2023-05-012024-04-302024-04-30false04993162R Gwyndaf Jenkins 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R Gwyndaf Jenkins Limited

Registered Number
04993162
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

R Gwyndaf Jenkins Limited
Company Information
for the year from 1 May 2023 to 30 April 2024

Directors

Mrs J V Jenkins
Mr R G Jenkins

Company Secretary

Mrs J V Jenkins

Registered Address

Rhandir, Bethania
Llanon
Ceredigion
SY23 5NJ

Registered Number

04993162 (England and Wales)
R Gwyndaf Jenkins Limited
Statement of Financial Position
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3176,213211,417
176,213211,417
Current assets
Stocks44,0502,400
Debtors527,76737,493
31,81739,893
Creditors amounts falling due within one year6(92,892)(91,566)
Net current assets (liabilities)(61,075)(51,673)
Total assets less current liabilities115,138159,744
Creditors amounts falling due after one year7(11,051)(26,353)
Provisions for liabilities9(31,425)(38,114)
Net assets72,66295,277
Capital and reserves
Called up share capital100100
Profit and loss account72,56295,177
Shareholders' funds72,66295,277
The financial statements were approved and authorised for issue by the Board of Directors on 23 November 2024, and are signed on its behalf by:
Mr R G Jenkins
Director
Registered Company No. 04993162
R Gwyndaf Jenkins Limited
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The financial statements 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). The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery7
Vehicles4
Office Equipment4
Impairment of non-financial assets policy
Assets which are not carried at fair value are reviewed for evidence of impairment at each reporting date. Where the asset is showing indicators of impairment, the recoverable amount of the asset, is estimated and then compared to the carrying value in the financial statements. Where the carrying amount is in excess of recoverable amount, an impairment loss is recognised in profit or loss.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20242023
Average number of employees during the year33
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 May 23462,19549,4143,487515,096
Additions4,210--4,210
At 30 April 24466,40549,4143,487519,306
Depreciation and impairment
At 01 May 23262,86937,3233,487303,679
Charge for year33,1076,307-39,414
At 30 April 24295,97643,6303,487343,093
Net book value
At 30 April 24170,4295,784-176,213
At 30 April 23199,32612,091-211,417
4.Stocks

2024

2023

££
Raw materials and consumables4,0502,400
Total4,0502,400
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables27,76737,493
Total27,76737,493
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables285188
Bank borrowings and overdrafts26,95125,676
Taxation and social security7,6096,490
Finance lease and HP contracts5,90013,775
Other creditors51,11844,110
Accrued liabilities and deferred income1,0291,327
Total92,89291,566
The bank overdraft £17,657 is secured on land owned by the directors (30 April 2023: £16,700). Other creditors includes £6,883 obligations under finance leases, secured on the items of plant and machinery being financed (30 April 2023: £13,775) (see note 8).
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts10,06819,435
Other creditors9836,918
Total11,05126,353
Other creditors consist of obligations under finance leases, secured on the items of plant and machinery being financed (see note 8). The bank loan repayable after more than one year is a government bounce back loan, secured by the government and repayable in monthly instalments at an interest rate of 2.5%.
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts9836,918
At 30 April 2024, the plant and machinery owned under finance leases had a net book value of £73,554 (30 April 2023: £90,271).
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)31,42538,114
Total31,42538,114
10.Related party transactions
The company receives interest-free loans from the directors with no fixed terms of repayment. At 30 April 2024 the company owed £48,118 to the directors (30 April 2023: £42,110).
11.Controlling party
The company is controlled by its directors RG and JV Jenkins, who together own 67% of its shares.