Registration number:
Llanwrtyd Wells Land & Estate Co. Limited
Unaudited Financial Statements
for the
Year Ended 30 September 2023
Llanwrtyd Wells Land & Estate Co. Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
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 |
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Bankers |
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Accountants |
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Llanwrtyd Wells Land & Estate Co. Limited
(Registration number: 01412221)
Balance Sheet
as at 30 September 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Fair value reserve |
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Profit and loss account |
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Total equity |
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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:
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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
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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
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Wales
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 October 2022 |
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At 30 September 2023 |
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Depreciation |
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At 1 October 2022 |
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Charge for the year |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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At 30 September 2022 |
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Llanwrtyd Wells Land & Estate Co. Limited
Notes to the Financial Statements
for the Year Ended 30 September 2023
Investment properties |
2023 |
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At 1 October |
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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.
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Llanwrtyd Wells Land & Estate Co. Limited
Notes to the Financial Statements
for the Year Ended 30 September 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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93 |
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93 |
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Other borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
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Llanwrtyd Wells Land & Estate Co. Limited
Notes to the Financial Statements
for the Year Ended 30 September 2023
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.
Related party transactions |
Key management personnel
Transactions with related parties
Summary of transactions with key management
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.