Registered number
06505625
Llys-Y-Gorlan Limited
Unaudited Filleted Accounts
29 February 2024
Llys-Y-Gorlan Limited
Registered number: 06505625
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 596,763 547,878
Current assets
Stocks 497,350 493,054
Debtors 4 910,429 648,853
Cash at bank and in hand 62,771 339,964
1,470,550 1,481,871
Creditors: amounts falling due within one year 5 (412,752) (397,267)
Net current assets 1,057,798 1,084,604
Total assets less current liabilities 1,654,561 1,632,482
Creditors: amounts falling due after more than one year 6 (101,825) (162,763)
Provisions for liabilities (59,289) (47,496)
Net assets 1,493,447 1,422,223
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,493,446 1,422,222
Shareholders' funds 1,493,447 1,422,223
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr E L Jones
Director
Approved by the board on 25 November 2024
Llys-Y-Gorlan Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2 - 5% on cost
Motor vehicles 25% on the reducing balance
Plant and machinery 15% on the reducing balance and 4% on cost
Fixtures, fittings, tools and equipment 33.3% on cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 432,960 389,048 525,988 1,347,996
Additions - - 152,000 152,000
Disposals - - (28,000) (28,000)
At 29 February 2024 432,960 389,048 649,988 1,471,996
Depreciation
At 1 March 2023 131,144 283,431 385,543 800,118
Charge for the year 11,767 15,432 72,179 99,378
On disposals - - (24,263) (24,263)
At 29 February 2024 142,911 298,863 433,459 875,233
Net book value
At 29 February 2024 290,049 90,185 216,529 596,763
At 28 February 2023 301,816 105,617 140,445 547,878
Motor vehicles with a carrying value of £ 73,370 (2023 - £98,719) are held under finance leases.
4 Debtors 2024 2023
£ £
Trade debtors 908,625 562,018
Other debtors 1,804 86,835
910,429 648,853
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 26,754 25,428
Obligations under finance lease and hire purchase contracts 31,419 56,554
Trade creditors 318,613 287,230
Taxation and social security costs 15,345 17,261
Other creditors 20,621 10,794
412,752 397,267
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 101,825 131,269
Obligations under finance lease and hire purchase contracts - 31,494
101,825 162,763
Finance lease liabilities are secured by the related assets held under finance leases (see note 3). The lease agreements generally include fixed lease payments and a purchase option at the end of the lease term.
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 6,052 32,275
Secured bank loans 101,912 120,030
The bank loans and overdraft are secured by a debenture over the company's property; a guarantee by the director and charges over certain of the director's freehold property.
The bank loans are repayable in monthly instalments of £2,784. The secured loan interest rate is 2.25% above the bank base rate and the unsecured loan interest is fixed at 2.5% over the term of the loan.
8 Related party transactions
Dividends totalling £ 12,000 (2023 - £13,162) were paid to the director during the year.

9 Controlling party
The ultimate controlling party is Mr E L Jones.
10 Other information
Llys-Y-Gorlan Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Llys-Y-Gorlan
Kidwelly
Carmarthenshire
SA17 5BB
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