2023-01-012023-12-312023-12-31false03340668Tynewydd Developments 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Tynewydd Developments Limited

Registered Number
03340668
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Tynewydd Developments Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Mr G G Perfect
Mrs C A Perfect

Company Secretary

Mrs C A Perfect

Registered Address

74 High Street
Fishguard
SA65 9AU

Registered Number

03340668 (England and Wales)
Tynewydd Developments Limited
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3407,990282,251
407,990282,251
Current assets
Stocks42,023,7142,215,755
Debtors52,094,9191,811,124
Cash at bank and on hand3,0994,406
4,121,7324,031,285
Creditors amounts falling due within one year6(2,624,661)(2,524,278)
Net current assets (liabilities)1,497,0711,507,007
Total assets less current liabilities1,905,0611,789,258
Creditors amounts falling due after one year7(36,889)(41,340)
Net assets1,868,1721,747,918
Capital and reserves
Called up share capital15,00015,000
Profit and loss account1,853,1721,732,918
Shareholders' funds1,868,1721,747,918
The financial statements were approved and authorised for issue by the Board of Directors on 16 July 2024, and are signed on its behalf by:
Mr G G Perfect
Director
Registered Company No. 03340668
Tynewydd Developments Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. No depreciation is provided in respect of freehold property.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees
There were no employees in the years ended 31 December 2023 and 31 December 2022.

20232022
Average number of employees during the year00
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 23282,251
Additions125,739
At 31 December 23407,990
Net book value
At 31 December 23407,990
At 31 December 22282,251
4.Stocks

2023

2022

££
Work in progress2,023,7142,215,755
Total2,023,7142,215,755
5.Debtors: amounts due within one year

2023

2022

££
Amounts owed by group undertakings833,226832,426
Other debtors1,261,693978,698
Total2,094,9191,811,124
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables360-
Bank borrowings and overdrafts4,4534,258
Amounts owed to related parties2,456,7652,336,965
Taxation and social security35,58217,606
Other creditors42,50078,250
Accrued liabilities and deferred income85,00187,199
Total2,624,6612,524,278
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts36,88941,340
Total36,88941,340
8.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
Mr G G Perfect(29,783)148,00028,26789,950
(29,783)148,00028,26789,950
Funds have been introduced since the year end to clear the overdrawn balance.
9.Related party transactions
Derwydd Garage Limited and Cloverton Properties (Cilgerran) Limited are related parties of the company by virtue of the common control of the ultimate parent company Good Stewards Limited. During the year Cloverton Properties (Cilgerran) Limited carried out construction work for the company to the value of £135,000 (2022 - £180,000). At the balance sheet date the company owed Cloverton Properties (Cilgerran) Limited £2,456,765 (2022 - £2,336,965). During the year Tynewydd Developments Limited carried out construction work for Good Stewards Limited to the value of £nil (2022 - £nil) and Derwydd Garage Limited provided services to the value of £nil (2022 - £16,000). The company has leased for a period of 21 years and 1 day one of the completed, but as yet unsold, properties to Good Stewards Limited, the rent charged to Good Stewards Limited during the year amounted to £15,000 (2022 - £5000). At the balance sheet date Good Stewards Limited owed the company £635,523 (2022 - £620,523) and Derwydd Garage Limited owed the company £197,703 (2022 - £211,903). The company has leased for a period of 21 years and 1 day some of the completed, but as yet unsold, properties to Home Rent West Wales Limited, a company controlled by Mr & Mrs Perfect by virtue of their 100% shareholding. The rent charged to Home Rent West Wales Limited during the year amounted to £115,000 (2022 - £115,000) and the balance owing to the company by Home Rent West Wales Limited at the year end amounted to £1,132,995 (2022 - £964,951). The company has leased for a period of 21 years and 1 day one of the completed, but as yet unsold, properties to Llantydwell Limited, a company controlled by Mr & Mrs Perfect by virtue of their 100% shareholding. The rent charged to Llantydwell Limited during the year amounted to £10,000 (2022 - £17,500) and the balance owing to the company by Llantydwell Limited at the year end amounted to £12,500 (2022 - £2,500).