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COMPANY REGISTRATION NUMBER: 03662151
Dan-Yr-Ogof The National Showcaves Centre for Wales Limited
Filleted Unaudited Financial Statements
31 December 2023
Dan-Yr-Ogof The National Showcaves Centre for Wales Limited
Financial Statements
Year ended 31 December 2023
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
Dan-Yr-Ogof The National Showcaves Centre for Wales Limited
Officers and Professional Advisers
The board of directors
Mr J Price
Mr M C Shaw
Mr D J Owen
Company secretary
Mrs N C Price
Registered office
Dan Yr Ogof Caves
Abercrave
Swansea
SA9 1GJ
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Dan-Yr-Ogof The National Showcaves Centre for Wales Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
CURRENT ASSETS
Debtors
5
32,554
40,972
Cash at bank and in hand
106,176
28,507
---------
--------
138,730
69,479
CREDITORS: amounts falling due within one year
6
55,009
3,652
---------
--------
NET CURRENT ASSETS
83,721
65,827
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
83,721
65,827
--------
--------
NET ASSETS
83,721
65,827
--------
--------
CAPITAL AND RESERVES
Called up share capital
7
2
2
Profit and loss account
83,719
65,825
--------
--------
SHAREHOLDERS FUNDS
83,721
65,827
--------
--------
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.
For the 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 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 were approved by the board of directors and authorised for issue on 14 August 2024 , and are signed on behalf of the board by:
Mr J Price
Mr J Price
Director
Company registration number: 03662151
Dan-Yr-Ogof The National Showcaves Centre for Wales Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. GENERAL INFORMATION
Dan-Yr-Ogof The National Showcaves Centre For Wales Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are operation of historical sites and buildings and similar visitor attractions.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 December 2023. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements. The business has obtained support from Group companies.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. In accordance with standard accounting practice.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard. Loans and borrowings Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Rendering of services Revenue from the rendering of services by the company is derived from a charge for admission per person for entry into the grounds of the Dan Yr Ogof park. Interest Interest income is recognised using the effective interest method
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 62 (2022: 57 ).
5. DEBTORS
2023
2022
£
£
Amounts owed by group undertakings
28,757
39,981
Other debtors
3,797
991
--------
--------
32,554
40,972
--------
--------
6. CREDITORS: amounts falling due within one year
2023
2022
£
£
Corporation tax
5,005
Social security and other taxes
2,484
Net wages
527
Other creditors
50,004
641
--------
------
55,009
3,652
--------
------
7. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
8. RELATED PARTY TRANSACTIONS
Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.
9. PARENT UNDERTAKINGS
The ultimate parent company is Dan Yr Ogof Holdings Limited, a company registered in Great Britain.