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| 2. |
Summary of Significant Accounting Policies |
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The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
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Statement of compliance |
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The financial statements of the company for the year ended 31 December 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. |
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Basis of preparation |
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The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. |
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Consolidated accounts |
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The company is entitled to the exemption in Section 399 of the Companies Act 2006 from the obligation to prepare group accounts. |
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Financial assets |
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Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Income Statement in the year in which it is receivable. |
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Trade and other receivables |
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Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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Trade and other payables |
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Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
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Taxation and deferred taxation |
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Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Foreign currencies |
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Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement. |
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Ordinary share capital |
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The ordinary share capital of the company is presented as equity. |
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| 5.1. |
Holdings in related undertakings |
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The company holds 20% or more of the share capital of the following company: |
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Country |
Nature |
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Details |
Proportion |
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of |
of |
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of |
held by |
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Name |
incorporation and address of Registered Office |
business |
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investment |
company |
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Subsidiary undertaking |
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Parc Emlyn Developments Limited |
United Kingdom |
Property Development |
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Ordinary Shares - Class A, Class B, Class C and Class D |
100% |
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The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows: |
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Year ended |
Capital and |
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Profit for |
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reserves |
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the year |
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£ |
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£ |
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Parc Emlyn Developments Limited |
31 December 2024 |
1,821,905 |
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(6,209) |
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In the opinion of the director, the value to the company of the unlisted investments is not less than the book amount shown above. |
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| 10. |
Related party transactions |
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Transactions and balances with group companies: |
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Parc Emlyn Developments Limited |
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As at 1 January 2024, Parc Emlyn Developments Limited owed £854,988 to Parc Emlyn Acquisitions Limited
During the year, net transactions between the two entities are £Nil
As at 31 December 2024, Parc Emlyn Developments Limited owed £854,988 to Parc Emlyn Acquisitions Limited. |
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Sandyford Merchandise Limited |
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Colum Carty is a director in both Sandyford Merchandise Limited and Parc Emlyn Acquisitions Limited. As at 1st January 2024, Parc Emlyn Acquisitions owed £489,094 to Sandyford Merchandise Limited.
During the year there was no movement.
As at 31 December 2024, Parc Emlyn Acquisitions Limited owed £489,094 to Sandyford Merchandise Limited. This balance was included in other creditors. |