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Filleted

Registration number: 07034299

Cerbydau Cenarth Cyf

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Cerbydau Cenarth Cyf

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Cerbydau Cenarth Cyf

Company Information

Directors

Mr W G E James

Mr D C R James

Registered office

The Workshop
Cenarth
Newcastle Emlyn
SA38 9JP

 

Cerbydau Cenarth Cyf

(Registration number: 07034299)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

653,939

548,467

Current assets

 

Stocks

7

3,021

3,375

Debtors

8

196,132

162,770

Cash at bank and in hand

 

130,391

131,068

 

329,544

297,213

Creditors: Amounts falling due within one year

9

(255,673)

(193,683)

Net current assets

 

73,871

103,530

Total assets less current liabilities

 

727,810

651,997

Creditors: Amounts falling due after more than one year

9

-

(9,323)

Provisions for liabilities

(107,640)

(83,955)

Net assets

 

620,170

558,719

Capital and reserves

 

Called up share capital

33

33

Profit and loss account

620,137

558,686

Total equity

 

620,170

558,719

For the financial year ending 31 March 2024 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.

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.

 

Cerbydau Cenarth Cyf

(Registration number: 07034299)
Balance Sheet as at 31 March 2024

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

.........................................
Mr W G E James
Director

   
     
 

Cerbydau Cenarth Cyf

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
The Workshop
Cenarth
Newcastle Emlyn
SA38 9JP

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.

Going concern

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

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 current and deferred 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Cerbydau Cenarth Cyf

Notes to the Financial Statements for the Year Ended 31 March 2024

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

Plant and machinery

15% straight line

Fixtures and fittings

15% straight line

Motor vehicles

10% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

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.

 

Cerbydau Cenarth Cyf

Notes to the Financial Statements for the Year Ended 31 March 2024

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

Cerbydau Cenarth Cyf

Notes to the Financial Statements for the Year Ended 31 March 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 15).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

124,753

102,061

 

Cerbydau Cenarth Cyf

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

120,000

120,000

At 31 March 2024

120,000

120,000

Amortisation

At 1 April 2023

120,000

120,000

At 31 March 2024

120,000

120,000

Carrying amount

At 31 March 2024

-

-

Revalued assets for the year ended 31 March 2023

6

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

6,804

82,151

1,617,222

1,706,177

Additions

-

-

230,225

230,225

At 31 March 2024

6,804

82,151

1,847,447

1,936,402

Depreciation

At 1 April 2023

6,701

78,441

1,072,568

1,157,710

Charge for the year

103

795

123,855

124,753

At 31 March 2024

6,804

79,236

1,196,423

1,282,463

Carrying amount

At 31 March 2024

-

2,915

651,024

653,939

At 31 March 2023

103

3,710

544,654

548,467

7

Stocks

2024
£

2023
£

Other inventories

3,021

3,375

 

Cerbydau Cenarth Cyf

Notes to the Financial Statements for the Year Ended 31 March 2024

8

Debtors

2024
£

2023
£

Trade debtors

99,423

94,057

Other debtors

96,709

68,713

196,132

162,770

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

11

183,282

125,911

Trade creditors

 

34,709

21,982

Taxation and social security

 

8,313

6,833

Corporation tax liability

 

-

7,458

Other creditors

 

29,369

31,499

 

255,673

193,683

Due after one year

 

Loans and borrowings

11

-

9,323

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

-

9,323

 

Cerbydau Cenarth Cyf

Notes to the Financial Statements for the Year Ended 31 March 2024

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Ordinary of £1 each

3

3

3

3

B Ordinary of £1 each

20

20

20

20

C Ordinary of £1 each

10

10

10

10

 

33

33

33

33

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

9,323

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

300

612

HP and finance lease liabilities

182,982

125,299

183,282

125,911

 

Cerbydau Cenarth Cyf

Notes to the Financial Statements for the Year Ended 31 March 2024

12

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr W G E James

Interest free loan repayable on demand

(40,518)

(70,253)

40,518

(70,253)

         
       

Mr D C R James

Interest free loan repayable on demand

(9,950)

-

-

(9,950)

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr W G E James

Interest free loan repayable on demand

(45,331)

(40,518)

45,331

(40,518)

         
       

Mr D C R James

Interest free loan repayable on demand

(9,950)

(2,000)

2,000

(9,950)