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REGISTERED NUMBER: 01219809 (England and Wales)













GORSEDD LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






GORSEDD LTD. (REGISTERED NUMBER: 01219809)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


GORSEDD LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: Mr D L Evans
Mrs E C Phillips
Mrs S A Roberts
Ms R M Roberts
Dr O G Evans





SECRETARY: Mr M Evans





REGISTERED OFFICE: 20
Palace Road
Cardiff
CF5 2AF





REGISTERED NUMBER: 01219809 (England and Wales)





ACCOUNTANTS: Carston Chartered Accountants
Tudor House
16 Cathedral Road
Cardiff
CF11 9LJ

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GORSEDD LTD.


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gorsedd Ltd. for the year ended 31 July 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Gorsedd Ltd., as a body, in accordance with the terms of our engagement letter dated 1 October 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Gorsedd Ltd. and state those matters that we have agreed to state to the Board of Directors of Gorsedd Ltd., as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gorsedd Ltd. and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Gorsedd Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gorsedd Ltd.. You consider that Gorsedd Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Gorsedd Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Carston Chartered Accountants
Tudor House
16 Cathedral Road
Cardiff
CF11 9LJ


18 April 2024

GORSEDD LTD. (REGISTERED NUMBER: 01219809)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment property 4 1,959,001 1,959,001

CURRENT ASSETS
Debtors 5 503,817 341,734
Cash at bank 80,003 329,149
583,820 670,883
CREDITORS
Amounts falling due within one year 6 68,545 108,952
NET CURRENT ASSETS 515,275 561,931
TOTAL ASSETS LESS CURRENT LIABILITIES 2,474,276 2,520,932

CAPITAL AND RESERVES
Called up share capital 24,000 24,000
Revaluation reserve 383,582 383,582
Other reserves 80,745 80,745
Retained earnings 1,985,949 2,032,605
SHAREHOLDERS' FUNDS 2,474,276 2,520,932

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

GORSEDD LTD. (REGISTERED NUMBER: 01219809)

BALANCE SHEET - continued
31 JULY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2024 and were signed on its behalf by:





Dr O G Evans - Director


GORSEDD LTD. (REGISTERED NUMBER: 01219809)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Gorsedd Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
- The valuation of the company's freehold investment properties.

Turnover
Turnover comprises rent, insurance and service charge receivable exclusive of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

GORSEDD LTD. (REGISTERED NUMBER: 01219809)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

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.

Repairs and maintenance
In the absence of a specific intention by the board of either a disposition or substantial reconstruction of letting units in investment properties, all expenditure incurred on general repair, maintenance and upgrade is written off as incurred. It is the opinion of the board that the nature of the company's property ownership is such that any appreciation in value is due to the passage of time rather than intent to improve as policy and is as such reflected through the revaluation reserve.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 August 2022
and 31 July 2023 1,959,001
NET BOOK VALUE
At 31 July 2023 1,959,001
At 31 July 2022 1,959,001

Fair value at 31 July 2023 is represented by:
£
Valuation in 2019 383,583
Cost 1,575,418
1,959,001

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£ £
Cost 1,337,277 1,337,277

Investment properties were valued on an open market basis on 31 July 2019 by third party valuers. .

GORSEDD LTD. (REGISTERED NUMBER: 01219809)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 7,700 -
Amounts owed by associates 300,000 300,000
Other debtors 196,117 41,734
503,817 341,734

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Taxation and social security 22,485 71,732
Other creditors 46,060 37,220
68,545 108,952

7. RELATED PARTY DISCLOSURES

Included in debtors is £300,000 (2022 £300,000) due from a company under the common control of certain directors. The amount due is interest free, unsecured and with no specific terms for repayment.