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Registration number: 10012240

Derwydd Mansion Events Ltd trading as The Gelateria

REPORT OF THE DIRECTORS and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Derwydd Mansion Events Ltd

trading as The Gelateria

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Derwydd Mansion Events Ltd

trading as The Gelateria

Company Information

Directors

Mr R Dallavalle

Mrs MC Dallavalle

Mrs Maria Dallavalle

Company secretary

Mrs Maria Dallavalle

Registered office

Derwydd Mansion
Derwydd Road
Ammanford
Carmarthenshire
SA18 3LQ
 

Accountants

Wynne & Co
Chartered Accountants
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF

 

Derwydd Mansion Events Ltd

trading as The Gelateria

(Registration number: 10012240)
Balance Sheet as at 29 February 2024

Note

29 February
2024
£

28 February
2023
£

Fixed assets

 

Tangible assets

4

554,919

1,857

Current assets

 

Stocks

5

10,482

-

Debtors

6

6,123

273

Cash at bank and in hand

 

7,052

306

 

23,657

579

Creditors: Amounts falling due within one year

7

(418,198)

(7,070)

Net current liabilities

 

(394,541)

(6,491)

Total assets less current liabilities

 

160,378

(4,634)

Creditors: Amounts falling due after more than one year

7

(188,833)

-

Net liabilities

 

(28,455)

(4,634)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(28,555)

(4,734)

Shareholders' deficit

 

(28,455)

(4,634)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Derwydd Mansion Events Ltd

trading as The Gelateria

(Registration number: 10012240)
Balance Sheet as at 29 February 2024

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 October 2024 and signed on its behalf by:
 

.........................................
Mrs MC Dallavalle
Director

 

Derwydd Mansion Events Ltd

trading as The Gelateria

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Derwydd Mansion
Derwydd Road
Ammanford
Carmarthenshire
SA18 3LQ
United Kingdom

These financial statements were authorised for issue by the Board on 23 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis despite negative reserves due to the additional costs in the year and the continued support of the directors. This is expected to be in a Net Asset position in the next financial year.

 

Derwydd Mansion Events Ltd

trading as The Gelateria

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

Straight Line - 10%

Fixtures and fittings

Straight Line - 15%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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 the receivables.

 

Derwydd Mansion Events Ltd

trading as The Gelateria

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Derwydd Mansion Events Ltd

trading as The Gelateria

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2023 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

-

-

6,527

6,527

Additions

466,673

3,498

86,487

556,658

At 29 February 2024

466,673

3,498

93,014

563,185

Depreciation

At 1 March 2023

-

-

4,670

4,670

Charge for the year

-

262

3,334

3,596

At 29 February 2024

-

262

8,004

8,266

Carrying amount

At 29 February 2024

466,673

3,236

85,010

554,919

At 28 February 2023

-

-

1,857

1,857

Included within the net book value of land and buildings above is £466,673 (2023 - £Nil) in respect of freehold land and buildings.
 

 

Derwydd Mansion Events Ltd

trading as The Gelateria

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

5

Stocks

29 February
2024
£

28 February
2023
£

Other inventories

10,482

-

 

Derwydd Mansion Events Ltd

trading as The Gelateria

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

6

Debtors

Current

29 February
2024
£

28 February
2023
£

Trade debtors

54

-

Prepayments

360

-

Other debtors

5,709

273

 

6,123

273

 

Derwydd Mansion Events Ltd

trading as The Gelateria

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

29 February
2024
£

28 February
2023
£

Due within one year

 

Bank loans and overdrafts

9

62,944

-

Trade creditors

 

4,524

-

Taxation and social security

 

1,610

-

Accruals and deferred income

 

7,295

2,100

Other creditors

 

341,825

4,970

 

418,198

7,070

Creditors: amounts falling due after more than one year

Note

29 February
2024
£

28 February
2023
£

Due after one year

 

Loans and borrowings

9

188,833

-

8

Share capital

Allotted, called up and fully paid shares

29 February
2024

28 February
2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       
 

Derwydd Mansion Events Ltd

trading as The Gelateria

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

9

Loans and borrowings

Non-current loans and borrowings

29 February
2024
£

28 February
2023
£

Other borrowings

188,833

-

Current loans and borrowings

29 February
2024
£

28 February
2023
£

Other borrowings

62,944

-

Other borrowings

Cornerstone Capital Finance Limited hold a legal charge over the freehold property dated 5th December 2023.