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COMPANY REGISTRATION NUMBER: 13106756
Gelli Mor DCA Ltd
Filleted Unaudited Financial Statements
31 December 2023
Gelli Mor DCA Ltd
Financial Statements
Year ended 31 December 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Gelli Mor DCA Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
7
274,515
265,901
Current assets
Debtors
8
59,049
16,238
Cash at bank and in hand
125,154
37,346
---------
--------
184,203
53,584
Creditors: amounts falling due within one year
9
( 109,637)
( 203,688)
---------
---------
Net current assets/(liabilities)
74,566
( 150,104)
---------
---------
Total assets less current liabilities
349,081
115,797
Creditors: amounts falling due after more than one year
10
( 342,805)
( 157,029)
Provisions
11
( 4,888)
---------
---------
Net assets/(liabilities)
1,388
( 41,232)
---------
---------
Capital and reserves
Called up share capital
13
2
2
Profit and loss account
1,386
( 41,234)
-------
--------
Shareholders funds/(deficit)
1,388
( 41,232)
-------
--------
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 income and retained earnings 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 .
Gelli Mor DCA Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Mr C D Picton
Director
Company registration number: 13106756
Gelli Mor DCA Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Weir Ranch, Treffgarne, Haverfordwest, Pembrokeshire, SA62 5LR, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
100% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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
-
2% straight line
Fixtures and fittings
-
25% reducing balance
Equipment
-
25 % reducing balance
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 14 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
62,717
5,480
Deferred tax:
Origination and reversal of timing differences
4,888
--------
-------
Tax on profit
67,605
5,480
--------
-------
6. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
1
----
Amortisation
At 1 January 2023 and 31 December 2023
1
----
Carrying amount
At 31 December 2023
----
At 31 December 2022
----
7. Tangible assets
Freehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
265,588
10,000
275,588
Additions
6,709
13,735
20,444
---------
--------
--------
---------
At 31 December 2023
265,588
16,709
13,735
296,032
---------
--------
--------
---------
Depreciation
At 1 January 2023
5,312
4,375
9,687
Charge for the year
5,312
3,084
3,434
11,830
---------
--------
--------
---------
At 31 December 2023
10,624
7,459
3,434
21,517
---------
--------
--------
---------
Carrying amount
At 31 December 2023
254,964
9,250
10,301
274,515
---------
--------
--------
---------
At 31 December 2022
260,276
5,625
265,901
---------
--------
--------
---------
8. Debtors
2023
2022
£
£
Other debtors
59,049
16,238
--------
--------
Other debtors include an amount of £nil (2022 - £nil) falling due after more than one year.
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts (secured)
38,949
2,274
Trade creditors
1,455
Corporation tax
62,717
5,480
Social security and other taxes
5,360
3,683
Other creditors
2,611
190,796
---------
---------
109,637
203,688
---------
---------
The bank facilities are secured by a fixed and floating charge held by Cambridge & Counties Bank Limited over all property and undertaking of the company.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts (secured)
342,805
157,029
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £187,007 (2022: £147,935) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Provisions
Deferred tax (note 12)
£
At 1 January 2023
Additions
4,888
-------
At 31 December 2023
4,888
-------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 11)
4,888
-------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
4,888
-------
----
13. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
14. Related party transactions
As at the year end £38,769 (2022 - £16,238) was owed to the company by Mr C.D. Picton, the director. During the year the company paid dividends totalling £151,000 (2022 - £nil) to the shareholders.