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REGISTERED NUMBER: 06758384 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

Llys Emrys Apartments Cyf

Llys Emrys Apartments Cyf (Registered number: 06758384)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Llys Emrys Apartments Cyf

Company Information
for the Year Ended 30 November 2023







DIRECTOR: Mr S D McKinley





REGISTERED OFFICE: Adeilad St David's Buildings
Lombard Street
Porthmadog
Gwynedd
LL49 9AP





REGISTERED NUMBER: 06758384 (England and Wales)





ACCOUNTANTS: Dunn & Ellis Cyf
Chartered Accountants
Adeilad St David's Building
Stryd Lombard Street
Porthmadog
Gwynedd
LL49 9AP

Llys Emrys Apartments Cyf (Registered number: 06758384)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 600 749
Investment property 5 22,000 22,000
22,600 22,749

CURRENT ASSETS
Debtors 6 1,806 1,756
Cash at bank and in hand 48 62
1,854 1,818
CREDITORS
Amounts falling due within one year 7 20,920 20,632
NET CURRENT LIABILITIES (19,066 ) (18,814 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,534

3,935

PROVISIONS FOR LIABILITIES 9 5,389 5,390
NET LIABILITIES (1,855 ) (1,455 )

CAPITAL AND RESERVES
Called up share capital 1 1
Revaluation reserve 10 17,820 17,820
Retained earnings (19,676 ) (19,276 )
SHAREHOLDERS' FUNDS (1,855 ) (1,455 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Llys Emrys Apartments Cyf (Registered number: 06758384)

Balance Sheet - continued
30 November 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 September 2024 and were signed by:





Mr S D McKinley - Director


Llys Emrys Apartments Cyf (Registered number: 06758384)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Llys Emrys Apartments Cyf is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The director has considered the basis for the preparation of the financial statements following the dispute with the leaseholders regarding outstanding service charge payments and the subsequent take over of these responsibilities by another company, he considers the going concern basis to be the most suitable.

Therefore the accounts have been prepared on the assumption that the company is able to carry on its business as a going concern for at least twelve months from the approval of these financial statements.

Turnover
Turnover relates to the gross ground rent charges levied on the leaseholders of the 11 apartments which comprise the Llys Emrys apartment complex.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

Fixed assets are stated at their cost prices, less accumulated depreciation and less amounts recognised in respect of impairment

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Llys Emrys Apartments Cyf (Registered number: 06758384)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Bad debt provision
A bad debt provision is included within the figures and is calculated as a percentage of the total outstanding service charge, this fraction being 8/11of balances in the current year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022
and 30 November 2023 13,729
DEPRECIATION
At 1 December 2022 12,980
Charge for year 149
At 30 November 2023 13,129
NET BOOK VALUE
At 30 November 2023 600
At 30 November 2022 749

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 22,000
NET BOOK VALUE
At 30 November 2023 22,000
At 30 November 2022 22,000

The investment property refers to the freehold interest held by the company since 17 August 2009 in the Llys Emrys apartment complex.This interest is registered at the Land Registry under title number CYM188085.

The freehold interest was revalued in 2016 to reflect an approximation of its open market value and the director does not believe there has been any movement in his value since that date.

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2013 100,000
Valuation in 2016 (78,000 )
22,000

Llys Emrys Apartments Cyf (Registered number: 06758384)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 1,806 1,756

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Other creditors 20,920 20,632

8. SECURED DEBTS

Land Registry title number CYM188085 states that Tiuta Finance Limited has a restriction in place which states that "No disposition of the registered estate by the proprietor of the registered estate is to be registered without a written consent signed by the proprietor for the time being of the charge dated 11 April 2008 in favour of Tiuta Finance Limited referred to in the charges register."

9. PROVISIONS FOR LIABILITIES
30.11.23 30.11.22
£    £   
Deferred tax
Other timing differences 4,180 4,180
Deferred tax 5 6
4,185 4,186

Other provisions
Bad debt provision 1,204 1,204

Aggregate amounts 5,389 5,390

Deferred Bad debt
tax provision
£    £   
Balance at 1 December 2022 4,186 1,204
Movement (1 ) -
Balance at 30 November 2023 4,185 1,204

10. RESERVES
Revaluation
reserve
£   
At 1 December 2022
and 30 November 2023 17,820

11. RELATED PARTY DISCLOSURES

The director maintained an in-credit loan account with the company throughout the period and this was valued at £19,791 at the end of November 2023 (2022 - £19,584).

Llys Emrys Apartments Cyf (Registered number: 06758384)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

12. ULTIMATE CONTROLLING PARTY

Control of the company is vested in the director, Mr S. D. McKinley who is the sole shareholder in the company.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Llys Emrys Apartments Cyf

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Llys Emrys Apartments Cyf for the year ended 30 November 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Llys Emrys Apartments Cyf in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Llys Emrys Apartments Cyf and state those matters that we have agreed to state to the director of Llys Emrys Apartments Cyf in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Llys Emrys Apartments Cyf and its director for our work or for this report.

It is your duty to ensure that Llys Emrys Apartments Cyf has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Llys Emrys Apartments Cyf. You consider that Llys Emrys Apartments Cyf is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Llys Emrys Apartments Cyf. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Dunn & Ellis Cyf
Chartered Accountants
Adeilad St David's Building
Stryd Lombard Street
Porthmadog
Gwynedd
LL49 9AP


Date: .............................................