REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
Cwmni Gwynant Cyf. |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
Cwmni Gwynant Cyf. |
Cwmni Gwynant Cyf. (Registered number: 04135141) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 7 |
Cwmni Gwynant Cyf. |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Adeilad St David's Building |
Stryd Lombard Street |
Porthmadog |
Gwynedd |
LL49 9AP |
Cwmni Gwynant Cyf. (Registered number: 04135141) |
Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
RESERVES |
Income and expenditure account |
The directors acknowledge their 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 surplus or deficit 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. |
Cwmni Gwynant Cyf. (Registered number: 04135141) |
Balance Sheet - continued |
31 January 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Cwmni Gwynant Cyf. (Registered number: 04135141) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Cwmni Gwynant Cyf. is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have considered the basis for the preparation of the financial statements and conclude that there are currently no going concern issues. Therefore, the financial statements have been prepared on the assumption that the company is able to carry on its business as a going concern for the foreseeable future. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The company is not registered for value added tax; therefore turnover represents net invoiced sales of services. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Capital assets with a cost in excess of £300 and an expected useful life of more than one year are capitalised onto the balance sheet. |
Fixed assets are stated at their cost prices, less accumulated depreciation and less amounts recognised in respect of impairment |
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. |
Cwmni Gwynant Cyf. (Registered number: 04135141) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred grants |
The company is in receipt of grants towards the re-development of the Capel Bethania. The grants are amortised at the same rate as the assets to which they relate are depreciated. The current policy regarding these assets is that they are depreciated at a rate of 2% on cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
and 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Following the transition to FRS102, the freehold and the improvements thereto have been accounted for under property, plant & equipment rather than as investment property. This policy is based on section 16.3A of FRS102. With this stating that "property held primarily for the provision of social benefits...shall not be classified as investment property". |
The directors are therefore of the opinion that the company's main aims, as stated in their governing documents, provides a suitable level of social benefits for the above-mentioned FRS102 provision to apply. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Payments on account |
Trade creditors |
Taxation and social security |
Other creditors |
Cwmni Gwynant Cyf. (Registered number: 04135141) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Other creditors |
The other creditor balances, shown in both notes 7 & 8, include an amount totalling £178,302 (2023: £184,540). This represents the amount of capital grant funding received for the renovation and improvement of the chapel and the houses. The accounting policy governing this balance is detailed in note one of these financial statements and the amortisation due within 1 year has been included under note 7. |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.1.24 | 31.1.23 |
£ | £ |
The company has provided the following security to the HSBC Bank Plc: |
Charge date: 12 January 2005 |
Final repayment made: 4 May 2021 |
Number: 1 |
Type: Legal mortgage |
Amount secured: |
All monies due or to become due from the company to the chargee on any account whatsoever. |
Property charged: |
The freehold property known as Capel Nantgwynant, Islwyn & 1 Bethania, Nantgwynant under title number CYM63383 with the benefit of all rights, licences, guarantees, rent, deposits, contacts, deeds, undertakings and warranties relating to the property; any shares or membership rights in any management company for the property; any goodwill of any business from time to time carried out at the property; any rental and other money payable under any lease, licence or other interest created in respect of the property; and all other payments whatsoever in respect of the property. |
9. | RELATED PARTY DISCLOSURES |
There were no transactions to mention during the two years ending in January 2024. |
10. | ULTIMATE CONTROLLING PARTY |
The company directors, whom are considered to be members of the company, are deemed to be the company's ultimate controlling parties. |
Additionally each members' liability, should the company be wound up, is restricted to a sum not exceeding one pound. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Cwmni Gwynant Cyf. |
The following reproduces the text of the report prepared for the directors 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 Directors 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 Cwmni Gwynant Cyf. for the year ended 31 January 2024 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 Board of Directors of Cwmni Gwynant Cyf., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cwmni Gwynant Cyf. and state those matters that we have agreed to state to the Board of Directors of Cwmni Gwynant Cyf., as a body, 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 Cwmni Gwynant Cyf. and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Cwmni Gwynant 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 Cwmni Gwynant Cyf.. You consider that Cwmni Gwynant 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 Cwmni Gwynant 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. |
Chartered Accountants |
Adeilad St David's Building |
Stryd Lombard Street |
Porthmadog |
Gwynedd |
LL49 9AP |
Date: ............................................. |