Rhydsais Cyf 10533172 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is Dairy farming Digita Accounts Production Advanced 6.30.9574.0 Software true true 10533172 2023-01-01 2023-12-31 10533172 2023-12-31 10533172 bus:Director1 1 2023-12-31 10533172 bus:Director2 1 2023-12-31 10533172 bus:Director3 1 2023-12-31 10533172 bus:Director4 1 2023-12-31 10533172 core:OtherReservesSubtotal 2023-12-31 10533172 core:RetainedEarningsAccumulatedLosses 2023-12-31 10533172 core:ShareCapital 2023-12-31 10533172 core:CurrentFinancialInstruments 2023-12-31 10533172 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 10533172 core:Non-currentFinancialInstruments 2023-12-31 10533172 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 10533172 core:Goodwill 2023-12-31 10533172 core:ConstructionInProgressAssetsUnderConstruction 2023-12-31 10533172 core:FurnitureFittings 2023-12-31 10533172 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 10533172 core:MotorVehicles 2023-12-31 10533172 core:OfficeEquipment 2023-12-31 10533172 core:OtherPropertyPlantEquipment 2023-12-31 10533172 core:PlantMachinery 2023-12-31 10533172 bus:SmallEntities 2023-01-01 2023-12-31 10533172 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 10533172 bus:FullAccounts 2023-01-01 2023-12-31 10533172 bus:RegisteredOffice 2023-01-01 2023-12-31 10533172 bus:Director1 2023-01-01 2023-12-31 10533172 bus:Director1 1 2023-01-01 2023-12-31 10533172 bus:Director2 2023-01-01 2023-12-31 10533172 bus:Director2 1 2023-01-01 2023-12-31 10533172 bus:Director3 2023-01-01 2023-12-31 10533172 bus:Director3 1 2023-01-01 2023-12-31 10533172 bus:Director4 2023-01-01 2023-12-31 10533172 bus:Director4 1 2023-01-01 2023-12-31 10533172 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10533172 core:Goodwill 2023-01-01 2023-12-31 10533172 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 10533172 core:ConstructionInProgressAssetsUnderConstruction 2023-01-01 2023-12-31 10533172 core:FurnitureFittings 2023-01-01 2023-12-31 10533172 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 10533172 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10533172 core:MotorVehicles 2023-01-01 2023-12-31 10533172 core:OfficeEquipment 2023-01-01 2023-12-31 10533172 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 10533172 core:PlantMachinery 2023-01-01 2023-12-31 10533172 countries:AllCountries 2023-01-01 2023-12-31 10533172 2022-12-31 10533172 bus:Director1 1 2022-12-31 10533172 bus:Director2 1 2022-12-31 10533172 bus:Director3 1 2022-12-31 10533172 bus:Director4 1 2022-12-31 10533172 core:Goodwill 2022-12-31 10533172 core:ConstructionInProgressAssetsUnderConstruction 2022-12-31 10533172 core:FurnitureFittings 2022-12-31 10533172 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 10533172 core:MotorVehicles 2022-12-31 10533172 core:OfficeEquipment 2022-12-31 10533172 core:OtherPropertyPlantEquipment 2022-12-31 10533172 core:PlantMachinery 2022-12-31 10533172 2022-01-01 2022-12-31 10533172 2022-12-31 10533172 bus:Director1 1 2022-12-31 10533172 bus:Director2 1 2022-12-31 10533172 bus:Director3 1 2022-12-31 10533172 bus:Director4 1 2022-12-31 10533172 core:OtherReservesSubtotal 2022-12-31 10533172 core:RetainedEarningsAccumulatedLosses 2022-12-31 10533172 core:ShareCapital 2022-12-31 10533172 core:CurrentFinancialInstruments 2022-12-31 10533172 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 10533172 core:Non-currentFinancialInstruments 2022-12-31 10533172 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 10533172 core:Goodwill 2022-12-31 10533172 core:ConstructionInProgressAssetsUnderConstruction 2022-12-31 10533172 core:FurnitureFittings 2022-12-31 10533172 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 10533172 core:MotorVehicles 2022-12-31 10533172 core:OfficeEquipment 2022-12-31 10533172 core:OtherPropertyPlantEquipment 2022-12-31 10533172 core:PlantMachinery 2022-12-31 10533172 bus:Director1 1 2022-01-01 2022-12-31 10533172 bus:Director2 1 2022-01-01 2022-12-31 10533172 bus:Director3 1 2022-01-01 2022-12-31 10533172 bus:Director4 1 2022-01-01 2022-12-31 10533172 bus:Director1 1 2021-12-31 10533172 bus:Director2 1 2021-12-31 10533172 bus:Director3 1 2021-12-31 10533172 bus:Director4 1 2021-12-31 iso4217:GBP xbrli:pure

Filleted

Registration number: 10533172

Rhydsais Cyf

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Rhydsais Cyf

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Rhydsais Cyf

Company Information

Directors

Mr John Aled Edward Evans

Mrs Glenys Angharad Evans

Mrs Margaret Mary Ceinwen Evans

Mr Ifan Llyr Evans

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Rhydsais Cyf

(Registration number: 10533172)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

1,238

1,238

Tangible assets

6

1,891,227

1,847,797

 

1,892,465

1,849,035

Current assets

 

Stocks

7

259,450

236,960

Debtors

8

155,310

212,845

Cash at bank and in hand

 

364,357

130,777

 

779,117

580,582

Creditors: Amounts falling due within one year

9

(1,072,614)

(1,121,187)

Net current liabilities

 

(293,497)

(540,605)

Total assets less current liabilities

 

1,598,968

1,308,430

Creditors: Amounts falling due after more than one year

9

(23,533)

(137,527)

Net assets

 

1,575,435

1,170,903

Capital and reserves

 

Called up share capital

300

300

Other reserves

1,427,153

-

Profit and loss account

147,982

1,170,603

Total equity

 

1,575,435

1,170,903

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.

 

Rhydsais Cyf

(Registration number: 10533172)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 28 May 2024 and signed on its behalf by:
 

.........................................
Mr John Aled Edward Evans
Director

.........................................
Mr Ifan Llyr Evans
Director

.........................................
Mrs Glenys Angharad Evans
Director

.........................................
Mrs Margaret Mary Ceinwen Evans
Director

     
 

Rhydsais Cyf

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 England and Wales.

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

The principal place of business is:
Rhydsais
Talgarreg
Llandysul
SA44 4HH

These financial statements were authorised for issue by the Board on 28 May 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.

 

Rhydsais Cyf

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

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.

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

Windturbine

Straight line over 20 years

Motor vehicles

20% reducing balance

Plant and machinery

10% reducing balance

Fixtures and fittings

10% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

SFP Entitlements

None

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.

 

Rhydsais Cyf

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Rhydsais Cyf

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

82,106

73,288

5

Intangible assets

SFP Entitlements
£

Total
£

Cost or valuation

At 1 January 2023

1,238

1,238

At 31 December 2023

1,238

1,238

Amortisation

Carrying amount

At 31 December 2023

1,238

1,238

At 31 December 2022

1,238

1,238

Revalued assets for the year ended 31 December 2022

 

Rhydsais Cyf

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

6

Tangible assets

Land and buildings
£

Agricultural buildings
 £

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Dairy Herd
£

Total
£

Cost or valuation

At 1 January 2023

321,905

33,357

85,214

738,731

285,048

40,941

764,800

2,269,996

Additions

-

-

15,921

134,565

-

-

2,000

152,486

Disposals

-

-

-

(50,707)

-

-

-

(50,707)

At 31 December 2023

321,905

33,357

101,135

822,589

285,048

40,941

766,800

2,371,775

Depreciation

At 1 January 2023

-

-

34,578

266,916

100,606

20,099

-

422,199

Charge for the year

-

-

6,128

55,043

16,768

4,169

-

82,108

Eliminated on disposal

-

-

-

(23,759)

-

-

-

(23,759)

At 31 December 2023

-

-

40,706

298,200

117,374

24,268

-

480,548

Carrying amount

At 31 December 2023

321,905

33,357

60,429

524,389

167,674

16,673

766,800

1,891,227

At 31 December 2022

321,905

33,357

50,636

471,815

184,442

20,842

764,800

1,847,797

Included within the net book value of land and buildings above is £321,905 (2022 - £321,905) in respect of freehold land and buildings.
 

 

Rhydsais Cyf

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

7

Stocks

2023
£

2022
£

Closing livestock

201,250

179,550

Closing deadstock

58,200

57,410

259,450

236,960

8

Debtors

2023
£

2022
£

Trade debtors

119,731

170,004

Prepayments

733

978

Other debtors

34,846

41,863

155,310

212,845

 

Rhydsais Cyf

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

53,325

58,871

Trade creditors

 

78,140

102,910

Taxation and social security

 

-

1

Other related parties

 

734,769

783,659

Corporation tax liability

 

156,694

125,020

Other creditors

 

49,686

50,726

 

1,072,614

1,121,187

Due after one year

 

Loans and borrowings

11

23,533

137,527

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

23,533

137,527

10

Share capital

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

17,464

87,059

HP and finance lease liabilities

6,069

10,468

Other borrowings

-

40,000

23,533

137,527

 

Rhydsais Cyf

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

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

49,163

HP and finance lease liabilities

43,325

9,708

53,325

58,871

12

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mrs Margaret Mary Ceinwen Evans

Interest free loan and repayable on demand

(248,235)

64,336

(52,114)

(236,013)

         
       

Mrs Glenys Angharad Evans

Intrest free loan and repayable on demand

(248,234)

64,336

(52,114)

(236,012)

         
       

Mr John Aled Edward Evans

Intrest free loan and repayable on demand

(248,235)

64,336

(52,114)

(236,013)

         
       

Mr Ifan Llyr Evans

(38,954)

64,336

(52,114)

(26,732)

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mrs Margaret Mary Ceinwen Evans

Interest free loan and repayable on demand

(269,281)

75,528

(54,482)

(248,235)

         
       

Mrs Glenys Angharad Evans

Intrest free loan and repayable on demand

(269,280)

75,528

(54,482)

(248,234)

         
       

Mr John Aled Edward Evans

Intrest free loan and repayable on demand

(269,281)

75,528

(54,482)

(248,235)

         
       

Mr Ifan Llyr Evans

(60,000)

75,528

(54,482)

(38,954)