REGISTERED NUMBER: |
Llewellins Machine Company Limited |
Abridged Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
REGISTERED NUMBER: |
Llewellins Machine Company Limited |
Abridged Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
Llewellins Machine Company Limited (Registered number: 00223081) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Llewellins Machine Company Limited |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4 King Square |
Bridgwater |
Somerset |
TA6 3YF |
BANKERS: |
15 Queens Square |
Bristol |
North Somerset |
BS1 4NP |
Llewellins Machine Company Limited (Registered number: 00223081) |
Abridged Statement of Financial Position |
30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
PENSION LIABILITY | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Llewellins Machine Company Limited (Registered number: 00223081) |
Abridged Statement of Financial Position - continued |
30 June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Llewellins Machine Company Limited (Registered number: 00223081) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Llewellins Machine Company Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Freehold land is not depreciated. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
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 statement of financial position date. |
Llewellins Machine Company Limited (Registered number: 00223081) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a discretionary unfunded defined benefit scheme for certain retired members of staff who were employed by the company for more than 25 years. |
Current service costs, past service costs and gains and losses on settlements and curtailments are charged to the profit and loss account. The interest cost is shown as the net amount in the profit and loss account as other finance costs or income. Actuarial gains and losses are recognised immediately in the statement of total recognised gains or losses. |
As the scheme is unfunded, the actuarial valuation of the scheme assets are accounted for as a provision in the accounts. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 July 2022 |
Additions |
Disposals | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Included in cost or valuation of land and buildings is freehold land of £ 80,000 (2022 - £ 80,000 ) which is not depreciated. |
Llewellins Machine Company Limited (Registered number: 00223081) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
The company has taken advantage of the transitional provisions of FRS102 to crystallise the revalued freehold property value. |
Cost or valuation at 30 June 2023 is represented by: |
Totals |
£ |
Valuation in 2015 | 135,519 |
Cost | 1,303,959 |
1,439,478 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
30.6.23 | 30.6.22 |
£ | £ |
Cost | 185,211 | 185,211 |
Aggregate depreciation | 99,307 | 96,923 |
Value of land in freehold land and buildings | 30,000 | 30,000 |
Freehold land and buildings were valued on an open market basis on 15 June 1994 by King Sturge & Co. Chartered Surveyors . |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Fair value at 30 June 2023 is represented by: |
£ |
Valuation in 2022 | 1,806,628 |
Cost | 367,633 |
2,174,261 |
Llewellins Machine Company Limited (Registered number: 00223081) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
6. | INVESTMENT PROPERTY - continued |
If investment property had not been revalued it would have been included at the following historical cost: |
30.6.23 | 30.6.22 |
£ | £ |
Cost | 367,633 | 367,633 |
Investment property was valued on an open market basis on 30 June 2022 by the directors . |
The directors have revalued the properties held at 30 June 2022. |
7. | RESERVES |
Revaluation |
reserve |
£ |
At 1 July 2022 |
and 30 June 2023 |
8. | EMPLOYEE BENEFIT OBLIGATIONS |
The company operates an unfunded defined benefit pension scheme on behalf of a selected number of employees. |
The scheme had an actuarial valuation in 2016. The director has valued the scheme in 2023, as follows: |
Fair value of scheme liabilities: | 2023 | 2022 |
Present value of liabilities | (215,244 | ) | (226,908 | ) |
Deficit in scheme provided | (215,244 | ) | (226,908 | ) |
Amounts recognised in the profit and loss account: | 2023 | 2022 |
Interest on pension scheme liabilities | - | - |
Settlement gain - leavers | - | - |
Settlement gain - deceased members | - | - |
Total charge | - | - |
Changes in present value of scheme liabilities: | 2023 | 2022 |
Brought forward | 226,908 | 239,112 |
Interest paid on scheme liabilities | - | - |
Settlement gain - leavers | - | - |
Settlement gain - deceased members | - | - |
Pension benefits paid | (11,664 | ) | (12,204 | ) |
Actuarial increase in scheme liabilities | - | - |
215,244 | 226,908 |
Llewellins Machine Company Limited (Registered number: 00223081) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is the W M Llewellin's Deceased Will Trust. |
The ultimate controlling parties are: J A Quant, B L Quant, and M C Wilson, who are the co-trustees of the Trust which owns 87.68% of the issued share capital of the company. All trustees act in accordance with the trust rules. |
In addition, J A Quant, a director, owns 3.42% of the company issued share capital. |