Tynewydd Developments Limited


Directors	Mr G G Perfect
	Mrs C A Perfect


Company Secretary	Mrs C A Perfect


Registered Address	74 High Street
	Fishguard
	SA65 9AU


Registered Number	03340668 (England and Wales)

Balance Sheet as at
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		407,990		407,990
			407,990		407,990
Current assets
Stocks	4	2,173,714		2,023,714
Debtors	5	2,094,484		2,094,919
Cash at bank and on hand		83,763		3,099
		4,351,961		4,121,732
Creditors amounts falling due within one year	6	(2,802,311)		(2,624,661)
Net current assets (liabilities)			1,549,650		1,497,071
Total assets less current liabilities			1,957,640		1,905,061
Creditors amounts falling due after one year	7		(32,234)		(36,889)
Net assets			1,925,406		1,868,172
Capital and reserves
Called up share capital			15,000		15,000
Profit and loss account			1,910,406		1,853,172
Shareholders' funds			1,925,406		1,868,172

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 4 September 2025, and are signed on its behalf by:

Mr G G Perfect
Director
Registered Company No. 03340668

Tynewydd Developments Limited

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Revenue from sale of goods
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue from sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. No depreciation is provided in respect of freehold property.

	Stocks and work in progress
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

2.	Average number of employees


		2024		2023
	Average number of employees during the year	1		0

3.	Tangible fixed assets

		Total
		£
	Cost or valuation
	At 01 January 24	407,990
	At 31 December 24	407,990
	Net book value
	At 31 December 24	407,990
	At 31 December 23	407,990

4.	Stocks

	2024	2023
	£	£
Work in progress	2,173,714	2,023,714
Total	2,173,714	2,023,714

5.	Debtors: amounts due within one year

	2024	2023
	£	£
Amounts owed by group undertakings	819,026	833,226
Other debtors	1,275,458	1,261,693
Total	2,094,484	2,094,919

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	-	360
Bank borrowings and overdrafts	4,657	4,453
Amounts owed to related parties	2,656,765	2,456,765
Taxation and social security	21,103	35,582
Other creditors	34,785	42,500
Accrued liabilities and deferred income	85,001	85,001
Total	2,802,311	2,624,661


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

7.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	32,234	36,889
Total	32,234	36,889

8.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
Mr G G Perfect	89,950	0	89,950	0
	89,950	0	89,950	0

9.	Related party transactions
	Derwydd Garage Limited and Cloverton Properties (Cilgerran) Limited are related parties of the company by virtue of the common control of the ultimate parent company Good Stewards Limited. During the year Cloverton Properties (Cilgerran) Limited carried out construction work for the company to the value of £200,000 (2023 - £135,000). At the balance sheet date the company owed Cloverton Properties (Cilgerran) Limited £2,656,765 (2023 - £2,456,765). During the year Tynewydd Developments Limited carried out construction work for Good Stewards Limited to the value of £20,000 (2023 - £nil) and Derwydd Garage Limited provided services to the value of £20,000 (2023 - £nil). The company has leased for a period of 21 years and 1 day one of the completed, but as yet unsold, properties to Good Stewards Limited, the rent charged to Good Stewards Limited during the year amounted to £15,000 (2023 - £15,000). At the balance sheet date Good Stewards Limited owed the company £664,523 (2023 - £635,523) and Derwydd Garage Limited owed the company £154,503 (2023 - £197,703). The company has leased for a period of 21 years and 1 day some of the completed, but as yet unsold, properties to Home Rent West Wales Limited, a company controlled by Mr & Mrs Perfect by virtue of their 100% shareholding. The rent charged to Home Rent West Wales Limited during the year amounted to £115,000 (2023 - £115,000) and the balance owing to the company by Home Rent West Wales Limited at the year end amounted to £1,210,908 (2023 - £1,132,995). The company has leased for a period of 21 years and 1 day one of the completed, but as yet unsold, properties to Llantydwell Limited, a company controlled by Mr & Mrs Perfect by virtue of their 100% shareholding. The rent charged to Llantydwell Limited during the year amounted to £10,000 (2023 - £10,000) and the balance owing to the company by Llantydwell Limited at the year end amounted to £22,500 (2023 - £12,500).

Related party transactions

Derwydd Garage Limited and Cloverton Properties (Cilgerran) Limited are related parties of the company by virtue of the common control of the ultimate parent company Good Stewards Limited.

During the year Cloverton Properties (Cilgerran) Limited carried out construction work for the company to the value of £200,000 (2023 - £135,000).  At the balance sheet date the company owed Cloverton Properties (Cilgerran) Limited £2,656,765 (2023 - £2,456,765).

During the year Tynewydd Developments Limited carried out construction work for Good Stewards Limited to the value of £20,000 (2023 - £nil) and Derwydd Garage Limited provided services to the value of £20,000 (2023 - £nil).  The company has leased for a period of 21 years and 1 day one of the completed, but as yet unsold, properties to Good Stewards Limited, the rent charged to Good Stewards Limited during the year amounted to £15,000 (2023 - £15,000).  At the balance sheet date Good Stewards Limited owed the company £664,523 (2023 - £635,523) and Derwydd Garage Limited owed the company £154,503 (2023 - £197,703).

The company has leased for a period of 21 years and 1 day some of the completed, but as yet unsold, properties to Home Rent West Wales Limited, a company controlled by Mr & Mrs Perfect by virtue of their 100% shareholding.  The rent charged to Home Rent West Wales Limited during the year amounted to £115,000 (2023 - £115,000) and the balance owing to the company by Home Rent West Wales Limited at the year end amounted to £1,210,908 (2023 - £1,132,995).

The company has leased for a period of 21 years and 1 day one of the completed, but as yet unsold, properties to Llantydwell Limited, a company controlled by Mr & Mrs Perfect by virtue of their 100% shareholding.  The rent charged to Llantydwell Limited during the year amounted to £10,000 (2023 - £10,000) and the balance owing to the company by Llantydwell Limited at the year end amounted to £22,500 (2023 - £12,500).