3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2024 - FRS102_2024 135,000 121,500 6,750 128,250 6,750 13,500 xbrli:pure xbrli:shares iso4217:GBP 4960198 2023-03-01 2024-02-29 4960198 2024-02-29 4960198 2023-02-28 4960198 2022-03-01 2023-02-28 4960198 2023-02-28 4960198 2022-02-28 4960198 core:FurnitureFittings 2023-03-01 2024-02-29 4960198 bus:Director2 2023-03-01 2024-02-29 4960198 core:NetGoodwill 2023-02-28 4960198 core:NetGoodwill 2024-02-29 4960198 core:FurnitureFittings 2023-02-28 4960198 core:LandBuildings 2024-02-29 4960198 core:FurnitureFittings 2024-02-29 4960198 core:WithinOneYear 2024-02-29 4960198 core:WithinOneYear 2023-02-28 4960198 core:AfterOneYear 2024-02-29 4960198 core:AfterOneYear 2023-02-28 4960198 core:ShareCapital 2024-02-29 4960198 core:ShareCapital 2023-02-28 4960198 core:RetainedEarningsAccumulatedLosses 2024-02-29 4960198 core:RetainedEarningsAccumulatedLosses 2023-02-28 4960198 core:NetGoodwill 2023-03-01 2024-02-29 4960198 core:NetGoodwill 2023-02-28 4960198 core:LandBuildings 2023-02-28 4960198 core:FurnitureFittings 2023-02-28 4960198 bus:Director1 2023-03-01 2024-02-29 4960198 bus:SmallEntities 2023-03-01 2024-02-29 4960198 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 4960198 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 4960198 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 4960198 bus:FullAccounts 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 4960198
Y Wylan Cyf
Filleted Unaudited Financial Statements
For the year ended
29 February 2024
Y Wylan Cyf
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
6,750
13,500
Tangible assets
6
240,483
240,679
---------
---------
247,233
254,179
Current assets
Stocks
50
650
Cash at bank and in hand
50
50
----
----
100
700
Creditors: amounts falling due within one year
7
94,593
93,465
--------
--------
Net current liabilities
94,493
92,765
---------
---------
Total assets less current liabilities
152,740
161,414
Creditors: amounts falling due after more than one year
8
( 168,517)
( 166,535)
Provisions
148
148
---------
---------
Net liabilities
( 15,925)
( 5,269)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 16,025)
( 5,369)
--------
-------
Shareholders deficit
( 15,925)
( 5,269)
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Y Wylan Cyf
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr J K Roberts
Director
Company registration number: 4960198
Y Wylan Cyf
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 61 High Street, Porthmadog, Gwynedd, LL49 9LR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
£6,750 per year
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
135,000
---------
Amortisation
At 1 March 2023
121,500
Charge for the year
6,750
---------
At 29 February 2024
128,250
---------
Carrying amount
At 29 February 2024
6,750
---------
At 28 February 2023
13,500
---------
6. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2023 and 29 February 2024
239,898
27,656
267,554
---------
--------
---------
Depreciation
At 1 March 2023
26,875
26,875
Charge for the year
196
196
---------
--------
---------
At 29 February 2024
27,071
27,071
---------
--------
---------
Carrying amount
At 29 February 2024
239,898
585
240,483
---------
--------
---------
At 28 February 2023
239,898
781
240,679
---------
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
19,907
19,321
Trade creditors
8,281
7,739
Other creditors
66,405
66,405
--------
--------
94,593
93,465
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
92,119
97,889
Other creditors
76,398
68,646
---------
---------
168,517
166,535
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £56,900 (2023: £61,836) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Creditors falling due after five years include a bank loan which is secured on company assets.
9. Going concern
The directors have reviewed a period of 12 months from the date of approval of these financial statements and have confirmed their willingness to retain their loan in the company to enable it to meet all its liabilities as they fall due. As a result it is appropriate to prepare the accounts on a going concern basis.
10. Directors' advances, credits and guarantees
There were no director's advances, credits or guarantees during the year.