REGISTERED NUMBER: 03233045 (England and Wales)

T. LLOYD JONES FORGE ABERAERON LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH SEPTEMBER 2024

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

J A Jones

B K Jones

SECRETARY:

J A Jones

REGISTERED OFFICE:

Ffosyffin

Aberaeron

Ceridigion

SA46 0HA

REGISTERED NUMBER:

03233045 (England and Wales)

ACCOUNTANTS:

Johns Jones & Lo Limited

Chartered Accountants & Registered Auditors

16 Lambourne Crescent

Cardiff Business Park

Llanishen

Cardiff

CF14 5GF

FIXED ASSETS

Tangible assets

4

22,154

16,425

CURRENT ASSETS

Stocks

5

1,170,266

1,091,260

Debtors

6

1,033,293

966,931

Cash at bank and in hand

39,314

40,446

2,242,873

2,098,637

CREDITORS

Amounts falling due within one year

7

864,504

773,873

NET CURRENT ASSETS

1,378,369

1,324,764

TOTAL ASSETS LESS CURRENT LIABILITIES

1,400,523

1,341,189

CREDITORS

Amounts falling due after more than one year

8

(26,667

)

(66,667

)

PROVISIONS FOR LIABILITIES

10

(5,227

)

(3,207

)

NET ASSETS

1,368,629

1,271,315

CAPITAL AND RESERVES

Called up share capital

11

200

200

Retained earnings

1,368,429

1,271,115

SHAREHOLDERS' FUNDS

1,368,629

1,271,315

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4th April 2025 and were signed on its behalf by:

J A Jones - Director

1.	STATUTORY INFORMATION

T. Lloyd Jones Forge Aberaeron Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However the nature of estimation means that actual outcomes could differ from those estimates.

Recoverability of debtors

Estimation is involved in the assessment of the recoverability of debtors and the calculation of the associated bad debt provision. Factors such as the age of debt, prior experience and recoverability statistics are included in management's assessment.

Useful economic lives of tangible fixed assets

Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. Management regularly reviews the asset's useful lives. Changes in the assets' useful economic lives can have a significant impact on depreciation for the period. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Provision for impairments

Tangible fixed assets are reviewed for signs of impairment each year and written down accordingly. All tangible fixed assets are reviewed by management in conjunction with market data and other relevant information. Changes in any of the factors considered for impairments can affect the value reported in the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and Equipment 12.5% - 25% Straight Line

Fixtures and Fittings 15% - Straight Line

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from bank's. Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between carrying amount and the present value of estimated cash flows discounted at the original affective interest rate. If the financial instrument has a variable interest rate the currently affective rate under the contract is used.

A.financial asset is derecognised only when the contractual rights to the cash flows from the financial asset expire or are settled or, substantially all the risks and rewards of ownership of the financial asset have been transferred to another party or when despite having retained some but not substantially all, risks and rewards of ownership, control of the asset has been transferred to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case the company derecognises the asset and recognises separately any rights and obligations retained or created in the transfer. Af financial liability is derecognised when the contract that gives rise to it is settled, sold, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified such as an exchange or modification, this is treated as a derecognition of the original liability,, such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Going concern

These financial statements have been prepared on a going concern basis on the grounds that the Directors consider that the Company has sufficient cash resources to enable the company to continue to meet its liabilities as they fall due.

Debtors

Debtors include trade debtors and certain other financial instruments and prepayments.

Prepayments are payments made for goods or services that will be received in the future.

Creditors

Creditors include trade creditors, accruals and other short and long-term financial instruments.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 29th September 2023

268,686

43,653

10,000

322,339

Additions

5,500

8,300

-

13,800

At 28th September 2024

274,186

51,953

10,000

336,139

DEPRECIATION

At 29th September 2023

253,903

42,011

10,000

305,914

Charge for year

6,970

1,101

-

8,071

At 28th September 2024

260,873

43,112

10,000

313,985

NET BOOK VALUE

At 28th September 2024

13,313

8,841

-

22,154

At 28th September 2023

14,783

1,642

-

16,425

5.

STOCKS

2024

2023

£

£

Stocks

1,170,266

1,091,260

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

185,450

135,646

Other debtors

715,085

714,481

Prepayments

132,758

116,804

1,033,293

966,931

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

377,763

326,584

Other loans

18,300

42,767

Hire purchase contracts

4,686

-

Trade creditors

105,739

93,907

Tax

32,245

33,148

Social security and other taxes

12,173

11,109

VAT

70,943

20,628

Other creditors

101,520

94,879

Accrued expenses

141,135

150,851

864,504

773,873

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

26,667

66,667

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdrafts

337,763

286,584

Other loans

18,300

42,767

Hire purchase contracts

4,686

-

360,749

329,351

The hire purchase liabilities are secured against the assets to which they relate.

Included within other creditors are stocking finance liabilities of £18300 (2023- £42767) that are secured against the stock.

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

5,227

3,207

Deferred

tax

£

Balance at 29th September 2023

3,207

Charge to Income Statement during year

2,020

Balance at 28th September 2024

5,227

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

200

ordinary

£1

200

200

12.	RELATED PARTY DISCLOSURES

Included in other debtors is a balance of £715,085 (2023 £714,481) due from T Lloyd Jones Forge (Holdings) Limited, the holding company of this entity. There is no interest charged on this and the balance is repayable upon demand.

Included in trade creditors is a balance of £9,000 due to T Lloyd Jones Forge (Holdings) Limited.

T Lloyd Jones Forge Aberaeron Limited was charged £7,500 rent during the year by T Lloyd Jones Forge (Holdings) Limited.

Included within other creditors is £5,494 which is owed to the parent of the directors. There is no interest being charged on the loan to the company and the liability is repayable in full upon demand.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party are the directors who are the shareholders and directors of the holding company T Lloyd Jones Forge (Holdings) Limited.