The Farmers Arms Cwmdu Limited |
Registered number: |
11091760 |
Balance Sheet |
as at 31 December 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
240,468 |
|
|
245,468 |
|
Current assets |
Debtors |
4 |
|
5,659 |
|
|
3,595 |
Cash at bank and in hand |
|
|
8,278 |
|
|
14,322 |
|
|
|
13,937 |
|
|
17,917 |
|
Creditors: amounts falling due within one year |
5 |
|
(7,602) |
|
|
(9,872) |
|
Net current assets |
|
|
|
6,335 |
|
|
8,045 |
|
Total assets less current liabilities |
|
|
|
246,803 |
|
|
253,513 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(111,504) |
|
|
(118,973) |
|
|
|
Net assets |
|
|
|
135,299 |
|
|
134,540 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
150,000 |
|
|
150,000 |
Profit and loss account |
|
|
|
(14,701) |
|
|
(15,460) |
|
Shareholders' funds |
|
|
|
135,299 |
|
|
134,540 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
Nicholas West |
Director |
Approved by the board on 5 August 2024 |
|
The Farmers Arms Cwmdu Limited |
Notes to the Accounts |
for the year ended 31 December 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
No depreciation on investment property measured at fair value |
|
Plant and machinery |
at 15% reducing balance |
|
Fixtures, fittings, tools and equipment |
at 15% reducing balance |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 January 2023 |
240,468 |
|
5,301 |
|
245,769 |
|
Disposals |
- |
|
(5,301) |
|
(5,301) |
|
At 31 December 2023 |
240,468 |
|
- |
|
240,468 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2023 |
- |
|
301 |
|
301 |
|
On disposals |
- |
|
(301) |
|
(301) |
|
At 31 December 2023 |
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2023 |
240,468 |
|
- |
|
240,468 |
|
At 31 December 2022 |
240,468 |
|
5,000 |
|
245,468 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2023 |
|
2022 |
£ |
£ |
|
Historical cost |
240,468 |
|
240,468 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
240,468 |
|
240,468 |
|
|
|
|
|
|
|
|
|
|
The freehold property known as the Farmers Arms Cwmdu is held as an investment property within the company. At the 31st December 2023 yearend the directors carried out a valuation of the property. The estimated current resale value for the property was established by looking at similar properties for sale in and around the immediate location and giving consideration to the original purchase price. Valuation as at 31st December 2023 remains the same as the original purchase cost of £240,468. The property is not depreciated and any gain or loss under FRS 102 would be transferred to the profit and loss account as non distributable reserves. The directors also carried out a revlaution of the plant and machinery included within the investment property as at 31st December 2023. Valuation as at 31st December 2023 was £nil (2022 :£5,000), determined from a new tenancy which began during the year on 1st January 2023. |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
5,000 |
|
3,000 |
|
Prepayments |
|
|
|
|
659 |
|
595 |
|
|
|
|
|
|
5,659 |
|
3,595 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Secure loan @ 0% per annum |
6,750 |
|
- |
|
Loan interest |
272 |
|
7,488 |
|
Income tax deducted at 20% on loan interest |
68 |
|
1,872 |
|
Other creditors |
512 |
|
512 |
|
|
|
|
|
|
7,602 |
|
9,872 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Secure loan @ 0% per annum |
93,250 |
|
100,000 |
|
Friends loans @ 2% per annum |
17,000 |
|
17,000 |
|
Directors loan account - Kathryn Silk |
209 |
|
209 |
|
Directors loan account - Nicholas West |
209 |
|
928 |
|
Directors loan account - Richard Renshaw |
209 |
|
209 |
|
Other loans |
627 |
|
627 |
|
|
|
|
|
|
111,504 |
|
118,973 |
|
|
|
|
|
|
|
|
|
|
The loans from Friends of 'The Farmers Arms Cwmdu Limited' are long term borrowing without a timescale for repayment however it is anticipated that the loan will be repaid from the proceeds generated from the sale of the goodwill and fixtures and fittings on commencement of the full lease tenancy. |
|
|
7 |
Loans |
2023 |
|
2022 |
£ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
66,500 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
100,000 |
|
100,000 |
|
|
|
|
|
|
|
|
|
|
The loan is secured over the title of the freehold property of the Farmers Arms Cwmdu. The loan loans have been amended and the loan is now interest free and repayable over 15 years. Repayments are to commence during 2024, set at a minimum of £6,666.67 per annum or half of the annual rental income due for the year. |
|
|
8 |
Related party transactions |
|
|
None Noted. |
|
|
9 |
Controlling party |
|
|
There is no majority shareholder of The Farmers Arms Cwmdu Limited. The highest shareholding held by a single individual only amounts to 16.67% of the total issued share capital. The Board of Directors of The Farmers Arms Cwmdu Limited are collectively the ultimate controlling party of The Farmers Arms Cwmdu Limited. |
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|
10 |
Other information |
|
|
The Farmers Arms Cwmdu Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
|
The Crindau |
|
Cwmdu |
|
Crickhowell |
|
Powys |
|
NP8 1RS |