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Filleted

Registration number: 03081435

Compton Cymru Cyf

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Compton Cymru Cyf

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Compton Cymru Cyf

Company Information

Directors

Mr Elwyn Thomas

Mrs Nest Evans

Mr Huw Thomas

Company secretary

Mrs Nest Evans

Registered office

Y Bont
Vicarage Hill
Aberaeron
Ceredigion
SA46 0DY

 

Compton Cymru Cyf

(Registration number: 03081435)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

862,164

719,997

Current assets

 

Stocks

7

787,319

702,176

Debtors

8

145,020

92,415

Cash at bank and in hand

 

348

428

 

932,687

795,019

Creditors: Amounts falling due within one year

9

(975,319)

(747,306)

Net current (liabilities)/assets

 

(42,632)

47,713

Total assets less current liabilities

 

819,532

767,710

Creditors: Amounts falling due after more than one year

9

(173,558)

(205,624)

Net assets

 

645,974

562,086

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

644,974

561,086

Total equity

 

645,974

562,086

For the financial 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 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.

 

Compton Cymru Cyf

(Registration number: 03081435)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................
Mrs Nest Evans
Company secretary and director

   
     
 

Compton Cymru Cyf

Notes to the Financial Statements for the Year Ended 31 December 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:
Y Bont
Vicarage Hill
Aberaeron
Ceredigion
SA46 0DY

These financial statements were authorised for issue by the Board on 30 July 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 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.

 

Compton Cymru Cyf

Notes to the Financial Statements for the Year Ended 31 December 2023

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 etc

Variable rates on reducing balance and varying rates at cost

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.

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.

 

Compton Cymru Cyf

Notes to the Financial Statements for the Year Ended 31 December 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 27 (2022 - 27).

 

Compton Cymru Cyf

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

1,200

1,200


 

5

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

24,132

19,017

6

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 January 2023

487,904

102,725

179,025

52,542

408,940

Additions

66,687

44,247

-

-

55,365

At 31 December 2023

554,591

146,972

179,025

52,542

464,305

Depreciation

At 1 January 2023

-

38,146

156,468

32,327

284,198

Charge for the year

-

594

295

10

23,233

At 31 December 2023

-

38,740

156,763

32,337

307,431

Carrying amount

At 31 December 2023

554,591

108,232

22,262

20,205

156,874

At 31 December 2022

487,904

64,579

22,557

20,215

124,742

 

Compton Cymru Cyf

Notes to the Financial Statements for the Year Ended 31 December 2023

Total
£

Cost or valuation

At 1 January 2023

1,231,136

Additions

166,299

At 31 December 2023

1,397,435

Depreciation

At 1 January 2023

511,139

Charge for the year

24,132

At 31 December 2023

535,271

Carrying amount

At 31 December 2023

862,164

At 31 December 2022

719,997

Included within the net book value of land and buildings above is £554,591 (2022 - £487,904) in respect of freehold land and buildings.
 

7

Stocks

2023
£

2022
£

Other inventories

787,319

702,176

8

Debtors

2023
£

2022
£

Trade debtors

91,641

40,614

Prepayments

23,351

25,234

Other debtors

30,028

26,567

145,020

92,415

 

Compton Cymru Cyf

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

167,414

176,126

Trade creditors

 

532,168

224,839

Corporation tax liability

 

12,310

5,076

Other creditors

 

263,427

341,265

 

975,319

747,306

Due after one year

 

Loans and borrowings

11

173,558

205,624

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

173,558

205,624

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         
 

Compton Cymru Cyf

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

173,558

205,624

2023
£

2022
£

Current loans and borrowings

Bank borrowings

41,000

41,159

Bank overdrafts

24,877

54,386

HP and finance lease liabilities

101,537

80,581

167,414

176,126

12

Related party transactions

The company leases premises from its Directors at a market rent. During the year the rent paid for the premises was £25,200.