Company registration number 07351966 (England and Wales)
GLYN WYLFA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
GLYN WYLFA LIMITED
CONTENTS
Page
Directors' report
Balance sheet
3 - 4
Notes to the financial statements
5 - 9
GLYN WYLFA LIMITED
CHAIRMAN'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -

The Chairman presents his report for the year ended 31 August 2023.

The Directors of Glyn Wylfa are pleased to report an excellent year of progress, in achieving and delivering our mission and objectives. We invested in expanding our Caffi facilities and reducing our energy usage while also meeting our sustainability growth targets for the company.

We continue to ensure that Glyn Wylfa is developed for the benefit of the local community. Cafe visitors and sales have increased during the reporting period and we have achieved annual visitors of over 70,000.

The final year end accounts for 2022/23 have been prepared by our external accountants, these show total sales and other income of £447,989 (2021/22 £383,055). This gave us a Pretax surplus of £40,600 (2021/22 £56,511). The reduction in the surplus compared to the previous year is because of maintenance costs associated with fitting low energy light fittings and legal and planning costs associated with planned expansion.

In 2023, for the fourth year running Glyn Wylfa is listed in the Natwest, Top 100 Social Enterprises in the U.K. I am very proud, on behalf of the Company, to report that in November 2023, Glyn Wylfa won the Social Enterprise Award in the inaugural Wrexham Community Business Awards.

In the main house all the offices are occupied. We intend to update our web site and we are using social media to good effect, promoting Glyn Wylfa and Caffi Wylfa.

We have made significant investments to our site facilities. We added a large food Preparation area which includes a walk-in fridge and freezer room. Solar Panels have also been installed on the roof of the Cafe building and these and other energy investments has resulted in an energy usage reduction of almost 50%. We are committed to improving our environmental impact as a business.

Caffi Wylfa has achieved a remarkable year and our cafe manager continues to push the Cafe forward, introducing new ideas to enable us to continue to grow.

During the reporting period cafe income has increased by 20% compared to last year and we are confident of achieving continued growth. We are mindful of increased cost pressures relating to utilities, business rates and labour costs and will manage this accordingly.

The management of the site has changed but we do still maintain a presence to ensure our tenants are looked after.

The cafe has become an important hub for the community and for visitors to the area. The local walking groups and other groups use it as meeting place for their activities. Regular Welsh language courses are provided by Coleg Cambria at Glyn Wylfa and these are popular with local residents.

We have supported Nightingale House and Hope House with donations, fund raising and other initiatives.

We have also continued to support local sports clubs, Friends of Chirk station, Ceriog Partnership, local football and cricket clubs and many more with sponsorship. We try to support all local initiatives if possible and we made 20 Charity donations during the financial year.

We are particularly pleased with the impact of our continued display of local artists work in the Caffi area, which demonstrates the rich abilities and culture of our local community.

The community office is again being used free of charge by local interest groups and charities and the free WiFi in the cafe is seen as a major benefit to all visitors.

GLYN WYLFA LIMITED
CHAIRMAN'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -

We continue to have very good relations with all our stakeholders and meet our objective of improving the service to our customers and tenants while providing good facilities for our employees with an enjoyable work place.

I would like to record my thanks to all our customers, tenants, directors, employees and other stakeholders who contribute to the success of Glyn Wylfa.

 

M W Ramsey
Chairman
13 February 2024
GLYN WYLFA LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
503,609
468,750
Current assets
Debtors
5
9,982
16,358
Cash at bank and in hand
117,209
150,250
127,191
166,608
Creditors: amounts falling due within one year
6
(32,870)
(48,443)
Net current assets
94,321
118,165
Total assets less current liabilities
597,930
586,915
Creditors: amounts falling due after more than one year
7
(286,998)
(312,947)
Provisions for liabilities
(25,276)
(16,622)
Net assets
285,656
257,346
Reserves
Income and expenditure account
285,656
257,346

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for:

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

GLYN WYLFA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 13 February 2024 and are signed on its behalf by:
B J Colley
M W Ramsey
Director
Director
Company Registration No. 07351966
GLYN WYLFA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
1
Accounting policies
Company information

Glyn Wylfa Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Glyn Wylfa, Castle Road, Chirk, Wrexham, LL14 5BS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due and are stated net of discounts and Value Added Tax.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
4% on cost
Plant and equipment
10% reducing balance
Fixtures and fittings
10% reducing balance
Computers
33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GLYN WYLFA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 6 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

 

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

GLYN WYLFA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 7 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
16
15
GLYN WYLFA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2022
609,614
120,158
729,772
Additions
20,395
47,793
68,188
At 31 August 2023
630,009
167,951
797,960
Depreciation and impairment
At 1 September 2022
201,994
59,028
261,022
Depreciation charged in the year
25,200
8,129
33,329
At 31 August 2023
227,194
67,157
294,351
Carrying amount
At 31 August 2023
402,815
100,794
503,609
At 31 August 2022
407,620
61,130
468,750
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charges due
3,224
7,123
Other debtors
6,758
9,235
9,982
16,358
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,113
9,750
Trade creditors
7,652
6,403
Corporation tax
3,636
11,917
Other taxation and social security
8,766
8,188
Other creditors
7,703
12,185
32,870
48,443
GLYN WYLFA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 9 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
3,912
Other creditors
286,998
309,035
286,998
312,947
8
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
8,643
1,925
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