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Registration number: 04804374

Bwlchyfedwen Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Bwlchyfedwen Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Bwlchyfedwen Limited

Company Information

Directors

Mrs S Duggins

Mr S P Duggins

Company secretary

Mrs S Duggins

Registered office

Ty Cwm Farm,
Five Roads,
Llanelli
Carmarthenshire
SA15 4NE

 

Bwlchyfedwen Limited

(Registration number: 04804374)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

193,460

155,504

Other financial assets

-

11,643

 

193,460

167,147

Current assets

 

Stocks

6

30,600

89,920

Debtors

7

16,781

27,704

Cash at bank and in hand

 

72,273

51,759

 

119,654

169,383

Creditors: Amounts falling due within one year

8

(157,228)

(164,481)

Net current (liabilities)/assets

 

(37,574)

4,902

Total assets less current liabilities

 

155,886

172,049

Creditors: Amounts falling due after more than one year

8

(27,334)

(39,328)

Net assets

 

128,552

132,721

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

128,550

132,719

Total equity

 

128,552

132,721

For the financial year ending 30 June 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Bwlchyfedwen Limited

(Registration number: 04804374)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 25 March 2025 and signed on its behalf by:
 

.........................................
Mrs S Duggins
Company secretary and director

.........................................
Mr S P Duggins
Director

 
     
 

Bwlchyfedwen Limited

Notes to the Financial Statements for the Year Ended 30 June 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:
Ty Cwm Farm,
Five Roads,
Llanelli
Carmarthenshire
SA15 4NE
Wales

These financial statements were authorised for issue by the Board on 25 March 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.

Going concern

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Bwlchyfedwen Limited

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

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:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance

Fixtures and fittings

20% Reducing balance

Motor vehicles

20% Reducing balance

Office equipment

33% Straight line

Land & buildings

No depreciation

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.

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.

 

Bwlchyfedwen Limited

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

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Bwlchyfedwen Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

28,561

21,153

 

Bwlchyfedwen Limited

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

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

40,743

5,225

420,458

499

22,825

489,750

Additions

-

-

65,819

699

-

66,518

At 30 June 2024

40,743

5,225

486,277

1,198

22,825

556,268

Depreciation

At 1 July 2023

-

5,138

316,322

499

12,287

334,246

Charge for the year

-

17

26,398

39

2,108

28,562

At 30 June 2024

-

5,155

342,720

538

14,395

362,808

Carrying amount

At 30 June 2024

40,743

70

143,557

660

8,430

193,460

At 30 June 2023

40,743

87

104,136

-

10,538

155,504

Included within the net book value of land and buildings above is £40,743 (2023 - £40,743) in respect of freehold land and buildings.
 

 

Bwlchyfedwen Limited

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

6

Stocks

2024
£

2023
£

Raw materials and consumables

29,300

86,680

Work in progress

1,300

3,240

30,600

89,920

7

Debtors

2024
£

2023
£

Trade debtors

461

21,725

Other debtors

16,320

5,979

16,781

27,704

 

Bwlchyfedwen Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

11,756

16,970

Trade creditors

 

8,804

9,239

Taxation and social security

 

211

222

Other related parties

 

131,010

103,249

Corporation tax liability

 

-

7,438

Other creditors

 

5,447

27,363

 

157,228

164,481

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

27,334

39,328

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

Bwlchyfedwen Limited

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

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

13,334

23,509

HP and finance lease liabilities

-

1,819

Other borrowings

14,000

14,000

27,334

39,328

2024
£

2023
£

Current loans and borrowings

Bank borrowings

9,937

9,695

HP and finance lease liabilities

1,819

7,275

11,756

16,970

11

Related party transactions

Transactions with directors

As at the balance sheet date, the director was owed £131,010 (2023 : £103,249) from the company. The loan is interest free and repayable on demand.