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COMPANY REGISTRATION NUMBER: 13504411
Sant Ffraed Limited
Filleted Unaudited Financial Statements
31 December 2023
Sant Ffraed Limited
Financial Statements
Year ended 31 December 2023
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Sant Ffraed Limited
Officers and Professional Advisers
The board of directors
Mr A Hole
Mr S Hole
Registered office
Unit 9 Tawe Business Village
Phoenix Way
Swansea Enterprise Park
Llansamlet
Swansea
Wales
SA7 9LA
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Sant Ffraed Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
7,784,696
7,061,076
CURRENT ASSETS
Stocks
6
24,733
25,918
Debtors
7
67,088
178,620
Cash at bank and in hand
513,661
66,677
---------
---------
605,482
271,215
CREDITORS: amounts falling due within one year
8
5,947,084
5,983,707
-----------
-----------
NET CURRENT LIABILITIES
5,341,602
5,712,492
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,443,094
1,348,584
CREDITORS: amounts falling due after more than one year
9
2,555,085
2,245,416
PROVISIONS
471,253
172,012
-----------
-----------
NET LIABILITIES
( 583,244)
( 1,068,844)
-----------
-----------
CAPITAL AND RESERVES
Called up share capital
10
100
100
Profit and loss account
( 583,344)
( 1,068,944)
---------
-----------
SHAREHOLDERS DEFICIT
( 583,244)
( 1,068,844)
---------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sant Ffraed Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Andrew Hole
Andrew Hole
Director
Company registration number: 13504411
Sant Ffraed Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. GENERAL INFORMATION
Sant Ffraed Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements is 12 months and its comparative period is 6 months. These financial statements only include the results of the individual entity made up to 31 December 2023. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements, with support from group companies. The company has also secured additional funding to support them until it returns to solvency. Despite negative reserves the directors have a strong order book looking forward and are monitoring costs to streamline operations.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets.
(ii) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors and associated impairment provision.
(iii) Goodwill and intangible fixed assets
Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortised and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions.
(iv) Provisions
Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes.
(v) Going Concern
The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Rendering of services When the outcome of a transaction can be estimated reliably, turnover from rendering of services is recognised by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.
Research & development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property/Property Improvements
-
2%/4% straight line
Plant and machinery/IT equipment
-
10%/33% straight line
Fixtures and fittings
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. TANGIBLE ASSETS
Freehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
6,417,795
151,109
611,437
7,180,341
Additions
1,087,447
11,206
15,553
1,114,206
Disposals
( 112,985)
( 112,985)
-----------
---------
---------
-----------
At 31 December 2023
7,392,257
162,315
626,990
8,181,562
-----------
---------
---------
-----------
Depreciation
At 1 January 2023
60,322
14,327
44,616
119,265
Charge for the year
195,320
82,281
277,601
-----------
---------
---------
-----------
At 31 December 2023
60,322
209,647
126,897
396,866
-----------
---------
---------
-----------
Carrying amount
At 31 December 2023
7,331,935
( 47,332)
500,093
7,784,696
-----------
---------
---------
-----------
At 31 December 2022
6,357,473
136,782
566,821
7,061,076
-----------
---------
---------
-----------
6. STOCKS
2023
2022
£
£
Raw materials and consumables
24,733
25,918
--------
--------
7. DEBTORS
2023
2022
£
£
Trade debtors
250
550
Other debtors
66,838
178,070
--------
---------
67,088
178,620
--------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
121,044
101,105
Trade creditors
185,597
120,103
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,511,169
4,228,718
Social security and other taxes
152,385
26,690
Other creditors
1,976,889
1,507,091
-----------
-----------
5,947,084
5,983,707
-----------
-----------
The aggregate of secured liabilities falling due within one year is £121,044 (2022:£101,105).
The bank loans are secured by a fixed and floating charge over all the assets of the company, including all freehold and leasehold property now or in the future belonging to the company.
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,555,085
2,245,416
-----------
-----------
The aggregate of secured liabilities falling due after one year is £2,555,085 (2022:£2,245,416).
The aggregate of secured liabilities falling due after five years is £2,070,908 (2022:£1,840,996).
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. FINANCIAL COMMITMENTS
Both Oldwalls Gower Limited and SNACO UK LTD, fellow group companies and companies under common control, and Oldwalls Holdings Limited the holding company are party to a group cross guarantee in respect of the groups bank borrowings. At the year end the bank borrowings covered by the cross guarantee were as follows:
2023 2022
£ £
Snaco UK Limited 5,305,862 5,617,202
Oldwalls Gower Limited 2,035,121 2,175,365
----------- -----------
7,340,983 7,792,567
----------- -----------
The company has given a cross guarantee of £350,000 to Development Bank of Wales in respect of borrowings of SNACO UK Limited, a fellow group company.
12. RELATED PARTY TRANSACTIONS
During the year the company entered into transactions with related parties as follows:
2023 2022
£ £
Balance due (to) group companies (174,920)
Balance due from group companies 3,091
Balance due (to) other related parties (116,485) (160,275)
Balance due from other related parties 39,894
No interest was charged on any of the outstanding amounts. Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies. Key Management Personnel of the entity or its parent A director has provided a personal guarantee of £100,000 to Development Bank of Wales to cover all facilities provided.
13. PARENT UNDERTAKING
The immediate ultimate parent company is Oldwalls Holdings Limited, a company registered in Great Britain.