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Company registration number: 03244188
Afan Construction Services Limited
Unaudited filleted financial statements
30 November 2024
Afan Construction Services Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Afan Construction Services Limited
Directors and other information
Directors Mr D W Evans
Mrs P M Evans
Secretary Mrs P M Evans
Company number 03244188
Registered office Unit 2 Cae Gwyn
Glanyrafon Industrial Estate
Aberystwyth
Ceredigion
SY23 3JF
Business address Unit 2 Cae Gwyn
Glanyrafon Industrial Estate
Aberystwyth
Ceredigion
SY23 3JF
Accountants Davies Lewis Baker
31 Bridge Street
Aberystwyth
SY23 1QB
Bankers Lloyds Bank plc
1 Pride Hill
Shrewsbury
SY1 1DG
Solicitors Alun Thomas & John
Eastgate
Aberystwyth
Afan Construction Services Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Afan Construction Services Limited
Year ended 30 November 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Afan Construction Services Limited for the year ended 30 November 2024 which comprise the statement of financial position, statement of changes in equity and related notes 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 , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/ gb/en/about-us/regulation/rulebook.html.
This report is made solely to the board of directors of Afan Construction Services 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 financial statements of Afan Construction Services Limited and state those matters that we have agreed to state to the board of directors of Afan Construction Services Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Afan Construction Services Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Afan Construction Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Afan Construction Services Limited. You consider that Afan Construction Services 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 financial statements of Afan Construction Services 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 financial statements.
Davies Lewis Baker
Chartered Certified Accountants
31 Bridge Street
Aberystwyth
SY23 1QB
9 June 2025
Afan Construction Services Limited
Statement of financial position
30 November 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 1,824,226 1,458,318
_______ _______
1,824,226 1,458,318
Current assets
Debtors 5 29,315 48,808
Investments 6 997,629 -
Cash at bank and in hand 16,223 27,476
_______ _______
1,043,167 76,284
Creditors: amounts falling due
within one year 7 ( 2,208,827) ( 526,809)
_______ _______
Net current liabilities ( 1,165,660) ( 450,525)
_______ _______
Total assets less current liabilities 658,566 1,007,793
Creditors: amounts falling due
after more than one year 8 ( 57,120) ( 152,310)
_______ _______
Net assets 601,446 855,483
_______ _______
Capital and reserves
Called up share capital 9 1,000 1,000
Revaluation reserve 98,520 -
Profit and loss account 501,926 854,483
_______ _______
Shareholders funds 601,446 855,483
_______ _______
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 June 2025 , and are signed on behalf of the board by:
Mr D W Evans Mrs P M Evans
Director Director
Company registration number: 03244188
Afan Construction Services Limited
Statement of changes in equity
Year ended 30 November 2024
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 December 2022 1,000 - 873,842 874,842
(Loss)/profit for the year 49,367 49,367
_______ _______ _______ _______
Total comprehensive income for the year - - 49,367 49,367
Dividends paid and payable ( 68,726) ( 68,726)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 68,726) ( 68,726)
_______ _______ _______ _______
At 30 November 2023 and 1 December 2023 1,000 - 854,483 855,483
(Loss)/profit for the year ( 352,557) ( 352,557)
Other comprehensive income for the year:
Revaluation of tangible assets 98,520 98,520
_______ _______ _______ _______
Total comprehensive income for the year - 98,520 ( 352,557) ( 254,037)
_______ _______ _______ _______
At 30 November 2024 1,000 98,520 501,926 601,446
_______ _______ _______ _______
Afan Construction Services Limited
Notes to the financial statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 2 Cae Gwyn, Glanyrafon Industrial Estate, Aberystwyth, Ceredigion, SY23 3JF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2% Straight line
Long leasehold property - Straight line over the life of the lease
Plant and machinery - 25% Reducing balance
Fittings fixtures and equipment - 20% Straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost. at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Freehold property Long leasehold property Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 December 2023 1,316,989 544,691 2,958 1,864,638
Additions 390,000 - - 390,000
_______ _______ _______ _______
At 30 November 2024 1,706,989 544,691 2,958 2,254,638
_______ _______ _______ _______
Depreciation
At 1 December 2023 237,996 165,968 2,356 406,320
Charge for the year 14,000 9,757 335 24,092
_______ _______ _______ _______
At 30 November 2024 251,996 175,725 2,691 430,412
_______ _______ _______ _______
Carrying amount
At 30 November 2024 1,454,993 368,966 267 1,824,226
_______ _______ _______ _______
At 30 November 2023 1,078,993 378,723 602 1,458,318
_______ _______ _______ _______
Investment property
Investment properties are included in freehold property. They were acquired and refurbished in 2010 at a total cost of £607,000 and the directors consider that this remains indicative of their fair value.
5. Debtors
2024 2023
£ £
Trade debtors 27,486 28,521
Other debtors 1,829 20,287
_______ _______
29,315 48,808
_______ _______
6. Investments
2024 2023
£ £
Investments in group undertakings 997,629 -
_______ _______
The above shares in Afan Construction Limited were acquired for £1,887,629 but following the transfer of Freehold Properties with a valuation of £390,000 the carrying value of the investment has been reduced.
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 95,190 91,875
Trade creditors 5,152 1,530
Corporation tax 19,649 21,231
Social security and other taxes 3,919 716
Other creditors 2,084,917 411,457
_______ _______
2,208,827 526,809
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 57,120 152,310
_______ _______
The bank loan is secured by a 1st Legal Charge over the company's freehold and leasehold properties and an unlimited debenture incorporating a fixed and floating charge.
The bank loan is repayable monthly at an interest rate of 3.58%
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 1,000 1,000 1,000 1,000
_______ _______ _______ _______
10. Events after the end of the reporting period
Shares owned in Afan Construction Limited are expected to be sold within 12 months of the year end.
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Afan Construction Limited - - ( 32,270) ( 227,837)
Rent receivable 4,000 4,000 - -
Management charges paid ( 12,000) ( 16,000) - -
Abba Loos Limited - - ( 12,666) 17,429
Rent paid ( 2,400) ( 2,400) - -
_______ _______ _______ _______
During the year, Afan Construction Services Limited purchased all of the shares in Afan Construction Limited from the directors of Afan Construction Services Limited . Freehold properties have been transferred to Afan Construction Services Limited from Afan Construction Limited with a valuation of £390,000 and dividends of £500,000 have been paid in the year by Afan Construction Limited to Afan Construction Services Limited . Abba Loos Limited is wholly owned by the directors of Afan Construction Services Limited . In 2015 Afan Construction Services Limited refinanced its borrowings including the balance of a loan for £232,149 originally drawn on behalf of Abba Loos Limited. This loan is not included in the balance sheet of Afan Construction Services Limited but is disclosed as a liability in the financial statements of Abba Loos Limited because this company pays the apportioned loan repayments and owns the original assets purchased. The net balance outstanding on the loan attributable to Abba Loos Limited at 30 November 2024 was £42,709 (2023: £68,472).
12. Controlling party
The directors have a controlling interest in the company.