Registered number
02612356
Mid Wales Tourism - Cwmni Twristiaeth Canolbarth Cymru
Filleted Accounts
31 July 2024
Mid Wales Tourism - Cwmni Twristiaeth Canolbarth Cymru
Registered number: 02612356
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 8,702 3,552
Tangible assets 4 20,896 21,896
29,598 25,448
Current assets
Debtors 5 67,938 32,427
Cash at bank and in hand 2,093 20,724
70,031 53,151
Creditors: amounts falling due within one year 6 (55,081) (31,556)
Net current assets 14,950 21,595
Total assets less current liabilities 44,548 47,043
Provisions for liabilities (179) (179)
Net assets 44,369 46,864
Capital and reserves
Other reserves 24,324 24,324
Profit and loss account 20,045 22,540
Total reserves 44,369 46,864
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 R Rees-Evans
Director
Approved by the board on 26 November 2024
Mid Wales Tourism - Cwmni Twristiaeth Canolbarth Cymru
Notes to the Accounts
for the year ended 31 July 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Leasehold land and buildings over the lease term
Plant and machinery varying rates on cost
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 6 4
3 Intangible fixed assets £
Website:
Cost
At 1 August 2023 4,736
Additions 9,501
At 31 July 2024 14,237
Amortisation
At 1 August 2023 1,184
Provided during the year 4,351
At 31 July 2024 5,535
Net book value
At 31 July 2024 8,702
At 31 July 2023 3,552
Intangible asset (website) is being written off in equal annual instalments over its estimated economic life of 4 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Office equipment Total
£ £ £ £
Cost
At 1 August 2023 50,000 67,296 3,230 120,526
Additions - 337 - 337
Disposals - (46,144) - (46,144)
At 31 July 2024 50,000 21,489 3,230 74,719
Depreciation
At 1 August 2023 29,000 66,400 3,230 98,630
Charge for the year 1,000 337 - 1,337
On disposals - (46,144) - (46,144)
At 31 July 2024 30,000 20,593 3,230 53,823
Net book value
At 31 July 2024 20,000 896 - 20,896
At 31 July 2023 21,000 896 - 21,896
5 Debtors 2024 2023
£ £
Trade debtors 61,595 23,243
Other debtors 6,343 9,184
67,938 32,427
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 27,566 7,707
Taxation and social security costs 2,888 9,447
Other creditors 24,627 14,402
55,081 31,556
7 Other information
Mid Wales Tourism - Cwmni Twristiaeth Canolbarth Cymru is a private company limited by guarantee and consequently does not have share capital.
Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The company is incorporated in Wales. Its registered office address is:
The Station
Machynlleth
Powys
SY20 8TG
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