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Filleted

Registration number: 13058906

Ladybug (Carmarthen) Cyf

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Ladybug (Carmarthen) Cyf

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Ladybug (Carmarthen) Cyf

Company Information

Directors

Mr Krystian Byczyk

Mrs Magdalena Trybulec

Registered office

9 Bridge Street
Lampeter
SA48 7HG

 

Ladybug (Carmarthen) Cyf

(Registration number: 13058906)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

49,004

23,722

Current assets

 

Stocks

5

33,510

44,720

Debtors

6

36,061

10,165

Cash at bank and in hand

 

16,080

25,821

 

85,651

80,706

Creditors: Amounts falling due within one year

7

(87,850)

(80,752)

Net current liabilities

 

(2,199)

(46)

Total assets less current liabilities

 

46,805

23,676

Creditors: Amounts falling due after more than one year

7

(42,648)

(14,987)

Net assets

 

4,157

8,689

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

4,057

8,589

Total equity

 

4,157

8,689

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.

 

Ladybug (Carmarthen) Cyf

(Registration number: 13058906)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
Mr Krystian Byczyk
Director

.........................................
Mrs Magdalena Trybulec
Director

 
     
 

Ladybug (Carmarthen) 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 Wales.

The address of its registered office is:
9 Bridge Street
Lampeter
SA48 7HG

These financial statements were authorised for issue by the Board on 25 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 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.

 

Ladybug (Carmarthen) 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 & Machinery

20%

Motor Vehicles

25%

Fixtures and Fittings

20%

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.

 

Ladybug (Carmarthen) 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 4 (2022 - 4).

 

Ladybug (Carmarthen) Cyf

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

32,932

4,133

-

37,065

Additions

-

-

40,034

40,034

At 31 December 2023

32,932

4,133

40,034

77,099

Depreciation

At 1 January 2023

11,855

1,488

-

13,343

Charge for the year

4,215

529

10,008

14,752

At 31 December 2023

16,070

2,017

10,008

28,095

Carrying amount

At 31 December 2023

16,862

2,116

30,026

49,004

At 31 December 2022

21,077

2,645

-

23,722

5

Stocks

2023
£

2022
£

Other inventories

33,510

44,720

6

Debtors

2023
£

2022
£

Trade debtors

15,187

-

Prepayments

8,191

9,113

Other debtors

12,683

1,052

36,061

10,165

7

Creditors

Creditors: amounts falling due within one year

 

Ladybug (Carmarthen) Cyf

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

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

67,466

4,776

Trade creditors

 

14,153

18,355

Other related parties

 

44

64

Corporation tax liability

 

851

-

Other creditors

 

5,336

57,557

 

87,850

80,752

Due after one year

 

Loans and borrowings

9

42,648

14,987

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

42,648

14,987

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

9,869

14,987

HP and finance lease liabilities

32,779

-

42,648

14,987

 

Ladybug (Carmarthen) Cyf

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

2023
£

2022
£

Current loans and borrowings

Bank borrowings

13,854

4,776

HP and finance lease liabilities

6,697

-

Other borrowings

46,915

-

67,466

4,776

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mrs Magdalena Trybulec

Interest free loan repayable on demand

(32)

20,733

(20,723)

(22)

         
       

Mr Krystian Byczyk

Interest free loan repayable on demand

(32)

20,733

(20,723)

(22)

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mrs Magdalena Trybulec

Interest free loan repayable on demand

-

12,100

(12,132)

(32)

         
       

Mr Krystian Byczyk

Interest free loan repayable on demand

-

12,100

(12,132)

(32)

         
       

 

Summary of transactions with entities with joint control or significant interest

Ladybug Cyf and Aeron Mobile Homes Cyf are both companies under common control.
 During the year, a repayment of £5,000 was made to Ladybug Cyf. At the Balance sheet date, there was an amount owed to Ladybug Cyf of £46,914.77 (2022- £51,914.77). A loan of £2,950 was made to Aeron Mobile Homes Cyf. At the balance sheet date, there was an amount owed by Aeron Mobile Homes Cyf or £2,950 (2022: £nil).

 These loans are interest free and repayable on demand.