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Company registration number: 04619392
Abergwyngregyn Regeneration Company Limited
Company limited by guarantee
Unaudited filleted financial statements
31 March 2024
Abergwyngregyn Regeneration Company Limited
Company limited by guarantee
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Abergwyngregyn Regeneration Company Limited
Company limited by guarantee
Directors and other information
Directors Wynn Griffith
Sam Williams
Ifor Evans
Rachel Mackereth (Appointed 5 December 2023)
Rita Roberts
Hywel Thomas
Jenny Alty
Nicolette Whiting
Eirlys Williams (Resigned 24 April 2023)
Rena Griffith
Lyndsey Moody
Alwyn Nixon
Company number 04619392
Registered office Yr Hen Felin
Abergwyngregyn
Llanfairfechan
Gwynedd
LL33 0LP
Business address Yr Hen Felin
Abergwyngregyn
Llanfairfechan
Gwynedd
LL33 0LP
Accountants Parker, O'Regan, Tann & Co
Bangor Business Centre
2 Farrar Road
Bangor
Gwynedd
LL57 1LJ
Abergwyngregyn Regeneration Company Limited
Company limited by guarantee
Chartered Certified accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Abergwyngregyn Regeneration Company Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Abergwyngregyn Regeneration Company Limited for the year ended 31 March 2024 as set out on pages 1 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com.
This report is made solely to the board of directors of Abergwyngregyn Regeneration Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Abergwyngregyn Regeneration Company Limited and state those matters that we have agreed to state to the board of directors of Abergwyngregyn Regeneration Company Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abergwyngregyn Regeneration Company Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Abergwyngregyn Regeneration Company Limited 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 profit of Abergwyngregyn Regeneration Company Limited. You consider that Abergwyngregyn Regeneration Company Limited 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 Abergwyngregyn Regeneration Company Limited. 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.
Parker, O'Regan, Tann & Co
Chartered Certified Accountants
Bangor Business Centre
2 Farrar Road
Bangor
Gwynedd
LL57 1LJ
14 May 2024
Abergwyngregyn Regeneration Company Limited
Company limited by guarantee
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 443,573 441,393
Investments 6 1,601 1,734
_______ _______
445,174 443,127
Current assets
Debtors 7 7,904 9,560
Cash at bank and in hand 41,678 27,799
_______ _______
49,582 37,359
Creditors: amounts falling due
within one year 8 ( 120,101) ( 115,820)
_______ _______
Net current liabilities ( 70,519) ( 78,461)
_______ _______
Total assets less current liabilities 374,655 364,666
Creditors: amounts falling due
after more than one year 9 ( 211,158) ( 231,427)
Provisions for liabilities ( 2,343) ( 2,901)
_______ _______
Net assets 161,154 130,338
_______ _______
Capital and reserves
Profit and loss account 161,154 130,338
_______ _______
Members funds 161,154 130,338
_______ _______
For the 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 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 May 2024 , and are signed on behalf of the board by:
Ifor Evans Hywel Thomas
Director Director
Company registration number: 04619392
Abergwyngregyn Regeneration Company Limited
Company limited by guarantee
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Yr Hen Felin, Abergwyngregyn, Llanfairfechan, Gwynedd, LL33 0LP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total amount receivable for the period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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
Pay and Display meters - 12.5 % straight line
Cafe equipment - 12.5 % straight line
Other equipment - 12.5 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
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 in finance costs in profit or loss in the period it arises.
4. Limited by guarantee
The company is limited by guarantee and does not have a share capital. The liability of the guarantors is limited to £1.
5. Tangible assets
Freehold property Pay and display meters Cafe equipment Other equipment Total
£ £ £ £ £
Cost
At 1 April 2023 556,141 15,553 36,963 8,992 617,649
Additions 12,875 - - - 12,875
_______ _______ _______ _______ _______
At 31 March 2024 569,016 15,553 36,963 8,992 630,524
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 130,015 4,660 33,491 8,090 176,256
Charge for the year 7,761 1,629 1,086 219 10,695
_______ _______ _______ _______ _______
At 31 March 2024 137,776 6,289 34,577 8,309 186,951
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 431,240 9,264 2,386 683 443,573
_______ _______ _______ _______ _______
At 31 March 2023 426,126 10,893 3,472 902 441,393
_______ _______ _______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 April 2023 1,734 1,734
Disposals ( 133) ( 133)
_______ _______
At 31 March 2024 1,601 1,601
_______ _______
Impairment
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 1,601 1,601
_______ _______
At 31 March 2023 1,734 1,734
_______ _______
7. Debtors
2024 2023
£ £
Other debtors 7,904 9,560
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 63,140 62,475
Corporation tax 13,407 4,234
Social security and other taxes 2,925 -
Other creditors 40,629 49,111
_______ _______
120,101 115,820
_______ _______
Included within Bank loans and other loans is £13,140 (2023 - £12,475) which is secured by fixed and floating charge over the company's assets.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 211,158 231,427
_______ _______
Included within other creditors is £5,858 (2023 - £18,997) which is repayable to Robert Owen Community Banking Fund Ltd. This debt is secured by fixed and floating charge over the company's assets.
10. Controlling party
The company is limited by guarantee, has no share capital, and is controlled by the Directors.