REGISTERED NUMBER: 05818564 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

AFAN LODGE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J C Saunders

M J Veale

REGISTERED OFFICE:

Afan Lodge

Afan Road

Duffryn Rhondda

Neath Port Talbot

SA13 3ES

REGISTERED NUMBER:

05818564 (England and Wales)

ACCOUNTANTS:

Graham Paul Limited

Court House

Court Road

Bridgend

CF31 1BE

FIXED ASSETS

Tangible assets

4

1,039,142

1,050,388

CURRENT ASSETS

Stocks

-

11,927

Debtors

5

2,093

34,752

Cash at bank and in hand

14,433

139,338

16,526

186,017

CREDITORS

Amounts falling due within one year

6

31,696

44,883

NET CURRENT (LIABILITIES)/ASSETS

(15,170

)

141,134

TOTAL ASSETS LESS CURRENT LIABILITIES

1,023,972

1,191,522

CREDITORS

Amounts falling due after more than one year

7

1,146,379

846,773

NET (LIABILITIES)/ASSETS

(122,407

)

344,749

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

450,000

450,000

Revaluation reserve

9

234,191

240,882

Retained earnings

(806,698

)

(346,233

)

SHAREHOLDERS' FUNDS

(122,407

)

344,749

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 3 March 2025 and were signed on its behalf by:

J C Saunders - Director

1.	STATUTORY INFORMATION

Afan Lodge 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Turnover is recognised at the point of sale in respect of bar sales. For accommodation income turnover is recognised at the point at which the customer checks out.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery etc

-

15% on cost

Stocks

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

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 38 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

1,236,761

252,219

1,488,980

Additions

-

26,627

26,627

At 31 December 2024

1,236,761

278,846

1,515,607

DEPRECIATION

At 1 January 2024

264,517

174,075

438,592

Charge for year

18,735

19,138

37,873

At 31 December 2024

283,252

193,213

476,465

NET BOOK VALUE

At 31 December 2024

953,509

85,633

1,039,142

At 31 December 2023

972,244

78,144

1,050,388

Included in cost or valuation of land and buildings is freehold land of £ 300,000 (2023 - £ 300,000 ) which is not depreciated.

Cost or valuation at 31 December 2024 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2009

334,556

-

334,556

Cost

902,205

278,846

1,181,051

1,236,761

278,846

1,515,607

If freehold property had not been revalued it would have been included at the following historical cost:

2024

2023

£

£

Cost

902,205

902,205

Aggregate depreciation

181,771

169,727

Value of land in freehold land and buildings

300,000

300,000

Freehold property was valued on an open market basis on 31 January 2009 by Foote & Halfpenny Chartered Surveyors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

-

32,690

Other debtors

2,093

2,062

2,093

34,752

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

20,062

3,276

Taxation and social security

8,421

10,507

Other creditors

3,213

31,100

31,696

44,883

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other creditors

1,146,379

846,773

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

-

2,722

Between one and five years

-

10,886

In more than five years

-

4,536

-

18,144

9.

RESERVES

Revaluation

reserve

£

At 1 January 2024

240,882

Depreciation written back

(6,691

)

At 31 December 2024

234,191

10.	RELATED PARTY DISCLOSURES

The company is a wholly owned subsidiary of Pen-y-Cymoedd Community Interest Company.

At the balance sheet date, creditors falling due after more than one year include amounts owed to Pen-y-Cymoedd Community Interest Company of £1,146,379.