Filleted

Registration number: 10552832

Felin Developments Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

Felin Developments Limited

Company Information

Directors

Mr D O Davies Mrs G R Davies

Registered office

Llys Deri Parc Pensarn Carmarthen SA31 2NF

Felin Developments Limited

(Registration number: 10552832)
Balance Sheet as at 31 January 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	5	50,391	68,715
Current assets
Stocks	6	320,447	320,198
Debtors	7	4,457	36
Cash at bank and in hand		3,017	12,261
		327,921	332,495
Creditors: Amounts falling due within one year	8	(219,533)	(232,122)
Net current assets		108,388	100,373
Total assets less current liabilities		158,779	169,088
Creditors: Amounts falling due after more than one year	8	-	(6,141)
Net assets		158,779	162,947
Capital and reserves
Called up share capital		2	2
Profit and loss account		158,777	162,945
Total equity		158,779	162,947

For the financial year ending 31 January 2026 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 May 2026 and signed on its behalf by:

......................................... Mr D O Davies Director

......................................... Mrs G R Davies Director

Felin Developments Limited

Notes to the Financial Statements for the Year Ended 31 January 2026

1	General information

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

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

These financial statements were authorised for issue by the Board on 14 May 2026.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Felin Developments Limited

Notes to the Financial Statements for the Year Ended 31 January 2026

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	20% Reducing balance
Motor vehicles	25% Reducing balance
Office equipment	20% Reducing balance

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.

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.

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.

Felin Developments Limited

Notes to the Financial Statements for the Year Ended 31 January 2026

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2025 - 2).

4	Loss/profit before tax

Arrived at after charging/(crediting)

	2026 £	2025 £
Depreciation expense	15,307	6,541

Felin Developments Limited

Notes to the Financial Statements for the Year Ended 31 January 2026

5	Tangible assets

	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 February 2025	44,900	1,096	77,081	123,077
Disposals	-	-	(12,990)	(12,990)
At 31 January 2026	44,900	1,096	64,091	110,087
Depreciation
At 1 February 2025	23,005	638	30,719	54,362
Charge for the year	4,379	91	10,836	15,306
Eliminated on disposal	-	-	(9,972)	(9,972)
At 31 January 2026	27,384	729	31,583	59,696
Carrying amount
At 31 January 2026	17,516	367	32,508	50,391
At 31 January 2025	21,895	458	46,362	68,715

6

Stocks

	2026 £	2025 £
Work in progress	320,447	320,198

7

Debtors

	2026 £	2025 £
Trade debtors	4,240	-
Other debtors	217	36
	4,457	36

Felin Developments Limited

Notes to the Financial Statements for the Year Ended 31 January 2026

8

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Due within one year
Bank loans and overdrafts	10	3,510	9,398
Trade creditors		428	15,350
Taxation and social security		-	315
Director's loan accounts	11	212,559	207,059
Corporation tax liability		3,036	-
		219,533	232,122