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Filleted

Registration number: 10552832

Felin Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Felin Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Felin Developments Limited

Company Information

Directors

Mr D O Davies

Mrs G R Davies

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Felin Developments Limited

(Registration number: 10552832)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

48,685

46,263

Current assets

 

Stocks

6

320,198

304,972

Debtors

7

12,720

19,080

Cash at bank and in hand

 

3,724

14,664

 

336,642

338,716

Creditors: Amounts falling due within one year

8

(223,800)

(222,845)

Net current assets

 

112,842

115,871

Total assets less current liabilities

 

161,527

162,134

Creditors: Amounts falling due after more than one year

8

(16,552)

(28,380)

Net assets

 

144,975

133,754

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

144,973

133,752

Total equity

 

144,975

133,754

For the financial year ending 31 January 2024 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.

 

Felin Developments Limited

(Registration number: 10552832)
Balance Sheet as at 31 January 2024

Approved and authorised by the Board on 12 April 2024 and signed on its behalf by:
 

.........................................
Mr D O Davies
Director

.........................................
Mrs G R Davies
Director

 
     
 

Felin Developments Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England & 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 12 April 2024.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Felin Developments Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

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

20% Reducing balance

Motor Vehicles

25% Reducing balance

Office equipment

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.

 

Felin Developments Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

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.

Leases

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.

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.

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 2 (2023 - 2).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

13,289

14,163

 

Felin Developments Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

39,000

597

66,357

105,954

Additions

-

499

34,186

34,685

Disposals

-

-

(29,617)

(29,617)

At 31 January 2024

39,000

1,096

70,926

111,022

Depreciation

At 1 February 2023

24,126

379

35,185

59,690

Charge for the year

2,975

144

10,171

13,290

Eliminated on disposal

-

-

(10,643)

(10,643)

At 31 January 2024

27,101

523

34,713

62,337

Carrying amount

At 31 January 2024

11,899

573

36,213

48,685

At 31 January 2023

14,874

217

31,172

46,263

6

Stocks

2024
£

2023
£

Work in progress

320,198

187,672

Other inventories

-

117,300

320,198

304,972

7

Debtors

2024
£

2023
£

Trade debtors

12,720

19,080

12,720

19,080

8

Creditors

Creditors: amounts falling due within one year

 

Felin Developments Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

11,828

11,828

Trade creditors

 

1,133

1,133

Taxation and social security

 

2,017

3,025

Other related parties

 

206,559

205,559

Corporation tax liability

 

2,263

1,300

 

223,800

222,845

Due after one year

 

Loans and borrowings

10

16,552

28,380

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £2,430 (2023 - £2,430)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

16,552

28,380

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £3,442.50 (2023 - £3,442.50)

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A share of £1 each

1

1

1

1

B Share of £1 each

1

1

1

1

 

2

2

2

2

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

15,539

24,937

HP and finance lease liabilities

1,013

3,443

16,552

28,380

 

Felin Developments Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

9,398

9,398

HP and finance lease liabilities

2,430

2,430

11,828

11,828

11

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

At 31 January 2024
£

Mr D O Davies

Interest free loan repayable on demand

108,457

-

108,457

       
     

Mrs G R Davies

Interest free loan repayable on demand

97,102

1,000

98,102

       
     

 

2023

At 1 February 2022
£

Advances to director
£

At 31 January 2023
£

Mr D O Davies

Interest free loan repayable on demand

108,457

-

108,457

       
     

Mrs G R Davies

Interest free loan repayable on demand

97,047

55

97,102