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Filleted
Registration number: 03081435

Compton Cymru Cyf

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Compton Cymru Cyf

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Compton Cymru Cyf

Company Information

Directors

Mr Elwyn Thomas

Mrs Nest Evans

Mr Huw Thomas

Company secretary

Mrs Nest Evans

Registered office

Y Bont
Vicarage Hill
Aberaeron
Ceredigion
SA46 0DY

Accountants

LHP Accountants Ltd
Chartered Certified Accountants1 North Road
Aberaeron
Ceredigion
SA46 0JD

 

Compton Cymru Cyf

(Registration number: 03081435)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

954,134

862,164

Current assets

 

Stocks

5

720,947

787,319

Debtors

6

263,789

145,020

Cash at bank and in hand

 

438

348

 

985,174

932,687

Creditors: Amounts falling due within one year

7

(996,665)

(975,319)

Net current liabilities

 

(11,491)

(42,632)

Total assets less current liabilities

 

942,643

819,532

Creditors: Amounts falling due after more than one year

7

(206,398)

(173,558)

Net assets

 

736,245

645,974

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

735,245

644,974

Shareholders' funds

 

736,245

645,974

For the financial year ending 31 December 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.

 

Compton Cymru Cyf

(Registration number: 03081435)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 5 August 2025 and signed on its behalf by:
 

.........................................
Mrs Nest Evans
Company secretary and director

   
     
 

Compton Cymru Cyf

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

1

General information

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

The address of its registered office is:
Y Bont
Vicarage Hill
Aberaeron
Ceredigion
SA46 0DY

These financial statements were authorised for issue by the Board on 5 August 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.

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.

 

Compton Cymru Cyf

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

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 etc

Variable rates on reducing balance and varying rates at cost

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.

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.

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

 

Compton Cymru Cyf

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

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.

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 22 (2023 - 27).

 

Compton Cymru Cyf

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

4

Tangible assets

Land and buildings
£

Plant and machinery
etc
£

Total
£

Cost or valuation

At 1 January 2024

554,591

842,844

1,397,435

Additions

15,295

117,955

133,250

Disposals

-

(77,390)

(77,390)

At 31 December 2024

569,886

883,409

1,453,295

Depreciation

At 1 January 2024

-

535,271

535,271

Charge for the year

-

26,511

26,511

Eliminated on disposal

-

(62,621)

(62,621)

At 31 December 2024

-

499,161

499,161

Carrying amount

At 31 December 2024

569,886

384,248

954,134

At 31 December 2023

554,591

307,573

862,164

Included within the net book value of land and buildings above is £569,886 (2023 - £554,591) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

720,947

787,319

6

Debtors

Current

2024
£

2023
£

Trade debtors

224,005

91,641

Prepayments

21,356

23,351

Other debtors

18,428

30,028

 

263,789

145,020

 

Compton Cymru Cyf

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

134,732

167,414

Trade creditors

 

606,101

532,168

Taxation and social security

 

13,684

-

Outstanding defined contribution pension costs

 

8,302

-

Other creditors

 

213,966

263,427

Corporation tax liability

 

19,880

12,310

 

996,665

975,319

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

206,398

173,558

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       
 

Compton Cymru Cyf

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

133,856

173,558

Hire purchase contracts

72,542

-

206,398

173,558

Current loans and borrowings

2024
£

2023
£

Bank borrowings

42,182

41,000

Bank overdrafts

56,931

24,877

Hire purchase contracts

35,619

101,537

134,732

167,414

10

Related party transactions

The company leases premises from its Directors at a market rent. During the year the rent paid for the premises was £10,500.