Ty-Glas Properties Limited 11140363 false 2023-02-01 2023-12-31 2023-12-31 The principal activity of the company is residential property rental and development. Digita Accounts Production Advanced 6.30.9574.0 true true 11140363 2023-02-01 2023-12-31 11140363 2023-12-31 11140363 core:CurrentFinancialInstruments 2023-12-31 11140363 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 11140363 bus:SmallEntities 2023-02-01 2023-12-31 11140363 bus:AuditExemptWithAccountantsReport 2023-02-01 2023-12-31 11140363 bus:FilletedAccounts 2023-02-01 2023-12-31 11140363 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2023-12-31 11140363 bus:RegisteredOffice 2023-02-01 2023-12-31 11140363 bus:Director2 2023-02-01 2023-12-31 11140363 bus:PrivateLimitedCompanyLtd 2023-02-01 2023-12-31 11140363 core:OtherRelatedParties 2023-02-01 2023-12-31 11140363 countries:EnglandWales 2023-02-01 2023-12-31 11140363 2023-01-31 11140363 2022-02-01 2023-01-31 11140363 2023-01-31 11140363 core:CurrentFinancialInstruments 2023-01-31 11140363 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 11140363

Ty-Glas Properties Limited

Unaudited Filleted Financial Statements

for the Period from 1 February 2023 to 31 December 2023

 

Ty-Glas Properties Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 4

 

Ty-Glas Properties Limited

(Registration number: 11140363)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2023
£

Fixed assets

 

Investment property

4

829,268

184,810

Current assets

 

Debtors

5

1,827

-

Cash at bank and in hand

 

131

201

 

1,958

201

Creditors: Amounts falling due within one year

6

(834,059)

(188,173)

Net current liabilities

 

(832,101)

(187,972)

Net liabilities

 

(2,833)

(3,162)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(2,933)

(3,262)

Shareholders' deficit

 

(2,833)

(3,162)

For the financial period 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 period 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 


P L Edwards
Director

 

Ty-Glas Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 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:
Ty-Nant,
16a Cwmfelin Road
Llanelli
Dyfed
SA14 9LR
United Kingdom

Principal activity

The principal activity of the company is residential property rental and development.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Ty-Glas Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0 (2023 - 0).

 

Ty-Glas Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 31 December 2023 (continued)

4

Investment properties

2023
£

At 1 February

184,810

Additions

644,458

At 31 December

829,268

There has been no valuation of investment property by an independent valuer.

5

Debtors

2023
£

2023
£

Trade debtors

1,827

-

1,827

-

6

Creditors

Creditors: amounts falling due within one year

2023
£

2023
£

Due within one year

Accruals and deferred income

1,800

-

Other creditors

832,259

188,173

834,059

188,173

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Related party transactions

Summary of transactions with other related parties

Director
 On 28th March 2023 investment property with a market value of £475,000 was transferred from Peris Edwards to Ty-Glas Properties Limited.