Tycoch Villa Limited 08191672 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is managing a care home. Digita Accounts Production Advanced 6.30.9574.0 true false true true 08191672 2023-09-01 2024-08-31 08191672 2024-08-31 08191672 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-08-31 08191672 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2024-08-31 08191672 core:CurrentFinancialInstruments 2024-08-31 08191672 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 08191672 core:Non-currentFinancialInstruments 2024-08-31 08191672 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 08191672 core:Goodwill 2024-08-31 08191672 core:FurnitureFittings 2024-08-31 08191672 core:LandBuildings core:OwnedOrFreeholdAssets 2024-08-31 08191672 1 2024-08-31 08191672 2 2024-08-31 08191672 3 2024-08-31 08191672 bus:SmallEntities 2023-09-01 2024-08-31 08191672 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 08191672 bus:FilletedAccounts 2023-09-01 2024-08-31 08191672 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 08191672 bus:RegisteredOffice 2023-09-01 2024-08-31 08191672 bus:Director1 2023-09-01 2024-08-31 08191672 bus:Director2 2023-09-01 2024-08-31 08191672 bus:Director3 2023-09-01 2024-08-31 08191672 bus:Director4 2023-09-01 2024-08-31 08191672 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-09-01 2024-08-31 08191672 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2023-09-01 2024-08-31 08191672 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 08191672 bus:Agent1 2023-09-01 2024-08-31 08191672 core:Goodwill 2023-09-01 2024-08-31 08191672 core:FurnitureFittings 2023-09-01 2024-08-31 08191672 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 08191672 core:AllAssociates 2023-09-01 2024-08-31 08191672 core:Subsidiary1 2023-09-01 2024-08-31 08191672 core:Subsidiary1 1 2023-09-01 2024-08-31 08191672 core:Subsidiary1 countries:Wales 2023-09-01 2024-08-31 08191672 countries:Wales 2023-09-01 2024-08-31 08191672 1 2023-09-01 2024-08-31 08191672 2 2023-09-01 2024-08-31 08191672 3 2023-09-01 2024-08-31 08191672 2023-08-31 08191672 core:Goodwill 2023-08-31 08191672 core:CostValuation 2023-08-31 08191672 core:FurnitureFittings 2023-08-31 08191672 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 08191672 1 2023-08-31 08191672 2 2023-08-31 08191672 3 2023-08-31 08191672 2022-09-01 2023-08-31 08191672 2023-08-31 08191672 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-08-31 08191672 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2023-08-31 08191672 core:CurrentFinancialInstruments 2023-08-31 08191672 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 08191672 core:Non-currentFinancialInstruments 2023-08-31 08191672 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 08191672 core:FurnitureFittings 2023-08-31 08191672 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 08191672 1 2023-08-31 08191672 2 2023-08-31 08191672 3 2023-08-31 08191672 core:Subsidiary1 1 2022-09-01 2023-08-31 08191672 1 2022-09-01 2023-08-31 08191672 2 2022-09-01 2023-08-31 08191672 3 2022-09-01 2023-08-31 08191672 1 2022-08-31 08191672 2 2022-08-31 08191672 3 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Filleted
Registration number: 08191672

Tycoch Villa Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Tycoch Villa Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

Tycoch Villa Limited

Company Information

Directors

Mrs Margaret Eleanor Megicks Lewis

Mr William Sion Lewis

Mr Steffan Rhys Lewis

Mr David Ifor Lewis

Registered office

1 North Road
Aberaeron
Ceredigion
SA46 OJD

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Tycoch Villa Limited
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Tycoch Villa Limited for the year ended 31 August 2024 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants (ACCA), we are subject to its ethical and other professional requirements which are disclosed and available at the following website https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.

This report is made solely to the Board of Directors of Tycoch Villa Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Tycoch Villa Limited and state those matters that we have agreed to state to the Board of Directors of Tycoch Villa Limited, as a body, in this report in accordance with the requirements of the ACCA as detailed at the following website http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tycoch Villa Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Tycoch Villa Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Tycoch Villa Limited. You consider that Tycoch Villa Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Tycoch Villa Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

LHP (Aberaeron)
Chartered Certified Accountants
1 North Road
Aberaeron
Ceredigion
SA46 0JD

30 May 2025

 

Tycoch Villa Limited

(Registration number: 08191672)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,273,795

546,869

Investments

6

3,000

3,000

 

1,276,795

549,869

Current assets

 

Debtors

7

253,291

633,071

Cash at bank and in hand

 

311,528

228,439

 

564,819

861,510

Creditors: Amounts falling due within one year

8

(125,804)

(124,014)

Net current assets

 

439,015

737,496

Total assets less current liabilities

 

1,715,810

1,287,365

Creditors: Amounts falling due after more than one year

8

(148,722)

(523,811)

Provisions for liabilities

(3,486)

(2,467)

Net assets

 

1,563,602

761,087

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

1,562,602

760,087

Shareholders' funds

 

1,563,602

761,087

For the financial year ending 31 August 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 May 2025 and signed on its behalf by:
 

 

Tycoch Villa Limited

(Registration number: 08191672)
Balance Sheet as at 31 August 2024

.........................................
Mr Steffan Rhys Lewis
Director

   
     
 

Tycoch Villa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
1 North Road
Aberaeron
Ceredigion
SA46 OJD

The principal place of business is:
Tycoch Villa
Llangwyryfon
Aberystwyth
Ceredigion
SY23 4HE

These financial statements were authorised for issue by the Board on 30 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Tycoch Villa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Fixtures and fittings

20% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Tycoch Villa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade 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.

Trade 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

 

Tycoch Villa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 16).

 

Tycoch Villa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

220,000

220,000

At 31 August 2024

220,000

220,000

Amortisation

At 1 September 2023

220,000

220,000

At 31 August 2024

220,000

220,000

Carrying amount

At 31 August 2024

-

-

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 September 2023

537,000

35,027

572,027

Additions

722,848

7,564

730,412

At 31 August 2024

1,259,848

42,591

1,302,439

Depreciation

At 1 September 2023

-

25,158

25,158

Charge for the year

-

3,486

3,486

At 31 August 2024

-

28,644

28,644

Carrying amount

At 31 August 2024

1,259,848

13,947

1,273,795

At 31 August 2023

537,000

9,869

546,869

Included within the net book value of land and buildings above is £1,259,848 (2023 - £537,000) in respect of freehold land and buildings.
 

 

Tycoch Villa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

3,000

3,000

Subsidiaries

£

Cost or valuation

At 1 September 2023

3,000

Provision

Carrying amount

At 31 August 2024

3,000

At 31 August 2023

3,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Tilmala Healthcare Ltd

1 North Road
Aberaeron
Ceredigion
SA46 0JD

Wales

Ordinary shares

100%

100%

Subsidiary undertakings

Tilmala Healthcare Ltd

The principal activity of Tilmala Healthcare Ltd is Care home.

 

Tycoch Villa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

-

14,500

Prepayments

3,291

2,660

Other debtors

250,000

615,911

 

253,291

633,071

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

10,000

18,954

Trade creditors

 

26,503

19,782

Taxation and social security

 

7,024

27,223

Other related parties

 

27,827

24,879

Outstanding defined contribution pension costs

 

249

961

Other creditors

 

4,001

5,000

Corporation tax liability

 

50,200

27,215

 

125,804

124,014

 

Tycoch Villa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

13,353

252,130

Other financial liabilities

 

135,369

271,681

 

148,722

523,811

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

500

500

500

500

Ordinary B shares of £1 each

500

500

500

500

1,000

1,000

1,000

1,000

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,353

252,130

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

18,954

 

Tycoch Villa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

11

Related party transactions

The amounts due to the directors are interest free and repayable on demand.

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Mr DI & Mrs ME Lewis

141,216

931,397

(1,100,438)

(27,826)

Mr SR Lewis

25,062

51,148

(76,210)

-

Mr WS Lewis

174,752

182,556

(357,308)

-

341,031

1,165,100

(1,533,957)

(27,826)

 

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Mr DI & Mrs ME Lewis

26,777

194,943

(80,504)

141,216

Mr SR Lewis

53,522

25,062

(53,522)

25,062

Mr WS Lewis

53,235

174,752

(53,235)

174,752

133,534

394,758

(187,261)

341,031

 

Summary of transactions with associates

Three of the directors in Tycoch Villa Ltd are also directors and shareholders of Magifor Ltd. Magifor Ltd received a loan from Tycoch Villa Ltd for £250,000 in 2022, shown in other debtors. There were no transaction in 2023.
The loan is interest free and repayable on demand.