Registration number: 01412221

Llanwrtyd Wells Land & Estate Co. Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Llanwrtyd Wells Land & Estate Co. Limited

Company Information

Directors

Colonel T J Van Rees Mrs D Van Rees Mr H L Van Rees Mr G T G Van Rees

Company secretary

Colonel T J Van Rees

Registered office

WJ James & Co Bishop House 10 Wheat Street Brecon Powys LD3 7DG

Bankers

Lloyds Bank plc 38 High Street Brecon Powys LD3 7AR

Accountants

W J James & Co Bishop House 10 Wheat Street Brecon Powys LD3 7DG

Llanwrtyd Wells Land & Estate Co. Limited

(Registration number: 01412221)
Balance Sheet as at 30 September 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	3,900	7,800
Investment property	5	6,657,935	6,678,014
		6,661,835	6,685,814
Current assets
Debtors	6	32,598	22,286
Cash at bank and in hand		138,027	19,453
		170,625	41,739
Creditors: Amounts falling due within one year	7	(1,458,353)	(1,380,917)
Net current liabilities		(1,287,728)	(1,339,178)
Total assets less current liabilities		5,374,107	5,346,636
Creditors: Amounts falling due after more than one year	7	(1,584,820)	(1,552,950)
Provisions for liabilities		(504,738)	(504,747)
Net assets		3,284,549	3,288,939
Capital and reserves
Called up share capital		93	93
Revaluation reserve		2,461,597	2,468,168
Retained earnings		822,859	820,678
Shareholders' funds		3,284,549	3,288,939

For the financial year ending 30 September 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 September 2025 and signed on its behalf by:
 

Llanwrtyd Wells Land & Estate Co. Limited

(Registration number: 01412221)
Balance Sheet as at 30 September 2024

......................................... Colonel T J Van Rees Company secretary and director

Llanwrtyd Wells Land & Estate Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
WJ James & Co
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG
Wales

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

The financial statements are prepared in sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.

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 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.

Llanwrtyd Wells Land & Estate Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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
Furniture and fittings	25% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Llanwrtyd Wells Land & Estate Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Borrowings

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

Llanwrtyd Wells Land & Estate Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4	Tangible assets

	Fixtures and fittings £	Total £
Cost or valuation
At 1 October 2023	15,601	15,601
At 30 September 2024	15,601	15,601
Depreciation
At 1 October 2023	7,801	7,801
Charge for the year	3,900	3,900
At 30 September 2024	11,701	11,701
Carrying amount
At 30 September 2024	3,900	3,900
At 30 September 2023	7,800	7,800

5	Investment properties

	2024 £
At 1 October	6,678,014
Disposals	(20,079)
At 30 September	6,657,935

The valuation of investment properties on 30 September 2024 were provided by T J Van-Rees who is internal to the company. The basis of this valuation was on an open market value by the director. The investment properties have a current value of £6,657,935 (2023 - £6,678,014) and a carrying amount at historical cost of £3,691,599 (2023 - £3,705,099). The depreciation on this historical cost is £Nil (2023 - £Nil).

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current	2024 £	2023 £
Trade debtors	7,950	7,950
Prepayments	20,788	10,433
Other debtors	3,860	3,903
	32,598	22,286

Llanwrtyd Wells Land & Estate Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Trade creditors		500	500
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	537,231	496,431
Taxation and social security		6,688	8,297
Accruals and deferred income		16,623	22,620
Other creditors		897,311	853,069
		1,458,353	1,380,917

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	8	1,584,820	1,552,950

8	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Other borrowings	1,584,820	1,552,950

9	Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £1,584,820 (2023 - £1,552,950).

The Agricultural Mortgage Corporation PLC - £600,735 - fixed charge over the freehold properties known as Cae Penfras and Hafod Farm, Llangadfan and Goyallt Farm, Llandovery

The Agricultural Mortgage Corporation PLC - £984,084 - fixed charge.

Llanwrtyd Wells Land & Estate Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10	Related party transactions

Key management personnel

Transactions with related parties

Summary of transactions with key management

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

At the year end there is a balance due to Gaerllwydd Settled Estates Limited of £537,231 (2023 : £496,431)

Colonel Timothy Van Rees, Diana Van Rees, Giles Van Rees and Hugo Van Rees are all director's of Llanwrtyd Wells Land & Estate Co. Limited and Gaerllwydd Settled Estates Limited.