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Registration number: 01412221

Llanwrtyd Wells Land & Estate Co. Limited

Annual Report and

Unaudited Financial Statements


for the Year Ended 30 September 2023

 

Llanwrtyd Wells Land & Estate Co. Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Llanwrtyd Wells Land & Estate Co. Limited

Company Information

Directors

Colonel T J Van Rees

Mrs D Van Rees

Mr H L Van Rees

Mr G T G Van Rees

Company secretary

Colonel T J Van Rees

Registered office

WJ James & Co
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Bankers

Lloyds Bank plc
38 High Street
Brecon
Powys
LD3 7AR

Accountants

WJ James & Co
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Llanwrtyd Wells Land & Estate Co. Limited

(Registration number: 01412221)

Balance Sheet
as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,800

11,701

Investment property

5

6,678,014

6,678,014

 

6,685,814

6,689,715

Current assets

 

Debtors

6

22,286

13,790

Cash at bank and in hand

 

19,453

9,978

 

41,739

23,768

Creditors: Amounts falling due within one year

7

(1,380,917)

(1,301,923)

Net current liabilities

 

(1,339,178)

(1,278,155)

Total assets less current liabilities

 

5,346,636

5,411,560

Creditors: Amounts falling due after more than one year

7

(1,552,950)

(1,552,950)

Provisions for liabilities

(504,747)

(504,747)

Net assets

 

3,288,939

3,353,863

Capital and reserves

 

Called up share capital

93

93

Fair value reserve

2,468,168

2,468,168

Profit and loss account

820,678

885,602

Total equity

 

3,288,939

3,353,863

For the financial year ending 30 September 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.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

 

Llanwrtyd Wells Land & Estate Co. Limited

(Registration number: 01412221)

Balance Sheet
as at 30 September 2023

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.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

.........................................

Colonel T J Van Rees

Company secretary and director

 

Llanwrtyd Wells Land & Estate Co. Limited

Notes to the Financial Statements
for the Year Ended 30 September 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:
WJ James & Co
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG
Wales

These financial statements were authorised for issue by the Board on 11 September 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.

The financial statements are prepared in sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.

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 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.

 

Llanwrtyd Wells Land & Estate Co. Limited

Notes to the Financial Statements
for the Year Ended 30 September 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Furniture and fittings

25% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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 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.

Trade 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.

Trade 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.

 

Llanwrtyd Wells Land & Estate Co. Limited

Notes to the Financial Statements
for the Year Ended 30 September 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

15,601

15,601

At 30 September 2023

15,601

15,601

Depreciation

At 1 October 2022

3,900

3,900

Charge for the year

3,901

3,901

At 30 September 2023

7,801

7,801

Carrying amount

At 30 September 2023

7,800

7,800

At 30 September 2022

11,701

11,701

 

Llanwrtyd Wells Land & Estate Co. Limited

Notes to the Financial Statements
for the Year Ended 30 September 2023

5

Investment properties

2023
£

At 1 October

6,678,014

The investment properties were revalued on 30 September 2023 by T J Van-Rees who is internal to the company. The basis of this valuation was on an open market value by the director. The investment properties have a current value of £6,678,014 (2022 - £6,678,014) and a carrying amount at historical cost of £3,705,099 (2022 - £3,705,099). The depreciation on this historical cost is £Nil (2022 - £Nil).

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

6

Debtors

2023
£

2022
£

Trade debtors

7,950

7,950

Prepayments

10,432

1,459

Other debtors

3,904

4,381

22,286

13,790

 

Llanwrtyd Wells Land & Estate Co. Limited

Notes to the Financial Statements
for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

496,431

505,829

Trade creditors

 

500

-

Accruals and deferred income

 

22,620

10,210

Other creditors

 

861,366

785,884

 

1,380,917

1,301,923

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

1,552,950

1,552,950

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

93

93

93

93

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

1,552,950

1,552,950

2023
£

2022
£

Current loans and borrowings

Other borrowings

496,431

505,829

 

Llanwrtyd Wells Land & Estate Co. Limited

Notes to the Financial Statements
for the Year Ended 30 September 2023

10

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £1,552,950 (2022 - £1,552,950). The Agricultural Mortgage Corporation PLC - £588,700 - fixed charge over the freehold properties known as Cae Penfras and Hafod Farm, Llangadfan and Goyallt Farm, Llandovery

The Agricultural Mortgage Corporation PLC - £964,250 - fixed charge.

11

Related party transactions

Key management personnel

Transactions with related parties

Summary of transactions with key management

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

At the year end there is a balance due to Gaerllwydd Settled Estates Limited of £496,431 (2022 : £505,830)

Colonel Timothy Van Rees, Diana Van Rees, Giles Van Rees and Hugo Van Rees are all director's of Llanwrtyd Wells Land & Estate Co. Limited.