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Filleted

Registration number: 12099176

West Wales Holiday Cottages Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

West Wales Holiday Cottages Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

West Wales Holiday Cottages Ltd

Company Information

Directors

Mr David John Witt

Mr Matthew James Witt

Mrs Lisa Wyn Stopher

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

West Wales Holiday Cottages Ltd

(Registration number: 12099176)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

147,267

84,648

Current assets

 

Debtors

6

62,502

56,188

Cash at bank and in hand

 

121,974

407,370

 

184,476

463,558

Creditors: Amounts falling due within one year

7

(59,676)

(107,042)

Net current assets

 

124,800

356,516

Net assets

 

272,067

441,164

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

271,967

441,064

Total equity

 

272,067

441,164

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

.........................................
Mrs Lisa Wyn Stopher
Director

   
     
 

West Wales Holiday Cottages Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

These financial statements were authorised for issue by the Board on 15 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

West Wales Holiday Cottages Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

Office equipment

25% Reducing balance

Furniture and fittings

25% Reducing balance

Leasehold Property

4% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

West Wales Holiday Cottages Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 11).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

24,714

11,181

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 January 2023

30,996

14,492

62,041

12,529

Additions

-

-

86,326

1,009

At 31 December 2023

30,996

14,492

148,367

13,538

Depreciation

At 1 January 2023

3,299

7,850

14,387

9,875

Charge for the year

1,099

1,661

21,060

895

At 31 December 2023

4,398

9,511

35,447

10,770

Carrying amount

At 31 December 2023

26,598

4,981

112,920

2,768

At 31 December 2022

27,697

6,643

47,654

2,654

 

West Wales Holiday Cottages Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Total
£

Cost or valuation

At 1 January 2023

120,058

Additions

87,335

At 31 December 2023

207,393

Depreciation

At 1 January 2023

35,411

Charge for the year

24,715

At 31 December 2023

60,126

Carrying amount

At 31 December 2023

147,267

At 31 December 2022

84,648

Included within the net book value of land and buildings above is £26,597 (2022 - £27,697) in respect of short leasehold land and buildings.
 

6

Debtors

2023
£

2022
£

Trade debtors

7,292

17,922

Prepayments

3,908

1,326

Other debtors

51,302

36,940

62,502

56,188

 

West Wales Holiday Cottages Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

(11)

3,617

Taxation and social security

 

4,653

24,423

Other related parties

 

19,927

19,927

Corporation tax liability

 

-

35,276

Other creditors

 

35,107

23,799

 

59,676

107,042

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary Shares of £1 each

55

55

55

55

B Ordinary Shares of £1 each

15

15

15

15

C Ordinary Shares of £1 each

15

15

15

15

D Ordinary Shares of £1 each

15

15

15

15

 

100

100

100

100

 

West Wales Holiday Cottages Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

At 31 December 2023
£

Mr David John Witt

Interest free loan with no fixed repayment date

585

585

     
   

Mr Matthew James Witt

Interest free loan with no fixed repayment date

(20,512)

(20,512)

     
   

 

2022

At 1 January 2022
£

Advances to director
£

At 31 December 2022
£

Mr David John Witt

Interest free loan with no fixed repayment date

-

585

585

       
     

Mr Matthew James Witt

Interest free loan with no fixed repayment date

(20,512)

-

(20,512)