REGISTERED NUMBER: |
SUNDORNE PRODUCTS (Y MAES) LIMITED |
Financial Statements for the Period 29 January 2023 to 27 January 2024 |
REGISTERED NUMBER: |
SUNDORNE PRODUCTS (Y MAES) LIMITED |
Financial Statements for the Period 29 January 2023 to 27 January 2024 |
SUNDORNE PRODUCTS (Y MAES) LIMITED (REGISTERED NUMBER: 01000094) |
Contents of the Financial Statements |
for the Period 29 January 2023 to 27 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SUNDORNE PRODUCTS (Y MAES) LIMITED |
Company Information |
for the Period 29 January 2023 to 27 January 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Granville House |
2 Tettenhall Road |
Wolverhampton |
West Midlands |
WV1 4SB |
SUNDORNE PRODUCTS (Y MAES) LIMITED (REGISTERED NUMBER: 01000094) |
Balance Sheet |
27 January 2024 |
27.1.24 | 28.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Capital redemption reserve |
Non distributable reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
SUNDORNE PRODUCTS (Y MAES) LIMITED (REGISTERED NUMBER: 01000094) |
Notes to the Financial Statements |
for the Period 29 January 2023 to 27 January 2024 |
1. | STATUTORY INFORMATION |
Sundorne Products (Y Maes) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial reporting standard 102 - reduced disclosure exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
Management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised at the point when retail customers pay for the goods and at the point when credit customers take delivery of the goods. |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
SUNDORNE PRODUCTS (Y MAES) LIMITED (REGISTERED NUMBER: 01000094) |
Notes to the Financial Statements - continued |
for the Period 29 January 2023 to 27 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference shares or non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
Taxation |
Taxation for the period 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 period 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
SUNDORNE PRODUCTS (Y MAES) LIMITED (REGISTERED NUMBER: 01000094) |
Notes to the Financial Statements - continued |
for the Period 29 January 2023 to 27 January 2024 |
4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | Short | to |
property | leasehold | property |
£ | £ | £ |
COST |
At 29 January 2023 |
Additions |
At 27 January 2024 |
DEPRECIATION |
At 29 January 2023 |
Charge for period |
At 27 January 2024 |
NET BOOK VALUE |
At 27 January 2024 |
At 28 January 2023 |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 29 January 2023 |
Additions |
At 27 January 2024 |
DEPRECIATION |
At 29 January 2023 |
Charge for period |
At 27 January 2024 |
NET BOOK VALUE |
At 27 January 2024 |
At 28 January 2023 |
SUNDORNE PRODUCTS (Y MAES) LIMITED (REGISTERED NUMBER: 01000094) |
Notes to the Financial Statements - continued |
for the Period 29 January 2023 to 27 January 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 29 January 2023 |
and 27 January 2024 |
NET BOOK VALUE |
At 27 January 2024 |
At 28 January 2023 |
The properties were valued at open market value on 28 October 2024 by Tudor Estate Agents, Pwllheli. |
Fair value at 27 January 2024 is represented by: |
£ |
Valuation in 2005 | 417,513 |
Valuation in 2007 | (3,709 | ) |
Valuation in 2013 | (35,000 | ) |
Valuation in 2016 | 786,196 |
Valuation in 2021 | 130,000 |
Valuation in 2022 | (55,000 | ) |
Valuation in 2023 | (145,000 | ) |
1,095,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
27.1.24 | 28.1.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 239,194 | 235,383 |
Tax |
Prepayments |
SUNDORNE PRODUCTS (Y MAES) LIMITED (REGISTERED NUMBER: 01000094) |
Notes to the Financial Statements - continued |
for the Period 29 January 2023 to 27 January 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
27.1.24 | 28.1.23 |
£ | £ |
Bank loans and overdrafts |
A F Blakemore and Son Limited |
Other loans | 7,500 | 35,000 |
Hire purchase contracts (see note 9) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
27.1.24 | 28.1.23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
A F Blakemore and Son Limited |
Hire purchase contracts (see note 9) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 543,013 | - |
9. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
27.1.24 | 28.1.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
SUNDORNE PRODUCTS (Y MAES) LIMITED (REGISTERED NUMBER: 01000094) |
Notes to the Financial Statements - continued |
for the Period 29 January 2023 to 27 January 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
27.1.24 | 28.1.23 |
£ | £ |
Bank overdraft |
Bank loans |
Hire purchase contracts | 65,546 | - |
A F Blakemore loans | 1,358,877 | 1,253,485 |
Assets held as security formally charged to the Bank: |
An unlimited inter-company guarantee. |
A debenture over all assets of the company dated 29/02/2008 |
48 Morfar Garreg, Pwllheli |
Garage Premises, New Street, Pwllhelli |
9 Lower Cardiff Road, Pwllheli |
8 Lower Cardiff Road, Pwllhelli |
6 Lower Cardiff Road, Pwllheli |
28 Penrhyn Llidiog, Pwllheli |
A legal charge over Glandon Service Station, Caernarvon Road, Pwllheli, dated 05/12/2017 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 27.1.24 | 28.1.23 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
Ordinary "B" | £1 | 100 | 100 |
10,100 | 10,100 |
Ordinary shares have a right to a dividend, are voting shares and have usual priority and share in any surplus on winding up as other ordinary shares. |
Ordinary "B" shares are only available for subscription by and issue to directors. Each director may subscribe for a maximum of 100 shares at par value and upon ceasing as a director the shares will be forfeited. The shares are non-voting, non-transferable shares and no rights are attached to the shares other than that of dividend entitlement. In the event of liquidation of the company ordinary "B"shares do not share any surplus. |
SUNDORNE PRODUCTS (Y MAES) LIMITED (REGISTERED NUMBER: 01000094) |
Notes to the Financial Statements - continued |
for the Period 29 January 2023 to 27 January 2024 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the periods ended 27 January 2024 and 28 January 2023: |
27.1.24 | 28.1.23 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
The loan is unsecured and interest free and repayable on demand. |
14. | ULTIMATE CONTROLLING PARTY |
The controlling party is C C Davies. |
15. | GOING CONCERN |
The accompanying financial statements have been prepared on the assumption that the company will continue as a going concern in the foreseeable future. Management has assessed the company's ability to continue as a going concern and has not identified any material uncertainties that may cast significant doubt on the company's ability to continue as a going concern. |
Management's Assessment |
Management has evaluated various factors, including the company's current financial position, projected future cash flows, and existing financing arrangements. Based on this assessment, management believes that the company has adequate resources to meet its obligations as they become due and to continue its operations. |