REGISTERED NUMBER: 10935716 (England and Wales) |
UAC CYF. FUW LTD. |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
31 MARCH 2023 TO 31 MARCH 2024 |
REGISTERED NUMBER: 10935716 (England and Wales) |
UAC CYF. FUW LTD. |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
31 MARCH 2023 TO 31 MARCH 2024 |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 18 |
UAC CYF. FUW LTD. |
COMPANY INFORMATION |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
And Statutory Auditors |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
The directors present their strategic report of the company and the group for the period 31 March 2023 to 31 March 2024. |
The parent company of the FUW Group changed its name after the year end to UAC CYF. FUW LTD. to reflect the bilingual nomenclature of Undeb Amaethwyr Cymru / Farmers' Union of Wales. |
The FUW Group continued to grow revenues and has begun to invest in improving the agility and services of the businesses of the Group to achieve the strategic plan despite potentially volatile markets over the next 2 years. Continued growth is budgeted over the next three years, although increased Corporation Tax is a significant new burden to the Group. The insurance broker FUW Insurance Services Ltd is proud of its strong partnerships with key providers in the insurance markets. Loyal customers of FUW Insurance Services Ltd and members of FUW continue to support a strong retention component of business. |
The Balance Sheet continues to reflect what we do rather than what we own and this is vital to a sustainable delivery for the Members of the Farmers' Union of Wales. |
REVIEW OF BUSINESS |
The FUW Group has continued to build both performance and position despite inflation and other market volatility. Turnover for the Group increased 7.34% to £6.58m (2023: £6.13m), but inflation and investment increased the overheads significantly. As a result, the surplus before tax was equivalent to the prior year; £255,167 (2023: £257,828). After taxation, the Group surplus was £107,878 (2023: £145,115). |
Total Net Assets of the Group are £791,398 at the year-end (2023: £683,520) and net current liabilities have reduced to £384,694 (2023: £534,278). |
FUW Insurance Services Ltd, a 100% subsidiary, is the prime driver of performance with turnover increasing 8.3% to £5.63m (2023: £5.20m). Overheads increased through inflation and investment. Earnings before tax increased to £1.13m (2023: £1.08m). Total net assets of FUW Insurance Services Ltd at the year-end increased to £1.72m (2023: £1.46m) after £0.72m dividends made to the parent company, UAC CYF. FUW LTD. |
FUW Properties continues to rent property to the rest of the Group |
PRINCIPAL RISKS AND UNCERTAINTIES |
Interest rates, inflation and tax added costs to the Group and ongoing cost base volatility is anticipated for the foreseeable future. The commercial and political future of Welsh agriculture is an area of major uncertainties and the Group carries out scenario assessments. The Board of the company and the Boards of the Group are actively looking to improve profitability in their strategic plans. There has been no recessional impact on the business and the Board believes it has sufficient resources and flexibilities to continue to develop and operate profitable, commercial activity serving the Group's members and customers across Wales and beyond for the foreseeable future. |
FINANCIAL KEY PERFORMANCE INDICATORS · |
The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, gross profit, operating profit and profit before taxation as set out in the Consolidated Statement of Comprehensive Income. |
ON BEHALF OF THE BOARD: |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
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 and the group for the period 31 March 2023 to 31 March 2024. |
PRINCIPAL ACTIVITY |
The parent company of the FUW Group is UAC CYF. FUW LTD. (www.FUW.org.uk), a company limited by guarantee, reinvests all of its profits from the delivery of Group services to support farming and rural communities across Wales. |
At the Farmers' Union of Wales (Undeb Amaethwyr Cymru), we know that family farms in particular are at the heart of our rural economy, caring for our landscape, and of course our culture; and they make innumerable other contributions to the well-being of Wales and the UK. |
Each of the 13 historic counties of Wales have a dedicated team of staff to work with and support each County Committee of Members tailoring our support to the varying social, physical and economic 'landscapes' of our farming industry. |
UAC CYF. FUW LTD. has 2 wholly-owned subsidiaries: |
* | FUW Insurance Services Ltd (www.fuwinsurance.co.uk) is the leading agricultural insurance broker in Wales. Their history and their close operational ties with FUW provide an unique insight and understanding of the risks faced within the agricultural sector. The ethos of "Live local, work local, insure local" means that we provide insurance services to all the communities of Wales whilst offering a particular level of affinity with the agricultural sector. The surplus profits of the business financially supports the parent company to better serve the Members of the Union and the wider rural communities across Wales. |
* | FUW Properties Ltd holds some property for group use and is the landlord for two small community charities and some small private businesses. |
DIVIDENDS |
No dividends will be distributed as the company is limited by guarantee and has no shares. |
DIRECTORS |
The directors shown below have 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: |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, 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 the group and of the surplus or deficit of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group'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. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
UAC CYF. FUW LTD. |
Opinion |
We have audited the financial statements of UAC Cyf. FUW Ltd. (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 March 2024 and of the group's surplus 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 group 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 group's and the parent 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 Group Strategic Report and 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
UAC CYF. FUW LTD. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
UAC CYF. FUW LTD. |
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 group and 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. As part of this discussion, we identified potential for fraud in the following areas; |
- | the recognition of insurance commission that the company is not entitled to. |
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 |
UAC CYF. FUW LTD. |
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. |
for and on behalf of |
Chartered Accountants |
And Statutory Auditors |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
CONSOLIDATED |
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 | 6,584,249 | 6,128,965 |
Administrative expenses | 6,343,782 | 5,853,120 |
240,467 | 275,845 |
Other operating income | 4,227 | 6,744 |
OPERATING SURPLUS | 4 | 244,694 | 282,589 |
Interest receivable and similar income | 33,325 | 2,753 |
278,019 | 285,342 |
Gain/loss on revaluation of investment property |
- |
(22,500 |
) |
278,019 | 262,842 |
Interest payable and similar expenses | 5 | 22,852 | 5,014 |
SURPLUS BEFORE TAXATION | 255,167 | 257,828 |
Tax on surplus | 6 | 147,289 | 112,713 |
SURPLUS FOR THE FINANCIAL PERIOD |
Surplus attributable to: |
Owners of the parent | 107,878 | 145,115 |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
Period |
31.3.23 |
to | Year Ended |
31.3.24 | 30.3.23 |
Notes | £ | £ |
SURPLUS FOR THE PERIOD | 107,878 | 145,115 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
107,878 |
145,115 |
Total comprehensive income attributable to: |
Owners of the parent | 107,878 | 145,115 |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | - | - |
Tangible assets | 9 | 1,083,025 | 1,127,088 |
Investments | 10 | - | - |
Investment property | 11 | 102,000 | 102,000 |
1,185,025 | 1,229,088 |
CURRENT ASSETS |
Debtors | 12 | 1,418,348 | 1,235,065 |
Cash at bank | 13 | 3,440,379 | 3,279,131 |
4,858,727 | 4,514,196 |
CREDITORS |
Amounts falling due within one year | 14 | 5,243,421 | 5,048,474 |
NET CURRENT LIABILITIES | (384,694 | ) | (534,278 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
800,331 |
694,810 |
PROVISIONS FOR LIABILITIES | 18 | 8,933 | 11,290 |
NET ASSETS | 791,398 | 683,520 |
RESERVES |
Other reserves | 19 | 364,294 | 364,294 |
Income and expenditure account | 19 | 427,104 | 319,226 |
791,398 | 683,520 |
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: |
I T Rickman - Chair - Director |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
Investment property | 11 |
CURRENT ASSETS |
Debtors | 12 |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 |
NET LIABILITIES | ( |
) | ( |
) |
RESERVES |
Other reserves | 19 |
Income and expenditure account | 19 | ( |
) | ( |
) |
( |
) | ( |
) |
Company's (loss)/profit for the financial year | (149,371 | ) | 397,428 |
The financial statements were approved by the Board of Directors and authorised for issue on |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
Retained | Other | Total |
earnings | reserves | equity |
£ | £ | £ |
Balance at 31 March 2022 | 174,111 | 364,294 | 538,405 |
Changes in equity |
Total comprehensive income | 145,115 | - | 145,115 |
Balance at 30 March 2023 | 319,226 | 364,294 | 683,520 |
Changes in equity |
Total comprehensive income | 107,878 | - | 107,878 |
Balance at 31 March 2024 | 427,104 | 364,294 | 791,398 |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
Retained | Other | Total |
earnings | reserves | equity |
£ | £ | £ |
Balance at 31 March 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income |
Balance at 30 March 2023 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | ( |
) | ( |
) |
Balance at 31 March 2024 | ( |
) | ( |
) |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
CONSOLIDATED CASH FLOW 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 | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 471,714 | 316,998 |
Interest paid | (22,852 | ) | (5,014 | ) |
Tax paid | (417,611 | ) | (92,609 | ) |
Net cash from operating activities | 31,251 | 219,375 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (16,583 | ) | (19,302 | ) |
Interest received | 33,325 | 2,753 |
Net cash from investing activities | 16,742 | (16,549 | ) |
Cash flows from financing activities |
Loan repayments in year | (8,951 | ) | (10,216 | ) |
Net cash from financing activities | (8,951 | ) | (10,216 | ) |
Increase in cash and cash equivalents | 39,042 | 192,610 |
Cash and cash equivalents at beginning of period |
2 |
2,952,634 |
2,760,024 |
Cash and cash equivalents at end of period | 2 | 2,991,676 | 2,952,634 |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
1. | RECONCILIATION OF SURPLUS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
31.3.23 |
to | Year Ended |
31.3.24 | 30.3.23 |
£ | £ |
Surplus before taxation | 255,167 | 257,828 |
Depreciation charges | 60,646 | 70,468 |
Loss on revaluation of fixed assets | - | 22,500 |
Loss on impairment of fixed assets | - | 20,000 |
Finance costs | 22,852 | 5,014 |
Finance income | (33,325 | ) | (2,753 | ) |
305,340 | 373,057 |
Increase in trade and other debtors | (183,283 | ) | (333,284 | ) |
Increase in trade and other creditors | 349,657 | 277,225 |
Cash generated from operations | 471,714 | 316,998 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 31 March 2024 |
31.3.24 | 31.3.23 |
£ | £ |
Cash and cash equivalents | 3,440,379 | 3,279,131 |
Bank overdrafts | (448,703 | ) | (326,497 | ) |
2,991,676 | 2,952,634 |
Year ended 30 March 2023 |
30.3.23 | 31.3.22 |
£ | £ |
Cash and cash equivalents | 3,279,131 | 3,198,589 |
Bank overdrafts | (326,497 | ) | (438,565 | ) |
2,952,634 | 2,760,024 |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 31.3.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,279,131 | 161,248 | 3,440,379 |
Bank overdrafts | (326,497 | ) | (122,206 | ) | (448,703 | ) |
2,952,634 | 39,042 | 2,991,676 |
Debt |
Debts falling due within 1 year | (39,784 | ) | 8,951 | (30,833 | ) |
(39,784 | ) | 8,951 | (30,833 | ) |
Total | 2,912,850 | 47,993 | 2,960,843 |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
UAC Cyf. FUW Ltd. is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Functional and Presentation Currency |
The group's functional and presentational currency is pounds sterling. |
Basis of consolidation |
The financial statements of the subsidiary used in the preparation of the consolidated financial statements are prepared for the same reporting period as the parent company and are based on consistent accounting policies. The results of subsidiaries acquired or disposed of during the period are included in the consolidated financial statements from the effective date of acquisition up to the effective date of disposal, as appropriate. |
Intra-group balances and any unrealised gains and losses or income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. |
Going concern |
At the year end, the FUW Group had only £25k of historical Corporation Tax remaining to pay to HMRC following a lengthy tax project resulting in a Trade Protection Association agreement. The TPA brings predictability and confidence to tax planning in the Group for the foreseeable future. There are no scenarios considered by the Boards of the Group that cause Going Concern to be questioned in the 12 months following the approval of these financial statements. The Board is not aware of any existing conditions or imminent situations that would mean that preparing the accounts for the year ended 31 March 2024 on a going concern basis would be inappropriate |
Intercompany indebtedness |
FUW Insurance Services Ltd is a 100%-owned subsidiary of the parent company UAC CYF. FUW LTD. The insurance broking business of the Group provides cash-flows to the parent company for the benefit of the Members of the Farmers Union of Wales / Undeb Amaethwyr Cymru. This results in an intercompany debt from UAC CYF. FUW LTD. to FUW Insurance Services Ltd. FUW Insurance Services Ltd periodically votes dividends with which UAC CYF. FUW LTD. discharges liabilities to the subsidiary. Dividends of £0.72m were voted to the shareholder in financial year 2023-24 and a dividend of £180,000 was voted on 30 June 2024. |
In the opinion of the directors of FUW Insurance Services Ltd, the debt owed to that company by UAC CYF. FUW LTD. is supported by the value of the shareholding held by UAC CYF. FUW LTD. and by the periodic dividend payments to UAC CYF. FUW LTD.. FUW Insurance Services Ltd does not rely on the recovery of the intercompany debt for its solvency or liquidity. |
UAC CYF. FUW LTD. does not recognise the value of the Fixed Asset Investment of ownership of FUW Insurance Services Ltd on its balance sheet, but it is a multiple of the level of debt. The Board of UAC CYF. FUW LTD. believes that permitting FUW Insurance Services to retain significant profits is essential to empower the subsidiary to continue to grow its profitability, and therefore cash-flows to the parent company, for the benefit of the Members. Therefore, the Boards of UAC CYF. FUW LTD. and FUW Insurance Services Ltd are of the opinion that the level of intercompany debt at 31 March 2024 does not alter their assertion that both companies should prepare their accounts on a going concern basis. |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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 Group that have the most significant effect on the amounts recognised in the financial statements. |
i) Properties - The annual impairment review considers the book value of the properties held by the Group. |
ii) Provisions and accruals - Management bases its judgements on the circumstances relating to each specific event and upon currently available information. |
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. |
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, all of which arose from activities within the United Kingdom, represents the following activities: |
i) General Insurance - Turnover represents business incepted during the year, together with any differences between the booked commission for prior years and those previously accrued, and include estimates of due commission but not yet receivable, less an allowance for cancellations. Reinsurance commission are accounted for when the contract is entered into. Related fees earned on insurance agreements when the service has been provided. |
ii) Life Insurance - Turnover represents business incepted during the year, which includes the commission earned over the term of the policy. |
iii) Membership Income - Membership fees are paid annually in advance, with the term of the membership commencing when payment is received. Turnover represents the proportion of fees in relation to the period up to the 31st March each year, fees received in relation to the following financial year are shown in creditors as membership fees in advance. |
iv) Rental Income - Turnover is accounted for an accruals basis, |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Long leasehold | - |
Fixtures and fittings | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in surplus or deficit. |
Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of comprehensive income. Deferred tax is provided against these gains at the rate expected to apply when the property is sold. The treatment is in line with the fair value provisions of the Companies Act. |
Investment properties are derecognised when either they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. |
Investment properties are reclassified as 'held for sale' assets from commencement of marketing for disposal, provided that the directors have reasonable expectation that they will be sold within a period of 12 months. |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables and payables, amounts due to and from related parties. |
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Debt instruments like loans and other receivables and payables are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of future payments discounted at a market rate of interest for a similar debt instrument. |
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 amortised cost, the impairment loss is measured as the difference between an asset's carrying value and the present value of estimated cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 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 group would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount recognised in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. At each reporting date non-financial assets not carried at fair value, such as property, plant and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less costs to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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 surplus or deficit on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group contributes to a Group Personal Pension Plan. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Cash at bank |
UAC CYF. FUW LTD. holds a bank account in relation to the Presidents Charity Appeal. This bank account has not been included within the financial statements as the money is not deemed to be the Groups money. |
3. | EMPLOYEES AND DIRECTORS |
Period |
31.3.23 |
to | Year Ended |
31.3.24 | 30.3.23 |
£ | £ |
Wages and salaries | 3,979,697 | 3,624,193 |
Social security costs | 369,086 | 350,574 |
Other pension costs | 151,481 | 135,137 |
4,500,264 | 4,109,904 |
The average number of employees during the period was as follows: |
Period |
31.3.23 |
to | Year Ended |
31.3.24 | 30.3.23 |
Employees |
Period |
31.3.23 |
to | Year Ended |
31.3.24 | 30.3.23 |
£ | £ |
Directors' remuneration | 273,125 | 278,044 |
Information regarding the highest paid director is as follows: |
Period |
31.3.23 |
to | Year Ended |
31.3.24 | 30.3.23 |
£ | £ |
Emoluments etc | 113,642 | 110,485 |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
4. | OPERATING SURPLUS |
The operating surplus is stated after charging: |
Period |
31.3.23 |
to | Year Ended |
31.3.24 | 30.3.23 |
£ | £ |
Other operating leases | 27,828 | 26,654 |
Depreciation - owned assets | 60,646 | 70,468 |
Auditors' remuneration | 29,916 | 22,000 |
Auditors' remuneration for non audit work | 13,000 | 32,775 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
31.3.23 |
to | Year Ended |
31.3.24 | 30.3.23 |
£ | £ |
Bank interest | 22,852 | 5,014 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the surplus for the period was as follows: |
Period |
31.3.23 |
to | Year Ended |
31.3.24 | 30.3.23 |
£ | £ |
Current tax: |
UK corporation tax | 149,646 | 140,337 |
Adjustment in respect of |
previous periods | - | (18,955 | ) |
Total current tax | 149,646 | 121,382 |
Deferred tax | (2,357 | ) | (8,669 | ) |
Tax on surplus | 147,289 | 112,713 |
UK corporation tax has been charged at 25 % . |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
31.3.23 |
to | Year Ended |
31.3.24 | 30.3.23 |
£ | £ |
Surplus before tax | 255,167 | 257,828 |
Surplus multiplied by the standard rate of corporation tax in the UK of 24.934 % (2023 - 19 %) |
63,623 |
48,987 |
Effects of: |
Expenses not deductible for tax purposes | 80,196 | 85,724 |
Income not taxable for tax purposes | - | (1,100 | ) |
Adjustments to tax charge in respect of previous periods | - | (18,955 | ) |
Tax rate changes | - | (2,080 | ) |
Other | 3,470 | 137 |
Total tax charge | 147,289 | 112,713 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
software |
£ |
COST |
At 31 March 2023 |
and 31 March 2024 | 29,024 |
AMORTISATION |
At 31 March 2023 |
and 31 March 2024 | 29,024 |
NET BOOK VALUE |
At 31 March 2024 | - |
At 30 March 2023 | - |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
9. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Long | and | Computer |
property | leasehold | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 31 March 2023 | 588,466 | 855,667 | 188,591 | 44,455 | 1,677,179 |
Additions | - | - | 12,458 | 4,125 | 16,583 |
Reclassification/transfer | - | - | (27,766 | ) | 27,766 | - |
At 31 March 2024 | 588,466 | 855,667 | 173,283 | 76,346 | 1,693,762 |
DEPRECIATION |
At 31 March 2023 | 209,898 | 170,570 | 131,485 | 38,138 | 550,091 |
Charge for period | 14,987 | 10,326 | 17,363 | 17,970 | 60,646 |
At 31 March 2024 | 224,885 | 180,896 | 148,848 | 56,108 | 610,737 |
NET BOOK VALUE |
At 31 March 2024 | 363,581 | 674,771 | 24,435 | 20,238 | 1,083,025 |
At 30 March 2023 | 378,568 | 685,097 | 57,106 | 6,317 | 1,127,088 |
Company |
Fixtures |
Freehold | Long | and |
property | leasehold | fittings | Totals |
£ | £ | £ | £ |
COST |
At 31 March 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 31 March 2023 |
Charge for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 March 2023 |
10. | FIXED ASSET INVESTMENTS |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
11. | INVESTMENT PROPERTY |
Group |
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. |
A fair value appraisal has been conducted by the Directors and they deem that there is no material difference between the date of the valuation and the year end. |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2023 | (22,500 | ) |
Cost | 124,500 |
102,000 |
12. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 1,064,467 | 935,916 |
Amounts owed by group undertakings | - | - |
Other debtors | 9,260 | - |
Accrued income | 81,915 | 58,926 |
Prepayments | 202,044 | 187,173 |
1,357,686 | 1,182,015 |
Amounts falling due after more than one year: |
Trade debtors | 60,662 | 53,050 |
Aggregate amounts | 1,418,348 | 1,235,065 |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
13. | CASH AT BANK |
Group |
2024 | 2023 |
£ | £ |
Bank account | 963,576 | 665,419 |
Bank account - Client money | 2,476,803 | 2,613,712 |
3,440,379 | 3,279,131 |
The client money bank accounts is client money used to pay premiums to underwriters, to settle claims to policyholders and to defray commission and other income. Client money is not available for general corporate purposes. |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 15) | 479,536 | 366,281 |
Trade creditors | 170,744 | 188,813 |
Amounts owed to group undertakings | - | - |
Tax | 201,949 | 469,914 |
Social security and other taxes | 79,808 | 75,382 |
VAT | 29,137 | 43,019 | 28,610 | 42,382 |
Other creditors | 2,978,315 | 2,858,900 |
Deferred income | 773,852 | 522,343 |
Accrued expenses | 530,080 | 523,822 |
5,243,421 | 5,048,474 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 448,703 | 326,497 |
Bank loans | 30,833 | 39,784 |
479,536 | 366,281 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 85,263 | 61,550 |
Between one and five years | 144,994 | 131,185 |
In more than five years | 1,155,375 | 1,186,392 |
1,385,632 | 1,379,127 |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
16. | LEASING AGREEMENTS - continued |
Company |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
17. | SECURED DEBTS |
The group's banker Barclays Bank Plc holds the following security: - |
Cross Guarantee and Debenture dated 9/04/18 securing by way of a fixed charge, floating charge covering all the property or undertaking of the company. |
A legal charge dated 22/06/18 securing by way of a legal charge on the freehold property known as 13A Barn Road, Carmarthen.SA31 1DD. |
A legal charge dated 28/06/18 securing by way of a legal charge on the freehold property known as 2 Stryd y Castell, Caernarfon, LLSS 1SE. |
A legal charge dated 20/08/18 securing by way of a legal charge on the leasehold property known as Ground Floor Ty Mawr, Queens Square, Dolgellau, LL40 1AF. |
A legal charge dated 27/09/2013 securing by way of a legal charge on the freehold property/Investment property known as 2-3 Glanhwfa Road, Llangefni. LL77 7EN |
The group's banker Barclays Security Trustee Limited holds the following security: - |
A legal charge dated 22/06/18 securing by way of a legal charge on the freehold property/Investment property known as 2-3 Glanhwfa Road, Llangefni. LL77 7EN. |
18. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 8,933 | 11,290 |
Group |
Deferred |
tax |
£ |
Balance at 31 March 2023 | 11,290 |
Credit to Income Statement during period | (2,357 | ) |
Balance at 31 March 2024 | 8,933 |
UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024 |
18. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 31 March 2023 |
Charge to Income Statement during period |
Balance at 31 March 2024 |
19. | RESERVES |
Group |
Income |
and |
expenditure | Other |
account | reserves | Totals |
£ | £ | £ |
At 31 March 2023 | 319,226 | 364,294 | 683,520 |
Surplus for the period | 107,878 | 107,878 |
At 31 March 2024 | 427,104 | 364,294 | 791,398 |
Company |
Income |
and |
expenditure | Other |
account | reserves | Totals |
£ | £ | £ |
At 31 March 2023 | ( |
) | (765,013 | ) |
Deficit for the period | ( |
) | ( |
) |
At 31 March 2024 | ( |
) | (914,384 | ) |
Other reserves |
Other reserves relates to a merger reserve following the group reconstruction that was effected on the 1 September 2017. |
20. | ULTIMATE CONTROLLING PARTY |
The controlling party is The Grand Council of the Farmers'Union of Wales. |
The Members control the company which is limited by guarantee. |