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REGISTERED NUMBER: 04062985 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 October 2023

for

ANGLO WELSH LIMITED

ANGLO WELSH LIMITED (REGISTERED NUMBER: 04062985)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ANGLO WELSH LIMITED

Company Information
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: P J Medlock
S J Medlock
C Cowlishaw





REGISTERED OFFICE: 2 The Hide Market
West Street
Bristol
BS2 0BH





REGISTERED NUMBER: 04062985 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
6-8 Bath Street
Bristol
BS1 6HL

ANGLO WELSH LIMITED (REGISTERED NUMBER: 04062985)

Balance Sheet
31 OCTOBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,310,498 1,840,427
2,310,498 1,840,427

CURRENT ASSETS
Stocks 223,984 189,647
Debtors 6 2,083,691 1,273,591
Cash at bank and in hand 64,449 1,225,672
2,372,124 2,688,910
CREDITORS
Amounts falling due within one year 7 (1,621,778 ) (1,541,313 )
NET CURRENT ASSETS 750,346 1,147,597
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,060,844

2,988,024

PROVISIONS FOR LIABILITIES (561,219 ) (446,895 )
NET ASSETS 2,499,625 2,541,129

CAPITAL AND RESERVES
Called up share capital 9 600,000 600,000
Retained earnings 1,899,625 1,941,129
SHAREHOLDERS' FUNDS 2,499,625 2,541,129

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

ANGLO WELSH LIMITED (REGISTERED NUMBER: 04062985)

Balance Sheet - continued
31 OCTOBER 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





P J Medlock - Director


ANGLO WELSH LIMITED (REGISTERED NUMBER: 04062985)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023


1. COMPANY INFORMATION

Anglo Welsh Limited 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.

The principal activity of the company in the year under review was that of a booking agency specialising in the management and marketing of boating holidays, together with the supply and fitting of new canal boats to order.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. On this basis, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Goodwill
Goodwill is being written off in equal annual instalments over 20 years which is the term of the lease of the operating base from which it arises.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - Straight line over the life of the lease
Plant and machinery - 20% on cost
Boat building - Not depreciated
Motor vehicles - 20% on cost

Depreciation on narrowboats is calculated on an individual basis, based on the original cost of the boats. An estimated residual value based upon normal market conditions is calculated on the boat's planned retirement age, which is assumed to be 20 years from the date of boat construction. Depreciation is then charged on a straight line basis in order to achieve the planned residual values.

ANGLO WELSH LIMITED (REGISTERED NUMBER: 04062985)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Cash and cash equivalents
Cash and cash equivalents 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.

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 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.

Financial assets
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


ANGLO WELSH LIMITED (REGISTERED NUMBER: 04062985)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued
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.

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 defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2022 - 52 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 51,189
AMORTISATION
At 1 November 2022
and 31 October 2023 51,189
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

ANGLO WELSH LIMITED (REGISTERED NUMBER: 04062985)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


5. TANGIBLE FIXED ASSETS
Long Plant and Boat Motor
leasehold machinery building vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 125,500 3,023,244 - 75,604 3,224,348
Additions - 516,152 259,895 18,130 794,177
Disposals - (20,000 ) (125,463 ) (11,000 ) (156,463 )
At 31 October 2023 125,500 3,519,396 134,432 82,734 3,862,062
DEPRECIATION
At 1 November 2022 125,500 1,208,545 - 49,876 1,383,921
Charge for year - 168,183 - 11,459 179,642
Eliminated on disposal - (1,000 ) - (10,999 ) (11,999 )
At 31 October 2023 125,500 1,375,728 - 50,336 1,551,564
NET BOOK VALUE
At 31 October 2023 - 2,143,668 134,432 32,398 2,310,498
At 31 October 2022 - 1,814,699 - 25,728 1,840,427

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 46,264 7,040
Amounts owed by group undertakings 1,809,376 1,114,668
Other debtors 6,945 15,500
VAT 51,912 -
Prepayments and accrued income 169,194 136,383
2,083,691 1,273,591

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 501,539 566,228
Amounts owed to group undertakings 550,000 -
Tax 24,217 55,670
Social security and other taxes 62,101 62,167
VAT - 19,723
Other creditors 4,115 9,137
Accruals and deferred income 479,806 828,388
1,621,778 1,541,313

ANGLO WELSH LIMITED (REGISTERED NUMBER: 04062985)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 102,730 102,730
Between one and five years 316,920 363,920
In more than five years 51,460 130,690
471,110 597,340

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
600,000 Ordinary £1 600,000 600,000

10. CONTINGENT LIABILITIES

The company is party to an Omnibus Guarantee and Set-Off Agreement in favour of the company's bankers in respect of the following related companies; Chatleigh Limited, BuildWales Homes Limited, Beeley Wood Properties Limited, DPRS Finance Limited, SG Aerospace (UK) Limited, Project Finance Limited, Hebron & Medlock Properties Limited, Panda Sanctuaries Limited, Panda Sanctuaries Holdings Limited, Plymouth House Offices Limited and Tony Morris Homes Limited. As at 31 October 2023 the potential liability was £Nil (2022 : £Nil).

11. RELATED PARTY DISCLOSURES

Anglo Welsh Limited is a wholly owned subsidiary company of Anglo Welsh (Holdings) Limited. During the year the company advanced loans of £709,375 to Anglo Welsh (Holdings) Limited. At the year end Anglo Welsh (Holdings) Limited owed £1,809,376 (2022: £1,100,001) to the company. The loan is interest free and has no set date of repayment.

Chatleigh Limited is a company under common control. During the year Chatleigh Limited advanced loans of £550,000 to the company. At the year end the company owed £550,000 (2022: £Nil) to Chatleigh Limited. Interest is charged on the loan at 4.6% per annum and has no set date of repayment.

Silsden Boats Limited is a company under common control. During the year Silsden Boats Limited repaid the loan to the company. At the year end Silsden Boats Limited owed £Nil (2022: £8,621) to the company. The loan is interest free and has no set date of repayment.

Silsden Boats (Holidays) Limited is a company under common control. During the year Silsden Boats (Holidays) Limited repaid the loan to the company in full. At the year end Silsden Boats (Holidays) Limited owed £Nil (2022: £6,046) to the company. The loan is interest free and has no set date of repayment.

Panda Sanctuaries Holdings Limited is a company under common control. At the year end Panda Sanctuaries Holdings Limited owed £26,064 (2022: £Nil) to the company. This balance is included within trade debtors.