REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
TYDDYN CAE CYFYNGEDIG |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
TYDDYN CAE CYFYNGEDIG |
TYDDYN CAE CYFYNGEDIG (REGISTERED NUMBER: 13539653) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 4 |
Report of the accountants | 9 |
TYDDYN CAE CYFYNGEDIG |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
2 Llys Onnen |
Ffordd Y Llyn |
Parc Menai |
Bangor |
Gwynedd |
LL57 4DF |
TYDDYN CAE CYFYNGEDIG (REGISTERED NUMBER: 13539653) |
BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Investments | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
TYDDYN CAE CYFYNGEDIG (REGISTERED NUMBER: 13539653) |
BALANCE SHEET - continued |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TYDDYN CAE CYFYNGEDIG (REGISTERED NUMBER: 13539653) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Tyddyn Cae Cyfyngedig is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
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:- |
Computer equipment | 33% reducing balance |
Milking parlour equipment | 10% reducing balance |
Motor Vehicles | 15% reducing balance |
Plant & machinery | 10% reducing balance |
Sheds | 5% straight line |
Slurry pit | 10% reducing balance |
Stock |
Biological assets are valued at fair value through the profit & loss. This includes making due allowance for home bred livestock, the current market and current demand. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
TYDDYN CAE CYFYNGEDIG (REGISTERED NUMBER: 13539653) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
TYDDYN CAE CYFYNGEDIG (REGISTERED NUMBER: 13539653) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Cost or valuation at 31 March 2024 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2022 | - | 370,513 | 370,513 |
Cost | 89,571 | 186,728 | 276,299 |
89,571 | 557,241 | 646,812 |
If plant and machinery had not been revalued they would have been included at the following historical cost: |
31.3.24 | 31.3.23 |
£ | £ |
Cost | 153,042 | 126,599 |
Aggregate depreciation | 27,185 | 10,481 |
Plant and machinery were valued on fair value basis on 28 February 2023 by I Ifans (director) . |
TYDDYN CAE CYFYNGEDIG (REGISTERED NUMBER: 13539653) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CURRENT ASSET INVESTMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Shares in Hufenfa de Arfon | 42,151 | 26,761 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Other creditors |
10. | FINANCIAL INSTRUMENTS |
The director's loan is a financial instrument and has formally structured loan terms. |
The loan from T Evans, director & shareholder, to Tyddyn Cae Cyfyngedig is that of a basic financial liability of a small entity. As set out in FRS 102 paragraph 11.13A this financing transaction is measured initially at transaction price rather than be measured at the present value of the future payments discounted using the effective interest method. |
At the end of each reporting period, the entity will measure this financial instrument as follows:- |
-continue with the measurement of the director loan balance at transaction price. |
- the effective interest rate is the interest rate implicit in the contract, which is 0%. |
At 31 March 2024 directors loans of £69,233 are included in other creditors falling due within one year and £300,000 are included in other creditors falling due within more than one year. |
TYDDYN CAE CYFYNGEDIG (REGISTERED NUMBER: 13539653) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | RESERVES |
Revaluatio |
reserve |
£ |
At 1 April 2023 |
and 31 March 2024 |
12. | TRANSACTIONS WITH DIRECTORS |
The total directors loan balance at 31 March 2023 is £369,233 ( 31 March 2023, £444,100). |
Rent of £60,000 was paid to the director T Evans during the 12-month period. |
TYDDYN CAE CYFYNGEDIG |
REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF |
TYDDYN CAE CYFYNGEDIG |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance sheet. Readers are cautioned that the Income statement and certain other primary statements and the Report of the directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006 we have prepared for your approval the accounts of Tyddyn Cae Cyfyngedig for the year ended 31 March 2024 from the Company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com. |
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. |
Chartered Certified Accountants |
2 Llys Onnen |
Ffordd Y Llyn |
Parc Menai |
Bangor |
Gwynedd |
LL57 4DF |