disclose here.

Cwmni Da Cyf (Registered number: 02902580)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the eligible employees of Cwmni Da Cyf, who are deemed to be the members of the company's parent EOT, Cwmni Da (Ymddiriedolwr) Cyf, company number 11643799.

13. TRANSACTIONS WITH THE TRUST

The company made a gift, in a prior year, of £100,000 (2021: £100,000) from its reserves to the Employee Ownership Trust in relation to the agreement to fund the purchase of shares in December 2018.

The 2022 amount was paid in January 2023, with there being one final payment of another £100,000 due to be made for the December 2023 period.

In addition a profit share of £48,025 (2021: £25,353) was accrued for the year in relation to the employee ownership trust. A profit share payment of £25,025 was also made in October 2022 and is onto included in the above accruals.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Cwmni Da Cyf

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cwmni Da Cyf for the year ended 31 December 2022 which comprise the Income Statement, Balance Sheet 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Cwmni Da Cyf, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cwmni Da Cyf and state those matters that we have agreed to state to the Board of Directors of Cwmni Da Cyf, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cwmni Da Cyf and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Cwmni Da Cyf 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 profit of Cwmni Da Cyf. You consider that Cwmni Da Cyf 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 Cwmni Da Cyf. 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.






Emyr Mortimer Cyf
32 Y Maes
Caernarfon
Gwynedd
LL55 2NN


14 November 2023