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Registration number: 09866136

Gwernyfed RFC Limited

Annual Report and

Unaudited Financial Statements


for the Year Ended 30 April 2024

 

Gwernyfed RFC Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Gwernyfed RFC Limited

Company Information

Directors

Mr J Williams

Mr P G Weavers

Mr W Lloyd

Ms L Smith

Mr C Morgan

Mr R E Stephens

Miss D Thomas

Registered office



The Old Malthouse
Trefecca Road
Talgarth
LD3 0PL

 

Accountants

W J James & Co
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Gwernyfed RFC Limited

(Registration number: 09866136)

Balance Sheet
as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

397,376

368,191

Current assets

 

Stocks

2,747

4,500

Debtors

5

7,569

3,205

Cash at bank and in hand

 

44,067

52,870

 

54,383

60,575

Creditors: Amounts falling due within one year

6

(28,021)

(14,403)

Net current assets

 

26,362

46,172

Total assets less current liabilities

 

423,738

414,363

Creditors: Amounts falling due after more than one year

6

(3,390)

(6,451)

Net assets

 

420,348

407,912

Capital and reserves

 

Profit and loss account

420,348

407,912

Total equity

 

420,348

407,912

For the financial year ending 30 April 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 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.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

 

Gwernyfed RFC Limited

(Registration number: 09866136)

Balance Sheet
as at 30 April 2024

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................

Mr R E Stephens

Director

 

Gwernyfed RFC Limited

Notes to the Financial Statements
for the Year Ended 30 April 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:
The Old Malthouse
Trefecca Road
Talgarth
LD3 0PL

These financial statements were authorised for issue by the Board on 30 January 2025.

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.

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.

Government grants

Government grants are recognised at fair value of the asset received or receivale when there is reasonable assurance that the conditions will be met and the funds received.

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:

 

Gwernyfed RFC Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

Asset class

Depreciation method and rate

Land and buildings

Nil

Furniture, fittings and equipment

25% Straight Line

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.

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.

 

Gwernyfed RFC Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 6 (2023 - 0).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Properties under construction
 £

Total
£

Cost or valuation

At 1 May 2023

356,000

23,756

-

379,756

Additions

-

1,851

33,736

35,587

At 30 April 2024

356,000

25,607

33,736

415,343

Depreciation

At 1 May 2023

-

11,565

-

11,565

Charge for the year

-

6,402

-

6,402

At 30 April 2024

-

17,967

-

17,967

Carrying amount

At 30 April 2024

356,000

7,640

33,736

397,376

At 30 April 2023

356,000

12,191

-

368,191

Included within the net book value of land and buildings above is £356,000 (2023 - £356,000) in respect of freehold land and buildings.
 

 

Gwernyfed RFC Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

5

Debtors

2024
£

2023
£

Trade debtors

4,970

1,090

Prepayments

2,396

1,912

Other debtors

203

203

7,569

3,205

 

Gwernyfed RFC Limited

Notes to the Financial Statements
for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

7

3,087

2,994

Trade creditors

 

10,690

4,100

Taxation and social security

 

984

1,849

Accruals and deferred income

 

13,260

5,460

 

28,021

14,403

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

3,390

6,451

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Other borrowings

3,390

6,451

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

18

-

Other borrowings

3,069

2,994

3,087

2,994