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Company registration number: 13230958
Llaethdy Mynydd Mostyn Cyf
Unaudited filleted financial statements
28 February 2023
Llaethdy Mynydd Mostyn Cyf
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Llaethdy Mynydd Mostyn Cyf
Directors and other information
Directors Mr I P Jones
Mr E P Jones
Mrs E M Jones
Mr Ll P Jones
Company number 13230958
Registered office Mynydd Mostyn
Pen-yr-Allt, Trelogan
Holywell
Flitshire
CH8 9DD
Accountants Hill & Roberts
1 Tan y Castell
Ruthin
Denbighshire
LL15 1DQ
Llaethdy Mynydd Mostyn Cyf
Statement of financial position
28 February 2023
28/02/23 28/02/22
Note £ £ £ £
Fixed assets
Tangible assets 5 147,439 7,164
_______ _______
147,439 7,164
Current assets
Stocks 11,782 250
Debtors 6 24,810 1,791
Cash at bank and in hand 21,168 16,891
_______ _______
57,760 18,932
Creditors: amounts falling due
within one year 7 ( 219,165) ( 25,828)
_______ _______
Net current liabilities ( 161,405) ( 6,896)
_______ _______
Total assets less current liabilities ( 13,966) 268
Creditors: amounts falling due
after more than one year 8 ( 20,128) -
Provisions for liabilities ( 25,110) ( 845)
_______ _______
Net liabilities ( 59,204) ( 577)
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account ( 59,404) ( 777)
_______ _______
Shareholders deficit ( 59,204) ( 577)
_______ _______
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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 November 2023 , and are signed on behalf of the board by:
Mr I P Jones Mr E P Jones
Director Director
Company registration number: 13230958
Llaethdy Mynydd Mostyn Cyf
Statement of changes in equity
Year ended 28 February 2023
Called up share capital Profit and loss account Total
£ £ £
At 26 February 2021 - - -
Loss for the year ( 777) ( 777)
_______ _______ _______
Total comprehensive income for the year - ( 777) ( 777)
Issue of shares 200 200
_______ _______ _______
Total investments by and distributions to owners 200 - 200
_______ _______ _______
At 28 February 2022 and 1 March 2022 200 ( 777) ( 577)
Loss for the year ( 58,627) ( 58,627)
_______ _______ _______
Total comprehensive income for the year - ( 58,627) ( 58,627)
_______ _______ _______
At 28 February 2023 200 ( 59,404) ( 59,204)
_______ _______ _______
Llaethdy Mynydd Mostyn Cyf
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 & Wales. The address of the registered office is Mynydd Mostyn, Pen-yr-Allt, Trelogan, Holywell, Flitshire, CH8 9DD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
The financial statements have been prepared on a going concern basis. The statement of financial position show net liabilities as at the 28 February 2023. The directors are optimistic that the company will continue operations. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have taken into account all available information about the future, which is at least, but is not limited to, twelve months from the date of the approval of the financial statements.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
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:
Short leasehold property - 10 % straight line
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % 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.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
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 in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 1 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 March 2022 3,019 - 5,931 - 8,950
Additions 14,295 161,580 2,200 7,995 186,070
_______ _______ _______ _______ _______
At 28 February 2023 17,314 161,580 8,131 7,995 195,020
_______ _______ _______ _______ _______
Depreciation
At 1 March 2022 303 - 1,483 - 1,786
Charge for the year 1,732 40,400 1,664 1,999 45,795
_______ _______ _______ _______ _______
At 28 February 2023 2,035 40,400 3,147 1,999 47,581
_______ _______ _______ _______ _______
Carrying amount
At 28 February 2023 15,279 121,180 4,984 5,996 147,439
_______ _______ _______ _______ _______
At 28 February 2022 2,716 - 4,448 - 7,164
_______ _______ _______ _______ _______
6. Debtors
28/02/23 28/02/22
£ £
Trade debtors 6,662 -
Other debtors 18,148 1,791
_______ _______
24,810 1,791
_______ _______
7. Creditors: amounts falling due within one year
28/02/23 28/02/22
£ £
Trade creditors 80,141 24,070
Social security and other taxes 2,691 809
Other creditors 136,333 949
_______ _______
219,165 25,828
_______ _______
Included within creditors falling due within one year are: hire purchase and finance lease creditors of £17,307 which are secured on the assets acquired under such agreements.
8. Creditors: amounts falling due after more than one year
28/02/23 28/02/22
£ £
Other creditors 20,128 -
_______ _______
Included within creditors falling due after more than one year are: hire purchase and finance lease creditors of £20,128 which are secured on the assets acquired under such agreements.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year Ended 28/02/23
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr I P Jones 50 ( 39,009) - ( 38,959)
Mr E P Jones ( 39) ( 29,248) - ( 29,287)
Mrs E M Jones ( 39) ( 29,248) - ( 29,287)
Mr Ll P Jones 50 ( 18,913) - ( 18,863)
_______ _______ _______ _______
22 ( 116,418) - ( 116,396)
_______ _______ _______ _______
Period ended 28/02/22
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr I P Jones - 50 - 50
Mr E P Jones - 50 ( 89) ( 39)
Mrs E M Jones - 50 ( 89) ( 39)
Mr Ll P Jones - 50 - 50
_______ _______ _______ _______
- 200 ( 178) 22
_______ _______ _______ _______
The amounts due to the company by a director at 1 March 2022 was repayable on demand. No interest was charged on the amount owed to the company. No amounts where written off or waived during the year.
10. Related party transactions
Durig the year assets and liabilities where transferred to the company at their carrying value of £105,484 from a related farming partnership of which I P, E P & L P Jones are partners.
11. Second Period of Trade
The company was incorporated on 26 February 2021 and commenced trading on the 31 October 2021.