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Registration number: 02910531

Ffos Las Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Ffos Las Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Ffos Las Limited

Company Information

Directors

Mr S C P Grey

Mr D Thursfield

Mr P H Richards

Mrs S C Llewellyn

Mr R J Walters

Mr M E R Llewellyn

Company secretary

Mr M E R Llewellyn

Registered office

Hirwaun House
Hirwaun Industrial Estate
Hirwaun
Aberdare
Rhondda Cynon Taf
CF44 9UL

Solicitors

Hugh James
Two Central Square
Cardiff
CF10 1FS

 

Ffos Las Limited

(Registration number: 02910531)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

199,624

1,035,853

Debtors

5

98,600

-

Cash at bank and in hand

 

350,679

328,946

 

648,903

1,364,799

Creditors: Amounts falling due within one year

6

(239,419)

(563,482)

Total assets less current liabilities

 

409,484

801,317

Creditors: Amounts falling due after more than one year

6

-

(296,613)

Net assets

 

409,484

504,704

Capital and reserves

 

Called up share capital

7

10,483

10,483

Share premium reserve

364,513

364,513

Retained earnings

34,488

129,708

Shareholders' funds

 

409,484

504,704

For the financial 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 22 November 2023 and signed on its behalf by:
 

.........................................
Mr M E R Llewellyn
Company secretary and director

 

Ffos Las Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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:
Hirwaun House
Hirwaun Industrial Estate
Hirwaun
Aberdare
Rhondda Cynon Taf
CF44 9UL
Wales

These financial statements were authorised for issue by the Board on 22 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.

The presentation currency of the financial statements is the Pound Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Revenue recognition

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

Consideration from the sale of properties is recognised when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the property and it is probable that future economic benefits will flow to the entity.

Other turnover represents net invoiced sales of services, which is recognised in the period to which it relates.

Consideration from the rental of properties is recognised in the accounting period in which the rental period occurs.

 

Ffos Las Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tax

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 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Stocks

2023
£

2022
£

Other inventories

199,624

1,035,853

5

Debtors

Current

2023
£

2022
£

Trade debtors

27,600

-

Prepayments

71,000

-

 

98,600

-

 

Ffos Las Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

743

743

Taxation and social security

4,600

-

Accruals and deferred income

630

600

Other creditors

233,446

562,139

239,419

563,482

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

-

296,613

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary 1p of £0.01 each

1,048,250

10,483

1,048,250

10,483

         

8

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £1.69 (2022 - £Nil) per each Ordinary shares

 

1,771,543

 

-

         
 

Ffos Las Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,891,201 (2022 - £1,168,291). At 28 February 2023 the company had a joint and several cross counter guarantee indemnity facility in respect of contract bonds. This indemnity was in relation to Ffos Las Limited, one of its shareholders G Walters (Holdings) Limited and that company's subsidiaries: G Walters (Leasing) Limited, Walters Resources Limited, Walters Plant Hire Limited, Walters Environmental Limited, Walters UK Limited, Walters Land Limited and Headaway (Europe) Limited. The indemnity was also in relation to G Walters (Consultancy) Limited and Walters Land (Rogerstone) Limited. The total value of active contract bonds within these companies at 28 February 2023 was £1,891,201 (2022: £1,168,291).

10

Related party transactions

Other transactions with directors

During the year the company repaid an earlier loan from the director Mr D Thursfield. The company repaid £97,021 and there was nothing outstanding to the director at the year end. The loan bore no interest.

The company paid dividends of £913,452 to directors during the year.