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Filleted

Registration number: 12233120

Gwenyn Gruffydd Ltd

trading as Mêl Gwenyn Gruffydd Honey

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Gwenyn Gruffydd Ltd

trading as Mêl Gwenyn Gruffydd Honey

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Gwenyn Gruffydd Ltd

trading as Mêl Gwenyn Gruffydd Honey

Company Information

Directors

Mr G I Williams-Rees

Mrs A M Williams-Rees

Registered office

Brynbach
Cwrt Henri
Dryslwyn
Carmarthen
SA32 8SE

 

Gwenyn Gruffydd Ltd

trading as Mêl Gwenyn Gruffydd Honey

(Registration number: 12233120)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

94,174

61,349

Current assets

 

Stocks

6

135,331

145,147

Debtors

7

35,111

3,970

Cash at bank and in hand

 

34,070

18,147

 

204,512

167,264

Creditors: Amounts falling due within one year

8

(145,419)

(137,551)

Net current assets

 

59,093

29,713

Total assets less current liabilities

 

153,267

91,062

Creditors: Amounts falling due after more than one year

8

(33,731)

(10,009)

Net assets

 

119,536

81,053

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

119,436

80,953

Total equity

 

119,536

81,053

For the financial year ending 30 September 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.

 

Gwenyn Gruffydd Ltd

trading as Mêl Gwenyn Gruffydd Honey

(Registration number: 12233120)
Balance Sheet as at 30 September 2024

Approved and authorised by the Board on 29 May 2025 and signed on its behalf by:
 

.........................................
Mr G I Williams-Rees
Director

.........................................
Mrs A M Williams-Rees
Director

 
     
 

Gwenyn Gruffydd Ltd

trading as Mêl Gwenyn Gruffydd Honey

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

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
Brynbach
Cwrt Henri
Dryslwyn
Carmarthen
SA32 8SE

These financial statements were authorised for issue by the Board on 29 May 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Gwenyn Gruffydd Ltd

trading as Mêl Gwenyn Gruffydd Honey

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

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.

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

10% reducing balance basis

Office equipment

15% reducing balance basis

Motor vehicles

20% reducing balance basis

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.

 

Gwenyn Gruffydd Ltd

trading as Mêl Gwenyn Gruffydd Honey

Notes to the Financial Statements for the Year Ended 30 September 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.

 

Gwenyn Gruffydd Ltd

trading as Mêl Gwenyn Gruffydd Honey

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

8,525

6,625

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

7,965

44,040

5,682

17,695

75,382

Additions

10,755

30,071

525

-

41,351

At 30 September 2024

18,720

74,111

6,207

17,695

116,733

Depreciation

At 1 October 2023

-

8,353

1,905

3,775

14,033

Charge for the year

-

5,146

596

2,784

8,526

At 30 September 2024

-

13,499

2,501

6,559

22,559

Carrying amount

At 30 September 2024

18,720

60,612

3,706

11,136

94,174

At 30 September 2023

7,965

35,687

3,777

13,920

61,349

Included within the net book value of land and buildings above is £18,720 (2023 - £7,965) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

135,331

145,147

 

Gwenyn Gruffydd Ltd

trading as Mêl Gwenyn Gruffydd Honey

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

7

Debtors

2024
£

2023
£

Trade debtors

10,752

993

Prepayments

948

-

Other debtors

23,411

2,977

35,111

3,970

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

15,624

24,701

Trade creditors

 

25,366

24,913

Taxation and social security

 

10,199

-

Directors' loan accounts

11

87,549

85,324

Corporation tax liability

 

3,950

273

Other creditors

 

2,731

2,340

 

145,419

137,551

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Share of £1 each

50

50

50

50

B Share of £1 each

50

50

50

50

 

100

100

100

100

 

Gwenyn Gruffydd Ltd

trading as Mêl Gwenyn Gruffydd Honey

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

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

27,904

-

HP and finance lease liabilities

3,517

10,009

Other borrowings

2,310

-

33,731

10,009

2024
£

2023
£

Current loans and borrowings

Bank borrowings

9,716

-

HP and finance lease liabilities

3,246

-

Other borrowings

2,662

24,701

15,624

24,701

11

Related party transactions

Transactions with directors

As at the balance sheet date, Mr G I Williams-Rees was owed £87,549 (2023: £85,323) from the company. The loan is interest free and repayable on demand.