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Company registration number: 13716766
Tustain Bala Ltd
Unaudited filleted financial statements
for the year ended
30 November 2023
Prepared by:
THOMAS NOCK MARTIN LIMITED
CHARTERED ACCOUNTANTS
BRIERLEY HILL
Tustain Bala Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Tustain Bala Ltd
Directors and other information
Directors John Bernard Tustain
Elizabeth Beatrice Tustain
Matthew John Tustain
Lowri Wyn Tustain (Appointed 3 May 2023)
Mark Andrew Tustain (Appointed 3 May 2023)
Company number 13716766
Registered office Beudy Bryn Banon
Llanfor
Bala
Gwynedd
LL23 7DP
Accountants Thomas Nock Martin Limited
5 Hagley Court South
The Waterfront, Level Street
Brierley Hill
West Midlands
DY5 1XE
Tustain Bala Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Tustain Bala Ltd
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tustain Bala Ltd for the year ended 30 November 2023 which comprise the statement of financial position, statement of changes in equity and 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Tustain Bala Ltd, as a body, in accordance with the terms of our engagement letter dated 13 May 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Tustain Bala Ltd and state those matters that we have agreed to state to the board of directors of Tustain Bala Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tustain Bala Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Tustain Bala Ltd 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 Tustain Bala Ltd. You consider that Tustain Bala Ltd 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 Tustain Bala Ltd. 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.
Thomas Nock Martin Limited
Chartered Accountants
5 Hagley Court South
The Waterfront, Level Street
Brierley Hill
West Midlands
DY5 1XE
16 October 2024
Tustain Bala Ltd
Statement of financial position
30 November 2023
2023 2022
(As restated)
Note £ £ £ £
Fixed assets
Tangible assets 5 2,130,782 1,436,363
_________ _________
2,130,782 1,436,363
Current assets
Debtors 6 77,641 7,216
Cash at bank and in hand 10,429 5,266
_______ _______
88,070 12,482
Creditors: amounts falling due
within one year 7 ( 2,281,107) ( 1,476,526)
_________ _________
Net current liabilities ( 2,193,037) ( 1,464,044)
_________ _______
Net liabilities ( 62,255) ( 27,681)
_______ _______
Capital and reserves
Called up share capital 9 1 1
Profit and loss account ( 62,256) ( 27,683)
_______ _______
Shareholders deficit ( 62,255) ( 27,682)
_______ _______
For the year ending 30 November 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.
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 16 October 2024 , and are signed on behalf of the board by:
Matthew John Tustain
Director
Company registration number: 13716766
Tustain Bala Ltd
Statement of changes in equity
Year ended 30 November 2023
Called up share capital Profit and loss account Total
(As restated)
£ £ £
At 1 November 2021 - - -
_______ _______ _______
Issue of shares 1 - 1
_______ _______ _______
Total investments by and distributions to owners 1 - 1
At 30 November 2022 (as previously reported) 1 ( 52,841) ( 52,840)
Prior period adjustments (Note 9) (-) 25,159 25,159
_______ _______ _______
At 30 November 2022 (restated) and 1 December 2022 1 (27,682) (27,681)
Loss for the year - ( 34,574) ( 34,574)
_______ _______ _______
Total comprehensive income for the year - ( 34,574) ( 34,574)
_______ _______ _______
At 30 November 2023 1 ( 62,256) ( 62,255)
_______ _______ _______
Tustain Bala Ltd
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Beudy Bryn Banon, Llanfor, Bala, Gwynedd, LL23 7DP.
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, 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
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the Directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements.On this basis the Directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
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. 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Assets under the course of construction - Not depreciated until in use. Once in use they are depreciated over their expected useful life
Plant and equipment - 15 % reducing balance
Fixtures and fittings - Not depreciated until in use. Once in use they are depreciated at 15% reducing balance basis
Land - Not depreciated
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.
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.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and trade creditors, other debtors and creditors.Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 3 ).
5. Tangible assets
Assets under the course of construction Land Plant and equipment Fixtures and fittings Total
£ £ £ £ £
Cost or valuation
At 1 December 2022 1,295,904 115,300 - - 1,411,204
Prior period
adjustment (Note 9) 25,159 - - - 25,159
Additions 628,978 - 7,000 59,575 695,553
_________ _______ _______ _______ _________
At 30 November 2023 1,950,041 115,300 7,000 59,575 2,131,916
_________ _______ _______ _______ _________
Depreciation
At 1 December 2022 - - - - -
Charge for the year - - 1,050 84 1,134
_______ _______ _______ _______ _______
At 30 November 2023 - 1,050 84 1,134
_______ _______ _______ _______ _______
Carrying amount
At 30 November 2023 1,950,041 115,300 5,950 59,491 2,130,782
_________ _________ _______ _______ _________
At 30 November 2022 1,321,063 115,300 - - 1,436,363
_________ _________ _______ _______ _________
6. Debtors
2023 2022
£ £
Other debtors 77,641 7,216
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 7,424 -
Other creditors 2,273,683 1,476,526
_________ _________
2,281,107 1,476,526
_________ _________
The company's borrowings from Tustain Family Investment Company Limited are secured by means of fixed and floating charges over the assets of the company .
8. Prior period adjustment
The Directors have decided to capitalise borrowing costs in view of the period of time taken to get the qualifying assets ready for their intended use.
9. Called up share capital
Issued and called up
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
Issued and partly paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each - £ - paid 1 - 1 -
_______ _______ _______ _______
10. Controlling party
Tustain Holdings Limited , the parent company, controls the company by virtue of a controlling interest of 100% of the issued ordinary share capital.The registered office of Tustain Holdings Limited is:5 Hagley Court SouthLevel StreetBrierley HillWest MidlandsDY5 1XE