3 01/12/2022 30/11/2023 2023-11-30 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-12-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 11693412 2022-12-01 2023-11-30 11693412 2023-11-30 11693412 2022-11-30 11693412 2021-12-01 2022-11-30 11693412 2022-11-30 11693412 2021-11-30 11693412 core:NetGoodwill 2022-12-01 2023-11-30 11693412 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 11693412 bus:RegisteredOffice 2022-12-01 2023-11-30 11693412 bus:LeadAgentIfApplicable 2022-12-01 2023-11-30 11693412 bus:Director1 2022-12-01 2023-11-30 11693412 bus:Director2 2022-12-01 2023-11-30 11693412 core:NetGoodwill 2022-11-30 11693412 core:NetGoodwill 2023-11-30 11693412 core:FurnitureFittingsToolsEquipment 2022-11-30 11693412 core:FurnitureFittingsToolsEquipment 2023-11-30 11693412 core:WithinOneYear 2023-11-30 11693412 core:WithinOneYear 2022-11-30 11693412 core:AfterOneYear 2023-11-30 11693412 core:AfterOneYear 2022-11-30 11693412 core:ShareCapital 2023-11-30 11693412 core:ShareCapital 2022-11-30 11693412 core:RetainedEarningsAccumulatedLosses 2023-11-30 11693412 core:RetainedEarningsAccumulatedLosses 2022-11-30 11693412 core:NetGoodwill 2022-11-30 11693412 core:FurnitureFittingsToolsEquipment 2022-11-30 11693412 bus:Director1 2022-11-30 11693412 bus:Director1 2023-11-30 11693412 bus:Director1 2021-11-30 11693412 bus:Director1 2022-11-30 11693412 bus:Director1 2021-12-01 2022-11-30 11693412 bus:SmallEntities 2022-12-01 2023-11-30 11693412 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 11693412 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 11693412 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 11693412 bus:FullAccounts 2022-12-01 2023-11-30 11693412 1 2022-12-01 2023-11-30
Company registration number: 11693412
Cyfoeth Jones Wealth Limited
Unaudited filleted financial statements
30 November 2023
Cyfoeth Jones Wealth Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Cyfoeth Jones Wealth Limited
Directors and other information
Directors Mr Huw Meredudd Vaughan Jones
Mrs Siwsan Jane Vaughan Jones
Company number 11693412
Registered office Britannia House
Ffordd Caergybi
Llanfair PG
Anglesey
LL61 5SZ
Business address Britannia House
Ffordd Caergybi
Llanfair PG
Anglesey
LL61 5SZ
Accountants WJ Matthews & Son
11-15 Bridge Street
Caernarfon
Gwynedd
LL55 1AB
Cyfoeth Jones Wealth Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Cyfoeth Jones Wealth Limited
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cyfoeth Jones Wealth Limited for the year ended 30 November 2023 which comprise the statement of financial position and 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Cyfoeth Jones Wealth Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Cyfoeth Jones Wealth Limited and state those matters that we have agreed to state to the board of directors of Cyfoeth Jones Wealth Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cyfoeth Jones Wealth Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Cyfoeth Jones Wealth Limited 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 Cyfoeth Jones Wealth Limited. You consider that Cyfoeth Jones Wealth Limited 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 Cyfoeth Jones Wealth Limited. 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.
WJ Matthews & Son
Chartered Accountants
11-15 Bridge Street
Caernarfon
Gwynedd
LL55 1AB
29 August 2024
Cyfoeth Jones Wealth Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 386,713 358,618
Tangible assets 6 3,394 2,285
_______ _______
390,107 360,903
Current assets
Debtors 7 65,422 57,297
Cash at bank and in hand 27,460 51,369
_______ _______
92,882 108,666
Creditors: amounts falling due
within one year 8 ( 193,863) ( 150,640)
_______ _______
Net current liabilities ( 100,981) ( 41,974)
_______ _______
Total assets less current liabilities 289,126 318,929
Creditors: amounts falling due
after more than one year 9 ( 265,466) ( 271,837)
Provisions for liabilities ( 645) ( 435)
_______ _______
Net assets 23,015 46,657
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 23,005 46,647
_______ _______
Shareholders funds 23,015 46,657
_______ _______
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Mr Huw Meredudd Vaughan Jones
Director
Company registration number: 11693412
Cyfoeth Jones Wealth Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Wales. The address of the registered office is Britannia House, Ffordd Caergybi, Llanfair PG, Anglesey, LL61 5SZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 December 2022 597,698 597,698
Additions 81,026 81,026
_______ _______
At 30 November 2023 678,724 678,724
_______ _______
Amortisation
At 1 December 2022 239,080 239,080
Charge for the year 52,931 52,931
_______ _______
At 30 November 2023 292,011 292,011
_______ _______
Carrying amount
At 30 November 2023 386,713 386,713
_______ _______
At 30 November 2022 358,618 358,618
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 December 2022 5,428 5,428
Additions 3,289 3,289
_______ _______
At 30 November 2023 8,717 8,717
_______ _______
Depreciation
At 1 December 2022 3,143 3,143
Charge for the year 2,180 2,180
_______ _______
At 30 November 2023 5,323 5,323
_______ _______
Carrying amount
At 30 November 2023 3,394 3,394
_______ _______
At 30 November 2022 2,285 2,285
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 21,146 24,146
Amounts owed by group undertakings and undertakings in which the company has a participating interest 24,000 15,000
Other debtors 20,276 18,151
_______ _______
65,422 57,297
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 92,074 66,411
Amounts owed to group undertakings and undertakings in which the company has a participating interest 38,500 42,000
Corporation tax 36,605 40,375
Social security and other taxes 682 682
Other creditors 26,002 1,172
_______ _______
193,863 150,640
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 265,466 271,837
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Huw Meredudd Vaughan Jones ( 142) ( 24,800) ( 24,942)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Huw Meredudd Vaughan Jones ( 140) ( 2) ( 142)
_______ _______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Jones Associates Servicing Limited 3,500 (33,000) (38,500) (42,000)
Garth Farm Cottages Limited 5,000 5,000 20,000 15,000
_______ _______ _______ _______
The company has made an interest free loan to Garth Farm Cottages Limited in addition to receiving an interest free loan from Jones Associates Servicing Limited.
12. Controlling party
The company is a wholly owned subsidiary of Grwp ap Fychan Cyf which is controlled by Mr HMV Jones.