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REGISTERED NUMBER: 07879170 (England and Wales)












FUW PROPERTIES LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE PERIOD

31 MARCH 2023 TO 31 MARCH 2024






FUW PROPERTIES LIMITED (REGISTERED NUMBER: 07879170)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 7

Balance Sheet 8

Notes to the Financial Statements 9


FUW PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024







DIRECTORS: D T Williams
D T Miles





SECRETARY: S A Longworth FCA





REGISTERED OFFICE: Llys Amaeth
Plas Gogerddan
Ceredigion
SY23 3BT





REGISTERED NUMBER: 07879170 (England and Wales)





AUDITORS: Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

FUW PROPERTIES LIMITED (REGISTERED NUMBER: 07879170)

REPORT OF THE DIRECTORS
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

The directors present their report with the financial statements of the company for the period 31 March 2023 to 31 March 2024.

DIRECTORS
D T Williams has held office during the whole of the period from 31 March 2023 to the date of this report.

Other changes in directors holding office are as follows:

W G Roberts - resigned 6 July 2023
D T Miles - appointed 6 July 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





D T Miles - Director


23 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUW PROPERTIES LIMITED

Opinion
We have audited the financial statements of FUW Properties Limited (the 'company') for the period ended 31 March 2024 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUW PROPERTIES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUW PROPERTIES LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:
- identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud.

Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

In addition to the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
- enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUW PROPERTIES LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Henry Lloyd Davies (Senior Statutory Auditor)
for and on behalf of Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

23 October 2024

FUW PROPERTIES LIMITED (REGISTERED NUMBER: 07879170)

INCOME STATEMENT
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

Period
31.3.23
to Year Ended
31.3.24 30.3.23
Notes £    £   

TURNOVER 21,075 23,785

Administrative expenses 31,665 25,852
(10,590 ) (2,067 )

Other operating income - 535
OPERATING LOSS 4 (10,590 ) (1,532 )

Group Company loan balance
written off 5 60,000 30,000
49,410 28,468

Gain/loss on revaluation of investment
property

-

(22,500

)
PROFIT BEFORE TAXATION 49,410 5,968

Tax on profit 6 - 2,695
PROFIT FOR THE FINANCIAL PERIOD 49,410 3,273

FUW PROPERTIES LIMITED (REGISTERED NUMBER: 07879170)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 348,664 363,294
Investment property 8 102,000 102,000
450,664 465,294

CURRENT ASSETS
Debtors 9 3,612 3,613
Cash at bank 139 802
3,751 4,415
CREDITORS
Amounts falling due within one year 10 528 3,382
NET CURRENT ASSETS 3,223 1,033
TOTAL ASSETS LESS CURRENT
LIABILITIES

453,887

466,327

CREDITORS
Amounts falling due after more than one year 11 472,694 534,544
NET LIABILITIES (18,807 ) (68,217 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (18,808 ) (68,218 )
(18,807 ) (68,217 )

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:





D T Miles - Director


FUW PROPERTIES LIMITED (REGISTERED NUMBER: 07879170)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

1. STATUTORY INFORMATION

FUW Properties Limited 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.

Going Concern
The Board of the company and the Boards of the Group are actively looking to maintain or improve profitability in their strategic plans.

There has been no recessional impact on the business. The Board is not aware of any existing conditions or imminent situations that would mean that preparing the accounts for the period ended 31 March 2024 on a going concern basis would be inappropriate.

Related party 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.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results in the future may differ from these estimates.

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 and in any future periods affected.

Significant management judgements
The following are management judgements in applying the accounting policies of the company that have the most significant effect on the amounts recognised in the financial statements.

Depreciation
Tangible fixed assets, other than investment properties, are depreciated over their useful economic lives based on various internal and external factors. The actual lives of the assets are re-assessed on a periodic basis and may vary depending on the standard of the asset.

Trade debtors
Short term trade debtors are measured at transaction price, less any impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

Creditors
Short term creditors are measured at the transaction price. Bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities
Provisions are recognised when the company has a present obligation (legal or constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Functional and Presentation Currency
The company's functional and presentational currency is pounds sterling.

FUW PROPERTIES LIMITED (REGISTERED NUMBER: 07879170)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Turnover
Rental income arising from leases is accounted for on a straight line basis over the lease term.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - Straight line over 5 to 10 years

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.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the relevant instrument. Financial assets are derecognised when the rights to receive benefits have expired or been transferred, and the company has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligation is extinguished.

Non-derivative financial assets are classified as either loans and receivables or cash and cash equivalents. They are stated at amortised cost using the effective interest method, subject to reduction for allowances for estimated irrecoverable amounts. A provision for impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of those receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of estimated future cash flows, and is recognised in the income statement. For interest-bearing assets, their carrying value includes accrued interest receivable.

Cash and cash equivalents include cash in hand and deposits held on call, together with other short-term highly liquid investments. Non-derivative financial liabilities (classified as other payables) are stated at amortised cost using the effective interest method. For borrowings, their carrying value includes accrued interest payable, as well as any unamortised issue costs.

The company transacts derivative financial instruments to manage the underlying exposure to foreign exchange and interest rate risks. The company does not transact derivative financial instruments for trading purposes. However, as the company has decided not to hedge account for its derivative financial instruments as permitted under lAS 39, they are accounted for through the income statement. Derivative financial assets and liabilities are stated at fair value, which includes accrued interest receivable and payable where relevant. Changes in fair values are recognised in the income statement in the period in which they arise.

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.

FUW PROPERTIES LIMITED (REGISTERED NUMBER: 07879170)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Other income
Other Income comprises of;
- Capital grant released.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2023 - NIL).

4. OPERATING LOSS

The operating loss is stated after charging:

Period
31.3.23
to Year Ended
31.3.24 30.3.23
£    £   
Depreciation - owned assets 14,630 16,493

5. GROUP COMPANY LOAN BALANCE WRITTEN OFF
Period
31.3.23
to Year Ended
31.3.24 30.3.23
£    £   
Group Company loan balance
written off 60,000 30,000

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
31.3.23
to Year Ended
31.3.24 30.3.23
£    £   
Current tax:
UK corporation tax - 2,695
Tax on profit - 2,695

FUW PROPERTIES LIMITED (REGISTERED NUMBER: 07879170)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

7. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 31 March 2023
and 31 March 2024 570,557 46,995 617,552
DEPRECIATION
At 31 March 2023 207,263 46,995 254,258
Charge for period 14,630 - 14,630
At 31 March 2024 221,893 46,995 268,888
NET BOOK VALUE
At 31 March 2024 348,664 - 348,664
At 30 March 2023 363,294 - 363,294

8. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 31 March 2023
and 31 March 2024 102,000
NET BOOK VALUE
At 31 March 2024 102,000
At 30 March 2023 102,000

Investment property owned by the group was valued on 14th July 2023 by an external valuer M N Williams MRICS of Williams & Goodwin..

The valuation was prepared on the basis of market value as defined in the Royal Institution of Chartered Surveyors Valuation - Global Standards.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 (22,500 )
Cost 124,500
102,000

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 1,800 1,800
Other debtors 1,812 1,813
3,612 3,613

FUW PROPERTIES LIMITED (REGISTERED NUMBER: 07879170)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 48
Taxation and social security 528 3,334
528 3,382

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 472,694 534,544

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 14,500 14,500
Between one and five years 43,500 43,500
In more than five years 532,875 547,375
590,875 605,375

13. SECURED DEBTS

The Company's banker Barclays Bank Plc and Barclays Security Trustee Limited hold the following security: - A legal mortgage and by way of first fixed charge on the Property CYM564262

14. ULTIMATE CONTROLLING PARTY

The controlling party is The Grand Council of the Farmers'Union of Wales.

The Members control the immediate parent company UAC CYF. FUW LTD. which is limited by guarantee.