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Filleted

Registration number: 13219783

Llaethdy Plasbach Dairy Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Llaethdy Plasbach Dairy Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Llaethdy Plasbach Dairy Ltd

Company Information

Directors

Mr Steffan John Lloyd Evans

Mr Eifion John Lloyd Evans

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Llaethdy Plasbach Dairy Ltd

(Registration number: 13219783)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

53,029

55,849

Current assets

 

Stocks

6

6,550

11,200

Debtors

7

124

1,994

Cash at bank and in hand

 

1,284

553

 

7,958

13,747

Creditors: Amounts falling due within one year

8

(52,199)

(55,354)

Net current liabilities

 

(44,241)

(41,607)

Total assets less current liabilities

 

8,788

14,242

Creditors: Amounts falling due after more than one year

8

(20,000)

(26,000)

Net liabilities

 

(11,212)

(11,758)

Capital and reserves

 

Other reserves

(11,758)

-

Profit and loss account

546

(11,758)

Total equity

 

(11,212)

(11,758)

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 and the option not to file the Profit and Loss Account has been taken.

 

Llaethdy Plasbach Dairy Ltd

(Registration number: 13219783)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
Mr Steffan John Lloyd Evans
Director

.........................................
Mr Eifion John Lloyd Evans
Director

 
     
 

Llaethdy Plasbach Dairy Ltd

Notes to the 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:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

These financial statements were authorised for issue by the Board on 15 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.

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.

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

10% reducing balance

 

Llaethdy Plasbach Dairy Ltd

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

Motor Vehicles

20% reducing balance

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.

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.

 

Llaethdy Plasbach Dairy Ltd

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 2).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

6,320

5,504

 

Llaethdy Plasbach Dairy Ltd

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

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

60,353

1,000

61,353

Additions

-

3,500

3,500

At 28 February 2023

60,353

4,500

64,853

Depreciation

At 1 March 2022

5,437

67

5,504

Charge for the year

5,492

828

6,320

At 28 February 2023

10,929

895

11,824

Carrying amount

At 28 February 2023

49,424

3,605

53,029

At 28 February 2022

54,916

933

55,849

6

Stocks

2023
£

2022
£

Other inventories

6,550

11,200

7

Debtors

2023
£

2022
£

Other debtors

124

1,994

124

1,994

8

Creditors

Creditors: amounts falling due within one year

 

Llaethdy Plasbach Dairy Ltd

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

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

5,000

5,000

Trade creditors

 

-

379

Other related parties

 

46,209

47,208

Other creditors

 

990

2,767

 

52,199

55,354

Due after one year

 

Loans and borrowings

10

20,000

26,000

 

Llaethdy Plasbach Dairy Ltd

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

20,000

26,000

9

Share capital

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liabilities

20,000

26,000

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,000

5,000

11

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr Eifion John Lloyd Evans

Interest free loan with no fixed repayments

(26,604)

1,730

(2,367)

(27,241)

         
       

Mr Steffan John Lloyd Evans

Interest free loan with no fixed repayments

(20,604)

4,364

(2,729)

(18,969)

         
       

 

 

Llaethdy Plasbach Dairy Ltd

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

2022

At 23 February 2021
£

Repayments by director
£

At 28 February 2022
£

Mr Eifion John Lloyd Evans

Interest free loan with no fixed repayments

-

(26,604)

(26,604)

       
     

Mr Steffan John Lloyd Evans

Interest free loan with no fixed repayments

-

(20,604)

(20,604)